(STILLWATER, OKLAHOMA / July 10, 2018) – The City of Stillwater is in negotiations with an established cinema company for a multiscreen movie theater to be located downtown. This project aligns well with long-time city goals to create a cultural and entertainment district in the central part of the city. The $20+ million project, if approved and developed, is expected to produce approximately $237,000 in new property tax (ad valorem), per year, for which the property owner is responsible.
“There is a lot of competition for this kind of development,” Mayor Will Joyce explained. “The passage of the Stillwater (Re)Investment Plan last month was an important tool in the negotiations with this company. The Plan tells developers that the community is interested and committed to investing in itself. In addition, the commitment of the community to incentivize specific development or help offset infrastructure costs demonstrates that that our leadership is working together to accomplish Stillwater’s goals.”
The location of the project in the (Re)Investment project area requires that it be reviewed by a Citizen Review Committee before it goes to City Council for a vote of approval. This process follows the (Re)Investment plan and Oklahoma state law.
“This is a very exciting project for Stillwater and the surrounding area,” said City Manager Norman McNickle. “It will drive investment and redevelopment not only within the (Re)Investment project area, but also in the areas surrounding it. Citizens can look forward to increased opportunities for entertainment and hospitality right here in Stillwater.”
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