Meeting Summary
The Business and Community Affairs Committee met to discuss incentives for addressing vacant storefronts in Norman, focusing on supporting local small businesses and developers. The discussion covered various financial tools like Special Assessment Districts, TIFs, and permit fee waivers, as well as analyzing current retail vacancy rates in key corridors. No formal decisions were made, but future deep dives into specific areas and potential partnerships were planned.
Financial Matters
Sales tax rebates, TIFs, Special Assessment Districts, Tax abatements, Permit fee abatements
Discussion of various available incentives for specific projects or areas.
Campus Corner TIF
Mentioned as a combined property tax and sales tax TIF, with funds primarily from sales tax, used for major sewer problems.
Country Club Estates Special Assessment District
An example of a special assessment district where property owners petitioned the city for water system attachments.
ARPA funding
Discussed as a potential source for revitalizing tourism, hospitality, and small businesses in disproportionately affected areas (e.g., downtown).
Arterial Road Recruitment Fund
Mentioned as a fund for road improvements and economic development, used to provide incentives to companies like Emmy.
Facade grants
Mentioned as a common Main Street America approach, typically a matching grant type program requiring a source of funding.
Coming Up
Tabled
- Deeper discussion on incentives for vacant storefronts at next month's meeting.
Watch For
- Further discussion on the city's economic development policy, particularly the incubator concept.
- NEDC's informal incubator discussions, potentially focusing downtown.
- Abolishment of parking minimums (expected in a couple of weeks).
- Deep dives into specific areas for vacancy rates and potential tools, including Lindsay corridor, Ed Noble, Main Street, Gray, Porter, Campus Corner, and the East Side.
Agenda Summary
Incentives for Remedying Vacant Storefronts
General discussion on creative ideas and ways to lower the bar for small developers and businesses to fill vacant storefronts in Norman.