City of Norman Economic Development Advisory Board Special Meeting Agenda March 2026
City Approves Sales Tax Rebate Agreement with Sooner Fashion Mall
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Description
The City of Norman Economic Development Advisory Board approved a sales tax rebate agreement with Sooner Fashion Mall, LLC. The agreement provides the mall up to $300,000 per year for eligible capital investment reimbursements, based on the growth in sales tax above a set baseline. The initial term is 5 years with options for two 3-year renewals.
Contract Details
Contract Amount
Up to $300,000 per calendar year (rebate, not to exceed)
Vendor
SOONER FASHION MALL LLC
Agency
City of Norman, OK
Contract Type
OTHER
Document Date
March 18, 2026
Contract Term
Initial 5 years (July 1, 2026 – June 30, 2031), with option for two 3-year renewals (maximum through June 30, 2037)
Renewal Date
2031-06-30
Renewal Info
Initial 5-year term; may be renewed for up to two 3-year periods, subject to progress and City Council approval; annual appropriation required for each year.
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