OKC MAPS PROJECTS – 25 YEARS
total investment in the study area to date and is more than double (2.12 times) the amount of city spending on MAPS. Key areas of private development include medical and research ($1.56 billion), office ($1.0 billion), hotel ($475 million), residential ($412 million) and entertainment/cultural ($263 million). This growth is highly consistent with the overarching aim of the MAPS projects to stimulate a broad-based revival of conditions in the downtown study area and create a more desirable place in which to live, work, and play. Private Investment and Property Market Valuations Arguably, the most anticipated economic shift from the MAPS projects is accelerated private investment in the study area. Private investment gains are realized in two ways. First, expenditures are made to construct new structures or upgrade existing ones. These investment expenditures also typically include business personal property including equipment, fixtures and leasehold improvements. Second, is any spillover effect from direct investment as the general level of property values in the area increases. Assessment Data Both direct private investment and changes in overall property values can be measured using county assessment data. Most private investment is subject to property tax reporting and estimates of market value are made annually. The opposing roles played by property owners and the assessor work to assure relevant estimates of market value. Although assessor determined market values provide the best available measure of changes in private property values in the study area, several caveats accompany their use as discussed in the full report. Rising Downtown Property Values Figure 6 details assessor determined market valuations in the downtown study area at two-year intervals from 2009 to 2017 period. Across all tracts in the study area, total market value nearly doubled (92 percent increase) from $2.03 billion in 2009 to $3.91 billion in 2017. For perspective, the $1.88 billion gain in assessed property valuation since 2009 is slightly higher than the $1.81 million in total public expenditures on all MAPS programs approved to date. Each of the 14 tracts in the study area posted an increase is assessed market value from 2009 to 2017. Again, this property is primarily privately owned and does not include increased valuation of publicly owned property.
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