Title
THE SECOND OF TWO PUBLIC HEARINGS REGARDING THE PROPOSED NORMAN CENTER CITY PROJECT PLAN AND TAX INCREMENT FINANCE DISTRICT LOCATED GENERALLY WITHIN THE BOUNDARIES OF TONHAWA STREET ON THE NORTH, THE RAILROAD TRACKS ON THE EAST, BOYD STREET ON THE SOUTH, AND ON THE WEST: THE ALLEY EAST OF ELM AVENUE NORTH TO PARK DRIVE, THEN WEST ALONG COMANCHE STREET TO FLOOD AVENUE, THEN NORTH TO MAIN STREET.
CONSIDERATION OF ORDINANCE O-1718-27 UPON SECOND AND FINAL READING AND DECLARING AN EMERGENCY: AN ORDINANCE APPROVING AND ADOPTING THE NORMAN CENTER CITY PROJECT PLAN; DESIGNATING AND ADOPTING PROJECT AREA AND INCREMENT DISTRICT BOUNDARIES; ESTABLISHING A DATE FOR THE CREATION OF INCREMENT DISTRICT NO. THREE, CITY OF NORMAN; ADOPTING CERTAIN FINDINGS; AUTHORIZING THE CITY OF NORMAN TO CARRY OUT AND ADMINISTER THE PROJECT PLAN; ESTABLISHING A TAX APPORTIONMENT FUND; DECLARING APPORTIONED FUNDS TO BE SPECIAL FUNDS OF THE CITY OF NORMAN OR THE NORMAN TAX INCREMENT FINANCE AUTHORITY; AUTHORIZING THE USE OF AD VALOREM INCREMENT REVENUES FOR THE PAYMENT OR FINANCING OF CERTAIN PROJECT COSTS; AUTHORIZING THE USE OF OTHER RESOURCES TO PAY FOR OR FINANCE PROJECT COSTS; AUTHORIZING THE NORMAN TAX INCREMENT FINANCE AUTHORITY, OR ALTERNATIVE AUTHORIZED ENTITY, TO ISSUE BONDS AND CARRY OUT CERTAIN PROVISIONS OF THE PROJECT PLAN; RATIFYING AND CONFIRMING THE ACTIONS, RECOMMENDATIONS AND FINDINGS OF THE REVIEW COMMITTEE AND THE PLANNING COMMISSION; DIRECTING CONTINUING APPORTIONMENT; PROVIDING FOR SEVERABILITY; DECLARING AN EMERGENCY.
Body
BACKGROUND: The Center City Form Based Code ("CCFBC") was adopted by the City Council at its meeting on May 23, 2017. Prior to the adoption of the CCFBC, Council received several presentations on Tax Increment Financing (TIF), as well as analysis on infrastructure needs and development potential in Center City. Also on May 23, 2017, the City Council approved a resolution appointing a Review Committee to consider and make its findings with ...
Click here for full text