Sponsors of the American Indian Cultural Center in Oklahoma City will ask the 2011 Legislature for $43 million of bonds to help complete the $177.5 million project.
The state has authorized $66.3 million of bonds for the facility, which will highlight American Indian culture from Oklahoma and across the country. The facility has also received $14.5 million in federal grants.
Gov. Brad Henry last week transferred $6 million in federal stimulus funds from the governor’s discretionary fund to the Native American Cultural and Education Authority to keep work going at the site until the request for additional bond proceeds can be heard by the next Legislature.
The Native American Cultural and Educational Authority was created by the state in 1994 to design, establish, and issue bonds to build the facility on land donated by Oklahoma City. The museum complex will include lodging and art galleries.
Bonds issued for the project by the Oklahoma Capitol Improvement Authority are rated A1 by Moody’s Investors Service, and AA by Fitch Ratings and Standard & Poor’s.
Gena Timberman, executive director of the authority, said the bonds would not be sold until $45 million in private matching funds has been obtained. The bonds would be issued over two years, she said.
Timberman said the facility could be open by 2015 if the Legislature — which convenes in February — approves the bonds.
