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CONSIDERATION OF ORDINANCE O-1617-4 UPON SECOND AND FINAL READING: AN ORDINANCE OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA ADOPTING AND RATIFYING THE ASSESSMENT ROLL FOR THE UNIVERSITY NORTH PARK BUSINESS IMPROVEMENT DISTRICT; ESTABLISHING THE TIME AND TERMS OF PAYMENT OF THE ASSESSMENTS AND OTHER EXPENSES; FIXING PENALTIES TO BE CHARGED FOR DELINQUENT PAYMENT OF THE ASSESSMENT OR AN INSTALLMENT THEREOF; SETTING FORTH THE TRACTS OR PARCELS OF LAND AGAINST WHICH THE ASSESSMENTS ARE BEING ADOPTED, RATIFIED AND LEVIED; DIRECTING THE CITY CLERK TO PREPARE, SIGN, ATTEST AND RECORD WITH THE COUNTY CLERK OF CLEVELAND COUNTY, FOLLOWING PASSAGE OF THE PAYMENT DEADLINE, A CLAIM OF LIEN FOR ANY UNPAID AMOUNT DUE AND ASSESSED AGAINST A TRACT OR PARCEL OF LAND; AND PROVIDING FOR THE SEVERABILITY THEREOF.
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BACKGROUND: Upon adoption of Resolution R-1415-11 on July 8, 2014, the University North Park (UNP) Business Improvement District (BID) was created to primarily provide for maintenance of Legacy Park. After a district is created and the assessed property owners have the opportunity to object to the assessments, an ordinance is proposed to formally levy the assessments and provide for penalties for delinquent payments. Because the amount of the assessment for each property owner will change each year, a new ordinance must be adopted each year ratifying the current assessment roll for the UNP BID.
DISCUSSION: UNP TIF District Development Agreement #5 provides for the creation of a Business Improvement District over a ten year period that is assisted by $900,000 in TIF Revenues to help stimulate development in the area. The BID Petition adopted by Council in 2014 provides $200,000 per year for ten years for a total of $2 million for maintenance and improvements in the UNP BID District. In the first year of the BID, $200,000 was provided through UNP TIF Revenues. In the second year, the $200,000 is to be provided with $175,000 of TIF Revenues and $25,000 in a...
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