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CONTRACT K-1920-139: A MEMORANDUM OF UNDERSTANDING BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA, AND THE TRAE YOUNG FOUNDATION, INC., ESTABLISHING A MUTUAL COMMITMENT TO A LONG-TERM RELATIONSHIP IN FURTHERANCE OF INDOOR YOUTH SPORT ACTIVITIES IN NORMAN.
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BACKGROUND: The original Norman Forward sales tax package adopted by the voters in 2015 included a number of projects, including a multi-sport facility that was envisioned to accommodate indoor sports including, but not limited to, basketball and volleyball, and replace the World War II hangar gym east of YMCA. At that time, the estimated cost of the multi-sport facility was $8.5 million. The Norman Forward Sales Tax Ordinance (O-1516-5) mandated the creation of ad hoc committees for each project. As the project has evolved, it has been determined that the planned multi-sport facility and the planned indoor aquatic facility (estimated in 2015 to cost $14 million) would be combined into one larger facility serving both purposes. The Norman Forward Indoor Aquatic and Multi-Sport Facility Ad Hoc Advisory Group met through the fall of 2019 and ultimately recommended that additional funding be allocated to these projects to ensure the facilities would meet the original intention.
On November 5, 2019 Council approved amendments to the University North Park Tax Increment Finance District Project Plan (UNP TIF; Ordinance O-1920-24) and an accompanying Amended and Restated Development Agreement (Contract K-1920-82). These agreements identify the location of the Norman Forward Indoor Aquatic and Multi-Sport Facility in University North Park and allocated additional UNP TIF funding for the acquisition of the property and as a construction supplement.
Council adopted Ordinance O-1920-63 on June 9, 2020 that calls an election on August 25, 2020 asking the voters to approve General Obligation bonds to address funding shortfalls in a number of Norman Forward projects, including the Indoor Aquatic and Multi-Spo...
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