Developers in Norman and leaders from the University of Oklahoma, as well as the city itself, will meet Wednesday to discuss taxes intended to fund a new billion-dollar entertainment district in the city.
Norman city leaders and OU President Joseph Harroz will meet near the Young Family Athletic Center to discuss where standard taxes will go to pay for the new district, which includes a new stadium to host basketball events and OU gymnastics.
The city of Norman said it has no plans to raise taxes, but leaders say they do plan to create two tax increment financing, or TIF, districts, with the first for sales or use taxes to be activated on 1 May 2025, while the second would be a property tax that would be activated on December 31, 2026.
Norman leaders said these funds create new commercial space, 3,000 housing units, office space and a new stadium.
Harroz called the proposed district a “watershed moment that will change the face of Normanm,” but some residents say they are dissatisfied and worried about the long-term impact reallocating city funds to the new district could have.
The group “Oklahomans for Responsible Economic Development” is calling for a Norman public vote on the funding plan, and citizens are working on collecting signatures to get this idea on the ballot to have a say in the TIF.
RELATED: What is a TIF district? Understanding Tax Increment Financing
‘ This article may contain information published by third parties, some details of this article were extracted from the following source: www.newson6.com ‘
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