UPDATED: TIA Approves Terms on Camelot

The Tulsa Industrial Authority has unanimously approved the terms of a loan agreement with the owners of the former Camelot Hotel for the remediation and demolition of the aging structure and other buildings on the I-44 and South Peoria Avenue property.
The TIA Credit Committee will be working on the financing details and coordination to ensure due diligence.
If the loan is closed, the TIA will hold the funds in escrow and make disbursements to the owner, upon inspections, for costs of abatement and demolition.
Maharishi Ayur-Ved University would remain the owner of the property and have one year to re-pay TIA for the principal of the loan, plus interest. The loan would be secured by a first priority mortgage lien on the property, and TIA would have the right to foreclose the mortgage, and sell the property if not repaid in full.

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