Good news about First National
We can always stand a little good news during this pandemic, and Steve Lackmeyer provided a dose with his story this week about redevelopment of the First National building downtown.
In short, a deal has closed on the final $185 million in financing for the project, whose price tag is $287 million.
The financing is being led by Tinker Federal Credit Union. A company led by Ray Davis, owner of the Texas Rangers baseball team, is joining the project as an equity partner. HUD financing, historic tax credits and city tax increment financing also are part of the mix.
Five years ago, local developer Gary Brooks and Texas contractor and investor Charlie Nicholas bid to buy the First National complex out of receivership. When work is completed — late 2021 is the target — the site will house 193 upscale apartments and a 146-room boutique hotel and will be called “The National.”
Brooks said he and Nichols have been financing work on the tower with cash for the past three years.
“The lenders that came in weren't able or didn't want to handle most of the complications,” he said. “It shows how difficult the financing was, and then COVID-19 hit and we were trying to finance one of the largest historic preservation projects in the country in the middle of a pandemic.”
Congratulations to Brooks, and thank you to TFCU. We all look forward to the day when this oncegrand structure is gleaming and bustling again.
Lankford right about intelligence briefings
U.S. Sen. James Lankford, R-Oklahoma City, deserves credit for pushing to allow President-elect Joe Biden access to daily intelligence briefings. The delay stems from President Trump's legal challenges to the 2020 election outcome. Lankford told a Tulsa radio station that he would step in somehow if there was no progress soon. “There is no loss from him (Biden) getting the briefings and to be able to do that,” Lankford said. “This needs to occur so that regardless of the outcome of the election, whichever way that it goes, people can be ready for that actual task.” Lankford his right. The senator has defended Trump's refusal to concede the election, but his remarks produced a social media backlash from Trump supporters. Biden has said access to the briefings “would be useful, but it's not necessary.” Perhaps not, but the daily reports should be provided as a courtesy and to help maintain national security.
Run to Remember will have to wait
The COVID-19 pandemic turned the Oklahoma City Memorial Marathon into a virtual event this year. With any luck, the real thing will return in 2021 — and race organizers have changed the date to help that happen. Usually held in April, next year's marathon is being moved to Oct. 2 and 3. The half marathon, 5K and kids' marathon is set for the first day, with the full marathon and marathon relay the next day. Kari Watkins, race director, said the virtual marathon surpassed expectations this year but that there is nothing like the in-person event. “This is not just another marathon,” she said, “this is one of Oklahoma City's signature events that brings our whole community together.” If pushing the race back allows that to happen, she said, “it's worth the delay.” Amen. Fingers crossed this plan comes to fruition.
Noteworthy tenure at NASA for Bridenstine
Jim Bridenstine, former U.S. representative for Oklahoma's 1st District, has had a memorable run as administrator of NASA. That continues Saturday when NASA is scheduled to send four astronauts to the International Space Station, but Bridenstine's tenure will end soon after. He confirmed this week that he will step aside after President-elect Joe Biden is sworn in, to make room for whomever Biden appoints. Bridenstine, administrator since April 2018, said he has been part of several “amazing, amazing moments,” led by the SpaceX rocket launch in May involving Elon Musk's firm. “I would say launching American astronauts on American soil was the absolute highlight,” he told the Tulsa World. Bridenstine plans to return to Oklahoma but says he has no firm plans. What he does know, he said, is that “it's going to be hard to match” his time with NASA.