BY DIANA BALDWIN dbaldwin@opubco.com
EDMOND — Members of the Edmond Economic Development Authority have recommended a policy that would give retail owners opening a business in Edmond, or local businesses that expand, a rebate on the city sales tax they collect.
The proposed economic growth plan is a result of city council discussions at a February workshop about providing incentives to show businesses that Edmond is the place to set up shop.
Council and Edmond Economic Development Authority members said they want to be competitive with other cities in the metro area that are working to entice businesses.
The authority's proposal is a two-part plan that addresses only retail businesses, councilman Nick Massey said.
New businesses opening in Edmond with $1 million in annual sales could be eligible for a 30 percent rebate for up to five years.
Existing businesses with a net increase in annual sales of $1 million plus a 20 percent expansion of square footage or opening of another location could be eligible for a rebate of 40 percent of the increased sales per location for up to five years.
The rebate would only apply to the 2 percent sales tax collected for the general fund.
“We wanted to be fair and encourage businesses that are already here to open a second location or expand their present location,” Massey said.
Retail businesses would be responsible for providing the city proper documentation of sales from the Oklahoma Tax Commission.
“We want to encourage growth,” Massey said.
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