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CONTRACT K-2021-65: A PURCHASE AND SALE AGREEMENT BY AND BETWEEN THE NORMAN TAX INCREMENT FINANCE AUTHORITY, THE CITY OF NORMAN, OKLAHOMA, AND UNIVERSITY TOWN CENTER, L.L.C., FOR THE PURCHASE OF TWELVE (12) ACRES OF REAL PROPERTY LOCATED IN THE VICINITY OF 24TH AVENUE N.W. AND WEST ROCK CREEK ROAD FOR A PURCHASE PRICE OF $2,069,971 AND BUDGET APPROPRIATION FROM THE UNIVERSITY NORTH PARK TAX INCREMENT FINANCE (UNPTIF) FUND BALANCE.
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BACKGROUND: The original Norman Forward sales tax package approved by the voters in 2015 included a number of quality of life projects, including a multi-sport facility, envisioned to accommodate indoor sports including, but not limited to, basketball and volleyball, and an indoor aquatics facility. A total of $22.5 million in Norman Forward sales tax was allocated to these projects. After exploring a number of locations for these facilities, City Council approved an agreement in November 2019 to locate these facilities in University North Park.
An ad hoc committee was appointed in June 2019 by Council for the Indoor Aquatic/Multi-Sport projects which worked closely with the project architect to develop plans for the facility. Like several other Norman Forward projects, the funding provided by the dedicated sales tax was insufficient to complete the facilities as envisioned by the Ad Hoc Committee.
Contract K-1920-82 and the 2019 Amended University North Park Project Plan (adopted by Ordinance O-1920-24) called for the Indoor Aquatic/Multi-Sport projects (the "Recreation Facility") to be located in University North Park and set forth the purchase price for up to 12 acres of land for the projects. It also allocated TIF funds for the purchase of the property and $2.7 million for construction enhancement. Contract K-1920-82 set out timelines for site identification, purchase and construction based on the best information available at the time. A referendum petition on Ordinance O-1920-24 was circulated which delayed the ...
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