The long-stalled Legacy at Covell project at the northeast corner of I-35 and Covell Road is finally getting a major jolt of cash. The Edmond City Council on Monday unanimously signed off on a $17 million incentive package designed to land big-name national retailers and turn the quiet corridor into a regional shopping draw. In the same meeting, the council also tweaked the timeline on the city’s trash transfer-station contract renewal.
According to city agenda materials, the incentive money will come from the Edmond Electric Reserve Fund. Even after the payout, that reserve is projected to hold a little more than $81 million. City staff walked council members through projected fiscal impacts and performance targets before the vote.
Big anchors, familiar chains lined up
The shopping center is expected to be anchored by Whole Foods Market and Dick’s Sporting Goods, according to The Journal Record. The project’s initial tenant lineup also includes Petsmart, Hobby Lobby and Chipotle, with executed leases listed in city agenda materials.
How the incentive deal is structured
Under the agreement, developers can earn up to nearly $1.9 million per targeted retailer. Each payment would be split into two pieces. Half would be paid within 30 days of a certificate of occupancy and the rest would follow 180 days later.
City presentations estimate about $100 million in sales from nine priority tenants and project that the public investment will be recouped within four to five years, according to NonDoc.
Transfer station renewal trimmed back
The council also voted 5-0 to cut the proposed renewal term of the Edmond transfer station agreement from two years to one. Councilmember A. J. Krieger requested more time to research the item, and Mayor Mark Nash asked for a full cost-and-benefit analysis and alternatives for the facility, according to city agenda materials…