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Record of Proceedings

Tulsa Development Authority Meeting - September 24, 2026

City Council — Thursday, September 24, 2026
BodyTulsa, Oklahoma
SessionCity Council
DateThursday, September 24, 2026
StatusFILED
Video Record
0:00 / 7:57:58

Original source
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6:15

Okay.

6:16

Well, I think that that was the issues out there.

6:18

All right.

6:19

Well, we did attain a quorum because we have enough bodies around the uh the table.

6:24

Uh there were no requests to remove anything from the consent agenda.

6:28

And we are now considering item three on our agenda, which is uh consent agenda items A through D.

6:35

Uh is there a motion from the trustees on the consent agenda?

6:38

So move second, a motion and a second for approval.

6:41

Would you call the roll, please?

6:42

Joan Parkhurst.

6:44

Uh yes.

6:44

Carl Bracie?

6:46

Yes.

6:46

Tyler Duncan?

6:47

Yes.

6:51

Counselor Bangle.

6:53

Yes.

6:53

Uh Tyler Duncan.

6:56

Yes.

6:56

Oh, sorry.

6:57

Yeah.

6:57

Sorry.

6:59

Andy McMillan.

7:00

Yes.

7:01

Aaron Parsley.

7:02

Yes.

7:02

Ashley Phelpson?

7:03

Yes.

7:03

Steve Mitchell.

7:04

Yes.

7:06

Consent agenda is approved.

7:08

Item four is the consideration of any items removed.

7:10

There were none, so we'll go on to agenda item number five, which is uh to consider regarding the admitted and restated development finance agreement between Teo and 501 Boston Partners LC.

7:24

Mike, and I believe John is going to speak to us about that this morning.

7:27

Good morning, Mike.

7:28

Good morning, trustees.

7:30

Um this is the amended restated development finance agreement for the Vulcan project.

7:36

The project remains essentially unchanged from what we have previously approved.

7:41

This is simply the next step in the process to advance it to allow us to issue the bonds that were contemplated, discussed in previous meetings over the life of this project.

8:03

So we have with us John Wideman, our bond counsel to give a short overview of really what the steps are in this process and you know where we are and what comes next.

8:15

So good morning.

9:05

So you'll have a you'll have a resolution in front of you in October, maybe.

9:12

So that's why we're here now to answer any questions that you might have about that process.

9:25

So if they approve it, you approve it, then the chairman is given the ability to execute documents and close the transaction.

9:33

So with this particular transaction, there are several parts of it.

9:41

There's the bond issue, there's historical tax credits, there's the leverage act from the state, all of those things have to come together.

9:49

And I think that's why they wanted to start this process maybe earlier because of the holidays.

9:55

They want to get it done in December.

10:00

Um if if we have official action that still needs to be done, then uh slows everything up, maybe stops some of the other capital stack from happening.

10:09

But um this is uh like Mike said, you've done this three times before.

10:17

Um we have worked out all the kinks.

10:20

The the only thing that it you must do as this board is call is the city will collect the avalan and the sales tax and the hotel mo tax and transfer it to you, you have to transfer it to the trustee bank to pay the bonds.

10:35

That's your only obligation.

10:38

So I answer any questions that anybody might have about the process or um this particular transaction questions from the trustees about the process.

10:53

Okay, all right.

10:58

And and Tyler hasn't been in on this, and we're maybe gonna meet and kind of go through the specifics, but anybody else who has questions about the the bond issue, the indenture, the documentation will be happy to meet with before the October meeting.

11:16

And trustees, I I would also point out that this was discussed and approved at the incentive committee meeting that met last week, I believe.

11:26

And uh prior to the resolution that John mentioned in October at that incentive committee, we intend to discuss this also.

11:40

All right.

11:41

If there are no questions for Mike or John about this item, this is uh again item five is the amended and restated development finance agreement.

Discussion Breakdown — Share of Meeting
Historic Preservation███████████████████████23%
Community Engagement██████6%
Mental Health Awareness██████6%
Economic Development█████5%
Water And Wastewater Management█████5%
Animal Welfare████4%
Recycling████4%
Wildlife Management████4%
Stormwater Management████4%
Summary of Proceedings

Tulsa Development Authority Meeting - September 24, 2026

The Tulsa Development Authority (TDA) met on September 24, 2026, to consider routine consent items, an amended development finance agreement for the Vulcan project, monthly financial and staff reports, and a resolution to reallocate Model Cities funds. Additionally, the board received an update from the Greenwood Legacy Corporation (GLC) on the Kirkpatrick Heights Greenwood Master Plan implementation. Key votes included approval of the consent agenda, the Vulcan project agreement (with one abstention), and a resolution to redirect $115,000 to the Community Impact Initiative.

Consent Calendar

  • The board approved the consent agenda (items A through D) unanimously on a roll call vote. The items were routine and repetitive, including the acknowledgement of the mayor's appointment for chair and vice chair of TDA.

Discussion Items

Amended Development Finance Agreement (Vulcan Project)

  • Staff presented the amended and restated development finance agreement for the Vulcan project with 501 Boston Partners LC. John Wideman, bond counsel, explained the bond issue, historical tax credits, and the state leverage act. The board's obligation is to collect taxes and transfer them to the trustee bank to pay the bonds. Tyler Duncan recused himself due to a potential conflict and abstained from voting. The motion to approve passed 8-0 (with one abstention). A point of order noted that the October resolution would require a three-quarters vote.

Monthly Financial Report

  • Lynn presented the financial report for August. Key revenue items: parking operations were $400,000 below year-to-date target, attributed to timing issues and event scheduling. Lease revenue of $146,000 is expected in October. TIP program administration will be $380,000 vs. budgeted $330,000. Parking makes up 56% of the entity's budget. A trustee raised concerns about over-reliance on parking revenue and suggested diversifying revenue streams, noting the MOU with Williams and the potential sale of parking assets. The five-year Treasury note is at 5%, and staff is looking to increase investment yields. The pooled cash balance was approximately $480,000 before a $212,000 city transfer.

Monthly Staff Report

  • Renita provided an update on the TAO rebranding, new website (TAO.org) launching the week of October 5th, and new signage at Tisdale Parkway, downtown entrance, and Riverline. Staff headcount is 17 plus one intern; hiring for real estate coordinator and board secretary is underway with over 50 applicants. Staff goals will align with the strategic plan.
  • Gary provided updates on current projects: Philcade, Crutchfield, Pearl catalytic project, and Peacock on the Parkway (three new TIF districts, passed LDART, heading to planning commission). Future projects include South Tulsa districts (61st & Memorial, Ridge & Norris) with up to eight districts. Kirkpatrick Heights TIFIA grant milestones: infrastructure analysis due by end of month, development scenarios in November, community engagement meeting. The city's director of housing indicated the core site could be a candidate for $5 million in infrastructure money from the Improve Our Tulsa package. A joint RFP with the GLC for the northwest portion of the site (missing middle housing) is expected in December. Community Impact Initiative (CII) has four cohort members; South Haven Neighborhood Association is seeking a new fiscal agent.
  • Ashley reported on real estate: reviewing capital repairs budget for parking, working with Wallace on structural repair drawings, closing with Robisons scheduled for 9/29, and planning for the 2027 Developer Expo in February.
  • Community development: CII implementation, TIFIA grant work, and partnership with the Greenwood Legacy Corporation (GLC). A new cooperative agreement and land transfer agreement are being drafted.
  • Michelle reported on small business: Kitchen 66 training modules in Spanish, builders and backers cohort, target of 300 businesses per year for personalized coaching. Business services: helping developers create spec industrial space (six buildings upcoming, 100k to 400k sq ft). Business attraction: Taiwan trade visit, EPA brownfields grant ($500,000) awarded. Robison's work with TMUA to extend sanitary sewer to support Fair Oaks and the southern parcel.

Greenwood Legacy Corporation (GLC) Presentation

  • Dr. Lana Turner Addison, GLC board chair, provided an update. GLC has transitioned from organizational development to implementation of the Kirkpatrick Heights Greenwood Master Plan. Governance: board of five members, expanding to nine plus seats for Council of Elders and resident council (max 11). Financial: 2026 budget $427,837, currently $100,000 under budget; estimated $1.5 million remaining after 2026. Council of Elders inauguration ceremony set for October 24th. Priorities over next 60 days: evaluate board nominations, advance executive director search (interim ED soon), complete council on-boarding, and continue land conveyance preparation.

Key Outcomes

  • Consent agenda approved unanimously.
  • Item 5 (Vulcan project): Motion to approve the amended development finance agreement passed 8-0, with Tyler Duncan abstaining due to recusal.
  • Resolution to reallocate Model Cities funds: The board unanimously approved a resolution to use $115,000 from the Model Cities fund to support the Community Impact Initiative (CII) for the next year. The funds were discovered by Lynn during financial cleanup, and the city consented to reallocation. The money will be used to sustain the CII program, which builds capacity in neighborhood associations. The board will separately approve the specific usage.
  • Monthly financial report was received and discussed; no formal vote.
  • Monthly staff report was received; no formal vote.
  • GLC update was presented and discussed; no formal action required.

Meeting Transcript

Okay. Well, I think that that was the issues out there. All right. Well, we did attain a quorum because we have enough bodies around the uh the table. Uh there were no requests to remove anything from the consent agenda. And we are now considering item three on our agenda, which is uh consent agenda items A through D. Uh is there a motion from the trustees on the consent agenda? So move second, a motion and a second for approval. Would you call the roll, please? Joan Parkhurst. Uh yes. Carl Bracie? Yes. Tyler Duncan? Yes. Counselor Bangle. Yes. Uh Tyler Duncan. Yes. Oh, sorry. Yeah. Sorry. Andy McMillan. Yes. Aaron Parsley. Yes. Ashley Phelpson? Yes. Steve Mitchell. Yes. Consent agenda is approved. Item four is the consideration of any items removed. There were none, so we'll go on to agenda item number five, which is uh to consider regarding the admitted and restated development finance agreement between Teo and 501 Boston Partners LC. Mike, and I believe John is going to speak to us about that this morning. Good morning, Mike. Good morning, trustees. Um this is the amended restated development finance agreement for the Vulcan project. The project remains essentially unchanged from what we have previously approved. This is simply the next step in the process to advance it to allow us to issue the bonds that were contemplated, discussed in previous meetings over the life of this project. So we have with us John Wideman, our bond counsel to give a short overview of really what the steps are in this process and you know where we are and what comes next. So good morning. So you'll have a you'll have a resolution in front of you in October, maybe. So that's why we're here now to answer any questions that you might have about that process. So if they approve it, you approve it, then the chairman is given the ability to execute documents and close the transaction. So with this particular transaction, there are several parts of it. There's the bond issue, there's historical tax credits, there's the leverage act from the state, all of those things have to come together. And I think that's why they wanted to start this process maybe earlier because of the holidays. They want to get it done in December. Um if if we have official action that still needs to be done, then uh slows everything up, maybe stops some of the other capital stack from happening. But um this is uh like Mike said, you've done this three times before.

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