The Tulsa Development Authority on Monday authorized releasing up to $987,363 from a tax increment financing district to help fund construction and public infrastructure for a soon-to-open grocery store.
A soft opening for the 16,500-square-foot Oasis Fresh Market at 1717 N. Peoria Ave. is scheduled for March 30, according to the TDA’s Casey Stowe.
The money will come from North Peoria TIF No. 4, which expired in 2017. TDA amended the TIF’s boundary prior to its closure to accommodate some potential economic development projects.
Monday’s action comes a year after the TDA voted to begin talks with the Tulsa Economic Development Corp., which at that time had asked for the TDA to release up to $1.5 million from the TIF to support the endeavor.
The TIF funds are for a portion of Tulsa Economic Development Corp.’s costs of construction of a public/private parking lot, driveways and other associated public infrastructure.
The grocery store will address the area’s food desert and will benefit principally low- and moderate-income people, according to guidelines approved by the U.S. Department of Housing and Urban Development.
Funding for the $3.9 million store is through the Tulsa Development Authority, the city of Tulsa through the U.S. Department of Housing and Urban Development’s Community Development Block Grant program; the George Kaiser Family Foundation; the Charles and Lynn Schusterman Family Foundation; and the Zarrow Family Foundation.
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