Iconic Gold Dome's Concert Venue Proposal Gains Momentum

The iconic Gold Dome at Northwest 23rd Street and Classen Boulevard could soon find new life as a concert venue, as the Tax Increment Financing (TIF) Review Committee considers allocating funds for the redevelopment project.

Built in 1958 as "the bank of tomorrow" for Citizens Bank, the Gold Dome was a futuristic architectural statement. However, by the late 1990s, its bank tenants had either failed or been acquired by larger institutions.

Preservationists successfully protested plans to demolish the Gold Dome, saving the structure and solidifying its status as a key Oklahoma City landmark. Jonathan Russell purchased the dome to prevent it from being sold to another buyer who planned to tear it down to construct a new development.

The TIF Review Committee is discussing an allocation of up to $3 million from the Assistance in Development Financing Budget Category of TIF District B. The developer has committed to investing at least $7 million in private funds, contingent on the approval of bond funds to serve as the immediate source for a low-interest loan.

The TIF Review Committee's special meeting agenda will take place on Dec. 6 at 431 W. Main St., and the agenda may be found here.

What is Tax Increment Financing?

Tax Increment Financing (TIF) is a public financial tool utilized by cities, towns, and counties to promote development and redevelopment in designated areas. Oklahoma City currently has 15 active TIF districts.

READ MORE: What is a TIF District? Understanding Tax Increment Financing

How does TIF work?

The TIF mechanism allows newly generated property tax revenue to be reallocated for up to 25 years to support local projects. Eligible projects include public works and improvements, financing and professional services, and private development funding assistance. Past initiatives funded by TIF include the Classen Corridor Revitalization, the Innovation District, and the Core to Shore reinvestment area.

How does Oklahoma City benefit from TIF?

Oklahoma City officials state that private investments within a TIF district can boost property values, leading to increased property tax revenue that is reinvested into the district.

Links to previous developments enabled by city tax incentives may be found in the links below:

Innovation Hall, Hotel And More Coming To Innovation District In 2024 - A community space that converges creativity, technology, and small businesses which creates opportunities for growth, benefitting Oklahoma City residents.

Core To Shore: Lower Scissortail Park Opening - Lower part of Scissortail Park which realized the dream of connecting Oklahoma City's downtown to the shore of the North Canadian River.

Paycom Center Proposal Seeking $23 Million In Upgrades - A pending project set to expand the Paycom Center, which would be enabled through funding provided by MAPS 4.