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RESOLUTION R-1617-122: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, DECLARING THE INTENT TO CONSIDER APPROVAL OF A PROJECT PLAN FOR CENTER CITY REDEVELOPMENT AND CREATION OF A TAX INCREMENT DISTRICT UNDER THE LOCAL DEVELOPMENT ACT; DIRECTING PREPARATION OF A PROJECT PLAN; APPOINTING A REVIEW COMMITTEE; DIRECTING THE REVIEW COMMITTEE TO MAKE FINDINGS AS TO ELIGIBILITY AND FINANCIAL IMPACT, IF ANY, ON TAXING JURISDICTIONS AND BUSINESS ACTIVITIES WITHIN THE DISTRICT; AND DIRECTING THE REVIEW COMMITTEE TO MAKE A RECOMMENDATION WITH RESPECT TO THE PROPOSED PROJECT.
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BACKGROUND: On the same City Council Agenda as this item is the consideration of a proposed Center City Form-Based Code (CCFBC), Ordinance O-1617-35. If adopted, the Center City District will rezone all properties located within the District to a zoning category that requires compliance with "Form-Based Code" regulations. The cost to develop properties in accordance with the form-based code is anticipated to require public infrastructure improvements and additional investment by developers beyond what would be anticipated if the same property were developed without using a form based code.
In conjunction with the development of the CCFBC, Council has been studying options to encourage private investment into the CCFBC District through incentivizing redevelopment. The Center for Economic Development Law (CEDL) has been retained by the City to explore the feasibility of an ad valorem-based Tax Increment Finance District (TIF) to pay for public improvements within the defined Center City area. Over several Council study sessions and conferences on this topic, representatives of the CEDL presented their findings, with the most recent session being held on Tuesday, May 16, 2017.
DISCUSSION: Johnson & Associates (J&A), contracted by CEDL, completed an infrastructure analysis to identify the location and condition of all existing public infrastructure improvements in the CCF...
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