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RESOLUTION R-1617-108. A RESOLUTION OF THE NORMAN TAX INCREMENT FINANCE AUTHORITY APPROPRIATING $3,384,960 FROM THE UNIVERSITY NORTH PARK (UNP) TAX INCREMENT FINANCE DISTRICT (TIF) FUND BALANCE WITH $3,021,875 TO THE ECONOMIC DEVELOPMENT ACTIVITIES PROJECT, $353,085 TO THE UNP ENTRANCE SIGNS BUSINESS IMPROVEMENT DISTRICT (BID) PROJECT, AND $10,000 TO THE UNP MASTER PLAN PROJECT.
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BACKGROUND: Council approved the University North Park (UNP) Tax Increment Finance District (TIF) Project Plan (Ordinance O-0506-66) on May 23, 2006. The Project Plan authorized public improvements within the TIF, including Traffic and Roadway Improvements, a Hotel Conference Center, and an Economic Development Component that would foster special employment opportunities in the University North Park development.
Economic Development and Quality Job Creation. Since the creation of the TIF, a series of development agreements have been approved by City Council on behalf of the City ("City") and by the Council acting as the "Trustees" of the Norman Tax Increment Finance Authority ("NTIFA") to further the components of the Project Plan. The Economic Development Component of the UNP Project Plan provides for up to $8.25 million in funding to foster special employment opportunities. The Master Operating Agreement (K-0607-44) further refined this focus by identifying sixty (60) acres of land that could be purchased from the UNP Developer (OU Foundation and its subsidiaries) by the Norman Economic Development Coalition (NEDC) at prices determined to be below-market, in an effort to provide incentive tools for attracting future employers to Norman that meet the criteria of the Oklahoma Quality Jobs Act. Under the Master Operating Agreement, another forty (40) acres at agreed-upon market prices is also available to be purchased by NEDC for the same purpose.
On September 21, 2010, the City/NTIFA approved Resolution R-1011-39 concurring in NEDC's purchase of the thirty (30) acres c...
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