In turn, businesses that might not have otherwise come to Norman were attracted to the TIF district, increasing the tax base.
With the creation of the Economic Development Authority, the city council is hoping to make a wider range of incentives available so Norman can be more competitive in the economic development hunt.
All incentives will have to be appropriate to this area.
“Sometimes it’s hard to compare cities in other states with what we do because the governmental structure is different,” Bryant said.
City council members will address a number of these issues in the 9 a.m. meeting of the Business and Community Affairs committee on Thursday at city hall. The meeting is open to the public.
The economic policy draft under discussion outlines potential goals and objectives, a variety of incentives and other economic development tools, eligibility criteria, the evaluation process, performance standards, and methodology for monitoring and evaluating compliance.
“On the eligibility criteria, not every proposal will address all of those,” Bryant said. “These are just some things to consider when trying to decide whether a project should receive public assistance.
“Each project will have to come forward and stand on its own merit,” he said. “All projects will be vetted in public before there is a commitment of public funding.”