The Oklahoma City Council on Tuesday voted to approve a transfer of $80 million from Oklahoma City MAPS 4 sales tax collections to the administration of the MAPS 4 Investment and Operating Trust.
These funds will be invested and managed to provide a steady funding stream for the operations and maintenance of some MAPS 4 projects long after the temporary MAPS 4 sales tax collection has concluded.
In December 2019, voters approved MAPS 4 with 72 percent of the vote. This fourth iteration of the MAPS program included for the first time this innovative new wrinkle, and in total, $110.5 million in MAPS 4 funds are set aside for this purpose.
The management of the funds is being overseen by the MAPS 4 Investment and Operating Trust. A conservative spending policy is provided for and will ensure that the distributions are consistent year-to-year and do not diminish the original funds.
“MAPS 4 was designed to not only build up our city with capital projects but also to sustain those projects for the long-term,” said Oklahoma City Mayor David Holt. “With the first transfer of funds to the MAPS 4 Investment and Operating Trust, today marks a notable development in the MAPS 4 program. I’m very proud of this fiscally prudent approach that I think will become a national model, and I know future policymakers in our city will appreciate it deeply. I’m grateful to City staff and members of the Trust for their input and oversight throughout this process.”
Tuesday’s transfer is the first, as scheduled by the MAPS 4 Implementation Plan previously adopted by Council. The remaining funds are scheduled to be transferred at a later date. The eventual investment proceeds from the $80 million transferred Tuesday will support MAPS 4 projects as identified below:
- $21 million for the operations of the Henrietta B. Foster Center for northeast small business development and entrepreneurship and an innovation hall to facilitate activities to grow the City’s innovation economy.
- $15 million to provide financial assistance for low-income seniors using the MAPS 3 and MAPS 4 Senior Health and Wellness Centers.
- $5 million for the operations and maintenance of MAPS 4 Beautification projects. The operating fund will provide permanent City staff dedicated to beautification. The maintenance fund will provide ongoing maintenance as funds allow.
- $9 million for the operations of the MAPS 4 Clara Luper Civil Rights Center. The MAPS 4 Civil Rights Center is anticipated to be an interpretive museum and community gathering space.
- $30 million for the operations of the MAPS 4 Youth Centers.
“Continuing to invest in MAPS programs keeps our city moving forward,” MAPS 4 Investment and Operating Trust Chair Teresa Rose said. “These funds will not only help support day-to-day operations for these MAPS 4 projects, but also ensure the long-term success of the initial investment by providing crucial support for maintenance and beautification initiatives.”
The MAPS 4 Citizens Advisory Board recommended approval for transferring sales tax collection funds on February 9, 2022. The 2019 MAPS 4 Resolution states the intent of the Oklahoma City Council to allocate MAPS 4 sales tax collections to a fund to provide for the operations and maintenance of several MAPS 4 projects.
MAPS 4 uses cash to fund 16 debt-free, pay-as-you-go projects. You can view the MAPS 4 Implementation Plan, MAPS 4 Program Schedule, and projects at okc.gov/maps4.
About MAPS 4
MAPS 4 is a debt-free public improvement program funded by a temporary penny sales tax that will raise a projected $978 million over eight years.
Oklahoma City voters approved the sales tax to fund MAPS 4 in a special election on Dec. 10, 2019, moving forward with a unique and ambitious plan to transform our community. The temporary penny sales tax funding MAPS 4 began April 1, 2020, and ends in 2028.
More than 70 percent of MAPS 4 funding is dedicated to neighborhood and human needs. The rest is for quality of life and job-creating initiatives. The MAPS 4 Citizens Advisory Board and its six subcommittees will guide MAPS 4 planning and implementation, making recommendations to the City Council. The Council has final authority on MAPS 4.
The MAPS Investment and Operating Trust will develop a strategic investment plan to support long-term sustainable funding for MAPS 4 projects' operational expenses and maintenance.
Visit okc.gov/maps4 for more.
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Media Contact - Kristy Yager, (405) 297-2550, kristy.yager@okc.gov