The Development Oversight Committee for the tax increment finance district, or TIF, that includes the proposed University North Park Entertainment District Project Plan met Tuesday to discuss recommendations to the project, including adding slip ramps at the I-35 and Rock Creek Road intersection.
The proposed plan is to divide the district into two tax increment financing districts, or TIFs. A TIF is used to support redevelopment, infrastructure and community-improvement projects within a certain area with the intent of stimulating private investment in the area in need of economic revitalization.
On June 13, the Norman Planning Commission approved recommending the project plan for consideration by the Norman City Council.
At its last meeting on June 18, however, the TIF oversight committee voted against the plan, also known as the Rock Creek Entertainment District Project Plan, with a vote of 3-2. The committee voted 5-1 that the proposed project plan fits the existing University North Park master plan, but the way the project would be financed made committee members object to approving the plan for city council’s consideration.
The earliest the council could vote on the proposed entertainment district is July 23.
On June 12, the city council approved a non-legally binding, special election for residents to vote on the TIFs for the project plan. The special election was set for late August, but last week Cleveland County District Judge Thad Balkman granted a temporary restraining order in a hearing for a newly filed lawsuit seeking to cancel the special election.
During the Tuesday meeting, the TIF oversight committee discussed potential traffic improvements to the area of the project plan with Scott Sturtz, Norman public works director.
The main idea is to create an easy way on and off the highway where I-35 and Rock Creek Road intersect. There would be a one-way road on both sides of the highway and a way to get on the other side much like highways in Fort Worth and Dallas.
However, Sturtz said there is no final plan, and ideas on how to handle traffic if the proposed project plan is approved are still being workshopped.
The committee also discussed the need for economic development agreements that get contractual parties bound for what is in the project. Anthony Francisco, Norman’s director of finance, said there were several sticking points of which the committee should be aware.
The first point Francisco made was that an obligation is needed to do a specific and defined project. Knowing, for instance, how much retail space is in a given area and who exactly is leading that project.
Secondly, Francisco said the project also needs a specific assigned developer to whom the finances from the TIF go. Thirdly, Francisco said there needs to be a way to make sure what the developer promises to do within the TIF gets done.
The proposed entertainment district would host concerts and events as well as OU basketball games and women's gymnastic meets. It would also include a hotel; family and residential areas; retail spaces; and offices.
“In order for the incremental tax revenues to be generated, the buildings have to be online and generating property tax before their property tax can be apportioned to the TIF,” Francisco said. “So, we did want to have (what) we believe to be a realistic timeline for those buildings to be building and on the tax rolls, and that's what we're negotiating.”
This story was edited by Ana Barboza. Avery Avery copy edited this story.
