Combining Balance Sheet – General Fund Accounts

CITY OF EDMOND, OKLAHOMA

ANNUAL FINANCIAL REPORT June 30, 2021

In November 2017, the City/EPWA entered into an agreement with a developer for the development of an entertainment complex. The complex opened in December 2018 and contains a movie theater and bowling alley. Under the terms of the agreement the EPWA will provide financing assistance not to exceed $4.8 million. The payment will be from the two cents sales tax the complex generates and will be paid quarterly. Taxes of $40,782 were rebated in fiscal year 2021. The agreement terminates in December 2038.

In addition, the City has entered into an agreement with a developer for the construction of a hotel/conference center along the I-35 corridor. Under the terms of the agreement the City has agreed to rebate any Hotel Tax collected from the hotel for a period of fifteen years from the anniversary date of the Certificate of Occupancy. Taxes of $110,199 were abated in fiscal year 2021.

4.F. Subsequent Events

The citizens passed a .25% sales and use tax increase effective January 1, 2022 to fund parks.