Committee crafting TIF policy
Carol Cole
The Norman Transcript
Crafting a policy on how the city of Norman would deal with any future Tax Increment Financing Districts was the subject of the TIF Policy Committee Thursday.
"I think we have to be very careful as we move forward," said Ward 7 councilmember Doug Cubberley. "Because sales tax is our primary method of funding."
Ward 8 councilmember Dan Quinn chaired the meeting. Quinn said the committee will examine research on existing TIF Districts around the state, TIF's efficacy and how to measure their effectiveness. It will set up parameters by which TIFs may be considered in Norman.
Norman's $1.2 million Campus Corner TIF District No. 1 was the first sales tax-based TIF District in the state, which presented a few problems to work out initially with the Oklahoma Tax Commission.
City Finance Director Anthony Francisco said those kinks have been worked out and should not affect the $54.7 million University North Park TIF District No. 2, enacted by council May 23. The second TIF was sales tax and ad valorem tax based.
He said "one or two" TIFs had been proposed, although not formally, to the city recently.
Ward 3 councilmember Jim Stanley said he believes areas the TIFs were used for would have developed on their own.
He said one of his big concerns is having enough city staff to make TIF Districts work.
Cubberley said he believes Oklahoma City's Presbyterian Research Park TIF District, which has fueled hundreds of high-paying jobs, would not have sprung up on its own.
Francisco said there is a different parameter for every TIF proposal and said judgment of its effectiveness is subjective.
"I would caution that some of the most desirable projects come up very quickly," Francisco said about the value of the city's having created a TIF policy. "(The United Airlines proposal) went from Project X to sales tax ballot in less than a month."
Ward 6 councilmember David Hopper said if another opportunity comes along to land a Dell or similar plant, the city would have a policy in place and be able to act on it.
The committee plans to meet next at 5:30 p.m. Sept 14, when an Oklahoma City representative will talk about the city's recently adopted TIF policy.
The Norman Transcript
Crafting a policy on how the city of Norman would deal with any future Tax Increment Financing Districts was the subject of the TIF Policy Committee Thursday.
"I think we have to be very careful as we move forward," said Ward 7 councilmember Doug Cubberley. "Because sales tax is our primary method of funding."
Ward 8 councilmember Dan Quinn chaired the meeting. Quinn said the committee will examine research on existing TIF Districts around the state, TIF's efficacy and how to measure their effectiveness. It will set up parameters by which TIFs may be considered in Norman.
Norman's $1.2 million Campus Corner TIF District No. 1 was the first sales tax-based TIF District in the state, which presented a few problems to work out initially with the Oklahoma Tax Commission.
City Finance Director Anthony Francisco said those kinks have been worked out and should not affect the $54.7 million University North Park TIF District No. 2, enacted by council May 23. The second TIF was sales tax and ad valorem tax based.
He said "one or two" TIFs had been proposed, although not formally, to the city recently.
Ward 3 councilmember Jim Stanley said he believes areas the TIFs were used for would have developed on their own.
He said one of his big concerns is having enough city staff to make TIF Districts work.
Cubberley said he believes Oklahoma City's Presbyterian Research Park TIF District, which has fueled hundreds of high-paying jobs, would not have sprung up on its own.
Francisco said there is a different parameter for every TIF proposal and said judgment of its effectiveness is subjective.
"I would caution that some of the most desirable projects come up very quickly," Francisco said about the value of the city's having created a TIF policy. "(The United Airlines proposal) went from Project X to sales tax ballot in less than a month."
Ward 6 councilmember David Hopper said if another opportunity comes along to land a Dell or similar plant, the city would have a policy in place and be able to act on it.
The committee plans to meet next at 5:30 p.m. Sept 14, when an Oklahoma City representative will talk about the city's recently adopted TIF policy.
