Construction on HTeaO, an “ultra premium, lifestyle brand” offering tea, water, ice, fruit, YETI retail and other products, is set to begin construction on the Bartlesville store at Price Road and U.S. Highway 75 later this year.
The company received approval Monday for incentive funding, which is made possible through the voter-approved Half-cent Economic Development Sales Tax.
The City Council on Monday voted 5-0 to approve a request from the Bartlesville Development Authority to approve a $37,264 incentive for the construction of the Bartlesville store, which is expected to bring more than $200,000 net new sales into the community. An annualized pro-forma was provided for incentive calculation, showing that average annual store sales should be about $1,096,000. Allowing for an 80 percent discount for non-targeted brand, net new sales are expected to be about $219,200. The annual sales tax revenue, based on 3.4 percent tax rate, is anticipated to be about $7,452, for a total 10-year tax revenue expectation is $74,528. The incentive is payable upon Certificate of Occupancy within 24 months.
HTeaO currently has 35 stores in Texas, four in Oklahoma, and one each in Florida and Kansas. The brand’s aggressive expansion plans include nine additional stores in Texas, Oklahoma, and Clovis, N.M.