Villa Teresa Opportunity Zone Investments LP

PROJECT PURPOSE

The purpose of the project is to renovate four historic properties, located in Midtown, Oklahoma City into a 70 room independent boutique hotel and restaurant. The campus covers approximately 1.75 acres between NW 10th and NW 13th and Dewey and Classen. The buildings were formally home to the Villa Teresa Carmelite nuns and Villa Teresa school. The buildings are architecturally and historically significant to the area and are directly connected to the historic neighborhoods of Heritage Hills and Mesta Park in Oklahoma City. Completion of the project will add much needed vibrancy to an area that has mostly been dormant for many years and is an a qualified census tract. The Villa Teresa campus is rich in history and conversion into a boutique hotel will attract tourists and locals alike. A boutique hotel in this area will contribute extensively in patronage to local establishments while also serving an under-utilized segment of this areas hotel framework. The area in question also falls within the federal opportunity zone and qualified census tract #4019102500 signifying distressed economic conditions.

EVIDENCE

None

POPULATION DESCRIPTION

The Villa project resides in a federal opportunity zone and qualified census tract #4019102500 which signifies an economically distressed community based on household income. Reports are widespread that the pandemic has caused a disproportionate impact on economically distressed community members than other demographics. Loss of jobs, increased housing cost and cost of goods are all contributing factors. This population has also suffered more psychological and physical health damage due to lack of care access. Villa Teresa will provide high quality jobs within this vulnerable community while also providing auxiliary economic benefits that contribute to better sustainability of income and access to services due to additional tax revenue generation and general public spend from its guests.

PERFORMANCE MEASURING

The project will meet all reporting obligations under the guidance of the SLFRF and State of Oklahoma via our accountants and legal teams. Project performance will initially be measured in alignment of completion time-line and projected budget. After completion, performance will be gauged against our pro-forma benchmarks. Our project team has extensive experience in construction, hotel and food & beverage operation.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

One-time project will not need continued funding