Meeting Summary
The City Council held a study session to discuss a proposed sales tax rebate agreement with Sooner Fashion Mall to incentivize property improvements and tenant recruitment. The proposal involves rebating up to 100% of new non-dedicated sales tax revenue, capped at $300,000 annually, to help the mall remain competitive and fill the vacant Sears anchor space.
Key Decisions & Votes
Sooner Fashion Mall Sales Tax Rebate Term Sheet
13:45Council reached a consensus to place the term sheet for the sales tax rebate agreement on the consent docket for the next regular meeting.
Financial Matters
Sales Tax Rebate Agreement
Annual cap on the rebate of new non-dedicated sales tax revenue (2.3% portion) generated above the 2022-2024 baseline.
Anchor Tenant Investment
Estimated developmental investment by a potential new-to-market anchor tenant for the former Sears space.
Coming Up
Deadlines
- March 18, 2026: EDAB meeting to review the proposal
Watch For
- Formal rebate agreement contract in the next couple of months
- Potential modifications to the city sign ordinance
- Announcement of the new anchor tenant currently under non-disclosure
Announcements
- Sooner Fashion Mall is approaching its 50th anniversary (opened 1976).
- The mall currently sees approximately 2 million visits per year.
- A potential new anchor tenant could create over 200 jobs with wages starting at $15/hour.
Agenda Summary
Discussion of proposal from Sooner Fashion Mall for a sales tax rebate agreement
Review of a proposal to rebate growth in sales tax to the mall for capital improvements, tenant allowances, and common area upgrades.