Tulsa Authority for Economic Opportunity (Teo) and Tulsa Development Authority (TDA) Boards Joint Meeting - October 22, 2026

The Teo and TDA boards held consecutive regular meetings on October 22, 2026, addressing economic development incentives, real estate asset management, parking operations, and community initiatives. All votes were unanimous. The Teo meeting included approval of a $35 million bond resolution for the historic Philcade building redevelopment and a $30,000 community impact agreement with the Mint to Prosper Foundation. The TDA meeting extended the Black Wall Street Square development contract to March 2028 and identified a new billboard revenue source.

Consent Calendar (Teo)

• Items A through C were approved unanimously without separate discussion.

Consent Calendar (TDA)

• Resolution authorizing the return of a $1,150 good faith deposit to Carmen and Clyde Hill (five percent of a $23,000 property purchase) was approved unanimously. The property is expected to close in November 2026.

Philcade Building Resolution (Teo - Item 5)

• The board approved a resolution authorizing the issuance of not-to-exceed $35 million in tax apportionment revenue bonds for the Philcade building, a historic and currently vacant building being converted into hotel, residential, restaurant, and bar uses.
• The project encompasses over 300,000 square feet with approximately $100 million in total investment.
• Staff (Renita) confirmed the resolution does not expose the organization to financial risk; it is a conduit for financing, with bonds recourse only to the project.
• The resolution was previously approved unanimously by the city council.
• Target closing date is near the end of 2026; TIFF districts J and K activation processes are underway.
• Trustees expressed strong support, highlighting the project’s importance for downtown revitalization and local employment, and thanking Teo staff for extensive work.

Mint to Prosper Foundation Agreement (Teo - Item 6)

• The board approved a $30,000 community impact initiative project agreement between Partner Tulsa and the Mint to Prosper Foundation.
• Mint to Prosper will replace the Tulsa Dream Center as fiscal agent for the South Haven Neighborhood Association, as the Dream Center was unable to fulfill its role due to administrative barriers.
• The agreement draws from $30,000 of the $250,000 total set aside in the FY2026 budget for small community grants.

TDA Assets Presentation (Teo - Item 7)

• Billy presented an update on Tulsa Development Authority real estate assets:
• The portfolio totals 133 parcels including the Lansing Center industrial park (5 tenants), Kirkpatrick Heights, the Kendall Whittier parking lot, and numerous developable lots and remnant parcels.
• Completed in 2026: Six developments (five completed, one under construction) with six different developers. Price-per-lot ranged from $12,000 to $30,000.
  • 346 Scion (Phelps Signature Homes): 3 bed, 2 bath, sold for $255,000.
  • 2248 North Rockford (BMS Development): 3 bed, 2 bath, listed at $209,000.
  • 2201 North Lewis (Haskell Holmes): 3 bed, 2 bath, listed at $229,900 (smaller corner lot, $12,000 land price).
  • 1980 North Hartford (owner-occupied): 4 bed, 3.5 bath, lot sold for $23,000.
• Moton commercial site completed; tenants include TEDC, Black Tech Street, and Black Wall Street Liquid Lounge. The project was highlighted by the EPA as a national Brownfields success story.
• Black Wall Street Square: 25 total for-sale units; Phase 1 (13 units) construction underway with completion scheduled for February 2027; Phase 2 to follow.
• Tax auction: Four lots acquired for a total of $18,950, focused on areas of existing development. Strategy employed proceeds from prior-year sales to avoid additional spending.
• Trustees discussed the value of connecting small and mid-scale developers to lots and services, and the need for better public education about Teo and TDA’s work, especially in light of misconceptions about the organizations’ history.

Parking Operator Quarterly Report (Teo - Item 8)

• Joe Lang of Oakview Group (OVG) presented the first quarterly report for the Civic Center Parking Garage.
• Daily parking revenue was near budget ($580 variance). Monthly parking billing is at $12,000; approximately $6,000 in expected monthly parking never transitioned from the prior operator. Marketing efforts are underway to grow the monthly parking book.
• Per-event revenue outperformed budget by 26%; event counts were lower than budget due to calendar-year to fiscal-year transition misalignment. Staff will rebalance the event schedule in the budget.
• Operating expenses were above budget due to one-time costs including annual seal coating, a $3,700 street light repair, TSID assessment timing, and new signage. The team self-performed cleaning to save costs.
• No report was heard from American Parking; they will present at the next meeting.

Parking System Audits (Teo - Item 9)

• Deferred; the auditor was unable to attend.

Monthly Financial Report (Teo - Item 10)

• Lynn presented the report showing a slight fiscal year-to-date deficit.
• Deficit is expected to be resolved once the Q1 service fee ($212,500) and Q2 fee are collected from the City of Tulsa (service agreement pending with the clerk’s office).
• Lease revenue is on track; Wheel and Brakes annual payment of $146,000 was received in October.
• A T-book investment matures at end of November; current yields are 4.42% (2-year) and 4.86% (5-year), expected to improve on reinvestment.

Monthly Staff Report (Teo - Item 11)

• Renita provided updates:
• IKEA Grand Opening: October 23 at 9 a.m.
• Center of the Universe Groundbreaking: November 16; Teo will have signage at the site.
• Rebranding: The organization is returning to its legal name (Teo), with new lanyards, merchandise, and a new website launching by end of day.
• Staff: 18 current staff. Alexis joined via AmeriCorps as a real estate analyst focused on Brownfields. Julie Edwards selected as Real Estate Coordinator and Board Secretary. A new Economic Development Analyst role will replace the prior position, focusing on data, research, policy recommendations, and CRM management.
• Office move to the 11th floor is complete.
• Board Retreat: Last week of January 2027, half-day, in town.
• Economic Development Pipeline: Inbound projects increased from 6–8 per month in the first half of the year to 12–14 per month in the second half, with 1–2 site visits per month.
• Spec industrial space is being developed primarily in Green Hill (four buildings coming in 2027), with smaller-scale infill at Midtown Industrial Park.
• Developer Expo 2027 is in planning stages, potentially rotated to North Tulsa; Housing Forward has expressed co-hosting interest.

Kirkpatrick Heights/TIFIA Update (Teo - Item 11)

• Gary presented on the TIFIA grant for the Kirkpatrick Heights and Greenwood master plan:
• Engineering analysis is complete. Three development scenarios were presented to the Technical Advisory Committee on October 19.
• Key variables across scenarios include potential Salvation Army relocation and MLK Boulevard realignment to two-way.
• Public open house: November 5, 6–8 p.m. at Rudasil (come-and-go format), to gather community feedback.
• An RFP for missing middle/single-family housing on Main Street (north of John Hope Franklin) is being drafted with intent to advertise in January 2027, in partnership with the Greenwood Legacy Corporation.
• The cooperative agreement with the Greenwood Legacy Corporation is near finalization and expected to come to the TDA board in November.

TDA Meeting: Black Wall Street Square Contract Amendment (TDA - Item 5)

• The board approved a second amendment to the contract for sale of land with Habitat Housing, extending the development completion date from March 2026 to March 2028.
• Extension was due to construction constraints including permitting delays, infrastructure issues, and material availability. Phase 1 (13 units) completion expected February 2027.

TDA Meeting: Monthly Financial Report (TDA - Item 6)

• The TDA shows a net operating surplus, primarily due to TIFIA grant reimbursements. The Lansing Center is operating normally with seasonal variation.

TDA Meeting: Monthly Staff Report (TDA - Item 7)

• Black Wall Street Square: Lock configuration feedback received from fabric design firm; being reviewed. Phase 1 RFP drafting has commenced.
• Billboard Revenue: A highway billboard on TDA property north of the IDL has been identified. Lamar Advertising will provide annual income plus retroactive payments dating back to 2019. Agreement will be presented for approval at the November board meeting. Staff (Billy) noted Nia James uncovered an old file and successfully re-established contact with Lamar.
• Kirkpatrick Heights (TIFIA): Public open house on November 5; RFP for missing middle housing along Main Street to be drafted in December and advertised in January.
• Community Impact Initiative: The four projects are moving forward; South Haven’s next community engagement event is October 31.
• Cooperative agreement with the Greenwood Legacy Corporation will be voted on by the GLC board on October 24 and is expected to come to TDA in November.

Trustee Requests and Statements

• Several trustees emphasized the need to better communicate Teo and TDA’s positive work to the public and to proactively counter inaccurate narratives.
• Trustees encouraged confirmation of the newly appointed trustee (English Henya/Ava Penny E. Martin) to maintain quorum stability.
• TDA chair Carl Bracey expressed appreciation for staff and highlighted organizational progress.