The long delayed conversion of the former downtown library into housing is set to begin in 90 days following approval of $400,000 in tax increment financing for the project.
Developer Judy Hatfield bought the former library at 131 Dean A. McGee Ave. in 2007 from Oklahoma City after it had been declared surplus property. The library closed when the new Ronald J. Norick Downtown Library opened in 2004.
The Oklahoma City Economic Development Trust (OCEDT) this week approved assistance in development financing totaling $400,000 for turning the library into the 19-unit apartment building dubbed Carnegie Centre.
The project also will include structured parking and 24,000 square feet of mixed-use space on the corner of Robinson and Dean A. McGee Avenue.
“Cooperation among leaders in Oklahoma City is why we are creating so many positive projects,” Hatfield said. “Thanks to the city and the OCEDT providing TIF money for the Carnegie Centre Historic Project, I was able to fill the financial gap needed to bring this historic structure alive again as a mixed-use, downtown project.”
The assistance in development financing for Carnegie Centre is provided by the Tax Incremental Financing District 2, and will require the taxable market value of the property to meet or exceed $7.995 million at completion, and for the building to be at least 40 percent occupied.
Along with the financing assistance, the developer also intends to use new market tax credits, as well as state and federal historic tax credits.
“This is an important step for the future of the redevelopment of Carnegie Centre,” said Cathy O'Connor, economic development trust general manager. “I look forward to working with the public and private entities as we move forward with this project.”