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RESOLUTION NO. R-1213-77: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, REQUESTING INDUSTRIAL ACCESS FUNDS FROM THE OKLAHOMA DEPARTMENT OF TRANSPORTATION FOR SURFACING THE ROADWAYS CONNECTING AND SERVICING THE ENTRANCE TO UNIVERSITY NORTH PARK CORPORATE CENTER SECTIONS I AND II.
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BACKGROUND: When the University North Park Tax Increment Finance District (UNPTIF) was created in 2006, one of the major components of the Project Plan was economic development. Specifically, the goal expressed in the Project Plan was for major economic development, office, and mixed-use development in the northern portion of the Project Area. Up to $8.25 million in funds generated within the UNP TIF can be spent on economic development activities that will provide quality employment opportunities in Norman. When the Master Operating and Development Agreement was executed in August 2006, University North Park (a wholly owned subsidiary of the OU Foundation and the owner of the property in the northern portion of the Project Area) agreed to sell 60 contiguous acres (the “Economic Development Tract”) to the Norman Economic Development Coalition at a reduced rate for a specific period of time.
In October of 2010, NEDC and University North Park extended the time to purchase the second thirty (30) acres of the Economic Development Tract. Currently, NEDC is pursuing the purchase of the remainder of the Economic Development Tract for the construction of an Advanced Manufacturing Center. The entirety of the Economic Development Tract has been final platted and the two final plats were approved by City Council on October 23, 2012 (UNP Corporate Center, Section I and Section II). In the development process, final plats are normally not filed until public infrastructure required by the plats is fully installed.
To assist with infrastructure funding, NEDC applied for and received a grant in the amount of $2.5 million from the United States Department of Commerce-Econ...
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