EDMOND — Council members this week adopted a policy that sets out incentives for retail owners who open a business in Edmond, or for local businesses that expand.
The incentive policy is a joint project with the Edmond Economic Development Authority. Officials said it will make Edmond competitive with other cities that are working to entice businesses.
“The policy gives general guidelines and the flexibility to review each application on a case-by-case basis,” City Manager Larry Stevens told members of the Capital Projects and Financing Task Force, who questioned whether a special tax for capital projects would be used to pay for the incentives.
Stevens and councilman Nick Massey, who spearheaded the development of the policy, assured task force members no 2000 capital project money would be used.
City officials this year budgeted $620,000 from the general fund sales tax money to the Edmond Economic Development Authority to be used for incentives.
Councilwoman Victoria Caldwell said the dedicated sales tax money could not be spent on the incentives.
The new policy is supported by the business community and Edmond Area Chamber of Commerce members.