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Moore approves incentives, TIF support for proposed 300,000-square-foot distribution facility
Summary
Moore’s council and its Economic Development Authority approved a development-financing agreement offering up to $11 million in infrastructure improvements and up to $3 million in cash incentives to support a proposed 300,000-square-foot pharmaceutical distribution center that proponents say would create roughly 200 jobs and $179 million in private investment.
The Moore Economic Development Authority approved a development and financing assistance agreement to support a proposed 300,000-square-foot pharmaceutical distribution facility on a roughly 50-acre tract north of Northeast 27th Street.
Economic development staff said the developer will purchase a 50-acre tract, selling about 23 acres to the company for the facility. The authority agreed to offer up to $11,000,000 in infrastructure improvements and up to $3,000,000 in cash incentives, to be coordinated with Cleveland County and other partners. Staff said the estimated private capital investment is about $179,000,000 and the facility would employ about 200 people in Moore once operational.
The proposal uses a tax increment financing (TIF) structure to capture incremental property-tax revenue from the site for project reimbursement. Staff told trustees the TIF is projected to repay infrastructure costs in roughly 9–11 years, though they said projections could shorten if the project generates larger-than-expected assessed value. The county has agreed in principle to a $3,500,000 loan to the city to advance infrastructure; staff said that loan would be paid from TIF proceeds and that interest and administrative fees would be recouped through the TIF.
John Lineo, introduced by staff as vice chairman and head of CBRE’s site-selection team in Arizona, told trustees the company has been searching local sites for nearly a year and described the project as “a state-of-the-art, highly automated” distribution center. “This facility will be automating fulfillment of orders that are then shipped out to hospitals, pharma and clinics each and every day,” Lineo said. He said construction could begin within months if the developer completes its land closing, with building completion the following summer and operations targeted for 2028 after equipment installation and calibration.
Deidra (city staff) explained funding sources: TIF proceeds will capture incremental property-tax revenue from the site, the county has offered a loan, and the state’s Department of Commerce has approved a five-year tax-exemption arrangement for the project; staff said the state typically provides replacement funds when the exemption is used. Staff also said the city expects to receive sales-tax revenue generated during construction (they estimated roughly $4,000,000) before the facility opens.
The EDA and council voted to approve the agreement; the motion carried with one abstention by Sid Porter. Following the vote, officials recessed the EDA and reconvened the city council.
The agreement authorizes staff to finalize the financing assistance terms; staff said the developer has planning approvals in place and expects to close on the land prior to the end of March (timeline described in the presentation).
