Stoner Economic Development Authority approves $1M TIF assistance for downtown’s Bookend Hotel

STILLWATER, Okla. — The Stoner Economic Development Authority on Jan. 26 approved $1,000,000 in tax‑increment financing (TIF) assistance for Republic Properties LLC to redevelop 206 West 6th Avenue into a 15‑room boutique hotel, voting 5–0 after a presentation from the applicant and staff.

Rachel Bernish, a presenter for the project, told trustees the proposal — which she identified as the Bookend Hotel — includes a public‑facing bar, rentable event space and a curated retail component. "It's gonna be called the Bookend Hotel," Bernish said during her presentation.

The project, the applicant said, would convert the original Stillwater Public Library into a library‑inspired hotel. Developer Layton Johns described partnerships with local contractors and vendors and said the team plans to rely on nearby caterers because the building will not include a commercial kitchen. "We have done an amazing job partnering with a lot of local contractors," Johns said, adding that "about 90% of all the subcontractors working on the project are local to Stillwater or at least within the surrounding community." He said the team hopes to be open by the first Oklahoma State home football game on Sept. 15, with a possible soft opening the weekend before.

Staff provided a financial briefing showing a total project investment of $5,000,000, which includes purchase of the building and investments in personal property. According to staff, attorneys reviewed projected sales‑tax revenues and the increment from a 2018 base value and estimated the TIF could generate about $1,000,000 in increment through the life of the TIF, which staff said extends through 2043. Under the authority’s implementation policy for "significant impact" projects that end before Dec. 31, 2028, the program allows up to 20 percent assistance, and the requested $1,000,000 in arrears matches that calculated maximum, staff said.

Johns said the applicant had initially considered a $600,000 upfront assistance option but asked instead for $1,000,000 in arrears; he said the difference is the extra interest the project would pay to the bank over the TIF term.

A trustee who reviewed the building said the reuse aligns with the TIF’s purpose of restoring historic assets and strengthening the connection between downtown and campus. The trustees moved, seconded and voted 5–0 to approve the recommendation.

Following the vote, the authority completed its business and adjourned. The approved assistance is structured as payments in arrears tied to increment generated under the TIF; further implementation steps, permits and construction timelines were discussed but no additional formal approvals were recorded in the meeting minutes.