Norman City Council passed a $29.1 million financing package for University North Park on Tuesday, a development that it hopes will lure high-end retailers.

The council’s move is designed to bring in retailers such as Apple and Urban Outfitters and a luxury movie theater that offers art house films, according to Stanton Nelson, a partner with University Town Center, the development group working with the city and the businesses.

These new businesses will be located in the Lifestyles Center, a retail area northeast of Robinson and 24th streets.

The area is part of the University North Park development, which already includes Super Target, TJ Maxx, Petco and Office Depot.

Plans to lease to specific businesses are not yet definite, Nelson said. He, however, is optimistic.

“We’ve had extensive conversations and they’re very interested,” Nelson said. “I feel like they’re a strong possibility.”

University North Park is a tax increment finance district, which is authorized by state law for cities to use with other taxing jurisdictions to boost economic development in an area.

The Lifestyles Center was originally slated to open late in 2009, but a slumping national economy pushed it back a year, Nelson said.

“There’s so many issues nationally that companies are not committed to opening tough stores,” Nelson said.

But Norman officials are moving ahead with plans for the area. The city council passed the financing package by a vote of 8-1. It includes $5.1 million to begin construction of Legacy Park, another area within the development. Legacy Park will feature a pond surrounded by restaurants.

Anna-Mary Suggs, executive director of the Norman Chamber of Commerce, said bringing high-end businesses to the University North Park area will boost Norman’s economy.

The businesses will draw in shoppers from neighboring areas and provide incentives for local shoppers to stay in town.

City officials hope the continued expansion of businesses in the area will make Norman a competitor with Oklahoma City in the fight for consumers’ retail dollars.

Suggs said they feel Norman is in a strong position to compete because it is less crowded than Oklahoma City and can draw on the population south of Norman as it seeks customers.

Increased shopping traffic will generate more sales tax money, which is the primary source of funding for Norman’s municipal government.

“Sales tax translates into fire and police protection, parks and many other municipal services,” Suggs said.

Sixty percent of sales tax revenue generated from the district will be used to improve the district instead of going toward a general tax fund.

Already Underway

University North Park is already partially developed. Stores including Super Target and Pei Wei were built to pave the way for the pricier retailers city leaders had in mind when they began planning for the district“We felt like the Lifestyles Center could not support itself or be on itself, so we had to create something like bringing in Super Target, and any other stores that are here, to create traffic,” Nelson said. “Without it, I don’t feel like the Lifestyles Center could have survived.”

An Embassy Suites hotel and conference center, which is scheduled to open in October in University North Park, will both attract and house an increasing number of visitors to Norman, Nelson said.

“There are other communities that have Embassy Suites, but how many have a convention center that will be able to host 2,500 to 3,000 people in one setting?” Nelson said. “We’re going to have people that have never been to Norman come in for conventions and conferences that will more than likely have a meal while they’re here or shop in our shops.”

Officials are also working on plans for a luxury movie theater that will show lesser-known films on eight to 10 screens.

“It’ll deal more with the artistic side and more independent films you might not see at theaters,” Nelson said. “There’s a huge demand for it.”