Council to consider TIF operating agreement
The Norman Transcript
The Norman City Council will consider a master operating agreement for the University North Park TIF No. 2 at its regular meeting Tuesday, taking the next step from the UNP TIF project plan approved May 23.
The master operating agreement details the obligations and responsibilities of the primary parties: the city of Norman, University North Park LLC as landowner and University Town Center LLC as developer. The University of Oklahoma and the OU Foundation are listed as supporting parties to the agreement.
Some of the obligations of the city include establishing and appointing an oversight committee, reviewing a variety of elements including site plans, design guidelines and proposed amendments to the Planned Unit Development, consideration of various financing agreements and construction contracts for improvements included in the project plan.
The council adopted a trust indenture July 11 to establish a public trust, which will issue revenue bonds.
City Attorney Jeff Bryant wrote that some "jump start" opportunities include traffic and roadway improvements of $13.4 million; a hotel and conference center with John Q. Hammons contributing $5 million in financing enhancements; and Legacy Park and public art support with the developer committing to "financing enhancements of up to $5.75 million.
In the agreement, University North Park LLC committed to "fund or cause to be available for funding amounts sufficient to provide financing of the initial project activity costs on the traffic improvement agreement. "
Council will consider a resolution for the TIF's traffic improvements that would include various interchange and intersection improvements along Interstate-35, Robinson, Tecumseh and 24th Avenue NW and the construction of a frontage road east of I-35.
The council will also consider upgrades to the water distribution system including the construction of a 24-inch water line along 24th Avenue NW between Tecumseh Road and Robinson Street. Cost would be shared with the developer.
Other items on the agenda include:
Consideration of a consent to encroach at 2304 Valley Hollow for construction of a retaining wall over a sewer line;
Consideration of a consent to encroach at 411 Foxborough Court. The application to construct a section of driveway over a city drainage easement was previously turned down by council;
Consideration of an amendment to the approved site plan to allow a temporary trailer for the sale of JR's Head Country Family Bar-B-Q at 2211 W. Main St. in Big Lots parking lot. The trailer would be required to be placed 100 feet from the front of the parking lot;
Consideration of an ordinance to rezone to Planned Unit Development from A-2 or rural agricultural district 157 acres on the northwest corner of East Robinson and 36th Avenue NE. A maximum of 81 single family detached homes would be constructed, including one possible home in a 50-acre lot. About 68 acres of private or common open space is been reserved in the project. Applicant is Frost Creek LLC. A preliminary plat is also up for consideration.
More detail on agenda items including the consent agenda is available on the city of Norman Web site at www.NormanOK.gov. ?
The Norman City Council will consider a master operating agreement for the University North Park TIF No. 2 at its regular meeting Tuesday, taking the next step from the UNP TIF project plan approved May 23.
The master operating agreement details the obligations and responsibilities of the primary parties: the city of Norman, University North Park LLC as landowner and University Town Center LLC as developer. The University of Oklahoma and the OU Foundation are listed as supporting parties to the agreement.
Some of the obligations of the city include establishing and appointing an oversight committee, reviewing a variety of elements including site plans, design guidelines and proposed amendments to the Planned Unit Development, consideration of various financing agreements and construction contracts for improvements included in the project plan.
The council adopted a trust indenture July 11 to establish a public trust, which will issue revenue bonds.
City Attorney Jeff Bryant wrote that some "jump start" opportunities include traffic and roadway improvements of $13.4 million; a hotel and conference center with John Q. Hammons contributing $5 million in financing enhancements; and Legacy Park and public art support with the developer committing to "financing enhancements of up to $5.75 million.
In the agreement, University North Park LLC committed to "fund or cause to be available for funding amounts sufficient to provide financing of the initial project activity costs on the traffic improvement agreement. "
Council will consider a resolution for the TIF's traffic improvements that would include various interchange and intersection improvements along Interstate-35, Robinson, Tecumseh and 24th Avenue NW and the construction of a frontage road east of I-35.
The council will also consider upgrades to the water distribution system including the construction of a 24-inch water line along 24th Avenue NW between Tecumseh Road and Robinson Street. Cost would be shared with the developer.
Other items on the agenda include:
Consideration of a consent to encroach at 2304 Valley Hollow for construction of a retaining wall over a sewer line;
Consideration of a consent to encroach at 411 Foxborough Court. The application to construct a section of driveway over a city drainage easement was previously turned down by council;
Consideration of an amendment to the approved site plan to allow a temporary trailer for the sale of JR's Head Country Family Bar-B-Q at 2211 W. Main St. in Big Lots parking lot. The trailer would be required to be placed 100 feet from the front of the parking lot;
Consideration of an ordinance to rezone to Planned Unit Development from A-2 or rural agricultural district 157 acres on the northwest corner of East Robinson and 36th Avenue NE. A maximum of 81 single family detached homes would be constructed, including one possible home in a 50-acre lot. About 68 acres of private or common open space is been reserved in the project. Applicant is Frost Creek LLC. A preliminary plat is also up for consideration.
More detail on agenda items including the consent agenda is available on the city of Norman Web site at www.NormanOK.gov. ?
