City Announces Availability of 2025 Funds

The City of Tulsa issued a request for proposals Oct. 6 for $769,000 in remaining Vision 2025 funds for additional downtown residential development.
The City originally designated approximately $10 million of Vision 2025 funds for downtown residential development. Through an RFP process in 2005, three projects, the Mayo 420 Building, the Mayo Hotel and Lofts and Michael Sager’s First Street Lofts were collectively awarded $9.2 million as 10-year, no-interest loans. The remaining $769,000 must be expended on eligible projects by Dec. 1, 2011.
According to the RFP, proposals will be judged on a 100-point system.
Criteria are as follows: Capability and experience of the applicant in developing urban housing is worth 30 points; evidence of financial capability, developer equity and ratio of private to public funds is worth 30 points; and quality of the project’s design is worth 40 points.
Eligible projects must be located within the IDL and ready to proceed to assure funds are expended by the deadline.
Additionally, the three projects already receiving Vision 2025 funds are allowed to submit requests for additional loans.
Proposals must be received no later than 5 p.m. Nov. 3. No exceptions will be granted.

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