River Parks Authority

PROJECT PURPOSE

This request is to purchase 26 acres of land, enlarging River West Festival Park to expand and accelerate cultural, entertainment and sports programming, directly benefiting tourism and economic returns to River Parks Authority, Tulsa, and the State of Oklahoma. The prime riverfront property at 431 West 23rd Street was a concrete plant long before 1974?s creation of the River Parks system along the Arkansas River. Now for sale, there is a ?one and only? opportunity to acquire the land for public use. Contiguous with the south boundary of Festival Park, home to major festivals and events, the land fronts the Arkansas River with views to downtown. The recent development of the River West housing project directly affected parking for more than 1000 vehicles during large Festival Park events. The loss of parking revenue for Oktoberfest alone is $80,000 and the necessity to shuttle event patrons drives up costs and discourages event attendance, harming the venue?s revenue potential and its tourism capabilities. The purchase of this property would tie River Parks and West Tulsa together as well as provide valuable parking for events on both sides of the river, including the Gathering Place.

EVIDENCE

Acquisition of this property has been part of the long range Capital Improvement plan with the City of Tulsa for several years, but without a funding commitment to date. River Park?s leadership has recognized the value of preserving the character of Tulsa?s riverfront while increasing Festival Park events, to generate revenue and enhance the city?s cultural vitality. Public input has strongly advocated for minimal commercial development and the preservation of green space on the riverfront. Even before the loss of parking to ?River West,? Tulsa Oktoberfest voiced concerns about remaining at Festival Park without additional space and parking.

POPULATION DESCRIPTION

COVID-19 has disproportionately caused adverse effects for communities already experiencing health and economic disparities. The subject property is fully within a Qualified Census Tract (QTC), an area where 50% or more of the households have incomes below 60% of the Area Median Gross Income. While Festival Park hosts many tourism-related events, it also features a playground as well as the River Parks extensive recreational trail system. Residents of the many nearby multi-family residences and single-family homes, have ready access to the park on foot, by bicycle, by car and by public transportation, encouraging healthy outdoor activities. The purchase of this property will only enhance all that River Parks already offers the Tulsa Community, serving River Parks guests and events on both sides of the river.

PERFORMANCE MEASURING

Festival Park events require significant open space for set up that may include multiple large tents, space for competitive sports, vendor space, audience space for concerts, and parking for support staff, security, vendors, volunteers, and the public. Performance is measured by attendance, with 50,000 expected for Oktoberfest and 5,000 to 20,000 for Fourth of July?s Folds of Honor FreedomFest, concerts, competitive runs, and cultural festivals like Cinco de Mayo. Also measured is revenue benefiting the River Parks system, augmenting public support funds. With loss of parking previously noted, event promoters will likely look for alternative venues.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

One-time project will not need continued funding