I mentioned some of these details in response to questions asked during last Friday's OKC Central Live Chat. When I last spoke to Dillon several months ago, he indicated he was still struggling to obtain financing and tax credits.
We spoke again Monday, and he is also frustrated. He has bank financing, approval for state historic tax credits, and a buyer for federal historic tax credits.
It's the federal tax credit that has the project stalled. Dillon says he is awaiting a ruling on a case in Virginia, where developers were challenged over the sale of tax credits to what the IRS deemed “an outside investor.”
A ruling was expected after Labor Day. And if it's favorable, Dillon expects the delays to finally come to an end. But if the outcome is less than favorable, the Tower Theater may not be the only historic property awaiting redevelopment with a murkier future ahead.