Historic Library to Become Bookend Hotel with $1M TIF

The Stillwater Economic Development Authority approved $1 million in tax increment financing Monday for a project that will transform the former Stillwater Public Library building into a boutique hotel with a bar and event space.

SEDA trustees voted 5-0 to support the Bookend Hotel, a $5 million redevelopment of the historic building at 206 W. 6th Avenue. The project, being developed by Republic Properties LLC, marks one of the most significant uses of the downtown Tax Increment Financing District since its creation.

The TIF assistance will be paid in arrears, meaning developer Layton Johns and his team will receive reimbursement after completing the project and as the property generates new tax revenue. The agreement comes after the TIF Implementation Policy Committee voted 6-0 to recommend approval in a meeting Jan. 12.

"Restoring an old building is very expensive," Johns shared with The Stillwegian after Monday's meeting. "We had to bring all the mechanical systems up to date, as well as bring in fire suppression and a new elevator. We exhausted a lot of our available funds and it kind of left this void that needed to be filled to support the build out as well as the public facing spaces."

Black and white photo of neoclassical brick library building under construction in 1937, showing arched windows and a PWA Federal Emergency Administration sign in front of the construction site. — The Stillwater Public Library building under construction in 1937 at 206 W. 6th Avenue. Stillwater voters approved construction of the 12,000-square-foot library for $60,000 on April 27, 1937, with the aid of a $22,500 Public Works Administration grant. The library opened to the public Sept. 21, 1938 and served the public for 56 years until the current public library on South Duck Street opened in 1994. – Stillwater Public Library

The 15-room boutique hotel will feature period-correct architectural elements mixed with modern amenities, according to project documents. The ground floor will include a public-facing bar open to hotel guests and the general public, along with a flexible event space suitable for small gatherings, celebrations and Oklahoma State University-related events. A curated gift shop featuring locally relevant and literary-themed merchandise is also planned.

The building has sat vacant for several years and lacks modern systems. The redevelopment includes full replacement of mechanical, electrical and plumbing systems, installation of fire suppression, comprehensive Americans with Disabilities Act upgrades and restoration of historic architectural features.

Johns and his wife Lauren, both operators of the project, moved to Stillwater from California last January. Johns said they immediately saw potential in the former library building.

Man in plaid button-down shirt speaking at microphone podium in council chambers with blue wall behind him. — Layton Johns, developer of the Bookend Hotel project, addresses the Stillwater Economic Development Authority during its meeting Monday evening. – Photo by Chris Peters

"The Lord works in amazing ways," Johns said. "We found the home we wanted to buy before we ever had our home in California listed. We then immediately saw the library and immediately started thinking like, man, this would be an amazing project."

The couple purchased the property for $950,000. Johns said they didn't learn about the availability of TIF funding until they were already in escrow on the property.

"We had our plans of what we thought we could make happen," Johns said. "As we got into it, it became apparent we were gonna need the support of the TIF to fully see out the entire project."

The developers had initially requested either $600,000 in upfront assistance or $1 million in arrears. The downtown TIF #3 committee recommended the arrears option.

"The delta between that is just truly the extra interest that we're going to end up paying to the bank over the course of that TIF," Johns said.

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City Manager Brady Moore told trustees the project is expected to generate approximately $1 million in tax increment through the life of the TIF district, which runs through 2043. The calculation includes increased property value from the current 2018 benchmark of $715,822 to an expected assessed value of approximately $5 million, plus lodging tax collections, sales tax from on-site operations and potential downstream spending throughout the downtown district.

Under the significant impact category of the TIF implementation policy, projects completed before Dec. 31, 2028, are eligible for up to 20 percent assistance. The $1 million in arrears represents exactly that maximum threshold.

The project received strong support from SEDA trustees Monday. Councilor Kevin Clark said he's been eager to see the building restored.

"I have always loved that building," Clark said. "It's an important part of the history of our community, and it's just sat there dormant. The fact that we're going to see this revitalized and become an important part of the downtown connection, I just think it's a terrific project."

Historic tan brick library building with three large arched windows on the front facade, photographed in winter with snow on the ground and Ocean Dental signage visible. — The historic Stillwater Public Library building at 206 W. 6th Avenue photographed Jan. 27, 2026. The Stillwater Economic Development Authority approved $1 million in tax increment financing Monday for the building's redevelopment into the Bookend Hotel, a 15-room boutique hotel with a bar and event space. – Photo by Chris Peters

Mayor Will Joyce, who grew up in Stillwater and used the building during his childhood, said the project exemplifies the goals of the downtown TIF district.

"This project to me serves so many of the things we wanted the TIF to be able to do in restoring an old building and helping provide some assistance there, but also this core redevelopment and connecting downtown to campus," Joyce said. "This project is kind of the best example of what the TIF was designed to encourage."

Johns said the team is targeting an opening before Oklahoma State's first home football game Sept. 15. The timeline is ambitious but achievable, according to Johns, who said long-lead items like the elevator and hotel furniture have already been ordered.

"We will know in a few months if we're on track," Johns said. "We've done everything we can to line it up. We've done a lot of pre-construction. So we're at a point where we can just step on the gas."

During the renovation process, Johns said workers discovered the building's original dumbwaiter hidden behind a built-in bookcase. The developers plan to preserve it as a design feature with books inside rather than making it operational.

The hotel will partner with local businesses for catering. Johns mentioned potential collaborations with neighboring Persimmon Hill Farm and Bakery and Iron Monk Brewing Company.

"We just wanna be a part of this community," Johns said. "We think this is throwing us into the deep end of the pool."

The project has received letters of support from The Bank N.A., which is providing $3.55 million in senior debt financing, and Iron Monk Brewing Company. Iron Monk CEO Trenton Inselman called the project deserving of TIF funds, noting it would help boost the economy, bring in out-of-town tax dollars and heighten local residents' experiences with the downtown Stillwater area.

Johns and his wife Lauren are personally guaranteeing the senior debt. Johns has contributed $150,000 in personal capital to the project, with total partner capital of $850,000 invested.

The Bookend Hotel represents the first significant impact development to receive TIF funding from the downtown district in several years, according to city officials. The approval follows a comprehensive review process that included evaluation by city staff, the planning department and the Center for Economic Development Law.

Assistant City Manager Rachel Bernish, in her recommendation to the committee, noted the project directly advances multiple objectives of the Downtown/Campus Link TIF District, including preservation and enhancement of the tax base, support for high-quality mixed-use development, downtown activation and walkability, and catalytic reinvestment.

"The project will significantly increase the assessed value of a currently underperforming property, generating new incremental ad valorem tax revenues that would not occur absent redevelopment," Bernish wrote in her staff report.

Johns said the family previously owned an Airbnb in Stillwater, which they sold to help fund the down payment on the library building. While they have development experience from their time in California, they plan to hire a general manager to run the hotel's day-to-day operations. Lauren Johns will handle interior design, while Layton Johns will manage finances.