City Council Approves TIF Incentive for Stonecloud Brewing Faucet Room
September 17 – On Monday, Stillwater City Council approved a commitment of $ 275,000 in initial financial assistance to Progressive Development Corporation, a company owned by former State Representative Cory T. Williams, lawyer, real estate investor and developer who has renovated several historic buildings in downtown over the years.
This is his first request for funding through a tax increase and his first major project since 2014.
Williams plans to reuse a long-abandoned brick warehouse at 917 S. Husband to create a valve room for Stonecloud Brewing Company. The 3,000 square foot building will include a brewing area and bar with outdoor seating on the west and east sides.
The project will cost a total of nearly $ 1.3 million, according to an application considered by the committee reviewing proposals for the Tax Increment Financing District covering the downtown area and the area to the south and east of the Oklahoma State University.
Williams’ TIF application indicates that he expects the development to be a catalyst for future development in a part of the downtown area that is historically underdeveloped or underdeveloped while creating new, quality jobs.
Stonecloud is an Oklahoma-based brewery founded by Joel Irby, a native of Stillwater, son of Kicker founder Steve Irby.
Irby has an affinity for commercial buildings in need of a complete renovation. He rescued the dilapidated Sunshine Laundry building in downtown Oklahoma City and made it the headquarters of his company in 2017.
The building that Williams will renovate in Stillwater was built in 1930 and was last home to Mistletoe Express, a transfer company, over 40 years ago.
Williams and Mayor Will Joyce, both of whom grew up in Stillwater, said the building had been abandoned for as long as they can remember.
âYou’ve driven it hundreds of times and never seen it,â Williams said.
Construction was scheduled to begin on September 15, according to the TIF app. A fence has been erected around the building.
The expected completion date is March 1.
In his application, Williams said that funding for TIF, which is just over 20% of the total cost, is what will take the project from “somewhere you CAN go for a beer, to somewhere you WANT to go.” have a beer. “
Commercial development appears to be picking up in Stillwater after the hotly contested TIF district established in 2018 to spur new development got off to a slow start.
So far, a total of four projects have been approved for assistance through the TIF established by the Town of Stillwater to encourage new businesses or the expansion of existing businesses.
They are located downtown, on Campus Corner and at the Boomer Lake Station powerhouse.
Last week, Mayor Will Joyce told the Chamber of Commerce that more projects were in the works.
On Monday, Stillwater city council approved a $ 1 million set aside from the general fund to be used as a self-financing line of credit. The Stillwater Economic Development Authority will use the money to cover the pre-development funding assistance that the city council has agreed to give to some developers working in TIF areas.
This had to be done because the money from the tax increase – the money generated by the increase in property tax assessments in the TIF district – was deposited into the TIF fund at this point, has explained Deputy City Manager Melissa Reames.
The fund balance will increase as more projects are completed and their tax assessment increases. Some TIF agreements are also funded by the generation of a new sales tax.