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Council approves $15,000 development incentive for Tower Business Complex with repayment terms
Summary
The council approved a $15,000 incentive for Tower Business Complex, LLC for a proposed business complex on East Cherokee Street, with a contractual reimbursement if the property is sold within three years plus 4%.
The Wagoner City Council approved an economic development agreement that provides Tower Business Complex, LLC a $15,000 incentive for construction of a business complex on East Cherokee Street.
Staff said the Economic Development Fund holds about $100,000 for business procurement. The incentive approval included a repayment clause: if the property is sold within three years, the city will be reimbursed the $15,000 plus 4% interest (as described in the packet and shown in the draft contract included in council materials).
Why it matters: The incentive is intended to encourage local development and job creation. Council members discussed that the city's immediate exposure is limited to $15,000, and included a contractual mechanism to recoup the funds if the property is sold quickly.
Vote: The motion to approve the $15,000 incentive with the reimbursement clause passed by roll call.
Ending: Staff will finalize the contract language consistent with the terms shown in the packet and execute the agreement.
