Edmond City Council will consider incentives for businesses
An economic incentive program was presented to the city council this week by the Edmond Economic Development Authority. City leaders said they want to be competitive with other cities for new businesses.
Economic assistance for retail and commercial businesses could come from the reimbursement of infrastructure costs; waiving building permit, inspection and connection fees; facade improvement programs for downtown reinvestment; or Edmond Electric and Oklahoma Municipal Power Authority special rates and programs.
Another incentive could be to speed up planned public infrastructure projects to help the new retail or commercial business.
City officials have budgeted for this fiscal year $650,000 of Edmond Electric's money for economic development incentives, but there has not been a detailed policy for the program in place.
The second part of the plan focuses on primary jobs — jobs that produce a product or service for use in or outside the Edmond area. Such companies would be software, back-office services, light manufacturing and medical office or laboratory-related facilities.
A qualified company must achieve $750,000 in new annualized payroll for new, full-time employees. Over a two-year period, employees must average $40,000 a year.
Once the threshold has been achieved, the company may be eligible to receive a percentage of the new payroll on that anniversary date for the next two years as long as the payroll has been maintained, Yowell proposed.
“Everything is performance-based,” Massey said. “No checks are written up front.”