While it’s still not a done deal, an agreement that would bring a grocery store to downtown Tulsa takes a big step forward.
The Tulsa Performing Arts Center Trust has agreed to negotiate terms with an Indiana-based developer to sell the PAC-owned parking lot at Third Street and Cincinnati Avenue. Flaherty and Collins will pay $5.5 million for the lot, which it’s eyeing for a 12-story mixed-use development. Plans include 240 apartment units and a 32,000 square foot Reasor's.
Final terms have to be negotiated, and the developers may back out if they don’t get a tax increment financing district approved.
"The TIF is kind of out of our hands, and we don't know, have any idea, but the developer seems fairly confident, so, you know, we're hopeful," said PAC Trust Chairman Stanton Doyle.
Approval of a TIF falls to all affected taxing entities, such as the county and school district.
Four trustees will be involved in the final negotiations. A final contract could be drawn up for approval next month, four months after trustees initially heard the pitch.
"Everybody wanted to be very sure that we were acting responsibly on behalf of the PAC and the City of Tulsa, so it took a lot of deliberation but, ultimately, we had a great result," Doyle said.
