Bank IV Community Development Corp., Tulsa, Okla., has joined with State Farm Insurance and a local community group in a new reinvestment project.
The group will build a 50,000 square-foot office complex in North Tulsa on land in a low- to moderate-income area that has been vacant for two decades.
The net proceeds from tenant leases for the first 15 years will be funneled back into the community through the North Tulsa Community Development Corp.
A local architect designed the North Pointe office complex, and local businesses will participate in the building and operating of the project.
Gary Sherrer, president of the Bank IV CDC, said the project is "the beginning of a new chapter for North Tulsa."
Bank IV CDC is a subsidiary of Fourth Financial Corp., a $7.5 billion-asset holding company in Wichita.
