The threat of foreclosure looms over The Campbell, a new mixed-use commercial and residential development in downtown Edmond’s tax increment financing district. The legal battle could result in the premature termination of a TIF agreement projected to earn the City of Edmond more than $700,000.
In BancFirst’s filing for foreclosure, multiple contractors are listed as defendants in addition to The Campbell 215, LLC, including Rader Building Company; Monster Monster, LLC; Rader Development, LLC; and Rader Construction, LLC, which are referred to collectively in court filings as “Rader defendants.”
BancFirst claims that, between the five defendants, they owe outstanding loans in excess of $20 million. The Rader defendants’ answer and counterclaim states The Campbell took an initial loan of $11.9 million in August 2022, followed by a secondary loan of $2.6 million in January 2024. The second loan was raised to nearly $5.8 million in July 2024.
While filings from the bank do not specify a timeline of missed payments, the defendants said monthly payments were made on the loans originally procured in 2022.
In response to the filing brought by BancFirst before Oklahoma County District Court Judge Amy Palumbo in December, project managers with Rader Development allege the bank seized greater control of the loans granted for project construction, withheld advances and forced them to default. To remedy their grievances, the defendants have raised a counterclaim exceeding $750,000 in damages.
“Monthly note payments were made on all the notes during the life of the loans at regular intervals until the beginning of 2025, when plaintiff began requiring more control over the loans and withholding advances, effectively forcing a default,” the response reads.Â
Rader defendants allege that the bank took control of The Campbell’s operating account and determined what expenses could be paid from the account.
“By improperly restricting the use of The Campbell’s operating account, [BancFirst] has improperly interfered with the Rader defendants’ ability to complete certain leased units (…) in some cases, causing tenants to terminate their agreements with The Campbell,” the defendant’s response states.
Further, the defendants allege the bank’s control prevented them from paying contractors.
“In certain instances, BancFirst refused to advance funds agreed to under the loan agreements for the payment of subcontractors and lien releases, but rather simply advanced funds from Loan 2 to pay the interest payment on Loan 1,” the defendants’ response reads.
Rader defendants also raised concern over a potential conflict of interest involving the banker overseeing the loans, who is allegedly “attempting to develop his own commercial building development which would have been a direct competitor of The Campbell approximately a quarter of a mile away.”
BancFirst has requested that Jim L. Parrack, a real estate broker with Price Edwards and Co., assume control of “all real and personal property that serves as BancFirst’s collateral” as an appointed receiver to protect the assets the bank said were “undersecured.”
The motion for Parrack’s appointment, which Rader defendants allege was premature given that they had not filed their formal response at the time the request was made, was continued to March 30. The defendants assert there is not enough evidence to warrant Parrack’s involvement and expressed concerns of losing money if the property is resold at less than its value.
The defendants said the property is in excellent condition and does not meet the requirement needed for an appointed receiver.
“BancFirst made it very clear in its motion its intentions are wholly unrelated to the condition of the property and more about skipping to the end of the lawsuit (the part where they get paid),” the defendants’ objection said.
Joel Harmon, the attorney representing BancFirst, declined to comment on “client matters.”
If the receivership is granted, it could impact the tax increment financing agreement between The Campbell and the City of Edmond that court documents have yet to reference.
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City could terminate TIF agreement set to be paid this year
The Campbell is a mixed-use project within the boundaries of Edmond’s first TIF district, which was formed in 2020. The City of Edmond entered into a TIF agreement with The Campbell in January 2022.
What is a TIF?
When creating a tax increment financing district, cities designate projected increases in future sales tax and/or property tax revenues a development may bring as collateral to borrow money for the development. Essentially, municipalities capture tax revenues from a certain area to provide funding to a project in that area.
TIFs can last up to 25 years, and the loans are ultimately repaid by the increased tax payments from the redeveloped areas.
Leana Dozier, the economic development program manager for the Edmond city manager’s office, presented a TIF update to the city council in August 2025 that noted the completion of The Campbell.
“It was completed in the 2024 calendar year. The projections show it finished on time,” Dozier said. “So the projections should be correct through the life of the TIF. The projections show that Edmond Public Schools gets 10 percent of the TIF off the top of every check that we get at the end of the year. So they will make $138,000, and the city should stand to make about $727,000 during the life of the TIF.”
Council members made inquiries about the portion of the TIF Edmond Public Schools could obtain, and Dozier seemed optimistic.
“You will see a greater increase in that hopefully with The Campbell coming online,” Dozier said.
As of Feb. 16, Brandon Rader, the owner of The Campbell, said he had yet to receive any money from the city. The first $500,000 of the $1 million TIF cap is set to be paid to the developers in December of this year, two years after The Campbell received its certificate of occupancy.
In the case of The Campbell, the city could terminate the TIF agreement if the third-party receivership is granted. The city attorney’s office declined to answer questions about the agreement.
“Upon the occurrence of an event of default, which continues for a period of 30 days or more after written notice by [the Edmond Public Works Authority] (…) EPWA shall be entitled to seek all legal and equitable remedies available under Oklahoma law, including termination of this agreement, specific performance, injunctive relief and damages,” the TIF agreement reads. “If the default is of a nature that it cannot be cured within 30 days, such a 30-day period shall be extended to allow completion of the cure if cure shall be undertaken within such 30-day period and prosecuted with diligence thereafter to completion.”
