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CONSIDERATION OF ORDINANCE O-1819-9 UPON SECOND AND FNAL READING: AN ORDINANCE OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, ADOPTING AND RATIFYING THE ASSESSMENT ROLL FOR THE UNIVERSITY NORTH PARK BUSINESS IMPROVEMENT DISTRICT; ESTABLISHING THE TIME AND TERMS OF PAYMENT OF THE ASSESSMENTS AND OTHER EXPENSES; FIXING PENALTIES TO BE CHARGED FOR DELINQUENT PAYMENT OF THE ASSESSMENT OR AN INSTALLMENT THEREOF; SETTING FORTH THE TRACTS OR PARCELS OF LAND AGAINST WHICH THE ASSESSMENTS ARE BEING ADOPTED, RATIFIED AND LEVIED; DIRECTING THE CITY CLERK TO PREPARE, SIGN, ATTEST AND RECORD WITH THE COUNTY CLERK OF CLEVELAND COUNTY, FOLLOWING PASSAGE OF THE PAYMENT DEADLINE, A CLAIM OF LIEN FOR ANY UNPAID AMOUNT DUE AND ASSESSED AGAINST A TRACT OR PARCEL OF LAND; PROVIDING FOR THE SEVERABILITY THEREOF.
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BACKGROUND: The Project Plan for the University North Park Tax Increment Finance District (UNP TIF; Ordinance 0506-66) provided for the Development of Legacy Park. Development Agreement No. 3 (2007) escalated the Park construction schedule ahead of the proposed Lifestyle Center construction schedule. Development Agreement No. 3 also provided that the Developer donate the Park property to the City, the City then construct the Park, and the Developer would then maintain the Park (excluding capital maintenance items). Development Agreement No. 3 also provided $900,000 in TIF revenues to serve as Development Assistance for the purpose of helping to establish a viable maintenance fund for the Park.
The optimism of accelerating Legacy Park construction was dampened by the nationwide economic downturn of 2008. However, work on Legacy Park continued with completion of the Legacy Park design in the fall of 2009. The architectural design of the Park, accepted by Council, was recognized by the American Society of Landscape Architecture as the recipient of the Central States Design Honor Award.
Other work on Project Plan components continued, such as solidifying fundi...
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