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Edmond may spend $11 million on economic development

Edmond is considering a private-public partnership in the development of three corners of Covell Road and Interstate 35. The city staff is asking for $11 million from the 2000 capital improvement sales tax money.
by Diana Baldwin Published: March 31, 2012
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— The city of Edmond staff wants $11 million of the 2000 capital improvements sales tax money to invest in a private-public partnership in the development of three corners of Interstate 35 and Covell Road.

Assistant City Manager Steve Commons referred to budget items of $5.5 million over the next two fiscal years as an economic development benefit.

Details of what is going to happen in far north Edmond have not been made public because of negotiations between the city and Covell 35 Development LLC. There have been discussions about a 20,000-square-foot conference center, hotel, office buildings, upscale shopping and 170,000-square-foot indoor athletic complex.

A large portion of the city's role could be providing infrastructure improvements such as roads and utilities. Financial incentives could be an option.

The secrecy will change come April 10, when the city council holds a workshop to discuss what its role will be in the development that could bring additional sales tax dollars to the city.

The workshop is to begin at noon and go until the discussions stop.

Continue reading this story on the...

by Diana Baldwin
Sr. Reporter
Diana Baldwin has been an Oklahoma journalist since 1976 and came to The Oklahoman in 1991. She covered the Oklahoma City bombing and covered the downfall of Oklahoma City police forensic chemist Joyce Gilchrist misidentifying evidence. She wrote...
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