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RESOLUTION NO. R-1213-77: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, REQUESTING INDUSTRIAL ACCESS FUNDS FROM THE OKLAHOMA DEPARTMENT OF TRANSPORTATION FOR SURFACING THE ROADWAYS CONNECTING AND SERVICING THE ENTRANCE TO UNIVERSITY NORTH PARK CORPORATE CENTER SECTIONS I AND II.
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BACKGROUND: When the University North Park Tax Increment Finance District (UNPTIF) was created in 2006, one of the major components of the Project Plan was economic development. Specifically, the goal expressed in the Project Plan was for major economic development, office, and mixed-use development in the northern portion of the Project Area. Up to $8.25 million in funds generated within the UNP TIF can be spent on economic development activities that will provide quality employment opportunities in Norman. When the Master Operating and Development Agreement was executed in August 2006, University North Park (a wholly owned subsidiary of the OU Foundation and the owner of the property in the northern portion of the Project Area) agreed to sell 60 contiguous acres (the "Economic Development Tract") to the Norman Economic Development Coalition at a reduced rate for a specific period of time.
In October of 2010, NEDC and University North Park extended the time to purchase the second thirty (30) acres of the Economic Development Tract. Currently, NEDC is pursuing the purchase of the remainder of the Economic Development Tract for the construction of an Advanced Manufacturing Center. The entirety of the Economic Development Tract has been final platted and the two final plats were approved by City Council on October 23, 2012 (UNP Corporate Center, Section I and Section II). In the development process, final plats are normally not filed until public infrastructure required by the plats is fully installed.
To assist with infrastructure funding, NEDC applied for and received a grant in the amount of $2.5 million from the United States Department of Commerce-Economic Development Administration. Additionally, NEDC is pursuing funds from the Oklahoma Department of Transportation (ODOT) Industrial Access Road Program.
DISCUSSION: In order to access Industrial Access Road Program funds, the City must join in making a request for the funds. The road in question (Corporate Center Drive on Attachment A) will be constructed in designated public right of way and will serve as a public road upon completion, meaning the City will assume maintenance and have jurisdiction over the road. Utilizing these funds to construct some or all of the road will enable NEDC, in conjunction with the City and the TIF Authority, to move forward with development of the Economic Development Tract.
STAFF RECOMMENDATION: Staff recommends approval of Resolution No. R-1213-77.