Carol Cole
The Norman Transcript

An ordinance establishing policy on economic development will be the main topic of discussion at Tuesday's Norman City Council meeting, despite the proposed $5 million in economic development going down as part of the city's defeated temporary, five-year sales tax vote Aug. 22.

The ordinance was drafted primarily by Ward 7 councilmember Doug Cubberley to establish requirements to enable the city to move quickly if an opportunity like the Dell plant arises.

The purpose of economic development is designated in the ordinance "to broaden and diversity the local tax base, create new job opportunities for citizens of the city that provide living wages with benefits, and promote the economic growth and welfare of the city ..."

The designated uses mirror much of the plan drafted by Don Wood, Norman Economic Development Coalition executive director.
In the ordinance, it states, "it is the intention of this ordinance to direct city funds to be used to:

leverage state and federal programs;
invest in training citizens of the city;
invest in business incubators for targeted industries;
create a revolving loan fund;
create a "closing fund"; and
... other economic development uses as the city council may determine from time to time."

City leaders have not said whether they will bring a new economic development package forward with a new half-cent sales tax package, although Wood has said he has no problems with an economic development measure standing on its own in the next municipal referendum March 6.

Council also will consider an encroachment at 2304 Valley Hollow for a retaining wall.
Other items are included on the consent agenda. More detail on the council agenda is available on the city's Web site at www.NormanOK.gov.