City Of OKC Plans To Use Endowments To Cover Costs Of MAPS 4 Projects
OKLAHOMA CITY - The City of Oklahoma City had long, all day, public meetings debating what should go on to the MAPS 4 ballot.
Just as important to some, is how to pay to operate those programs and projects after they're built.
“I look back on MAPS 3 and think, ‘Would it have been the end of the world if we had an endowment for the Riversport or an endowment for Scissortail Park built into it?’” said OKC Mayor David Holt.
Mayor Holt said unlike MAPS 3, endowments will be used to cover operating expenses for MAPS 4 projects when completed.
“We are building $70 million worth of youth centers, and we have a roughly $30 million in operating funds, which would spin off conservatively to $1.3 million a year forever,” said Mayor Holt.
Mayor Holt said it’s impossible to tell if endowments will cover all operating expenses, but they're a “good start.”
MAPS 4 has 16 projects that total $978 million.
The hope is that none will end up at OKC City Council like Riversport did Tuesday, asking for $1.5 million to cover operating costs.
The Boathouse Foundations, which runs Riversport, also asked for $2 million last year.
Both requests were approved.
MAPS 4 officially goes on the ballot December 10.