Meeting Summary
The city council received an overview of local development and redevelopment tools, including Tax Increment Financing (TIF), Business Improvement Districts (BID), and Urban Renewal. The discussion focused on the historical application of these tools in Norman and Oklahoma City, and their potential future use to address blight and encourage development, with a strong emphasis on ensuring affordability and incorporating extensive community input.
Coming Up
Watch For
- Further discussions on applying TIF, BID, and Urban Renewal tools in Norman, particularly for affordable housing and addressing blighted areas.
- Integration of these development tools with the comprehensive land use plan update and the Strong Towns initiative.
- Community input and town halls regarding future development projects, especially concerning the East Side and potential redevelopment of old strip malls.
Agenda Summary
Discussion regarding local development and Redevelopment tools
A presentation providing a broad overview of state-provided tools to spur development and redevelopment, specifically Tax Increment Financing (TIF), Business Improvement Districts (BID), and Urban Renewal. The discussion included past examples of TIF and BID use in Norman (Campus Corner, University North Park, Center City) and examples of Urban Renewal in Oklahoma City. Council members discussed the potential application of these tools in Norman, highlighting the importance of strategic use, affordability components, and community involvement to avoid negative historical impacts.