Title
RESOLUTION R-2021-66: A RESOLUTION AUTHORIZING THE NORMAN MUNICIPAL AUTHORITY (THE "AUTHORITY") TO SEEK FINANCING PROPOSALS IN CONNECTION WITH THE ISSUANCE OF THE AUTHORITY'S SALES TAX REVENUE NOTE, SERIES 2020; AND CONTAINING OTHER PROVISIONS RELATING THERETO.
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BACKGROUND: On October 13, 2015, the voters of Norman approved Ordinance O-1516-5, levying a 15-year temporary, dedicated 1/2% NORMAN FORWARD Quality of Life Sales Tax (NFST), effective January 1, 2016. The NORMAN FORWARD Initiative provides for funding over $148,000,000 in recreational, athletic, library, park and infrastructural improvements, including the following:
* New Central and Eastside Branch Libraries - $44,000,000
* James Garner Avenue Extension - $6,000,000
* New Indoor Aquatic Facility - $14,000,000
* Westwood (Outdoor) Pool Reconstruction - $12,000,000
* Westwood Tennis Center Renovation - $1,000,000
* Reaves Park Baseball Complex Renovation - $10,000,000
* Griffin Park Land Lease* - $2,400,000
* Griffin Park Soccer Complex Reconstruction - $11,000,000
* Senior Wellness Center* - $7,600,000
* New Football and Softball Complex - $2,500,000
* New Indoor Multi-Sport Facility - $8,500,000
* Neighborhood Park/Trail Development - $14,500,000
* Community Park Development - $9,500,000
* Canadian River Trails Park Development - $2,000,000
* Road and Infrastructure Improvements - $2,730,000
* Originally, the Griffin Land project was budgeted $10,000,000 for purchase of the property from the Oklahoma Department of Mental Health and Substance Abuse Services. Through negotiations, the NMA agreed to a long-term lease of the land at a price of $80,000 per year for 30 years. The remaining Griffin Land Purchase allocation ($7,600,000) was re-programmed by Council/NMA action for the Senior Wellness Center project.
Other authorized NORMAN FORWARD improvements could include public art installations, program management services and support personnel.
In order to maintain the aggressive cons...
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