Stillwater News Press

February 11, 2014

Stillwater Economic Development Authority OKs rebates

By Chris Day
Stillwater NewsPress

STILLWATER, Okla. — The Stillwater Economic Development Authority recently authorized sales tax rebates as incentives to attract two businesses to downtown Stillwater.

Stillwater Business Improvement District No. 1 recommended incentives for Whisper Intimate Apparel, 905 S. Main St., and Pearl Junkies, 712 S. Main St.

Each business will receive a 1-percent sales tax rebate from the city of Stillwater.

Whisper Intimate Apparel, which opened in late January, will qualify for a rebate of up to $15,000 over a five-year period. Pearl Junkies, a women’s fashion retailer, will qualify for a rebate up to $30,000 over a five-year period.

Stillwater City Manager Dan Galloway said city staff reviewed the retailers’ business plans. The rebate will be based on the retailers’ actual sales. The actual amount of the rebate will be determined by the retailers financial success.

Pearl Junkies will be located in District Bicycles’ location. The bicycle retailer is moving into a larger downtown location at West Seventh Aveunue and Husband Street.

The Authority’s Board of Trustees approved the incentives 4-0.

Trustee Chuck Hopkins wasn’t at the meeting.