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CONTRACT K-1819-116: A MEMORANDUM OF UNDERSTANDING CONCERNING THE UNIVERSITY NORTH PARK PROJECT PLAN AND INCREMENT DISTRICT BETWEEN THE CITY OF NORMAN, THE NORMAN TAX INCREMENT FINANCE AUTHORITY, NORMAN ECONOMIC DEVELOPMENT COALITION, UNIVERSITY TOWN CENTER, JQH-NORMAN DEVELOPMENT, UNIVERSITY NORTH PARK, UNP REALTY INVESTORS, UNIVERSITY OF OKLAHOMA FOUNDATION, INC., REPUBLIC BANK AND TRUST, AND IMMUNO-MYCOLOGICS, INC.
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BACKGROUND: Council approved the University North Park (UNP) Tax Increment Finance District (TIF) Project Plan (Ordinance O-0506-66) on May 23, 2006. The Project Plan authorized public improvements within the TIF up to $54.725 million, including Traffic and Roadway Improvements, a Hotel Conference Center and Cultural Facilities, Legacy Park, Lifestyle Center and an Economic Development Component.
Since the creation of the UNP TIF, a series of development agreements have been approved by Council and the Norman Tax Increment Finance Authority (NTIFA) to further the components of the Project Plan. To date, approximately $29.6 million of the tax increment generated within University North Park ("UNP") has been expended on Traffic and Roadway improvements, Legacy Park improvements, and Economic Development. Since 2006, more than $40 million in sales and ad valorem tax increments have been apportioned each to project costs and to the City's General Fund and Capital Fund pursuant to the Project Plan.
In recent months, and after several years declines in the rate of growth in the City's overall sales tax, Council has expressed a desire to work with the primary parties to the University North Park TIF District to end the allocation of the tax increments generated within UNP early. Staff has been working with representatives of University Town Center ("UTC"), University North Park, LLC ("UNP LLC"), the University of Oklahoma Foundation (the "Foundation") and UNP Realty Investors ("UNP Realty") to develop a Memorandum of Understanding ("MOU"...
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