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RESOLUTION R-1718-86: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, AND THE NORMAN TAX INCREMENT FINANCE AUTHORITY APPROPRIATING $200,000 FROM THE GENERAL FUND BALANCE TO ESTABLISH THE CENTER CITY TAX INCREMENT FINANCE DISTRICT FUND AND TO AUTHORIZE PAYMENT OF OUTSIDE LEGAL FEES AND CLAIMS ASSOCIATED WITH ESTABLISHING AND ADMINISTERING THE CENTER CITY TAX INCREMENT FINANCE DISTRICT.
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BACKGROUND: This fiscal year, Council approved the Center City Tax Increment Financing District ("Center City TIF"). The exploration of a Center City TIF began last fiscal year. The City was assisted in this effort by the Center for Economic Development Law (CEDL), a law firm in Oklahoma City that specializes in these types of projects. Legal work was performed primarily by Dan Batchelor and Emily Pomeroy, and supported by Cameron Brewer. The Council unanimously approved the Center City TIF at it December 19, 2017 meeting. Since then, the CEDL has worked with the Council to develop an Implementation Policy for development projects that might be considered for TIF Assistance.
The Center City TIF Project Plan specifies as an eligible Project Cost up to $400,000 in implementation and administration costs. With the Project Plan being adopted in December of 2017, the first collection of ad valorem incremental revenue will not occur until 2019. This is due to the regular ad valorem tax assessment, billing, and collection cycles. However, the Center City TIF Project Plan also provides that the City will contribute up to $3 million toward payment of authorized Project Costs. This item asks Council to consider appropriating $200,000 from the General Fund balance to a Center City TIF Capital Project Fund to fund one-half of the implementation and administration component of the Project Plan and then allocate what is needed to an administration cost expenditure account to pay for the Center City outside legal expenses and other associated TIF creation...
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