Edmond Council approves up-to-$17M incentive for Legacy at Covell after hours of public comment
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Summary
After extended public comment and questions about impacts on local small businesses, the Edmond City Council approved a performance-based economic development incentive of up to $17 million from Edmond Electric reserves for the Legacy at Covell retail complex. Council emphasized conditions tying payments to tenant openings.
The Edmond City Council on Wednesday approved a development incentive package not to exceed $17 million to help finance the Legacy at Covell retail complex at Covell and I‑35.
Assistant City Manager Randy Enns and Planner Lena Dozier told the council the incentive would be funded from Edmond Electric reserves and structured to pay the developer only when priority anchor tenants — identified as Dick’s Sporting Goods and Whole Foods — meet occupancy and certificate-of-occupancy conditions. Dozier said the incentive is divided among nine targeted retailers and that payments are performance based: 50% within 30 days of a tenant’s certificate of occupancy and 50% 180 days after opening.
The proposal drew several hours of public comment. Laurie Dickinson Black, owner of Bluebird Books, said she supports economic development but warned that using public dollars to recruit national chains could threaten Edmond’s three independent bookstores. “When we’re making this choice to possibly give public dollars for incentives to Barnes & Noble, we’re also making the choice to lose some, if not all, of our independent bookstores in Edmond,” Black told the council.
Todd McInnis, representing the developer, described decades of local investment and said his client has signed leases with Dick’s and Whole Foods. He said the agreement contains substitute-tenant language and that no incentive payments would be made unless the identified conditions are satisfied. “If the project doesn’t happen, nothing gets paid,” McInnis said.
Glenn Fisher, director of Edmond Electric, told the council moving the funds would not derail the utility’s five‑year capital plan because bond funding covers the projects he described earlier. Several council members also pointed to deliverables and strict payout triggers as risk mitigants.
Council members acknowledged the tension between supporting local small businesses and competing for regional retail. After discussion and several motions to clarify substitution language and guarantee performance-based payments, the council voted to approve the transfer of funds and the related incentive agreement by a 5–0 vote.
Next steps: Staff will finalize contract language addressing substitute tenants and return any cleanup language to the council for final documentation of deliverables and substitution procedures.