The Norman Transcript

Local Business

February 6, 2010

Moore city officials to hold meeting Monday to discuss possible Target store

MOORE -- The Moore Economic Development Authority will hold a special meeting 7 p.m. Monday in council chambers at Moore City Hall, 301 N. Broadway Ave., to vote on a sales tax rebate to Target.

Target would like to purchase land on SW 19th Street west of Fritts Boulevard to build a 135,000-square-foot retail store but will not pay the asking price of Terry Fritts, owner of the land.

The nearly $2 million rebate would be used to pay the difference for the land. Based on average sales of Target stores and the Wal-mart that is already in Moore, Authority Chairman David Roberts said the rebate should be paid within three to five years.

Target stores average $30 million a year in sales, according to Moore City Manager Steve Eddy. He added that the Moore Wal-mart averages more than that.

Deidre Ebrey, director of economic development for the City of Moore, said cities incentivize big box stores like Target and Wal-mart for one simple reason.

"They serve as anchors for developments and draw traffic to the area," Ebrey said. "There's no doubt about it... developers bank on these big stores to others stores to the area."

She also said the Target will bring new dollars into the city and doesn't see the addition of another giant retail store as a bad thing for nearby businesses.

"We're not going to incentivize a business that's going to come in and cannibalize other businesses," Ebrey said. "These are new dollars coming into the community."

Ebrey said similar rebates have been used by the city to attract stores to the Shops at Moore development on the east side of Interstate 35, which includes Best Buy and JCPenny and boasts more than 350,000-square-feet in retail space. She said the deal with Target is expected to go through, although nothing is certain.

"The process is moving along quickly, with few problems," Ebrey said.

A Target representative told the authority that if an agreement is reached, ground will be broken in April and should be open for business by April 2011. He also said the Moore location is one of only a few new stores that will be built in the nation in 2010.

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