Tulsa city officials want to dissolve a tax increment financing, or TIF, district downtown.
TIF districts set aside tax revenues to subsidize redevelopment. Economic Development Coordinator Clay Bird said the limit of $1.5 million has already been collected in the Blue Dome TIF district.
"We're still collecting revenues in there, but what we need to do is take the excess revenues and then return those to the appropriate taxing jurisdictions," Bird told city councilors last week.
Property taxes are going back to the appropriate jurisdictions, but Bird said it's time to talk about the sales tax revenues.
"Whether any of that money should go in as seed money into the creation of this new TIF, since it's really a part of, right now, the Santa Fe block that we're looking at," Bird said.
City officials propose a new Santa Fe TIF district, which would include the Blue Dome TIF district and the proposed Santa Fe Square Development.
The Blue Dome TIF district was set to expire in 2018.
