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Articles

Retail consultant markets Lahoma Courts property

A city of Enid retail consultant is marketing the Lahoma Courts property, while an Oklahoma City company is no longer involved in efforts.

"Rickey Hayes, as the retail consultant for the city, is actively marketing the property and working on retail possibilities," City Manager Jerald Gilbert said.

Several proposals are being considered and further refined, but those are not yet ready to be presented to Enid City Commission, he said.

In January, Gilbert said Ron Ward Investments LLC, of Oklahoma City, was continuing to market the property, despite the Nov. 1, 2017, conclusion of an earlier agreement that gave the company the exclusive right to market the property for 180 days.

At that time, he believed the company was working on a proposal, but it had not been presented to the city.

The company did not receive any funds to market the property.

City officials have said the Lahoma Courts property is being marketed for retail development.

"As a community we believe that since that is one of the highest traffic count intersections in all of Northwest Oklahoma, it's a great opportunity for us as a community to provide more shopping opportunities for local citizens and everybody in Northwest Oklahoma, and to be able to catch retail sales tax dollars for the community for decades to come," Enid Regional Development Alliance Executive Director Brent Kisling has said.

In May, Enid Economic Development Authority — made up of the city commission — approved a two-year contract with Retail Attractions LLC, founded by Hayes. Gilbert said the agreement continued a long-term relationship of about seven or eight years with Hayes.

One component of the agreement is an incentive to bring deals to the Lahoma Courts area, he said.

For sites sold or leased with a value less than $500,000, Hayes will receive a $5,000 incentive. The incentives for sites sold or leased with a value between $500,000 to $1 million will be $10,000, and for a value greater than $1 million will be $15,000. The incentive is capped at $15,000 per year for a total of $30,000 over the two-year contract.

Through an agreement with former developer Hunt Properties, the city of Enid invested approximately $3.2 million into acquiring the properties at Cleveland and Garriott, but the agreement to sell the land to the developer fell through in the spring of 2016.

At that time, Gilbert said the city was unable to fulfill its end of the agreement with Hunt Properties.

"Hunt was unable to fulfill their end, too, I believe," he said.
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