Title
RESOLUTION R-1819-21: A RESOLUTION AUTHORIZING THE NORMAN TAX INCREMENT FINANCE AUTHORITY (THE "AUTHORITY") TO OPTIONALLY REDEEM THE OUTSTANDING AMOUNT OF ITS TAX INCREMENT REVENUE NOTE, TAXABLE SERIES 2013 (THE "NOTE") ORIGINALLY ISSUED IN THE AGGREGATE PRINCIPAL AMOUNT OF $14,215,000.00; APPROPRIATION OF UNIVERSITY NORTH PARK TAX TAX INCREMENT FINANCE (UNP) (TIF) FUND BALANCE: AND CONTAINING OTHER PROVISIONS THERETO.
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BACKGROUND: On May 23, 2006 the City Council adopted Ordinance O-0506-66, establishing the University North Park Tax Increment Finance District (UNP TIF, or Norman TIF District #2). This Ordinance created a Project Plan delineating public improvements to be paid for by sales and ad valorem tax revenues generated within the District and apportioned to a UNP TIF Fund. The approved projects to be paid for by the UNP TIF Fund were amended by Ordinance 0809-8 on August 8, 2008. By these Ordinances, the approved public projects include the following:
Road and Traffic Improvements
Rock Creek Road Overpass of I-35
Legacy Park
Lifestyle Center Incentives
Economic Development Incentives
Conference Center or Cultural Facilities
On June 30, 2009 the Norman Tax Increment Finance Authority (NTIFA) issued its TIF Revenue Note, Taxable Series 2009, in the total amount of $14,560,000. This Note authorized the financing of major projects, including the Rock Creek Road Overpass of I-35, through an arrangement with a subsidiary of the University of Oklahoma Foundation. The terms of the 2009 NTIFA Note were established to encourage permanent, fixed-rate financing with a private lender to be secured in the future.
On August 13, 2013 the Trustees of the NTIFA authorized the issuance of $14,215,000 in Tax Increment Revenue Notes, with the primary purpose being to refund, or "refinance" the 2009 NTIFA Notes. The terms of the 2013 NTIFA Notes include an option to pre-pay the outstanding principal on the Notes as early as September 1, 2018.
DISCUSSION...
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