NORMAN — Plans for an entertainment district in north Norman will move forward, following City Council’s approval of a $600 million TIF to fund the project. At least 65 residents, signed up to speak during Tuesday’s meeting, which included both a public hearing, as well as consideration and vote on up to $600 million for two TIF districts in the University North Park area, located between West Rock Creek Road, I-35, West Tecumseh Road, and Max Westheimer Airport, includes residential, retail, office, commercial, a multi-purpose arena, parking garage, a hotel and a festival plaza. The arena, which the University of Oklahoma would occupy for about 30% of the year, anchors the development.
The first district, Norman TIF 4, would be a sales tax district, collecting the non-dedicated and capital improvement sales tax generated by the project starting May 1, 2025. The second district would be Norman TIF 5, an ad-valorem district, collecting 100% of the ad-valorem taxes generated by the project starting December 31, 2026. Lead Project Developer Danny Lovell, CEO of The Rainier Companies, said according to his estimates, the project will cost the city $51 million, which is being invested in the area.
Our estimate is that $54 million will come to the city from the dedicated portion of this project. We believe that there is a substantial offset,” Lovell said. Lovell said he’s seen different estimates, but bond investors, insurance companies, and public and private REITs belie.