By John Filonow
STILLWATER, Okla. —
Stillwater Economic Development Authority will vote on a business development infrastructure assistance agreement for a new grocery store Monday.
The authority, comprised of city council members, will meet during the city council meeting at 5:30 p.m. Monday in the City Administration Building.
The store, Aldi, is headquartered in Texas. The Stillwater location will be at 1188 N. Perkins Rd., according to the agreement.
City Manager Dan Galloway said he was excited about bringing new businesses to Stillwater.
The grocery store’s corporate office is in Illinois. It has stores in several states.
According to the agreement, the city will pay 50 percent of the city’s 2 percent sales tax generated by the store. The agreement will become effective after the store begins operating and will not exceed $300,000, according to the agreement.
Galloway said the economic authority funding is to help offset the construction costs of the new store.
The contract will end after seven years, or when the grocery chain pays the money back, according to the agreement.
According to the agreement, the economic authority has determined that gross taxable sales for the seven-year term are expected to exceed $30,000.
Galloway said Aldi is a value store which features dry goods and offers bulk and discount deals.
“It’s not a bells and whistles kind of store,” Gallloway said.