EDMOND —
Many across the nation have debated the merits of government action in the realm of economic development. They question whether government can have an appropriate role in aiding the development of commerce, and whether this creates a situation of a powerful entity choosing winners and losers.
Edmond’s city government has toed an extremely conservative line up to this point in how it has handled government incentives for economic development. For the first time, city leaders have ventured into true incentives territory by purchasing 7.13 acres of property on the northwest corner of Interstate 35 and Covell for $2.2 million out of the city’s Real Property Tax Fund.
The idea is that the private developers of an upscale Hilton Garden Inn Hotel and conference center will pay back the land purchase price in a 10-year period. The owners of a private 170,000-square-foot sports complex will have 15 years to purchase a separate piece of land back from the city.
While many questions remain about whether these projects plus the additional retail they will bring in to the area will truly be successful, this Editorial Board believes that city officials have to this point done an excellent job of providing due diligence to the project.
The steps taken by the City Council in May were more than five years in the making and have two separate studies behind them scrutinizing both the location and the return on investment for a conference center. It was exactly a year after John Weeman and Partners in Development brought forward their mast plan for the two corners at I-35 and Covell before the City Council agreed to support the venture.
In that time, the council and city staff have researched what we believe will be a shrewd investment. Right now, the property as it stands brings in a few thousand dollars per year in property taxes to support the school district. If the proposed retail project comes to fruition, both the city and the school district stand to gain substantially in both property taxes and sales tax revenues.
If the project fails, the city still owns land that is highly marketable for resale to other potential developers.
If a project with economic incentives cannot be done at a local government level, then we would ask where could it be done? The local marketplace is the truest form of democracy and an opportunity to test whether the bet the City of Edmond has made will pay off for both the city and its taxpayers.
We support the steps taken thus far by the city with the hope that they will continue to show restraint, diligence and the use of good business sense as leaders finalize negotiations with developers for a project that could greatly benefit all of Edmond.
Our View
OUR VIEW: It's time for I-35 to shine
- Our View
-
-
Be Edmond needs your help
BMX star and local legend Mat Hoffman knows what’s it like to fall from great heights and find yourself at one of the worst low points in life. He also knows how to climb back up and tackle life’s problems head on.
-
OUR VIEW: Be Edmond needs your help
BMX star and local legend Mat Hoffman knows what’s it like to fall from great heights and find yourself at one of the worst low points in life. He also knows how to climb back up and tackle life’s problems head on.
-
OUR VIEW: OKPOP — great idea, bad timing
The Route 66 museum in Clinton has been such a success that Bob Blackburn, executive director of the Oklahoma Historical Society, said the turnaround project proves that popular culture is a best-seller when it comes to museum projects. It also proved that when a community gets behind a project and raises the funds to launch it, they all can reap the rewards of the increased tourism and recognition.
-
OUR VIEW: Choice is clear
This Tuesday, Edmond residents are asked to go to the polls to choose between incumbent Mayor Charles Lamb and Richard Prawdzienski for the office of mayor. Voters citywide also will be asked to consider whether to retain Nick Massey as its Ward 4 councilmember or select newcomer Shilpa Abbitt, an engineer employed by Devon Energy in Oklahoma City.
- Vote yes for $80M bond
-
OUR VIEW: Line-item budgets should return
Some may have made fun of the nickname — the Doomsday deal — but the thought behind new Speaker of the House T.W. Shannon’s move to name a House committee specifically to monitor federal dollars coming into Oklahoma was right on target.
-
OUR VIEW: Economic development plan deserves consideration
An economist recently told the Edmond City Council that the entire Oklahoma City metropolitan area has the potential to boom with economic growth in the next decade. Edmond officials are making plans now to be ready for that potential growth to ensure the city gets its fair share of the economic pie.
-
OUR VIEW: Doing the right thing
On Wednesday, the Oklahoma House of Representatives and the Senate swore in their newly elected and re-elected members in preparation of the 2013 legislative session. It was a moment for those elected to public office to savor their success, share their victory with family and friends who came to watch the ceremonies and be cordial with their new colleagues.
-
OUR VIEW: Lankford, Jolley, McDaniel get our vote
Few times in American history have we seen people divided so politically as we have during this election cycle. The partisan gridlock of Congress and the relentless sniping of presidential candidates on both sides of the aisle are more than just fodder for late-night comedy.
-
OUR VIEW: Say yes to SQ 766
State Question 766 poses one of the most drastic questions for voters to consider in state history. The language of this state question requires voters to say either yes, they don’t want a tax increase, or no, they do want one.
- More Our View Headlines
-
Be Edmond needs your help
