Carl Albert Redevelopment Project
The Carl Albert Redevelopment Project was the Chickasaw Nation’s first introduction to New Markets Tax Credits (NMTC). This was a $28 million project to revitalize and repurpose the Carl Albert Indian Hospital. First opened in 1980, the Carl Albert Indian Hospital was the first dedicated Indian health facility in this region of Oklahoma. Adding to its historic significance to the Chickasaw Nation, the Carl Albert Indian Health Facility was integral in the Chickasaw Nation becoming the first American Indian tribe to successfully compact with IHS for the provision of healthcare. However, after 30 years of service the facility had far exceeded its capacity. With the construction of the Nation’s new medical center, the Nation began looking for ways to revitalize this landmark campus in order to allow it to continue to serve the Nation and its citizens. The decision was made to convert the former hospital into a 130,000 square foot, multi-use facility housing the majority of the Nation’s Interior Services Department under one roof. This project was a little bit unique in that the Chickasaw Nation served as the sponsor, QALICB (through a subsidiary), and the leveraged lender. Ultimately, utilizing NMTC on this project resulted in a return on investment to the Chickasaw Nation of approximately $4.4 million dollars that could then be directed to other projects and services.
Date Closed: May 22, 2014
Total Development Cost: $28.4 million
Allocation Amount: $25 million
NMTC Investor: U.S. Bank
NMTC Equity: $17 million
Status: Substantially complete October 30, 2015