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CONSIDERATION OF ACCEPTANCE BY THE NORMAN TAX INCREMENT FINANCE AUTHORITY OF BID NO. 1213-39 FOR THE LEGACY PARK CONSTRUCTION PROJECT AND AUTHORIZING THE CHAIRMAN TO SIGN CONTRACT NO. K-1213-67 WITH CGC, L.L.C., IN THE AMOUNT OF $5,897,600 AND THE SUBSEQUENT PERFORMANCE, STATUTORY AND MAINTENANCE BOND; AND BUDGET APPROPRIATION.
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BACKGROUND: A separately identified component of the Project Plan for the University North Park Tax Increment Finance District (UNP TIF) adopted in May of 2006 was the development of Legacy Park. On October 23, 2007, the City of Norman and the Norman Tax Increment Finance Authority approved contract K-0708-76, “Development Agreement No. Three for the Development of Legacy Park”, with University Town Center, LLC and University North Park, LLC (DA#3). On April 22, 2008, The Norman Tax Increment Finance Authority entered into Contract No. K-0708-142 with Howard-Fairbairn Site Design, Inc., for the design of the Legacy Park Project, located on land in the University North Park (UNP) area. On June 23, 2009, the Norman Tax Increment Finance Authority (NTIFA) authorized the issuance of its Series 2009 Tax Increment Revenue Notes (Resolution No. R-0809-161). Among other things, the 2009 NTIFA Notes authorized up to $5,100,000 to finance the construction of Legacy Park. Release of funds for the construction of Legacy Park was conditioned on the parties reaching an agreement on Development Agreement No. 5.
The Howard-Fairbairn design of Legacy Park was presented to the TIF Oversight Committee and the City Council in the fall of 2009. Bid documents were prepared and construction bids were accepted for Legacy Park in December of 2009. The base bids with all add alternates exceeded the amount set aside for park construction. In addition, there continued to be an issue regarding ownership of the land for the park site not being conveyed to the City of Norman and consequently, the construction contract was not awarded, and the o...
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