The historic Gold Dome in Oklahoma City may receive a $3 million loan to help convert the former bank into a music venue and restaurant.
KOCO-TV in Oklahoma City reported:
The Oklahoma City Economic Development Trust approved a deal this week that could provide $3 million in funding for the project. The money would come from the city’s economic development financing program, which is designed to support redevelopment efforts.
“The deal is that there’s a $3 million loan, and we have set this up so once the developer owns the property and does a few other things, there’s a list of things he has to do, then we will put the money in an escrow account,” McSpadden said. “The escrow will remain there until the developer has contributed his portion of the funding, so our money will go in last.”
The station reported that if the city council approves the agreement during its meeting on Sept. 1, the project has a scheduled completion date for the end of 2027.
Meanwhile, News on 9 reports the property is up for a sheriff’s auction — also on Sept. 1 — due to foreclosure, with an opening bid of $600,000.
The Gold Dome was built as a Citizens State Bank in 1958 as the fifth geodesic dome in the world.
In 2003, it faced demolition until local preservationists protested. It designed to the National Register of Historic Places the same year.
The Gold Dome sits at Northwest 23rd Street and North Classen Boulevard, both sections of Route 66.
(Image of the Gold Dome by We travel the world via Flickr)