Costco

[Urbanized]

^^^^^^
Yes, I get that. What I am saying is that there lately has been a general scorn for incentives on this site. The case I was making is that they can be very useful when applied correctly.

[Pete]

^^^^^^
Yes, I get that. What I am saying is that there lately has been a general scorn for incentives on this site. The case I was making is that they can be very useful when applied correctly.

There should be scorn and skepticism.

These 'economic development' funds are being spent at the expense of education and other big needs in this city and state.

And there is exactly zero proof that they are needed or work.

Very limited self-funding applications like FNC and Wheeler are the exception but there are hundreds of other gifts to generally wealthy people and corporations which are highly dubious.

[jerrywall]

But maybe not TIF..? I mean, just guessing I don't really know about Edmond. But point is if they had a better program they surely would have used it to put that deal together. That cluster of buildings is an albatross that certainly isn't generating significant tax revenue for them as it sits.

Edmond has the an Economic Incentive program ran by the EEDA, as well as a community block grant program designed to help create and sustain jobs for lower income workers. The Economic Incentive plans prioritize for certain areas (underutilized areas, areas in danger of becoming blighted, and areas where there is a demonstrated need to commercial development). I know this includes Broadway from 15th to 2nd, the I-35 Corridor, and a few other areas.

[Jersey Boss]

There should be scorn and skepticism.

These 'economic development' funds are being spent at the expense of education and other big needs in this city and state.

And there is exactly zero proof that they are needed or work.

Very limited self-funding applications like FNC and Wheeler are the exception but there are hundreds of other gifts to generally wealthy people and corporations which are highly dubious.

It makes one wonder how any business was built or created in the 20th century, sans these so called "economic incentives".

[jn1780]

It makes no sense to have incentives for a high value empty plot of land anyway. I don't even know how much incentives plays a part in these company's decision matrix when building a location. The long term viability of a location is what's most important.

[jerrywall]

It makes one wonder how any business was built or created in the 20th century, sans these so called "economic incentives".

It's a tiger by the tail scenario. Once it started, how can it end, unless every city in a metro decides at the same time not to play this game. It's like the taxpayer funded stadium bs.

[Rover]

As long as we have individual taxing entities competing we will have tax strategies employed to try to gain long term growth or advantage.

[Pete]

And as long as we keep giving them out, everyone will come to town with their hands out.

I happen to know in the case of Costco they have never seriously considered anywhere else other than this Memorial / Western intersection. Yet, they tell the city otherwise and since the money is already set aside, it's just forked over.

[Urbanized]

As long as we have individual taxing entities competing we will have tax strategies employed to try to gain long term growth or advantage.

Yep. Costco may not have considered anywhere else, but it's likely because they already knew they would get those incentives. Take them away and the long-term sales tax revenue could easily instead go to Edmond, or Midwest City, or Norman. It's not a question of not coming here at all; it's a question of which metro entity benefits. The City is buying the sales tax revenue.

[progressiveboy]

Saw in the Retail Chat today, that a question was submitted to the Daily Jokelahoman, that Costco has no plans currently to come to OKC? Jack Money stated talks have been with the OKC Economic Authority and the OKC Chamber of Commerce no such deal?? It seems the newspaper is downplaying this because OKC Talk is way more reliable source!

[Pete]

Here's what he said:

Jack Money replied:
This is what I can tell you. Brent Bryant, OKC's economic developments manager, has confirmed that Oklahoma City, the Greater Oklahoma City Chamber and The Alliance for Economic Development have engaged in sporadic talks with Costco over the past years. But recently, he told my good friend Steve Lackmeyer that no deal has resulted from such talks, nor has there been any new indication of a deal in the works or any application for incentives by the retailer. Beyond that, I don't know what the company's plans are, for certain.

The city is not going to comment on any on-going deals, nor is the retailer.

I can tell you for a fact Costco has one property under contract at Memorial & Western and is actively working to nail down a deal on the remainder of the property needed.

Until they have the land locked down, there would be no deal for incentives with the city. But believe me, they will come as this has already been discussed in detail in the past so Costco already knows what they can expect to receive.

[Pete]

BTW, these areas are way outside the purview of Steve Lackmeyer yet he always weighs in and seems to be obsessed with discrediting our information.

I completely stand by our record as we were the first to correctly report on scores of retailers like Trader Joe's, Winco, Cabela's, H&M, Container Store, iFLY, TopGolf, Main Event and many others.

And now, despite constantly trying to flog us over Costco, they admit the city has been actively working with them for some time.

This tweet speaks for itself:

[RustytheBailiff]

Man, that Tweet is four years old -- you can't criticize him for that....

[Of Sound Mind]

Man, that Tweet is four years old -- you can't criticize him for that....

Actually, I think it's absolutely fair criticism as it shows a pattern of poorly informed and/or unreliable sources that he uses to rebut/debunk others who have better and/or more reliable sources. His ego/arrogance often gets in the way of admitting that someone else has better information.

[Pete]

Man, that Tweet is four years old -- you can't criticize him for that....

That tweet was in direct response to a report we had made just prior that all those retailers were coming to OKC.

And right before all but Costco made official announcements.

[barrettd]

That tweet was in direct response to a report we had made just prior that all those retailers were coming to OKC.

And right before all but Costco made official announcements.

I don't know how many people I talked to after reading about Trader Joe's coming to OKC on this very site who told me it would never happen, and since the Oklahoman isn't reporting it, it isn't true. I think that's really poor taste by Steve, to just write it all off, when, in fact, had he done any investigation on his own, he could have gotten some of the same indicators Pete got, I would guess.

It reminds me of the Oklahoman (newsok.com) running AP stories when there is Thunder breaking news. How does the AP have the story when the Oklahoman beat writers don't have it? Shouldn't our OKC reporters be the ones breaking news? Does anyone even investigate anything anymore?

[Pete]

I don't want to go too far down this rabbit hole but the point here is that the Oklahoman generally has no clue about future retailers where we have a long track record of breaking almost all these big new-to-market stories.

[Doug Loudenback]

I don't know how many people I talked to after reading about Trader Joe's coming to OKC on this very site who told me it would never happen, and since the Oklahoman isn't reporting it, it isn't true. I think that's really poor taste by Steve, to just write it all off, when, in fact, had he done any investigation on his own, he could have gotten some of the same indicators Pete got, I would guess.

It reminds me of the Oklahoman (newsok.com) running AP stories when there is Thunder breaking news. How does the AP have the story when the Oklahoman beat writers don't have it? Shouldn't our OKC reporters be the ones breaking news? Does anyone even investigate anything anymore?

In fairness to Steve, his beat is downtown Okc. So, unless Costco is in the mix for a downtown location, you might want to give him a break. I'm pretty sure that no one thought that Trader Joe's was contemplating a downtown location, but I stand to be corrected.

And, as he evidently tweeted beyond his realm of expertise, he might give pause before doing that, as well.

[bchris02]

Man, that Tweet is four years old -- you can't criticize him for that....

That was for the St Anthony's site I believe, which Costco wanted but lost out on. This is a different deal I believe.

[SoonerQueen]

That was for the St Anthony's site I believe, which Costco wanted but lost out on. This is a different deal I believe.

Has anyone heard anything recently about Costco coming to OKC? I think there is a big market for them here. We need a choice away from Sam's. I'm getting tired of waiting for Costco and In N Out to come here.

[jerrywall]

Has anyone heard anything recently about Costco coming to OKC? I think there is a big market for them here. We need a choice away from Sam's. I'm getting tired of waiting for Costco and In N Out to come here.

I think a Costco could do well here but I'm meh on an In N Out here. We have better or at least comparable options. It's like the realization so many hipsters went through when they finally tried (uhg!) Fat Tire beer.

[Pete]

The Costco at Memorial and Western is still moving forward.

[John]

The Costco at Memorial and Western is still moving forward.

There has been quite a bit of utility marking and site survey activity going on in the past week or so...

Wouldn't be surprised if dirt started moving soon.

[Pete]

There has been quite a bit of utility marking and site survey activity going on in the past week or so...

Wouldn't be surprised if dirt started moving soon.

They are doing their construction cost analysis including the required utility infrastructure.

Still have not closed on the land or filed building permits. We still have a ways to go but things continue to move forward.

[FighttheGoodFight]

They are doing their construction cost analysis including the required utility infrastructure.

Still have not closed on the land or filed building permits. We still have a ways to go but things continue to move forward.

Wrong. We have to wait for Steve Lackmeyer to say it is happening.