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RESOLUTION NO. R-1213-65: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, ACKNOWLEDGING RECEIPT OF AWARD NO. 08-01-04806 FROM THE UNITED STATES DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT ADMINISTRATION IN THE AMOUNT OF TWO AND ONE-HALF MILLION DOLLARS ($2,500,000) FOR CONSTRUCTION OF BUSINESS PARK INFRASTRUCTURE IMPROVEMENTS IN THE UNIVERSITY NORTH PARK DEVELOPMENT.
ACTION NEEDED: Motion to adopt or reject Resolution No. R-1213-65.
ACTION TAKEN: ___________________________________
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BACKGROUND: The Economic Development component of the University North Park (UNP) Tax Increment Finance District (TIF) outlined in the UNP TIF Project Plan (Ordinance O-0506-66) provides for an amount up to $8.25 million in funding for incentives to foster special employment opportunities. The UNP TIF Master Development Agreement (Contract K-0607-44) further refined this focus by identifying sixty (60) acres of land that could be purchased by the Norman Economic Development Coalition (NEDC) at discounted prices, in an effort to provide incentive tools for attracting future employers to Norman that meet the criteria of the Oklahoma Quality Jobs Act. In September 2010, the City of Norman, University North Park LLC, University Town Center LLC, the University of Oklahoma Foundation, the Norman Economic Development Coalition and the Norman Tax Increment Finance Authority (NTIFA) entered into the University North Park Economic Development Agreement (the "Agreement", Contract K-1011-75). The Agreement provided a framework and effective implementation mechanisms for individual economic development agreements with businesses proposing to locate in University North Park. Under the Agreement, NEDC is responsible for carrying out the economic development activities authorized by the Project Plan. NEDC is authorized to enter into development agreements with business enterprises deemed appropriate and desirable to achieve the objectives of the Project Plan and to attract, nourish, and sustain quality employment opportunities in University North Park that benefit the City of Norman. Under the Agreement and under the Project Plan, the City Manager (NTIFA General Manager) is authorized to take actions or steps necessary to further the commitments contained therein.
The Norman Economic Development Coalition (NEDC) has been planning for construction of a business park and advanced manufacturing center to be located in University North Park. The planned office park features six office building sites around a pond and landscaped area. The planned advanced manufacturing center is located just north of the planned office park.
In 2011, the Association of Central Oklahoma Governments (ACOG) received a grant from the U.S. Economic Development Administration (EDA) to develop a Comprehensive Economic Development Strategy (CEDS) for the four-county Central Oklahoma region (including Oklahoma, Cleveland, Canadian, and Logan counties). A CEDS is required for communities and regions to be eligible for EDA grants. The CEDS for our region was completed this summer.
NEDC has aggressively pursued federal grant funds to help further the development of the UNP office park and advanced manufacturing center. With ACOG's completion of its CEDS, NEDC was eligible to apply for an Economic Development Administration (EDA) investment award in August of 2012. NEDC requested funds to assist with infrastructure critical to the office park and the advanced manufacturing center. In late September, EDA notified NEDC that the City of Norman needed to be a co-applicant for the funds because the City would be accepting the funded public improvements and providing perpetual maintenance for such public improvements. The City Manager completed the required application form and the City was formally notified on September 28, 2012 of EDA's approval of the application in the amount of $2,500,000.
DISCUSSION: Resolution No. R-1213-65 formalizes the Council's acceptance of the EDA grant in the amount of $2,500,000 for the construction of infrastructure improvements in furtherance of the University Corporate Center and UNP Advanced Manufacturing Center.
STAFF RECOMMENDATION: Staff recommends approval of Resolution No. R-1213-65.