Share to Facebook Share to Twitter Bookmark and Share
File #: 21-523    Version: 1
Type: New Business Status: Agenda Ready
File created: 9/22/2021 In control: City Council
On agenda: 9/28/2021 Final action:
Title: Consider approving an Agreement for Economic Development Assistance - Retail [i.e. Sales Tax Rebate Agreement] with Cache Properties LLC, including any floor amendments that may be made thereto, to assist with the cost of public improvements associated with the development of Phase One the Mathis Center on the property located at 4800 NW Cache Road and authorize the Mayor and City Clerk to execute the agreement.
Attachments: 1. 16. Sales Tax Rebate Agreement - Mathis Center, 2. Exhibit A, 3. Exhibit B, 4. Exhibit C
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.
ITEM TITLE:
Title
Consider approving an Agreement for Economic Development Assistance - Retail [i.e. Sales Tax Rebate Agreement] with Cache Properties LLC, including any floor amendments that may be made thereto, to assist with the cost of public improvements associated with the development of Phase One the Mathis Center on the property located at 4800 NW Cache Road and authorize the Mayor and City Clerk to execute the agreement.
body
INITIATOR: City Attorney - John Ratliff

STAFF INFORMATION SOURCE: Deputy City Attorney - Timothy Wilson; Deputy City Manager - Richard Rogalski

BACKGROUND: At its June 17, 2021, meeting, the Lawton Economic Development Authority reviewed and voted to accept and forward to the City Council with LEDA's approval an application for Economic Development Assistance - Retail, submitted by Cache Properties LLC, to assist with the cost of public improvements associated with the development of Phase One of the Mathis Center on property located at 4800 NW Cache Road, to include a 76,000 square foot furniture store consisting of an Ashley Homestore, Mathis Sleep Center, and Mathis Furniture Outlet. On July 27, 2021, the City Council voted to approve the application and directed the City Attorney to draft an agreement for Council consideration.

Since Council acted at its July 27 meeting, the Developer has provided supplemental information that is included in the proposed Sales Tax Rebate Agreement. The proposed Agreement, which incorporates the supplemental information, includes language that does not limit the 76,000 square foot furniture store building to the three originally named stores. Rather, the proposed Agreement identifies as Phase One Stores for the 76,000 square foot building as "those retail stores branded under the Mathis Brothers family of retail stores (e.g., Mathis Outlet or Mathis Sleep Center) or another nationally recognized home furnishing retail brand (e.g., Ashley Homestore or La-Z-Boy Furniture Store), each of wh...

Click here for full text