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Trust approves assistance for three development projects, including 38-unit affordable housing award of $100,000
Summary
Trustees approved assistance and development-financing agreements for the WeHost Alliance 38-unit affordable housing project ($100,000), the Eddie Building mixed-use development and Browns Bakery redevelopment, each with pay-in/payout structures or other financing terms.
The Oklahoma City Economic Development Trust on June 16 approved three economic development agreements providing financing assistance and subsidies to local projects.
Trustees approved an economic development agreement with We Are Society Inc. for the WeHost Alliance affordable housing project — 38 units targeted to very low-income households (30% AMI and below) — for assistance not to exceed $100,000. Staff said the Trust will apply the last $100,000 remaining from the 2017 bond authorization and elected a shortened five-year compliance period for the Trust's funds because the project also includes ARPA and MAPS 3 funding that carry a 20-year compliance term.
The Trust approved assistance to Eddie Building LLC for development financing of a mixed-use project on the former IMSA site in Midtown, with the assistance amount described in the packet (transcript shows figure formatting as $2,53325) and a pay-in/payout structure tied to tax-increment generated; staff said the project will include 68 apartments and a publicly accessible park and expects completion in May 2027.
Trustees also approved a pay-in/payout assistance arrangement with Midtown Browns LLC of up to $766,263 to support the Browns Bakery redevelopment (commercial kitchen, cafe and retail). Staff said the bakery space is leased and the remaining TGNY portion awaits tenant improvements and leasing.
Each item was moved, seconded and approved during the meeting.
