NEOKC Development Group, OKC Black Eats

PROJECT PURPOSE

Economic inequality is a pervasive concern in the United States. Minority-owned businesses are at a distinct disadvantage compared to counterparts. BIPOC-owned businesses receive about $30,000 less than comparable white-owned businesses, while their interest rates are 1.4 percent higher. Located in NEOKC, with a surrounding Opportunity Zone and NE Renaissance TIF District, The NEOKC Community Revitalization Project will build a commercial center in the historically underserved community to promote locally owned businesses. The already existing property is located at 3725 Springlake Drive Oklahoma, City, OK 73111. It is vital to invest directly in community-led projects that will benefit the surrounding residents. By funding projects that strengthen local cohesion, businesses will have stronger investments, equitable development, and foster community wealth for the existing residents. The commercial retail building will house 12 tenants in a one-level property. The project will work in response to the context of the surrounding neighborhood. The property will lease local and minority-owned businesses and address the lack of retail offerings that the community needs.

EVIDENCE

None

POPULATION DESCRIPTION

The existing property holds a 97.1% Black community. The average income for this community is $33,773. If you look 1 mile to the west, the average income increases to $65,100. There is a 0% black home ownership in the neighboring community. In 2019, the gap in business ownership between Black and Latino households, relative to White households, accounted for 25 percent of the overall racial wealth gap between these groups. COVID-19 disproportionately impacted Black small businesses. Between February and April of 2020, Black business ownership declined more than 40%, the largest drop among any ethnic group. This area of NEOKC needs to build community wealth and social cohesion, businesses that will cultivate generational and sustainable wealth. NEOKC Development Group also submitted an application for the 731 Small BUsiness Incubator and is awaiting the next steps. The mission is to leverage the spirit of entrepreneurship with underserved communities.

PERFORMANCE MEASURING

This project can be measured by the number of jobs created through the 12 leased businesses, the monthly rent from each tenant, and the total value of goods and services produced by yearly.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

Able to continue operation without additional funding from the State of Oklahoma