UNP TIF #2 Oversight Board Meeting clarifies Issues with Development Agreement

The minutes of the University North Park TIF (#2) Oversight board meeting held on July 16, 2024 spell out problems with the arena TIF development agreement. UNP TIF #2 Oversight Board Minutes

The Economic Development Agreement does not define project or commit developer to completing minimal development beyond an arena.

Comments by City Finance Director, Anthony Francisco:

“Before the recommendation will go before Council formally, we want to have an Economic Development Agreement that basically puts meat on the bones if you will, that makes all the contractual parties bound for what is in that Project Plan,” Francisco said. The Economic Development Agreement has been in negotiations for several months. There have been what Francisco describes as the following “sticking points” which have been communicated by City Council and the City Attorney’s Office to the developers and the developer’s counsel:

1. There needs to be an obligation to do a specific and defined project;

2. The project needs to name a specific party that is the main developer;

3. The developer’s counsel proposed changes to the draft Economic Development Agreement that makes the TIF revenue payments to the developer dependent only on construction of the Arena and not the entire District, leading to default concerns. "



Access to I-35 is not under design. 

The proposed East-west Access Oklahoma Turnpike put a stop to the design of the interchange which would serve the arena entertainment district. 

City interim public works director Scott Sturtz commented:

“There is a big circle on the map that basically says that ‘this (Rock Creek and I-35 intersection) needs further study.’ They did not get far enough along to make recommendations,” Sturtz said. “Again, this is all preliminary. They are pretty good concepts, they’re laid out pretty well, but I wouldn’t say there’s anything that’s definite at this point.”