2005 Section 108 Project Summary - Oklahoma

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Economic Development

Gold Dome Building
BORROWER: OKLAHOMA CITY
STATE: OK
SECTION 108 LOAN GUARANTEE AMOUNT: $1,000,000

Oklahoma City will use its Section 108 Guaranteed Loan proceeds to make a loan to the Gold Dome, LLC to assist with the rehabilitation of the Gold Dome Building in the Asian District of the Midtown Area. The project is located in an area that was approved by HUD in 1999 as a Neighborhood Revitalization Strategy Area. The developer’s development will include construction, remediation of asbestos, addition of an elevator and other requirements for public access, as well as renovation of the building into office, retail, and restaurant spaces. The building has approximately 22,000 square feet of rentable space and is estimated to create 20 jobs of which 51% will be available to or held by low to moderate income persons.

Micro-Enterprise & Revolving Loan Program
BORROWER: OKLAHOMA CITY
STATE: OK
SECTION 108 LOAN GUARANTEE AMOUNT: $4,000,000

Oklahoma City will use the Section 108 Guaranteed Loan to establish a Loan Fund in order to provide loans to businesses in the City’s Neighborhood Revitalization Strategy Area (NRSA) and, on a case by case basis, businesses outside of the NRSA. Specifically, the fund will provide loans to micro-enterprises and small businesses. Short-term loans will range between $5,000 and $45,000 and long-term loans will range between $45,000 and $500,000. The business loans will cause the creation of approximately 80 new jobs, which will be held by or made available to low and moderate-income persons.