FINANCIAL_SERVICESPENDING

City of Norman City Council Study Session Agenda Packet 2026-05-19

City Plans Sales Tax Rebate Deal for Sooner Mall

Rebate of 100% of non-dedicated 2.3% City sales tax collected at the Property above a fixed baseline of $1,661,240, capped at $300,000 per Sales Tax Collection PeriodCity of NormanSOONER FASHION MALL LLCMay 19, 2026

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Description

The City of Norman plans an Economic Development Agreement with Sooner Fashion Mall L.L.C. to provide a targeted sales tax rebate of up to $300,000 per year over an initial five-year term. The rebate will reimburse eligible capital improvements at the Sooner Mall Property, with options for two three‑year renewals and subject to annual City appropriations.

Contract Details

Contract Amount

Rebate of 100% of non-dedicated 2.3% City sales tax collected at the Property above a fixed baseline of $1,661,240, capped at $300,000 per Sales Tax Collection Period

Vendor

SOONER FASHION MALL LLC

Agency

City of Norman, OK

Contract Type

FINANCIAL_SERVICES

Document Date

May 19, 2026

Contract Term

Initial term 5 years (covering Sales Tax Collection Periods 2025–2029, with payments 2026–2031); up to two 3‑year renewal periods (potentially through June 30, 2037) subject to City Council approval and annual appropriation

Renewal Date

2037-06-30

Renewal Info

Initial 5‑year term covering Sales Tax Collection Periods 2025–2029, with reimbursements through June 30, 2031. The agreement may be renewed for up to two additional three‑year terms (years 6–8 and 9–11), each requiring City Council approval and subject to annual appropriation.