One of Oklahoma City's downtown landmark buildings on the historic register sat boarded up and decaying for 12 years before the City acquired the building. Another three years passed as the developer selected by the City struggled to fund the salvation and restoration of the city's oldest hotel. NMR and REI New Markets (another CDE) stepped in to provide $23 million and $8.5 million in New Markets Tax Credit financing.
The New Markets Tax Credits provided have leveraged a number of other public and private funding sources. In addition to developer equity, private first and second mortgage financing, and federal and state historic tax credits, the project has utilized a section 108 loan, a federal EDI grant, a brownfield loan, and bond proceeds from two separate tax-increment-financing districts. Public assistance funding administered by various agencies of the city has contributed $18,000,000 of the total project costs of $55,000,000.
Following renovation, the City was able to sell the property to Marcus Hotels which operates the building as a full-service hotel providing good paying service sector employment opportunities and training programs for low-income citizens.