Century Center

[catch22]

The two images overlaid in photoshop:


The alignment isn't 100% perfect because I would have had to take the exact same picture as they did with the same lens and focal length and stand in the exact same spot. But this is pretty close.

[Pete]

In that rendering, it does look like there is only one additional level of parking on top, as oppose to the two that has been discussed.

[BoulderSooner]

Oupubco is asking for 1.5 mil in Devon tif dollars to built out their new office space.

[lasomeday]

Oupubco is asking for 1.5 mil in Devon tif dollars to built out their new office space.

Really? Wow, thats embarrassing! Shouldn't the owners of the building pay for their own improvements and then the increase in property value go back into the TIF pool to pay for public spaces! That is what the money is for PUBLIC SPACES! Not private development!

[okcfollower]

They sell their building and now they can't afford to set up the new office at the century center without assistance??

[BoulderSooner]

Really? Wow, thats embarrassing! Shouldn't the owners of the building pay for their own improvements and then the increase in property value go back into the TIF pool to pay for public spaces! That is what the money is for PUBLIC SPACES! Not private development!

already passed the Devon Implementation Committee and is on today's Tax Increment District 2 agenda item V. it will then go to the next Economic Development trust meeting before going to the city council

[Just the facts]

Did they say specifically what they needed the money for? I know there is a seperate fund to lure private development downtown but I wasn't aware Devon TIF dollars could be used for that.

[metro]

Really? Wow, thats embarrassing! Shouldn't the owners of the building pay for their own improvements and then the increase in property value go back into the TIF pool to pay for public spaces! That is what the money is for PUBLIC SPACES! Not private development!

They sell their building and now they can't afford to set up the new office at the century center without assistance??

Either Oklahoman is REALLLLLY struggling, or they're just cheap. I agree, TIF should be used for public improvements.

[Pete]

Oupubco is asking for 1.5 mil in Devon tif dollars to built out their new office space.

The TIF was set up to lure companies downtown.

OPUBCO got a windfall when they sold their properties but it's still cheaper for them to remain in the suburbs.

The precedent seems to be that a subsidy is expected for any major employer to move downtown.

[BoulderSooner]

The TIF was set up to lure companies downtown.

OPUBCO got a windfall when they sold their properties but it's still cheaper for them to remain in the suburbs.

The precedent seems to be that a subsidy is expected for any major employer to move downtown.

generaly speaking the money has gone to owners of buildings (mostly for parking) and or for the creation of new jobs .. i don't recall a case of a company moving from the burbs of okc and not creating new jobs or owning a building getting TIF dollars .... I could not know of some

[Pete]

generaly speaking the money has gone to owners of buildings (mostly for parking) and or for the creation of new jobs .. i don't recall a case of a company moving from the burbs of okc and not creating new jobs or owning a building getting TIF dollars .... I could not know of some

Good points...

I wonder if Enogex got any TIF money? Very similar to OPUBCO situation.

[BoulderSooner]

Good points...

I wonder if Enogex got any TIF money? Very similar to OPUBCO situation.

after enogex moved downtown .. on OCT 9th last year the EDtrust did the following

the city approved 480k under the Parking incentive program ...

On August 28, 2007 (Item VIII.E.) the City of Oklahoma City approved a
downtown parking incentive program aimed to support companies who
seek to relocate to downtown and expand their workforce by 20%. The
policy further requires prospective companies to pay employees 20%
above the Oklahoma City MSA average wage which is currently $42,421.

Enogex average salary was over 20% above city average .. .and they said they would hire 50-100 new employees ..

[Just the facts]

I have no problem with companies relocating downtown receiving financial assistance. If all it take is a few million to get the ball rolling then so be it. That is chicken-feed compared to the price of building infrastructure all over the prairie.

[Pete]

after enogex moved downtown .. on OCT 9th last year the EDtrust did the following

the city approved 480k under the Parking incentive program ...

On August 28, 2007 (Item VIII.E.) the City of Oklahoma City approved a
downtown parking incentive program aimed to support companies who
seek to relocate to downtown and expand their workforce by 20%. The
policy further requires prospective companies to pay employees 20%
above the Oklahoma City MSA average wage which is currently $42,421.

Enogex average salary was over 20% above city average .. .and they said they would hire 50-100 new employees ..

Thanks for that.

No way OPUBCO will be expanding their workforce by 20% -- if at all.

[BoulderSooner]

Thanks for that.

No way OPUBCO will be expanding their workforce by 20% -- if at all.

that was all i could find .. if they got other TIF money (which i doubt) i couldn't find it

[Bailey80]

Thanks for that.

No way OPUBCO will be expanding their workforce by 20% -- if at all.

OPUBCO isn't getting the parking incentive money. This is money from the Devon TIF pegged for economic development. The money OPUBCO is asking for would be used to reimburse the company for new fixtures, furniture, equipment, etc. related the the move downtown.

[soonerguru]

They sell their building and now they can't afford to set up the new office at the century center without assistance??

I know the Gaylord family is only ephemerally involved with OPUBCO at this point, but they ALWAYS RECEIVE PUBLIC ASSISTANCE for everything. Everything. Whether it's having roads built for their rodeo arena, or having the city subsidize a fishing lure store, or build them a baseball park or basketball arena.

They have used their editorial page to decry welfare recipients and the poor for a century all the while they've been sucking the public's teat.

It's a disgrace.

[BoulderSooner]

OPUBCO isn't getting the parking incentive money. This is money from the Devon TIF pegged for economic development. The money OPUBCO is asking for would be used to reimburse the company for new fixtures, furniture, equipment, etc. related the the move downtown.

right just wondering if this has been done before for another OKC company moving within okc that doesn't own the building and is not growing??

[Larry OKC]

Larry, would you mind sharing with us your vision for it's potential?

As I mentioned in a post #261, more like what is in Times Square (the pic I posted isnt working now).

[Pete]

Deleted a bunch of posts that were way off subject.

Please stay on topic. Thanks

[jbrown84]

Very exciting to see OPUBCO move in to Century Center. I would still love to see a Walgreens or CVS on one of the corners...

[Jack]

Wasn't sure where to post this, but it seemed thematically related. I'm sure someone can transfer it to another page if necessary.

When OPubCo decided to leave the tower, was everything on the up-and-up with City Hall and Century Center development? Looks that way...

Emails: Assistance for OPUBCO move questioned | The Journal Record


OKLAHOMA CITY – Oklahoma Publishing Co. executives wanted 350 free parking spaces included in plans to move downtown to a massively renovated Century Center, according to email exchanges between developers and city officials.

That turned out to be unfeasible and those spaces have since been worked into the OPUBCO deal, Sperry Van Ness executive Andy Burnett said Friday.
“I found parking downtown is too expensive to give away,” he said.

The email trail shows that the final funding assistance package arranged with City Hall required significant changes from initial entreaties by Burnett to find what he called an equity bridge to keep the real estate deal together.

The proposals being submitted to the City Council for approval this month include an advisory panel recommendation that $2.1 million be provided to SVN in the form of an assistance in development financing grant and an $800,000, low-interest loan, both of which will be paid only after the county assessor certifies that property improvements meet a taxable market value of $27 million.

In a related action, $1.5 million will be drawn from Devon Energy tax increment financing district funds to reimburse developers after OPUBCO fills the space with 325 to 350 employees.

Another $1 million could be applied to constructing two new floors of parking spaces via the Central Oklahoma Transportation and Parking Authority, said Brent Bryant, the city’s economic development program manager. Those funds might be invested in other parking downtown, but the money was made available only after SVN showed interest in the Century Center in the last few months.

If the City Council approves the measures, the total public investment to help OPUBCO move from its corporate tower on Broadway Extension will be about $5 million.

The City Hall emails, requested by The Journal Record under the state’s Open Records Act, reveal that Burnett first approached Bryant concerning the Century Center on Aug. 26. Burnett said he had already followed research suggestions by one of OPUBCO’s newspaper reporters, which led to similar TIF district arrangements with developers Bob Howard and Mickey Clagg.

“I’m working on my Century Center model for my meeting with OPUBCO on Monday,” Burnett wrote. “They want 350 free parking spaces included in their rent. It’s killing my model and I’m trying to see if I can find a way to keep this together. We’re there on everything but that piece.

“Please please please keep this quite. (sic),” he wrote. “I’m just looking for an equity bridge and (Steve) Lackmeyer recommended I look into the (Bob) Howard model. Anything you can point me to will help.”

The $1 million TIF arrangement with the city’s transportation authority for garage renovations is unrelated to Burnett’s efforts to find free parking space, he said Friday. Bryant confirmed that the city is merely paying for its part of renovations needed at Century Center to facilitate the construction of two new floors and 400 spaces.

Gary Pierson, OPUBCO chief executive, told OPUBCO employees in mid-January that the news media company would move from its offices at 9000 N. Broadway to the empty mall at 100 W. Main St. The company left downtown in 1991 after building a new 12-story corporate tower south of Edmond.

Officials confirmed a deal to sell the Broadway tower and 150 acres to American Fidelity Assurance Co. in mid-2012. County records show that at about the same time, the Century Center was purchased for $2 million by 100 Main LLC, led by Steve Hurst at SVN.

The 67,000-square-foot Century Center adjoining the Sheraton Hotel will need extensive remodeling to support OPUBCO’s operations. The building has been largely vacant for nearly as long as OPUBCO has been absent from downtown. After it was built in 1977, Century Center was developed as a successful retail mall with several restaurants and even an FAO Schwarz toy store.

Arranging for public financing for Century Center was not a simple decision, the email document trail shows, and the impending move of the newspaper’s parent company raised several questions for city officials. Bryant said he saved many of his personal brainstorming session notes in emails.

“Is it good public policy for OPUBCO to move downtown?” Bryant asked in October in an email to private attorney John Michael Williams, Alliance for Economic Development of Oklahoma City President Cathy O’Connor, Deputy Municipal Counselor Wiley Williams and Transportation Director Rick Cain. “Will there be an OPUBCO in ten years? … Is OPUBCO in the Century Center the highest and best use? It has be have (sic) significant investment to make the area more viable!”

And the proposal was not universally embraced. Oklahoma City resident K.C. Moon wrote to Bryant that although he supports the return of OPUBCO to the downtown business district, he is opposed to using tax money to help.

“It is wrong for public funds to be used to support corporate welfare, especially for a newspaper whose editorial policies seem to constantly object to the level of taxation in Oklahoma,” Moon wrote, asking that his letter be submitted to the TIF implementation committee for consideration.

The proposed TIF allocations are possible because remodeling the Century Center and filling it with employees fulfills the purpose of a tax increment finance district, city officials said. The Devon TIF district project plan includes $24 million for other economic developments beyond the massive Project 180 streetscaping renovations currently under way.

The company has forecast that the development will generate $1.3 million in property taxes over a decade. The average employee pay is $75,000 annually.
If the deal is approved, remodeling on the Century Center will likely be completed by December 2015, when OPUBCO must leave the Broadway tower.


(Bolded parts added by Pete for emphasis)

[BoulderSooner]

steve hurst doesn't work at SVN SVN doesn't own the Century Center

[Pete]

Yes, that part of the article is confusing.

I think Sperry Van Ness is involved in all of this because they are the brokers trying to make this deal happen and not the property owners.

[Just the facts]

When does "corporate welfare" actually become "welfare"? I know that term is used as a parallel to the entitlement program "welfare", but if the result is that supporting OPUBCOs move downtown results in a net gain to the city it isn't welfare, it is a money making move for the City.

If I give $5 to some person, and they give me nothing back except a request next week for $5 more - that is welfare.
But if I give $5 to a company and next week they give me back $6 - that ISN'T welfare. That is smart money management and for the residents, that is $1 less in taxes that will need to be paid.