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RESOLUTION R-1819-59: A RESOLUTION OF THE TRUSTEES OF THE NORMAN TAX INCREMENT FINANCE (TIF) AUTHORITY APPROPRIATING $121,980 FROM THE TIF FUND BALANCE TO FUND VARIOUS MAINTENANCE REPAIR AND REPLACEMENT ITEMS AT LEGACY PARK IN UNIVERSITY NORTH PARK.
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BACKGROUND: The eight acre Legacy Park site construction began in February of 2013 and reached substantial completion on September 16, 2015. Legacy Park includes an amphitheater stage, cover and seating area, a one acre pond with programmable lights and fountains, a promenade walk around the pond, a restroom building, and extensive landscaping, irrigation and pedestrian lighting. Legacy Park includes intricate electrical fountain and light components that operate in a harsh aquatic environment. Due to the aquatic nature of the component locations it is necessary to periodically repair and replace both light and fountain fixtures. In addition to these repairs, there are some landscaping replacements needed and metal railings that are in need of powder coating.
Beginning in 2014 a maintenance fund was established in the amount of $200,000 per year for the purpose of providing landscape and restroom maintenance services along with other necessary repairs at the park. Both the Norman Tax Increment Finance Authority (NTIFA) and UNP property owners contribute to this fund with the city contribution decreasing $25,000 per year and the UNP property owner’s portion increasing $25,000 per year. The fund has a sufficient balance to address current repair needs at the park.
DISCUSSION: Estimates for items that are currently needing to be repaired or replaced include LED lights - $26,800; electric solenoid valves - $32,680; park lighting - $33,500; landscaping - $10,000; powder coating - $19,000. On March 9, 2018 The University North Park Business Improvement District Advisory Board discussed and unanimously approved a recommendation to appropriate funds in the BID Advisory account to fund the various maintenance repair and replacement items needed at the park.
RECOMMENDATION: It is recommended that the Trustees of the Norman Tax Increment Finance Authority approve Resolution R-1819-59, appropriating $121,980 from the UNP TIF Fund Balance (057-0000-253.20-00) to Maintenance and Repair Services/Other Misc.(057-7010-452.42-99) to fund various maintenance repair and replacement items at Legacy Park.