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Council hears $17 million incentive package for Covell I‑35 retail development; EEDA and developer call it 'catalytic'
Summary
City staff, the EEDA and developers presented a proposed $17M incentive tied to 9 anchor retailers at I‑35 and Covell; payments would be milestone‑based (50% on certificate of occupancy and sales‑tax permit, 50% after 180 days). Consultants modeled a breakeven in about 4–5 years for the named tenants and an estimated $595M total economic impact for those tenants.
At the same meeting, council members heard a detailed presentation of a proposed development‑incentive agreement for the Covell retail site at I‑35 and Covell (the proposed "Legacy at Covell"). City staff and the Edmond Economic Development Authority (EEDA) described the concept as a 250,000‑square‑foot retail complex with nine targeted retailers and two named priority anchors — Dick's Sporting Goods and Whole Foods.
EEDA representative Heather McDowell told the council the project is intended to be catalytic for the I‑35 corridor and to attract regional visitors. Jennifer Springer, EEDA’s contracted economist, presented IMPLAN input‑output modeling using the nine retailers’ sales estimates; she reported the modeled local sales‑tax receipts from those nine tenants would recoup the proposed $17 million maximum incentive between the end of year 4 and year 5. Springer also presented a total economic‑impact figure of…
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