Share “TIF money approved for three downtown...”

TIF money approved for three downtown Oklahoma City construction projects

Tax increment funding has been approved for three downtown Oklahoma City projects.
by Steve Lackmeyer Modified: December 17, 2013 at 10:09 pm •  Published: December 18, 2013
Advertisement

photo - The former Fred Jones assembly plant in the 900 block of W Main Street in Oklahoma City Thursday, Nov. 21, 2013. Photo by Paul B. Southerland, The Oklahoman
The former Fred Jones assembly plant in the 900 block of W Main Street in Oklahoma City Thursday, Nov. 21, 2013. Photo by Paul B. Southerland, The Oklahoman

A conversion of the Fred Jones assembly plant into a 21C Museum Hotel and redevelopment of the former Journal Record building both received unanimous final approval for tax increment financing Tuesday from the Oklahoma City Council.

The Journal Record Building, at NW 6 and Robinson Avenue, was extensively damaged by the 1995 bombing of the nearby Alfred P. Murrah Federal Building. Owners of the business newspaper sold the building to the city, and the western one-third was sold and turned into the home of the Oklahoma City National Memorial.

Heritage Trust has an agreement with the Oklahoma Cultural and Industrial Facilities Trust to buy the building for $7.25 million.

The city council approved a $4.75 million allocation toward a $26 million renovation of the building and the $7.2 million construction of a 409-space parking garage.

Louisville, Ky.-based 21C Museum Hotels, meanwhile, received unanimous approval for $5.3 million in tax increment financing toward a $51.5 million conversion of the Fred Jones assembly plant at 800 W Main into a hotel and contemporary art gallery.

The city council also approved $3 million in tax increment financing to Indianapolis-based Milhaus Development, which is planning to build a 327-unit apartment complex at NW 10 and Shartel in Midtown.

Steve Lackmeyer, Business Writer

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...
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Marcus Smart could play this weekend for Boston Celtics
  2. 2
    Creed's Scott Stapp Reveals He's Homeless in Jarring New Video
  3. 3
    Injury could mean Xavier Henry gets cut from Lakers
  4. 4
    Couple suing famous Little League team over bad throw
  5. 5
    Tensions high as Milwaukee panel hears comments in police shooting case
+ show more