Meeting Summary
The City Council held its first public hearing for the Rock Creek Entertainment District project plan, which includes two new Tax Increment Finance (TIF) districts. The meeting focused on providing information and answering numerous public and council questions regarding the project's financial implications, economic assumptions, and the process for its approval. A final vote on the project plan and economic development agreement is scheduled for September 17, 2024.
Key Decisions & Votes
Place items 1 and 2 on the consent docket
02:00Council voted to place routine administrative items on the consent docket for a single vote.
Approve the consent docket
02:40Council unanimously approved the items placed on the consent docket.
Open the first public hearing for the Rock Creek Entertainment District project plan
05:00Council voted to open the public hearing to receive information and questions regarding the proposed TIF districts and project plan.
Close the first public hearing for the Rock Creek Entertainment District project plan
01:57:00Council voted to close the public hearing after receiving questions and comments from the public and council members.
Financial Matters
Rock Creek Entertainment District Project Plan
Anticipated development of $1.1 billion total investment including residential, retail, office, commercial, entertainment/arena, parking, and hotel.
Authorized Project Costs
Primarily assistance in development finance for the Rock Creek Entertainment District.
Estimated Total Increment Revenues
Projected revenues from TIF District Number Four (sales tax) and Number Five (ad valorem) over 25 years.
Potential Leverage Act Matching Payments
State sales tax matching mechanism for TIF projects.
General Fund Impact (HVS Report)
Estimated annual loss to the city's general fund upon project stabilization.
OU Foundation Contribution to Arena
Contribution towards arena construction via a 25-year lease agreement.
Cleveland County Recreational and Entertainment Facilities Authority Debt
Principal amount to be financed by the County Trust for arena and parking garage construction.
Public Comments
Numerous citizens and council members raised extensive questions and concerns regarding the project's financial impact on the city's general fund, potential displacement of existing businesses, the necessity of a new arena given the existing Lloyd Noble Center, lack of a public vote, transparency of negotiations, and the validity of economic assumptions. Specific concerns included housing affordability, job wages, traffic, storm water management, and the impact on Norman Public Schools' funding.
Coming Up
Deadlines
- Second public hearing on Rock Creek Entertainment District project plan: September 17, 2024
- Council to consider adoption of zoning items, project plan, and economic development agreement: September 17, 2024
- Economic Development Agreement (EDA) final agreement sought before September 17, 2024
- Arena construction to begin no later than January 1, 2026
- Arena construction to be completed by December 31, 2029
- Mixed-use project construction to be completed by December 31, 2032
Watch For
- Potential referendum on the TIF ordinance if approved by Council
- Further details on the Economic Development Agreement (EDA) negotiations
- Updated site plan for the Rock Creek Entertainment District
- Norman Public Schools (MPS) economic analysis on ad valorem impact
Agenda Summary
Consent Docket Items 1 and 2
Routine administrative items placed on the agenda for unanimous approval.
Conducting and closing the first public hearing for consideration of approval, rejection, amendment, and/or postponement of the Rock Creek Entertainment District project plan and its proposed Increment District Number Four (sales tax) and Increment District Number Five (ad valorem).
Public hearing to provide information and answer questions regarding the proposed TIF districts and project plan.