The Oklahoma City Council this week approved $3 million in tax-increment financing money to help convert the iconic but long-closed Gold Dome bank building into a concert venue.
According to The Oklahoman newspaper, the council voted 7-1 to make the money available through a loan to Mike Brown of Tulsa-based Kismet Koncerts.
During a presentation to councilmembers Tuesday, Brown said he expects the renovated Gold Dome could hold a capacity of up to 2,500 attendees per event, with an anticipated 65 events a year, generating net proceeds of more than $1 million after expenses.
“In a city that’s an NBA market like Oklahoma City, there’s enough content not only with what is local, with private events and weddings and those types of things, but as far as a concert venue, there’s enough in the ecosystem to support what’s here,” Brown said.
The deal requires Brown to spend at least $7 million on the property. Brown also must make a minimum tax payment of $120,000 each year, plus a potential annual share of profits for the life of the tax-increment financing district, or until the loan and its interest are paid back.
Brown previously tried to get historic tax credits for the project but was turned down. Two Route 66-related grant applications also were nixed.
The Gold Dome originally was built as a Citizens State Bank in 1958 and as the fifth geodesic dome in the world.
Twice, it has faced demolition until local preservationists protested. It was designated to the National Register of Historic Places in 2003.
The Gold Dome is at 1123 NW 23rd St., at a corner where three Route 66 alignments converge.
(Image of the Gold Dome in Oklahoma City by Tosei via Wikimedia Commons)
