SEDA approves $1 million TIF assistance for Bookend Hotel redevelopment
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Summary
The Stillwater Economic Development Authority approved a trustee recommendation to provide $1,000,000 in TIF assistance paid in arrears to Republic Properties LLC for redevelopment of 206 West 6 (the proposed Bookend Hotel). Trustees voted 5-0; proponents said the $5 million project will create a 15-room boutique hotel with event space and rely heavily on local contractors.
The Stillwater Economic Development Authority voted Jan. 26 to approve $1,000,000 in tax-increment financing assistance paid in arrears for the redevelopment of 206 West 6 within TIF 3, a project proposed by Republic Properties LLC and described as the Bookend Hotel.
Rachel Bernish, speaking for the implementation policy committee, described the project as a 15‑room boutique hotel with a public-facing bar, rentable event space and a small curated retail component. "This is gonna be called the Bookend Hotel," Bernish said, adding the project would restore and reactivate a landmark building and generate new economic activity and long-term tax revenue.
Developer Leighton Johns told trustees the project aims to open in time for the first Oklahoma State University home football game on Sept. 15 and that roughly 90% of subcontractors working on the project are local or from nearby communities. He described partnerships with local food providers and a plan that relies on local caterers rather than an on-site commercial kitchen.
City financial context presented by staff notes the project’s total investment is $5,000,000 (including purchase and personal property). Staff said analyses from the Center for Economic Development Law project about $1,000,000 in increment over the life of the TIF (through 2043). Under the city’s implementation policy for significant-impact projects that conclude before Dec. 31, 2028, the maximum assistance in the applicable column is 20%, which equates to the $1,000,000 in arrears the TIF Committee recommended.
Trustees voted 5-0 to approve the committee’s recommendation for $1,000,000 paid in arrears to Republic Properties LLC for redevelopment of 206 West 6 into the Bookend Hotel.