Enid Regional Development Alliance’s board of directors approved a motion Friday to provide tax incentives for two Enid businesses.
The board approved a motion by a vote of 5-2 to give Old Navy a tax reimbursement of $40,000 each year for four years and Staples a tax reimbursement of $40,000 each year for 10 years in order to offset the cost of refitting their stores.
The agreement will allow the stores to continue operating in Enid.
“One thing the vote showed today is that we are an aggressive and progressive community,” said Brent Kisling, executive director of Enid Regional Development Alliance. “We are interested in growth and retaining these two retailers (as part of) our growth.”
According to a press release from the development alliance, Old Navy and Staples provide more than $300,000 annually in sales tax revenue to Enid.
Without the incentive, both stores would have committed to closing their Enid locations, the release stated.
“I think (approval of the incentive) was an important step to continuing to develop an economic climate in our community that attracts businesses,” said Jimmy Stallings, board chairman.
Kisling said Staples will reduce the square footage at its store, similar to what Old Navy has done. He has not been told by how much Staples plans on decreasing its store size.
Stallings said both Staples’ and Old Navy’s reductions will free up additional retail space at Neilson Square.
Mayor John Criner and Continental Resources President and CEO Jeff Hume were the only dissenting votes.
[Read More...]