By Steve Berg
TULSA, Okla. — Tulsa City Councilors last night voted unanimously in favor of giving a $2.8 million loan to help build a new seven story, 80-unit apartment tower in downtown Tulsa on the northeast corner of 3rd and Denver.
The City of Tulsa’s Economic Development Director Erran Persley says the developer, Rose Rock Development, will pay the city back with interest.
“This is a $2.8 million loan that has a six year term and a six percent interest rate,” Persley said.
City officials say the developers are required to set aside 13 of the 80 apartment units as affordable housing that will be financially feasible for someone making 20 to 80 percent of the Area Median Income, which, for a family of four in Tulsa, equates to $18,000 to $40,000 of yearly income.
The ‘3 and D Flats,’ as the development is being called, will also have parking and commercial space on the first two floors of the seven story tower.
