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RESOLUTION R-2021-39: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, ADOPTING THE SMALL BUSINESS RELIEF PACKAGE GUIDELINES SETTING FORTH CERTAIN ELIGIBILITY AND RANKING CRITERIA, AND FOUR FUNDING PROGRAMS FOR WHICH GENERAL OBLIGATION BONDS ISSUED FOR ECONOMIC AND COMMUNITY DEVELOPMENT FUNDS OR FEDERAL FUNDING PROVIDED FOR SIMILAR PURPOSES MAY BE ALLOCATED.
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BACKGROUND: As the Novel Coronavirus of 2019 (COVID-19) spread into Oklahoma in the spring of 2020, many businesses experienced economic hardship due to a dramatic change in consumer habits, along with Gubernatorial and Mayoral Emergency Closure Proclamations and necessary modifications to operations. In June 202, Council adopted Ordinance O-1920-64 which refers to the voters the question of authorizing the issuance of General Obligation bonds up to $5,000,000 for "economic and community development" purposes.
Specifically, Council wanted to use the funding to address financial harm to local businesses, with a focus on marginalized communities and job retention and creation programs. In recognition that additional federal funding opportunities were being discussed in Congress at the time of the ordinance adoption, Council included language that specified that any federal funding awarded to the City or individual businesses for similar economic and community development purposes will offset the authorization set forth in the ordinance.
The proposition before the voters on August 25, 2020, as set forth by Ordinance O-1920-64, says that such funds will be issued in accordance with guidelines to be adopted by the City Council. The Economic Development Advisory Board ("EDAB"), a City committee, has developed guidelines as specified by Ordinance O-1920-64. These guidelines have been formally discussed by Council on two previous occasions.
DISCUSSION: As contemplated by Ordinance O-1920-64, guidelines have been developed for the expenditure of available funding for local economic an...
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