OKC MAPS PROJECTS – 25 YEARS
Downtown Investment Activity – MAPS Era . Across the full MAPS era from 1995 to 2018, estimated public and private investment in the downtown study area totaled $7.0 billion. MAPS spending comprised only $1.82 billion, or 26% of total new investment in the period. Other city-related investment totaled $682 million, or 10% of total investment. Other public sector entities invested $598 million in the study area, or 9% of total investment. Significant private sector investment was triggered in both the early and more recent stages of MAPS development. Across the full period, a total of $3.86 billion in private investment was competed (or is currently underway) in the study area. Private investment comprised more than half (56%) of 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 important economic shift anticipated from the MAPS projects is the stimulation of private investment. As detailed in the prior section, private investment projects totaled an estimated $3.86 billion in the downtown study area across the MAPS era and $1.68 billion from 2009 to 2018. An additional viewpoint of the effect of MAPS on the downtown study area is the assessment of changes in property values. Added private investment can produce property valuation gains through two distinct channels. First, is the value of direct investment expenditures made to construct new structures or upgrade existing ones. These expenditures also typically include business personal property including equipment, fixtures, and leasehold improvements. The second channel is through spillover effects generated by added direct investment on other properties as reflected in a general rise in property values in the area. Assessment Data . Both direct private investment and changes in overall property valuations can be measured using county assessment data. Most private investment is subject to property tax reporting and estimates of market value are prepared annually by the assessor. 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 in this section of the report: 45 1. Valuations used in the report typically include both real property (land and structures) and business personal property. Approximately 10% of total valuation is attributable to business personal property in tax year 2017. 2. Publicly-owned property is generally not subject to property taxes and is not captured by the estimates. Hence, the assessor data does not capture the value of substantial public property owned by federal, state, and local government in the downtown area. Significant assets located in tract 1027 (OU Health Center) are exempt.
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