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RESOLUTION R-1718-18: A RESOLUTION OF THE TRUSTEES OF THE NORMAN TAX INCREMENT FINANCE AUTHORITY (NTIFA), APPROPRIATING $40,000 FROM THE BUSINESS IMPROVEMENT DISTRICT FUNDS COLLECTED FROM DISTRICT PROPERTY OWNERS TO PURCHASE HOLIDAY DECORATIONS FOR LEGACY PARK AND FOR ONGOING MAINTENANCE OF LEGACY PARK FOR FYE 2018 AS RECOMMENDED BY THE UNIVERSITY NORTH PARK BUSINESS IMPROVEMENT DISTRICT ADVISORY BOARD.
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BACKGROUND: City Council adopted the UNP BID District in 2014 after receipt of the Petition from property owners within the proposed district. BID's are allowed under Oklahoma law for a variety of purposes, including funding the acquisition, construction, installation or maintenance of capital improvements including parks, fountains and planting areas and associated improvements. Oklahoma law states that improvement districts may be created after a petition for such improvements containing signatures from a majority of the owners of record of more than one-half of the area liable to be assessed under the proposal is filed with the City Clerk. In the case of the UNP BID, the City received a petition with signatures from 81.93% of the property owners of record liable to be assessed under the proposal on June 19, 2014.
As provided in Development Agreement No. 5, the BID provides $200,000 annually for maintenance of Legacy Park and Legacy Trail throughout the TIF district for a period of ten (10) years. To assist the BID in its development, $900,000 of TIF funds were to be used to offset a portion of the BID Assessments against individual property owners over the first 8 years of the BID while allowing further development to occur in University North Park. With additional development comes a broader base of developed property across which the assessment can be applied, thus creating a more equitable and level assessment against developed property over the term of the BID.
In the first year of the BID, only Accumulated TIF Revenues of $200,000 we...
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