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RESOLUTION R-1617-16: A RESOLUTION OF THE TRUSTEES OF THE NORMAN TAX INCREMENT FINANCE AUTHORITY (TIF) APPROPRIATING $20,000 FROM THE TIF FUND BALANCE TO PURCHASE HOLIDAY DECORATIONS FOR LEGACY PARK.
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BACKGROUND: In an effort to create a festive holiday atmosphere, lighted holiday decorations have historically been installed along Main Street and along Legacy Trail from late November through December. With the exception of the Main Street light pole wreaths near I-35, there are currently no holiday decorations on the west side of Norman. This appropriation would allow for LED holiday decorations and lights to be placed at Legacy Park on a yearly basis beginning in November, 2016.
DISCUSSION: On April, 22, 2016, the University North Park Business Improvement District (B.I.D.) Advisory Board approved a recommendation to use funds in the BID Advisory account (a subsidiary account of the City’s UNP TIF Fund) for the purchase of 40 “snowflake” lamppost decorations; an adequate quantity of lights to wrap 60 trees; and to pay for installation and removal fees. BID funds are maintained within the Norman Tax Increment Finance Fund and are made up of contributions from property owners within University North Park and University North Park Tax Increment Finance District funds dedicated for that purpose.
RECOMMENDATION: It is recommended that the City Council, acting as Trustees of the Norman Tax Increment Finance Authority, approve Resolution R-1617-16, appropriating $20,000 from the UNP TIF Fund Balance (057-0000-253.20-00) to Legacy Park Decorations/Miscellaneous Capital Items (057-7010-452.57-99) to purchase holiday decorations for Legacy Park and portions of Legacy Trail within the University North Park development.