Clayco’s plans include a $200 million, 25-story office tower at the northeast corner of Hudson and Sheridan and a $67.5 million, 26-story apartment tower at the corner of Sheridan and Walker. Both buildings are to be built on the north half of the block that was home to Stage Center and that Rainey Williams Jr. bought last year from the Oklahoma City Community Foundation.
The south half of the block is controlled by the Oklahoma City Urban Renewal Authority. Though Clayco was designated developer on Monday by Urban Renewal, it still must negotiate a request to create a new, 25-year tax increment finance district that would provide $60.8 million in TIF for the proposed 25-story office tower, which they forecast to cost $216 million. The company is asking for another $19.7 million for the planned $70 million, 26-story 253-unit apartment tower.
Cathy O’Connor said Clayco is asking for another $62.1 million in tax increment financing for the north half of the block. All together, the proposed new tax increment district would match Project 180, the rebuilding of streets and public spaces launched in 2009 when a similar new district was created at the request of Devon Energy as it prepared to build its new headquarters.
In that project, however, all money went toward downtown improvement and economic development, and not toward the construction of Devon Energy Center. The Clayco proposal requests that most of the tax increment created by the development go back toward its construction.
“It’s well beyond what Oklahoma City typically allocates to projects,” O’Connor said in recommending Clayco to the Urban Renewal board. “Even if Clayco is designated, we have a lot of work to do in negotiating the project terms.”
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