Dicks Sporting Goods is reportedly receiving as much as $900,000 for the construction of its potential store in Broken Arrow, OK. The location would be Dick SG's first store in Oklahoma.
According to Broken Arrow Ledger, the City Council of the town on Tuesday unanimously approved an agreement that would pay out economic incentives to Dick's SG if the chain builds a Broken Arrow location, according to city staff notes.
The city would pay as much as $900,000 in “project-related development incentives” to the chain through money from the Broken Arrow Economic Development Authority, according to the agreement.
The city of Broken Arrow would pay Dick's SG 1.5% of the store's yearly sales – up to $90,000 – within 90 days of the store's opening anniversary. The city also would pay the store on each anniversary for 10 years but has capped the payments at $900,000, according to the agreement.
The chain would construct and operate the store but must reimburse the city for its incentives if the store fails to operate for at least 10 years, according to the agreement.
