Ok, two things real quickly.

#1. I know this topic has been discussed before on this forum, but since it's such big exciting news, I thought I'd create a new post.

#2. Not sure how the Oklahoman or anybody else missed this since it was announced last Thursday.

Michael Galiga, with Edmond based As One Group said the Simon Property Group will work in a joint venture with the Covell I-35 Development group to build the 1.2million sq. foot open air retail lifestyle center. Tenants have not been disclosed although they say they already have "verbal committments".

This should be great news. For those who aren't familiar with Simon, they own and manage Penn Square Mall. Should hopefully bring more upscale, new to Oklahoma retailers!

Published: January 09, 2007 09:16 am

City meets TIF group half way

John A, Williams
The Edmond Sun

EDMOND — In response to a request for Tax Increment Financing (TIF) for a massive development at Covell and I-35, City Manager Larry Stevens outlined the city’s position Monday.

Last November, the city received a formal request for public improvements and financing assistance through TIF financing from the Covell-I-35 Development LLC for the proposed Covell Place Town Center that will occupy 305 acres on the northwest, southwest and northeast corners of the I-35 and Covell intersection. The group is planning an upscale, retail, entertainment, hospitality community that could include a conference center and hotel.

The developer is seeking more than $57 million in city assistance for street and utility infrastructure, additional facilities and unspecified development costs. The group also is asking the city to consider the use of TIF as the funding mechanism for assistance.

They are asking that a TIF district be created for 25 years to finance the requested improvements plus interest costs through bond financing. The proposal identifies the use of 100 percent of the incremental TIF revenues from city retail sales for the entire 25 years, as well as the ad valorem taxes and personal property taxes from all property tax jurisdictions with the project area.

The city however is considering potential alternative assistance to the tune of $24.15 million. That would include $14 million for widening Covell Road; another $6.15 million to widen a portion of Sooner Road and waterline extension and improvements for $4 million. But the city staff is not recommending that TIF financing be used to fund city assistance if the expenditures are within a $20-30 million range.

Stevens said the group requested $26.5 million to widen Covell to four-lane status. He said the city already has allocated $12.5 million for a portion of this project from the 2000 Capital Improvements Tax Fund.

He said the city will consider funding the difference to widen Covell from I-35 to about one-third of a mile west of Bryant.

“The extension of the city’s water system infrastructure continues to be a priority for our community,” Stevens said. “However, staff does not believe that additional sewer system improvements are needed in this area at this time.” He said water improvements could be made by extending existing 18-inch and 12-inch water lines.

Steve Clary, president of Clary Development of Little Rock, Ark., is a principal in the development group.

He said the project could well be the largest mixed-use development in the United States that could provide between 7,000-9,000 new jobs.

He said he hopes to announce the names of two major national department stores that will be a part of the retail development. He said the group also has signed a memorandum of understanding with the Simon Property Group of Indianapolis, Ind., to market the retail side. The Simon Group also owns Penn Square Mall in Oklahoma City and Woodland Hills Mall in Tulsa.

“They came to us saying ‘we believe you have a corner on the next retail center in Oklahoma,’” he said.

Dan McMahan, an attorney for the Covell-I-35 group, said the November request to the City of Edmond is not set in stone.

“We did not have an opportunity to get with the school district,” he said.

He said all entities, school, county, city and CareerTechs need to be able to come together to discuss the ways to finance any public assistance.

I hadn't heard about it. Great news!

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Ok, two things real quickly.

#2. Not sure how the Oklahoman or anybody else missed this since it was announced last Thursday.

I read about this nearly 2 weeks ago. I believe it was in the Oklahoman. However, I don't have an account to search their archives.

I read about this nearly 2 weeks ago. I believe it was in the Oklahoman. However, I don't have an account to search their archives.

Kerry,

Just a heads up....

If you have a library card you can sign-in at the library site - go to databases - and you can search The Oklahoman archives free of charge.

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Kerry do you read the JR? If so perhaps you read it in there as it was in there about 2 weeks ago. I usually read the Oklahoman daily or search the archives and I didn't find anything in it.

This is being discussed in the Edmond forum:

http://www.okctalk.com/edmond/6220-possible-hotel-convention-center-shopping-mall-coming-i-35-a-3.html

Did I read that right that Simon approached them about coming on board?

If that's the case, don't expect a major upscale retailer like Nordstroms or Saks. Simon already told me they're not interested in this market.

How do you think this is going to be affected by the Norman UNP development? Surely some companies will have to pick either or, not both?

There are a lot of upscale retailers found in both Edmond (Spring Creek) and Penn Square, so I would imagine it wouldn't be a huge conflict. Maybe with some of the really high end ones. Although the Edmond one sounds more upscale so far. There will be no Target or Walmart.

This is great news... The enclosed mall trend is gone and everyone is building these so called life centers... one (m) million square foot shopping

Clary Development of Little Rock, Arkansas -- Haven't heard much about this group but Simon properties are ok... They did mange Eastland Mall and that turned out -- Crappy
...

Yeah Simon properties are just ok... LOL

Simon Malls | More Choices — The Forum Shops at Caesars Information, The Forum Shops at Caesars Gift Cards (http://www.simon.com/mall/default.aspx?ID=224)

Not saying they'll be anything like that, but the company does have the experience to put out extremely grand facilities.

Yup-- It will somewhat look like The Domain that is Austin, Texas

The Domain, opening in March 2007, will feature 700,000 square feet of luxury fashion and restaurant space.

http://www.simon.com/mall/images/malls/1207_The_Domain.jpg

Please something this nice-- Nothing cheesy with the fake facade...

Well Rage, everything in Vegas has to have that "fake facade" but that Forum is extremely nice. I have to agree with venture and LOL about Simon being just "ok". When Simon gets involved in the big markets and especially when they're in from the start, you can expect good things. The galleria in Houston, The Forum in Vegas.....there's really too many to begin to list. Heck, they BUILT the Mall of America. I'd say they're "ok." I think this will be a great center out in Edmond.

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Well lets hope so...


The project also includes a ten-story hotel and convention center plus medical offices

Any news on that yet???