Public hearing set on financing for land near Indian museum

Development of property around the American Indian Cultural Center and Museum is expected to produce 910 fulltime jobs, according toan analysis prepared for the city council.

The report assesses the impact of a public financing plan intended to assist development. The city council will conduct a public hearing Tuesday on the proposed public financing.

The council is considering a proposal for up to $128 million in public assistance for development of property west of Eastern Avenue, immediately surrounding the museum.

Under an agreement with the city of Oklahoma City, the land is to be developed for commercial use by AICCM Land Development LLC, an entity of the Chickasaw Nation.

A resort hotel, water park, marketplace showcasing Native goods, residences, offices and retail are among early ideas for developing the property.

The property is south of the Oklahoma River and north of a BNSF Railway line, southwest of the Interstate 40 interchange at Eastern Avenue.

The partially completed museum east of downtown Oklahoma City with its signature mound and white arch is a landmark for travelers on Interstates 35 and 40.

The financial impact report anticipates $400 million in private investment on more than 100 acres, generally in front of the museum.

Another $200 million in private investment is anticipated west of the museum, on the back side of the mound and the arch that delineates the Hall of the People.

Figures in the report are based on full build-out, seven to 10 years after the museum opens in 2021.

They include museum operations and business activity in the surrounding development. The museum is envisioned as

a place to share the cultures, histories and stories of Oklahoma’s 39 federally recognized tribes through artifacts, exhibits and events.

It was conceived as a state project in the early 1990s and never completed.

Responsibility for the museum was transferred to the city of Oklahoma City last year and, at the same time, the surrounding land was returned to the city.

The city conveyed the land to AICCM Land Development to be developed.

The museum is envisioned as a national and international tourism destination. Construction is expected to resume in January.

The financial impact report anticipates the museum will attract 234,000 overnight visitors to the city annually and prompt direct spending of $164 million per year.

Land option

AICCM Land Development holds a 20-year option to develop an additional tract nearby.

Public financing to assist development of that land is an estimated $22 million, to enable $150 million in private investment.

The mechanics of public financing involve amending an economic development plan to create new tax-increment financing districts around the museum.

AICCM Land Development would receive no up-front money.

The firm would qualify for payments to offset development costs once projects start producing sales and property tax revenue.

Blake Wade, CEO of the Native American Cultural and Educational Authority (NACEA), said $50 million had been deposited in the museum completion fund, sufficient to resume construction.

About $15 million more in private pledges will bring the total to the $65 million needed to open.