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Trust reviews administrative updates to 2008 retail incentives policy; adds thresholds for large destination retailers
Summary
Staff proposed administrative updates to the city-Trust retail incentives policy, moving from SIC to NAICS codes, clarifying approval authority and funding source intent, and adding provisions to include very large retailers and destination entertainment under specified sales and size thresholds.
The Oklahoma City Economic Development Trust on July 29 considered a joint resolution to amend the city/Trust retail incentives policy originally adopted in October 2008. Staff framed the proposed changes as administrative clarifications and two substantive additions to eligibility criteria.
Kenny Sutil, presenting staff recommendations, said the policy’s core goals remain unchanged: support new sales tax through destination or regional projects, increase the tax base and quality of life, and focus incentives on projects that generate new sales tax rather than replacing existing taxable activity. “This policy is not an entitlement,” he…
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