Title
CONTRACT NO. K-1314-133: A CONTRACT BY AND BETWEEN THE NORMAN UTILITIES AUTHORITY AND SMC CONSULTING ENGINEERS, P.C., IN THE AMOUNT OF $17,000 FOR THE DESIGN OF THE INTERSTATE DRIVE EAST WATER LINE IMPROVEMENT PROJECT AND AN APPROPRIATION FROM THE WATER FUND BALANCE.
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BACKGROUND:
Project Plan and UNP TIF District
In 2002, the City of Norman approved University North Park Planned Unit Development ("PUD") for approximately 585 acres of land located between Robinson Avenue and Tecumseh Road, immediately east of I-35. At the time the PUD was approved, both the University of Oklahoma ("OU") and the City of Norman anticipated that an interchange and overpass connecting Rock Creek Road over I-35 and a means of access to I-35 would be constructed with Federal and Oklahoma Department of Transportation ("ODOT") dollars. By 2004, ODOT had denied the request to construct such an interchange and overpass.
In May 2006, Council voted to create a tax increment financing ("TIF") district in the University North Park area and adopted the UNP TIF District Project Plan ("Project Plan"). The Project Plan was developed after a Citizens TIF Committee studied the concept of creating a TIF District on property owned by the University of Oklahoma north of Robinson Street and immediately east of Interstate 35. The concept and proposed Project Plan was also studied and approved by a Statutory TIF Committee composed of representatives primarily from ad valorem taxing jurisdictions affected by the proposed TIF District. TIF Districts authorized under Oklahoma Statutes allow the apportionment of new sales taxes and ad valorem taxes generated by economic development activity within the TIF District, referred to as "incremental revenues".
Although TIFs typically apportion 100% of the incremental revenues to fund TIF Project costs, the Norman's UNP TIF Project Plan reserved 40% of the sales tax incremental revenues for the General Fund and 50% of the ad valorem ...
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