Economic Development Trust approves TIFF support for Robinson and Cotton Exchange rehabilitation

The Oklahoma City Economic Development Trust voted March 24 to back two downtown historic‑building conversions with tax‑increment financing and approved a minor amendment to the downtown MAPS economic development project plan to allow several properties to move into a new core TIFF district.

The Trust approved a joint resolution to allocate up to $6 million in TIFF for the Robinson project at 119 North Robinson, a proposed $50 million renovation to create 106 market‑rate apartments and retain office and retail on the lower floors. Cindy Melo, a member of the developer team, said the building was listed with the National Park Service just before the meeting and that the project is expected to open in the summer of 2027.

"We just finished up that step actually yesterday. It was just listed and approved with the National Park Service," said Cindy Melo, describing the project's historic status. The developer's presentation listed 59 one‑bedroom and 47 two‑bedroom units, about 36,000 square feet of retained retail and office space on the first and second floors, and amenity plans including a resident lounge and valet parking options.

Todd McNeel, who spoke to the financing, said the project's capital stack relies on monetized historic tax credits, a capped construction loan and TIFF reimbursements to meet debt‑coverage requirements. "Without the TIFF, we wouldn't qualify for ... half of that $23 million" in first‑loan proceeds, he said, describing how EIF (tax credits and TIFF reimbursement) enable the lenders' underwriting. The developer team presented a repayment structure in which early years receive the largest shares of incremental tax receipts; the presentation also stated a total TIFF proceed estimate of about $5.95 million over the reimbursement period.

The Trust also approved up to $2.275 million in TIFF for the Cotton Exchange building at 228 Robert S. Kerr, a proposed $27 million conversion to roughly 100 apartments. Developer representative John Serner described severe exterior deterioration and the group's work to preserve historic fabric while converting upper floors to residence units and retaining about 4,000 square feet of ground‑floor retail.

"Somebody put mesh and plywood up and it's been that way for 15 years, allowing water and other debris to get back into the historic brick and starting to really destroy one of our beautiful assets downtown," John Serner said in describing the building's condition and the case for rehabilitation.

Both allocations and the amendment were presented as contingent on the creation or modification of a TIFF district under city council consideration. Mr. Sudel told trustees the amendment cleans up language in the downtown project plan, clarifies that a school district may use tax‑increment funds outside the project area under the local development act, and would remove four properties from the current downtown TIFF so they can be added into the proposed core TIFF district. Those properties cited in the presentation included the Robinson, the Cotton Exchange, the Pulse (former Holiday Inn converted into apartments) and the High Tower.

The Trust voted to approve the change‑order, amendment and both allocations; the recorded transcript does not include roll‑call tallies. City council action is required to finalize the TIFF district adjustments and the projects' eligibility for the proposed reimbursements. The Robinson team said it expects construction to start once approvals are in place and to open the project in summer 2027.