Wednesday, January 29th 2025, 11:20 am
The Oklahoma City Council approved a $10 million plan to renovate the city's Gold Dome, which would turn the vacant structure into a music venue.
Originally Citizens State Bank, the Gold Dome, located along Northwest 23rd Street and North Classen Boulevard, has faced the threat of demolition since its last tenants vacated the structure in the 1990s.
On Tuesday, the Oklahoma City Council approved a plan that would combine $3 million in tax increment financing (TIF) with $7 million in private investment to revitalize the iconic structure.
SEE ALSO: What is a TIF District? Understanding Tax Increment Financing
RELATED: Oklahoma City Council To Vote On $10 Million Gold Dome Renovation
Oklahoma City Mayor David Holt released the following statement Wednesday on social media, calling the vote a "milestone" and praising the building's owners for keeping the structure standing.
The Gold Dome is privately owned. But each week, when I read "Goodnight OKC" to kindergartners, I say goodnight to "our famous gold dome" and I am reminded that this community has a lot of emotional investment in this iconic geodesic dome nestled along Route 66.
It is no secret that it's a tough building, and it has had a tortured history over the last few decades. And so I've always known that if it is to survive, whoever saves it will likely need our community's help.
Fortunately, we have a tool we use in such circumstances - Tax Increment Financing (TIF) - which essentially rebates back to a property owner some of their future property tax growth so they can use those resources to facilitate a project that would increase their property value and therefore their property taxes.
We've been working with the owners of the Gold Dome for almost a decade to find a path forward. I credit them - Johnathan Russell and Troy Humphrey - for their stewardship of the building and their commitment not to pursue demolition.
Ultimately, just one funded business plan has come forward in the last few years, a plan by Mike Brown and his company Kismet to reopen the Gold Dome as a concert venue. Though that is a private sector pursuit and a conversation between the current owners and the prospective future owners, it was always apparent that the city's TIF tool would have to play a role. And so in 2024 the Council created the necessary TIF district, and this week the Council approved an allocation to the prospective owner to facilitate renovating and reopening the Gold Dome.
Ultimately, we are supporting restoration and survival for the Gold Dome. I can't guarantee whether the proposed use will succeed in the long term, but I know that the survival of the Gold Dome in the foreseeable future is more secure today than it was a week ago or a year ago, thanks to the City's commitment. This has already been a journey, and we're not at the destination yet, but this week was certainly a milestone.
According to developers, the planned renovations would focus primarily on the interior, reimagining the space as a concert venue while preserving the building’s historical significance.
The Tulsa-based organization “Kismet Koncerts” is involved in the redevelopment plan, which aims to turn the decades-old structure into a concert venue, according to Oklahoma City Economic Development Program Manager Joanna McSpadden
RELATED: Iconic Gold Dome's Concert Venue Proposal Gains Momentum
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