The City Council acted to approve the final step in activating the new Tax Increment Finance District (TIF), known as the Sooner Rose Shopping Center, Phase II, last Tuesday at its second public hearing. The TIF will be activated on July 1, 2017.
The purpose of the second public hearing was to allow any interested persons the opportunity to express their views on the proposed plan or amendment thereto.
The TIF will be used to foster public improvements and to incentivize development in the area, located at S.E. 15th ST and Sooner RD.
Proposed tenants will include the Warren Theater, Inc., who plans to build a 10-auditorium theater, as well as additional retail and dining options.
Per Economic Development Director, Robert Coleman, there are now three remaining steps that must be completed before the project can go forward. Those steps include zoning change approval; working out all the details on the development agreements between the City, the Memorial Hospital Authority and Sooner Investment, Inc. and the City, the Memorial Hospital Authority and Warren Theater, Inc.; thirdly, obtaining the necessary building permits.
“Once these steps have been taken, then, the next action is to begin the necessary dirt work and construction,” Coleman said.
Ground breaking on the project is expected to be sometime during the summer 2017.