Tulsa Stadium Trust on Council committee agenda

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The agenda for tomorrow's Tulsa City Council Urban and Economic Development committee includes a discussion of a draft of the Tulsa Stadium Trust indenture, the Title 60 Trust that will get to spend the money raised by the downtown assessment district the Council approved last month. The proposal creates a self-perpetuating Board of Trustees, five members of which will be major donors to the ballpark. Trustees will serve 12 year terms and can only be removed by court action for malfeasance. (Three years is a standard term for members of public trusts.)

The City Council should demand full public disclosure of the entire ballpark development deal -- pledged revenues, planned expenditures, who has been promised what piece of land -- prior to taking any action on the trust, and the trust indenture should require shorter terms, nomination of all trustees by the Mayor, and a provision to remove trustees by action of the City Council.

I'm beginning to think the better way to handle the ballpark is to make it fully private. Let the ballpark donors come to the TDA with a development proposal for the proposed ballpark site and put the proposal through the standard process. They wouldn't get the downtown assessment district money, but they don't really need it. They have enough donations lined up to pay for a quality 6000-seat ballpark. Then they can own it and run it as they see fit.

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This page contains a single entry by Michael Bates published on August 11, 2008 6:26 PM.

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