Metro Restoration Projects Moving Forward After Tax Credit Scare

Many historical preservation projects in the metro are moving forward after a scare that some federal funding wasn't going to be available.

News 9 told you how lawmakers in Washington were considering the elimination of historical tax credits.

Read Related Story: Elimination Of Historic Tax Credits Impacts Developers

That would have put many projects in jeopardy in the metro, including the First National Center in downtown Oklahoma City.

It's set to receive $70 million in historical tax credits for a $250 million project.

“We would have never bought this building if historical tax credits were questionable,” said First National Developer Gary Brooks.

Lawmakers agreed to keep the credits.

Brooks expects to fund the high-end hotel and luxury apartments by late 2020.

He told News 9, crews have removed 5 million lbs. of debris during the restoration, and expect to take out another 5 million lbs.

Projects like the Walcourt, old Dunbar school, and downtown jail are all expected to be renovated using historical tax credits.