All of these stores are new and the city will collect 40 percent of the sales taxes generated by these businesses.
The TIF will keep 60 percent to pay off debt services on Legacy Park and other amenities and to finish out the required infrastructure in the University North Park area. Half of the ad valorem growth goes to TIF but the rest will go to the local taxing jurisdictions including the schools, Cleveland County, the county health department, and Pioneer Library Services. Norman gets a very small percent of ad valorem as well.
The boom at the University Town Center couldn’t have come at a better time, with Norman’s sales tax running flat or under budget through most of the last fiscal year.