City Setting Aside $3.5 Million To Spark Commercial Growth

The City of Tulsa is setting aside $3.5 million to help spur commercial growth. It's happening at the same time as News On 6 has learned a national grocery store chain hopes to open its first store in Tulsa.

The money from the City is coming from the Vision sales tax and would be used as a zero-interest loan to help local businesses grow, hoping to encourage private investors to join in.

Hoping to stop area shopping centers from closing, City Council chair Anna America said the Commercial Revitalization Fund might be the fix many are looking for.

"You see these great vibrant areas that were at one time generating a whole lot of sales tax revenue,” she said.

But with age, some have lost their appeal.

America said, "We're seeing a lot more vacancies, they kind of have deteriorated and things like that."

Using funds from the Vision sales tax, America hopes $3.5 million will be used as a revolving zero-interest loan to help local businesses fix up existing spaces and grow.

1/18/2017 Related Story: Tulsa Council Gives Timeline For Vision Projects

"People will get a loan, maybe a five-year, then, put it back in and we can invest it in something else," she said.

America said the City relies heavily on sales tax revenue to function.

"It is investing in something that has a direct, immediate, significant, economic return,” she said. “And that pays for police officers, it pays for parks, it pays for code enforcement, all parts of the city."

While Tulsa leaders are working to bring commercial growth to the city, the private sector is doing the same - a national grocery chain is hoping to open up shop near 71st and Memorial.

According to documents on the Tulsa County Clerk's website, last week WinCo Foods signed a lease with Crossing Oaks Investment to potentially bring one of their grocery stores to 7136 South Memorial Drive.

America said, "Development on one corner helps every other corner there."

The lease paves the way for seven acres of property to be remade.

No one from the City could comment directly on the lease agreement between the property owner and WinCo, other than to say it is a private dealing - something city leaders would love to see more of.