Investors Capital Building

[David]

That's a lot of TIF money for a building that probably doesn't generate much tax money, but it's also a 113 year old building and I love seeing it restored so I'm not going to complain particularly much.

[Pete]

I believe part of the money will go to the neighboring county building; $2 million for elevators.

[shawnw]

seems a little bit like a boondogle but I'm certainly missing tons of context

[Pete]

This was from the memo seeking approval from the OKC Economic Development Trust:

The Project Plan provides that funding can be allocated and provided to the taxing jurisdictions
existing within the Increment Districts created under the Project Plan. On October 19, 2020, the
Board of County Commissioners of Oklahoma County (“Oklahoma County”) formally requested,
via Resolution No. 2020-5070, that the City Council and the Oklahoma City Economic
Development Trust (“Trust”) provide $6,900,000 to support certain capital needs and capital
improvements to public facilities owned by the County as identified by Oklahoma County in the
resolution.

On June 30, 2021, representatives of Oklahoma County met with City’s internal review committee
to discuss the request and based on that meeting it is the recommendation of City staff, subject to
approval of a proposed amendment to the Amended and Restated Project Plan that will raise the
Project Plan budget by $27,000,000 (to include an increase of $8,000,000 to the “Other Taxing
Jurisdictions (Except I-89) budget category), that $5,000,000 be allocated to support Oklahoma
County’s proposed list of projects on a reimbursement basis. Oklahoma County’s Capital Projects
include improvements to the Investors Capital Building, the Courthouse Campus, the County
Annex Building, and the County Courthouse.

On July 14, 2021, the Downtown/MAPS Review Committee convened and found that the request
of Oklahoma County was reasonable and adopted a Resolution recommending that the City
Council and Trust approve a budgetary allocation in an amount not to exceed $5,000,000 from the
Other Taxing Jurisdictions (Except I-89) Budget Category of Increment District No. 2, to support
the Oklahoma County Capital Projects, subject to approval of certain proposed amendments to the
Amended Project Plan.

On October 26, 2021, City Council approved the allocation for the project. Approval of the
Memorandum of Agreement outlines the terms and conditions for the project funding, including
incentive use, reimbursement and reporting requirements for the Oklahoma County Capital Project
in an amount not to exceed $5,000,000. Funding will be provided on a reimbursement basis for
the following projects:
1. Investors Capital Building Exterior Envelope Upgrade - $2,000,000
2. New County Annex Building Elevators - $2,000,000
3. County Annex Building Security Projects - $750,000
4. County Annex Building Front Entrance Improvements - $250,000

[therhett17]

Any update/progress on this?

[Pete]

Any update/progress on this?

I believe they now have all the funding so hopefully we'll soon see some progress.

I was down there last week and didn't bother to post photos because nothing had changed.

[Pete]

Originally, the plan was to restore the building to its original facade.

Now, it looks like they plan to completely modernize it:

[Timshel]

While I normally wouldn't automatically be a fan of doing something like that, assuming those are bricks I think that'll look fantastic.

[PhiAlpha]

Why the change?

[Pete]

Why the change?

My guess is they ran into issues trying to restore the original facade which has been hidden behind various materials for decades.

[David]

Well that just looks like a completely different building. I do like the dark brick look, though.

[Timshel]

The large window openings are great. Would love to work in one of those offices.

[Jeepnokc]

It will be interesting to see how the tenant mix changes. Right now, the place is not very nice and a the rent isn't very high. Will they move everyone out for the remodel? Looks substantial.

[Mississippi Blues]

This will ruin the parking garage canopy along Kerr.

[bombermwc]

This will ruin the parking garage canopy along Kerr.

Explain? I'm not clear on how changing the facade on this building has anything to do with that.

I'm not always a fan of re-facades because you do lose that point in time example of whatever it is the place had. But this building i think lost that way too long ago already. Seeing what's under it right now with a mix of cinderblock and brick, it's not a good look. If it had any character, it's long gone. This will definitely make this old girl look a tone better. I always hope windows and roof come with a new facade. It's a shame to do the facade without doing those too.

[Mississippi Blues]

Explain?

Is a joke

[bombermwc]

oh ok...i was not following that..lol

[soonerguru]

Originally, the plan was to restore the building to its original facade.

Now, it looks like they plan to completely modernize it:

That looks sexy. Beautiful design.