OEDC Eyes State Loans for Redevelopment Projects

The Olney Economic Development Corporation (OEDC) is laying the groundwork for a trio of potential redevelopment projects it hopes to present to the Texas Small and Rural Community Success Fund. This new state-backed loan program could provide up to $15 million per project.

Although the OEDC was unable to conduct official business due to a lack of quorum at its May 29 meeting, board members and staff informally discussed options for Olney’s application to the program.

Among the most prominent ideas was a long-envisioned plan to restore and repurpose the shuttered Hamilton Hotel.

OEDC Executive Director Tom Parker and board president Johnny Moore said the OEDC- owned Hamilton Hotel could be transformed into a mixed-use property offering both short-term and longterm rentals, as well as a ground-floor restaurant. The estimated cost for the project is $6-8 million.

The cash flow from renting and selling the units would cover the loan payments, Mr. Parker said.

Board members also floated the idea of engaging ULI Dallas-Fort Worth Advisory Services — a nonprofit real estate think tank — to help create a master plan for the Hamilton Hotel and the former Olney Savings Building, now owned by the City of Olney. Members also considered developing Lake Olney as a recreational area.

The Texas Small and Rural Community Success Fund enables eligible municipalities to secure low-interest loans for economic development initiatives that generate revenue and revitalize struggling downtown areas.

If approved, the OEDC could submit up to three projects for consideration, opening the door to major investment in the heart of Olney.