EDMOND — City council members will consider Monday approving incentives for retail owners who open a business in Edmond, or local businesses that expand.
The incentive policy was recommended by members of the Edmond Economic Development Authority, who said Edmond must be competitive with other cities that are working to entice businesses.
City council and authority members held two workshops last year to come up with the two-page policy to be considered in a meeting that begins at 5:30 p.m. at 20 S Littler Ave.
Council members have spoken in favor of the incentive plan. They said getting businesses to come to Edmond is very competitive today.
Incentives will be reviewed on a case-by-case basis, council members were told last month during one of the workshops.
“Everything is performance-based,” City Councilman Nick Massey told his fellow council members. “No checks are written up front.”
One of the incentives plans addresses businesses and retail in which economic assistance would be available to new and existing retail, commercial developers and owners who build or expand in target areas of the city.
Target areas are described as places that are underutilized, vacant and/or in danger of becoming blighted areas, or areas where there is a demonstrated need for additional retail or commercial development.
Retail and commercial businesses that will provide additional sales tax revenue to the city would be candidates for incentives.
The second incentive plan focuses on primary jobs — jobs that produce a product or service for use in or outside the Edmond area.
A qualified company must achieve $750,000 in new annualized payroll for new, full-time employees. Over a two-year period, employees' pay must average $40,000 a year.