Meeting Summary
The city council held a special meeting to discuss the negotiated Economic Development Agreement for the Rock Creek Entertainment District. The city's legal counsel presented a detailed overview, addressing council concerns regarding project scope, financing mechanisms, and developer obligations, particularly concerning the use of TIF and Leverage Act funds. No final decisions were made on the agreement itself during this discussion.
Key Decisions & Votes
Adjournment to Executive Session
40:00The council approved a motion to adjourn into executive session to discuss pending litigation in the case of Mun vs. City of Norman EOC charge of discrimination.
Financial Matters
Economic Development Agreement for Rock Creek Entertainment District
Discussion of the structure of assistance and development financing, including Tiff four (sales tax increment district) and Tiff five (ad valorem increment district) up to $600 million plus Leverage Act funds. Payments are pay-as-you-go and dependent on project revenue generation. Developer parties are agreeing to spend at least $650 million to build the project.
Construction Sales Tax
Developer parties are obligated to require that materials for construction be delivered to the City of Norman and track sales tax receipts to generate sales tax increment, which will be used for assistance payments and potential Leverage Act matching.
Coming Up
Deadlines
- Developer parties submit phasing plan: March 15, 2025
- Anchor project construction start: January 1, 2026
- Anchor project completion: December 31, 2029
- Mixed-use project construction start: January 1, 2026
- Mixed-use project completion: December 31, 2032
Watch For
- Future discussions and potential approval of the Economic Development Agreement for the Rock Creek Entertainment District
- Norman Tax Increment Finance Authority review of phasing and development plans
- Application for Leverage Act funds
Agenda Summary
Discussion regarding the economic development agreement for the Rock Creek ENT payment District
Presentation and discussion of the negotiated Economic Development Agreement for the Rock Creek Entertainment District, covering project scope, financing structure (TIF 4, TIF 5, Leverage Act), developer obligations, and timelines.
Consideration of a journey into executive session
Motion to adjourn into executive session as authorized by Oklahoma statutes 25 307 B4 to discuss pending litigation in the case of Mun versus City of Norman EOC charge of discrimination.