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THE FIRST PUBLIC HEARING (OF TWO PUBLIC HEARINGS) REGARDING THE PROPOSED AMENDMENTS TO THE NORMAN UNIVERSITY NORTH PARK PROJECT AND PROJECT PLAN AS MORE PARTICULARLY DESCRIBED IN ORDINANCE O-1920-24, SAID FIRST PUBLIC HEARING TO BE HELD ON OCTOBER 22, 2019 AT 6:30 PM FOR THE PURPOSE OF PROVIDING INFORMATION AND ANSWERING QUESTIONS REGARDING THE PROPOSED AMENDED AND RESTATED NORMAN UNIVERSITY NORTH PARK PROJECT AND PROJECT PLAN, WITH THE SECOND PUBLIC HEARING TO BE HELD ON NOVEMBER 5, 2019 AT 5:30 PM FOR THE PURPOSE OF GIVING MEMBERS OF THE PUBLIC AN OPPORTUNITY TO BE HEARD PRIOR TO ANY VOTE ON THE PROPOSED AMENDED AND RESTATED NORMAN UNIVERSITY NORHT PARK PROJECT AND PROJECT PLAN.
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BACKGROUND: City 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 up to $54.725 million, including Traffic and Roadway Improvements, a Hotel Conference Center and Cultural Facilities, Legacy Park, Lifestyle Center and an Economic Development component.
Since the creation of the UNP TIF, a series of development agreements have been approved by Council and the Norman Tax Increment Finance Authority (NTIFA) to further the components of the Project Plan. To date, approximately $29.6 million of the tax increment generated within University North Park ("UNP") has been expended on Initial Project Activities, Traffic and Roadway improvements, Legacy Park improvements, and Economic Development. Since 2006, more than $40 million in sales and ad valorem tax increments have been apportioned each to project costs and to the City's General Fund and Capital Fund pursuant to the Project Plan.
In recent months, and after several years of declines in the rate of growth in the City's overall sales tax, Council directed staff to develop options for reducing or eliminating the tax increment associated with the UNP TIF to help to address Gen...
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