Oklahoma City convention center parking garage financing proposal advances
A proposal to redirect $9 million from MAPS 3 to build a parking garage for the new downtown convention center and hotel won the support of an advisory board Thursday.
The city must build parking to finalize a deal with Omni Hotels for a headquarters hotel as a companion piece to the MAPS 3 convention center, due to open in 2020.
The city council has the final say and is expected to vote on the proposal Dec. 5.
The $40 million parking proposal includes a deal for OG&E's “gold building” at SW 3 Street and Broadway Avenue.
OG&E is to relocate its data center from the "gold" building and the site will be cleared for construction of the garage.
The intent is for the parking garage and hotel to be ready when the convention center opens in a little more than two years.
The nearly $300 million convention center is financed by the 1-cent MAPS 3 sales tax approved by voters in 2009 and will open debt-free.
The city council agreed to $85.4 million in public subsidies in exchange for Omni's commitment develop the $235.5 million luxury hotel.
That agreement includes a requirement that the city provide 450 parking spaces for the hotel.
The city's parking authority will issue $26 million in debt and take out a loan for another $5 million from OG&E to complete the parking garage.
OG&E's loan is to be repaid interest-free over 20 years.
- With the council's go-ahead, architects will design an enclosed skyway for convention center visitors who park in the new garage. The skyway price tag could run to $5 million, an architect for Populous, the convention center designer, said this week.
- The MAPS 3 Citizens Advisory Board agreed to allocate $22,000 for exercise equipment for the first MAPS 3 senior health and wellness center after hearing from several center patrons who described how joining the center changed their lives.