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RESOLUTION NO. R-1415-11: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, CREATING A DISTRICT ENTITLED "UNIVERSITY NORTH PARK BUSINESS IMPROVEMENT DISTRICT" AND ADOPTING THE ASSESSMENT ROLL FOR SAID DISTRICT.
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BACKGROUND: The Project Plan for the UNP TIF District (Ordinance 0506-66; adopted May, 2006) provides for the development of Legacy Park. Development Agreement Number Three (adopted in 2007) escalated the Park construction schedule ahead of the Lifestyle Center construction schedule that was anticipated when the Project Plan was adopted. Development Agreement No. 3 also provided that the Developer donate the Park property to the City, the City then construct the Park, and the Developer would then maintain the Park (excluding capital maintenance items). Development Agreement No. 3 also provided for $900,000 in TIF revenues to serve as Development Assistance for the purpose of helping to establish a viable maintenance matching fund for the Park.
The optimism of accelerating Legacy Park construction was dampened by the nationwide economic downturn of 2008; however, work on Legacy Park continued with completion of the Legacy Park design in the fall of 2009. The Park design, by Howard-Fairbairn Associates and accepted by the Norman Tax Increment Finance Authority (NTIFA)/Council, was recognized by the American Society of Landscape Architecture as the recipient of the Central States Design Honor Award.
Other work on Project Plan components continued, such as solidifying funding for the Rock Creek Overpass construction; intersection improvements at Rock Creek Road and 24th Avenue and Legacy Park Drive and 24th Avenue; the Norman Economic Development Authority's purchase of thirty acres of land in University North Park for economic development purposes; and continued retail development. After the completion of Rock Creek Overpass, additional work was done to solidify funding for Legacy Park construction. Development Agreem...
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