OKLAHOMA CITY (KFOR) – Oklahoma City’s iconic Gold Dome is one step closer to renovations. The Classen Corridor Revitalization TIF Review Committee approved a $3 million loan to turn the treasured piece of the city’s landscape into a concert venue. The money will come from taxpayer dollars through Safer Streets, Safer Cities GOLT bonds. "We've looked at this project for a long time and it fits geographically for us,” said Mike Brown, developer with Kismet Koncerts. “I'm from Oklahoma, so we want to save it." Oklahoma City Mayor David Holt said the proposed venue was the first idea for the space that was financially backed and would also generate revenue. Brown estimated that the 3,000-capacity concert space would have 65 events or concerts in a year which would bring around $1 million in revenue. He said the total cost for the updates would end up around $10 million. PHOTOS: Iconic Gold Dome may be converted to music venue, city leaders say "We think we've got a good handle on what the construction costs are, and there's a variance built in,” said Brown. “There's 10% in there for surprises." Brown said thieves have picked apart pieces of the building’s electrical system over the years, but he felt the building was still structurally sound. The city’s $3 million loan would be paid off over an estimated eight-year span by shared profits and taxes. "We've had a lot of false starts on this project through the years," said Holt. "Ultimately this is the only really funded use that has come forward. We didn't go into this saying we really need another live music venue. We went into this saying we need to save the Gold Dome." The proposal will now go before the city’s Economic Development trust for approval before heading to the city council. It approved, the project is expected to be finished by early 2026.