Von Maur seeks OKC incentives
The Oklahoma City Economic Development Trust recommended approval of granting $2 million in sales tax rebates to General Growth Properties, owner of Quail Springs Mall, as it tries to attract Von Maur to fill the former Sear's anchor store. “Oklahoma City's progress is increasingly attractive to upscale retailers,” said Cathy O'Connor, general manager of the Economic Development Trust. Based in Davenport, Iowa, Von Maur has 29 locations in 13 states. The proposed assistance comes from a retail incentive policy that promotes the development of new-to-market retailers. The proposal includes $2 million in sales tax rebates over 10 years up to 0.5 percent of gross sales. Included is an annual cap starting at $225,000 in year one that climbs to $275,000 by year eight. To qualify, the retailer must bring in at least $27.5 million in sales the first year, with $30 million minimum required for the remainder of the agreement. The agreement, which is set for a vote by the Oklahoma City Council on Feb. 26, calls for General Growth Properties and Von Maur to spend $20 million updating the former Sears store.
From Staff Reports