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RESOLUTION R 1819-72: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA REQUESTING THAT THE NORMAN UNIVERSITY NORTH PARK PROJECT PLAN STATUTORY TAX INCREMENT FINANCE DISTRICT REVIEW COMMITTEE CONSIDER A PROPOSAL TO DECLARE A MULTI-GENERATION RECREATIONAL COMPLEX LOCATED IN THE PROJECT AREA ELIGIBLE AS A CULTURAL FACILITY COST.
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BACKGROUND: The University North Park Tax Increment Finance (UNP TIF) District was approved by City Council after a citizen committee process where sixteen (16) Norman Citizens were appointed on June 28, 2005, to review the proposal made by representatives of the University of Oklahoma Foundation (OU) and developers of the Project. The Citizen Committee met intensively for two months and submitted its 10 page report to City Council in September of 2005. A major focus on the Citizen Committee report was to create a regional draw destination component.
Following citizen review and vetting of the proposal, the proposed Project Plan was submitted to a Statutory Review Committee as required by Oklahoma Statutes to allow the potentially affected ad valorem taxing jurisdictions to make recommendations regarding the proposal. The ad valorem taxing jurisdictions include the Norman Public Schools, Cleveland County, County Health Department, Moore-Norman Technology Center, and the Pioneer Library System. Representatives from each of the affected ad valorem taxing jurisdictions, along with the Mayor, and three at large citizen members were appointed to the Statutory Review Committee. The Statutory Review Committee recommended creation of an up to twenty-five (25) year development plan that allowed investment of up to $54.75 million in incremental sales tax and property tax revenues that was projected to entice $500 million of private investment which was projected to generate additional tax revenues for the City and other taxing jurisdictions of $1 million annually over the near term and up to $20 million annually over the ...
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