Enid Regional Development Alliance’s Board of Directors on Thursday approved recommending a sales tax incentive with a retail developer to bring a department store to the old Kmart building.
The incentive will have to be approved by Enid City Commission. Under the agreement with TLM Realty, the developer would be eligible for a 2% sales tax rebate that will not exceed $1 million or 10 years, whichever comes first, for securing a department store in the building at Garriott and Oakwood.
TLM Realty is developer of the former Kmart building, which includes current tenants Tractor Supply and Harbor Freight. The ideal tenant for the remaining 40,000 square feet of space is a department store that can carry a wide range of goods, including clothing, shoes and household goods, said Lisa Powell, ERDA executive director.
“One of Enid’s biggest retail gaps is in the clothing and home goods area,” Powell said. “With the loss of Dillard’s and JCPenney over the past two years, Enid and Northwest Oklahoma residents have needed more options of stores to buy men’s, women’s, children’s clothing as well as shoes and home goods. Our hope is this proposal will help in securing a store that will close this gap.”
TLM Realty is actively pursuing options for the final tenant in the former Kmart location. The incentive voted on by the ERDA board is designed to help speed the process, Powell said.