July 01--Outdoors retailer Cabela's will get up to $3.5 million in sales tax rebates in exchange for opening a new store in Oklahoma City.
The Oklahoma City Council approved the deal Tuesday. The vote was 8-1, with Ward 2 Councilman Ed Shadid opposed.
Based on the city's projections of $36 million in annual sales, the rebates would be paid after eight years at a rate of $432,000 per year.
According to the city's economic development staff, Cabela's plans to invest about $10 million in an 80,000-square-foot Next Generation store in Chisholm Creek at Western Avenue and the Kilpatrick Turnpike in northwest Oklahoma City.
The store is expected to open late next year.
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