The proposed University North Park Arena/entertainment district TIFs (#4 and #5) seek $600,000,000 to finance $230,000,000 for an arena/parking structure and district infrastructure.
For perspective, $600 million is over $4,500 per person in Norman.
What could $230,000,000 buy in terms of Norman Forward Project Budgets?
- 5 Young Family Athletic Centers
- 19 Westwood Aquatic Centers
- 16 Adult Wellness Centers
These Norman Forward projects were huge successes in terms of utilization.
The proposed $600,000,000 in tax spending amounts to almost $5,000,000 per acre of the 121 acres that OU Foundation owns in the proposed TIF district.
DO OTHER CITIES IN OKLAHOMA HAVE TIFs THAT ARE THIS LARGE? NO
According to the Oklahoma Department of Commerce "Oklahoma Tax Increment Financing Districts" report (2024), $600,000,000 million is larger than any other single TIF increment in the State.
This is available at Oklahoma Tax Increment Financing Districts 2024 (okcommerce.gov).
We might expect Tulsa or Oklahoma City, which are much larger cities, to have bigger districts than Norman. This, however, is not the case.
CAN NORMAN AFFORD TO CARRY THIS AMOUNT OF DEBT GOING FORWARD?
This question has not been addressed so far by the TIF feasibility studies. Due diligence suggests analysis which show projected city (county and school district) tax revenue growth for the baseline (no TIF) scenario as well as less than 100% completion of the proposed projects (say 50%, 75%).
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