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Staff updates council on Sooner Mall sales-tax rebate term sheet; manager outlines sales goals needed to hit rebate caps
Summary
Staff presented a term sheet for a proposed Sooner Mall sales-tax rebate and said EDAP’s questions about footprint, non-mall-owned parcels and cap scenarios were addressed. Mall manager Derek Hall said post-pandemic gross sales are about $66 million and explained how different rebate caps would require tens of millions in additional sales.
City staff briefed the council on March 24 about a term sheet to advance negotiations on a proposed Sooner Mall sales-tax rebate agreement and summarized follow-up questions from the Economic Development Advisory Panel.
The staff presentation said EDAP asked how the mall footprint would account for parcels not owned by the mall (for example, Dillard’s and Longhorn Steakhouse), whether common-space maintenance would be included, and how future property sales should be treated under the rebate program. Staff reported the…
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