The Oklahoma City Council has provisionally approved a $26 million loan for a $287 million project to redevelop the First National Center.
The First National project is the most substantial private historic building renovation in the city's history.
The skyscraper built in 1931 is being converted into a 146-room hotel and 193 high-end apartments. The Great Banking Hall is being transformed into a lobby, restaurants and bars.
The Oklahoman reports that the council unanimously approved the loan to developers Gary Brooks and Charlie Nicholas on Tuesday.
The city's economic development manager says the loan represents the remaining balance of a $40 million tax increment fund the city created in 2016 to help finance the redevelopment.