The City of Norman City Council has set a June 30, 2019 deadline for ending the collection of the University North Park Tax Increment Finance District - which means it will stop allocating part of the sales tax revenues generated in the TIF Increment District to the TIF fund.
The original plan authorized a maximum of $54.725 million in spending from the UNP TIF Fund.
Remaining unspent, but authorized spending, includes $8.25 million left over from the "conference center and cultural facility" and $8.25 million in incentives for "lifestyle center" retail development that meets certain sales per square foot criteria (to fulfill the regional draw component).
The latest TIF evolution is to put two Norman Forward Project (quality of life projects paid for out of a special sales tax assessment), a multi-sport gym and a competitive swimming pool, in the UNP District to fulfill the "lifestyle center" component.
The City as entered into an Memorandum of Understanding (MOU) agreement about how to negotiate the end of the TIF increment.
https://journalrecord.com/2019/03/27/norman-city-council-approves-mou-to-end-unp-tif/
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