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Council approves $3 million TIF allocation to preserve and redevelop Gold Dome
Summary
In a 7–1 vote, council members approved a joint resolution to allocate up to $3 million from a new Classen corridor TIF increment to support redevelopment of the Gold Dome. The allocation is intended to help secure private financing and preserve the landmark building.
The Oklahoma City Council voted 7–1 to approve a joint resolution authorizing an allocation not to exceed $3,000,000 from the Classen Corridor tax-increment finance (TIF) project area to support redevelopment of the Gold Dome.
Kenny Soodles, chief executive with the Alliance for Economic Development, told the council the plan would be used as a catalytic allocation to help finance a privately led renovation. “This would be a construction project…a renovation and redevelopment project of over $10,000,000,” Soodles said, describing how the proposed TIF allocation would fit into the developer’s financing plan.
Mike Brown, the developer presenting the Gold Dome proposal, described a plan to adapt the…
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