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CONTRACT NO. K-1415-39: A CONTRACT BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA, THE NORMAN ECONOMIC DEVELOPMENT COALITION AND THE OKLAHOMA DEPARTMENT OF TRANSPORTATION FOR THE CONSTRUCTION OF INDUSTRIAL ACCESS PROJECT NO. SAP-214D(029).
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BACKGROUND: When the University North Park Tax Increment Finance District (UNPTIF) was created in 2006, one of the major components of the Project Plan was economic development. Specifically, the goal expressed in the Project Plan was for major economic development, office, and mixed-use development in the northern portion of the Project Area. Up to $8.25 million in funds generated within the UNP TIF can be spent on economic development activities that will provide quality employment opportunities in Norman. When the Master Operating and Development Agreement was executed in August 2006, University North Park (a wholly owned subsidiary of the OU Foundation and the owner of the property in the northern portion of the Project Area) agreed to sell 60 contiguous acres (the "Economic Development Tract") to the Norman Economic Development Coalition ("NEDC") at a reduced rate for a specific period of time.
NEDC purchased the first thirty (30) acres of the economic development land from University North Park in December 2010 for construction of the UNP Corporate Center and the second thirty (30) acres in December 2013 for construction of the UNP Advanced Manufacturing Center. The entirety of the Economic Development Tract has been final platted and the two final plats were approved by the City Council on October 23, 2012 (UNP Corporate Center, Section I and Section II). NEDC has moved forward to install infrastructure for these tracts that includes public roadways.
To assist with infrastructure funding, NEDC applied for and received a grant in the amount of $2.5 million from the United State Department of Commerce-Economic Development Administration (EDA). Additionally, NEDC applied for and has received a gr...
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