November 7, 2018 City Council Meeting

Council reached a consensus to direct staff to prepare a resolution for the Statutory Review Committee. This resolution will propose options for ending the University North Park TIF, while ensuring the protection of existing commitments like the Robinson Street crossroads project and addressing the financial impact on Norman Public Schools, potentially through SRO program funding for an interim period.

University North Park TIF Sales Tax and Property Tax Revenue

The TIF currently generates approximately $4 million annually in sales tax and $2 million annually in property tax. Discussions centered on reallocating or terminating these revenue streams.

Robinson Street Crossroads Project Funding

$1 million from TIF funds is already appropriated in the FY17 budget for this project. Council discussed ensuring this funding remains allocated even if the TIF is terminated.

Norman Public Schools (NPS) SRO Program Cost Share

NPS currently contributes approximately $750,000 annually for their half of the SRO program. Council discussed potentially covering NPS's estimated net loss of $250,000-$300,000 annually for an interim 2.5-3 year period, possibly by adjusting the SRO cost share.

Lifestyle Center Contractual Obligation

The city has a contractual obligation to make $8.25 million available for the lifestyle center if the developer meets specific performance criteria by 2026. This obligation would need to be funded from an alternative source if the TIF is ended.

Legacy Park Business Improvement District (BID) Contribution

The city's contribution to the Legacy Park BID for maintenance is $75,000 for the current fiscal year, with contributions decreasing annually as businesses increase their self-assessment. The BID is a 10-year, $2 million fund.

Continued discussion regarding the reapportionment of University North Park tax increment financing district sales tax auctions

Discussion focused on options for modifying or terminating the TIF, including legal processes, impacts on various stakeholders, and financial implications of different scenarios, particularly concerning the Statutory Review Committee's role and contractual obligations.