Durant council approves capped $215,000 rebate to help Ollie—s occupy former Clifton—s space

At a special meeting the Durant City Council approved an economic development agreement intended to bring Ollie—s Bargain Outlet into the former Clifton—s Furniture building and to stabilize the surrounding retail corridor.

Cathy Moore, the city—s economic developer who participated by Zoom, told the council that Ollie—s has offered to anchor the site and proposed a tenant-improvement package totaling roughly $1,400,000. "Ollie's Bargain Outlet is actively engaged and willing to anchor the site," Moore said. She said Ollie—s would contribute about $1,000,000 and the tenant/landlord would cover roughly $430,000; the city—s role would be a performance-based sales-tax rebate.

The agreement described in the meeting caps the rebate at $215,000 and limits the rebate term to no more than seven years. "So, ultimately, the rebate is capped at $215,000," Moore said. She also described four clawback conditions tied to performance: no upfront payment, construction starting Jan. 1 and finishing on or before 06/30/2026, the landlord/tenant spending at least $430,000 on tenant improvements, and the store opening and operating as Ollie—s.

Brandy Rundle, who the meeting identified as the landlord—s representative, told the council the lease under negotiation is a 10-year agreement with two five-year options, meaning an effective commitment of as long as 20 years. "It is a 10 year lease with 2 5 year options," Rundle said. She and Moore emphasized that getting an anchor tenant in place would reduce the risk that other anchor tenants (Boot Barn, Harbor Freight) would exercise "kick-out" clauses tied to prolonged vacancies.

Moore presented projected sales of $4,300,000 annually for the Durant market and compared that to $5,400,000 in nearby Sherman. Council members ran through the rebate math in public discussion: at the projected sales figure a 2% unobligated sales-tax yield would generate roughly $86,000 annually, with about half of that identified for the project under the proposed split, producing roughly $43,000 a year toward the rebate and matching the capped rebate scenario described by staff.

Council members asked who would receive the rebate; the council confirmed the rebate would go to the property owner (referred to in the meeting as the Isom family / Itham Holdings), not to Ollie—s directly. Moore and Rundle said the rebate is structured as an incentive to help the landlord complete needed improvements and keep existing anchors in place.

Mayor Tucker moved to approve the economic development agreement with IE Durant LLC (Contract 2025-76); after a second the clerk called the roll. Council Member Miller, Council Member Shear, Vice Mayor Similescu and Mayor Tucker all voted "Yes," and the motion passed.

The agreement authorizes a capped, performance-based rebate and sets the construction and opening conditions staff described; council members said the item will proceed under the terms presented to the council.