Name retailers continue to make Owasso home
OWASSO — The undefeated high school football team isn’t the only group in Owasso on a roll.
So are the city’s economic developers.
Lured by financial catnip, four national retailers have either opened or announced their arrival to Owasso or its school district in the past year. Last week, the streak continued with sporting goods giant Academy Sports and Outdoors.
The city council on Tuesday approved an $600,000 economic development incentive agreement that is expected to bring Academy to Owasso by the fall of 2015. The 62,000-square-foot store, to be located on North Garnett Road at East 19th Street, is projected to generate $20 million in annual sales, said Chelsea Levo, the city’s economic development director.
“Academy will be a huge benefit to the funnel-area customers,” Levo told the council on Tuesday. “… What’s very exciting is that it fills a gap in Owasso’s retail community.”
The pact is among Owasso Investment Partners LLC, the city of Owasso and the Owasso Public Works Authority. It calls for the authority to pay OIP, the developer, a maximum of $600,000 from sales tax generated from the store. It also allows OIP to move a traffic light, currently located south of the property and in front of First Bank of Owasso, to 19th Street and Garnett Road and construct modifications at that intersection.
The deal is contingent upon OIP closing on the property by Dec. 31.
“I’ve always been a fan of these types of arrangements,” City Councilor Chris Kelley said at Tuesday night’s meeting. “This is a win-win situation for Owasso filling a gap. It’s also a good deal for the citizens. We’re essentially paying back with tax dollars we didn’t already have in the first place without Academy coming.”
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Name retailers continue to make Owasso home - Tulsa World: Newshomepage3
Owasso Development
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