City of Oklahoma City approves $6.9 million loan for 21C Museum Hotel development

The public assistance going toward redevelopment of downtown’s Fred Jones assembly plant into a 21C Museum Hotel grew by another $6.9 million Tuesday as the Oklahoma City Council approved a low-interest loan backed by federal funding.
by Steve Lackmeyer Modified: August 26, 2014 at 9:00 pm •  Published: August 27, 2014
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The public assistance going toward redevelopment of downtown’s Fred Jones assembly plant into a 21C Museum Hotel grew by another $6.9 million Tuesday as the Oklahoma City Council approved a low-interest loan backed by federal funding.

The Section 108 loan, backed by Community Development Block Grant allocations to the city, will have a term of seven years at 1.5 percent interest. Louisville, Ky.-based 21C Museum Hotels previously received unanimous approval for $5.3 million in tax increment financing toward a $51.5 million conversion of the assembly plant at 900 W Main into a 134-room hotel and contemporary art gallery.

Ian Colgan, the city’s assistant planning director, told the council the loan is an appropriate use for the money due to the jobs the project will create, the difficulty presented by redevelopment of a building built a century ago, and the potential to spur other development along the west fringe of downtown.

“It’s an area that has always been on the fringe of redeveloping and taking advantage of the momentum of downtown,” Colgan said. “We think this can anchor that part of downtown and also potentially spur more investment along Classen Boulevard.”

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by Steve Lackmeyer
Business Reporter
Steve Lackmeyer is a reporter and columnist who started his career at The Oklahoman in 1990. Since then, he has won numerous awards for his coverage, which included the 1995 bombing of the Alfred P. Murrah Federal Building, the city's Metropolitan...
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It’s an area that has always been on the fringe of redeveloping and taking advantage of the momentum of downtown. We think this can anchor that part of downtown and also potentially spur more investment along Classen Boulevard.”

Ian Colgan,
Oklahoma City’s

assistant planning

director

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