S&P Global Ratings assigned its second-highest rating for the City of Oklahoma City’s new bonds for TIF District No. 2, keeping borrowing costs low and maximizing investment opportunities within the district.
The MAPS 3 temporary penny sales tax has already topped projected collections of $777 million and is heading into the sunset at the end of the year with an overage of more than $22 million, city officials said.
The board will make recommendations for City Council approval regarding priorities, timelines and other elements of projects to be funded by the temporary penny sales tax.
Construction on the 40-acre upper section is underway and is scheduled to be complete in spring 2019. Design work on the lower section is ongoing, and construction is scheduled to be finished in 2021.
The Sept. 12 election will allow Oklahoma City’s residents to invest in a safer, better Oklahoma City by approving a general bond program and two sales tax issues.