Local Incentives

Tax Increment Financing: TIF creates funding for projects that may otherwise be unaffordable to localities and developers by borrowing against future property tax revenues. With City Council approval, incentives are available to companies creating quality jobs in the University North Park TIF District in Norman. Funds from this public financing option may be used for employee training, temporary facilities during construction, or any other jointly-agreed uses.

The University North Park TIF District’s prosperity is already generating sales tax and ad valorem tax base revenue that is exceeding projections, which will have a positive, long-lasting impact on the Norman community in terms of business revenue, employment, and education funding.

Job Creation Incentive Program:  Sites in University North Park Corporate Centre and Advanced Manufacturing Centre are located in the TIF District and offer job creation incentives through the TIF to eligible companies.  TIF incentives have an average annual salary requirement of at least $35,000.  This site is also located in an Enterprise Zone that offers increased tax credits and an automatic 5% in the State’s Quality Jobs Program.  These programs are incremental in capitalizing on Norman’s talented resource based and improving quality of life for Norman residents.