The policy is divided into two parts. One section addresses business 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 plans 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.
“It is performance-based,” Stevens said. “They have to earn it before they get it. The key to this, it addresses existing businesses and new businesses.”