Tax increment financing totaling $1 million for redevelopment of the Mideke Building into the headquarters of Tapstone Energy, and another $1.45 million in job incentives payments were approved Wednesday by review committees and will advance to the Oklahoma City Council for final approval.
The application for the $1.45 million, to be paid from a job incentives bond issue approved by voters in 2007, estimates the jobs will pay an average salary of $146,133 with payroll totaling $8.176 million the first year, and ramping up to $18.5 million by the end of the third year. The application estimates total economic impact at $106.6 million.
The payments, if approved by the city council, will be paid based on the company’s performance on creating the promised jobs.
The tax increment financing also would be paid only if owners of the Mideke Building, a partnership consisting of Zach Martin, Jeff Johnson and Andy Burnett, complete a redevelopment of the building totaling at least $17 million.
The redevelopment would convert the building’s top three floors, empty for decades, into office space and create a new modern facade on the building’s east alley wall.
Tapstone, which currently employs 35 people, is expected to move into the Bricktown building by March 2015.
The company was founded by Tom Ward after he left SandRidge Energy, where he was CEO.