DALLAS - The Oklahoma City Council on Dec. 17 approved $10 million of tax-increment financing for two downtown buildings, including one heavily damaged by the 1995 bombing of the Alfred P. Murrah Federal Building.
The Journal Record Building, which housed a business newspaper before it was damaged in the terrorist attack that killed 168 people, will receive $4.75 million of tax increment financing for redevelopment as office space. The newspaper moved after the bombing.
The city bought the building in 1997, using the conduit issuer Oklahoma City Industrial and Cultural Facilities Trust.
In March 2005, the Trust added a 120-space parking lot located just east of the Journal Record Building to support redevelopment.
In a 2012 request for proposals on redeveloping the building, the only proposal came from investors known as JRB Holdings, which was awarded the project earlier this year.
The developer plans to provide 105,726 square feet of commercial space in the former Journal Record Building, and build a 409-space parking garage for a cost estimated at $33.2 million, according to city staff.
In addition to the Journal Record Building, the city awarded $5.3 million of tax-increment financing to developers who want to convert the former Fred Jones Manufacturing facility into a $51.5 million, 135-room hotel, museum and music hall. The project is known as the 21c Hotel & Museum.
The proposed redevelopment is similar to other 21c hotels in Louisville, Cincinnati and Bentonville, Ark., city officials said.
The project is expected to be completed by the end of 2016, according to the city.