By Carol L. Cole

Transcript Staff Writer

Norman recently fulfilled its first Tax Increment Financing District, just as it’s getting started on its second.

The city’s first TIF — Campus Corner TIF District No. 1, recently completed its $1.25 million in new funds created by increased revenues in the district. It was originally approved in December 2001.

It has been a resounding success, according to Rainey Powell, a Campus Corner Association board member.

“It’s paid off and it will continue to pay off,” Powell said. “I think the money that was spent was all new money, theoretically money spent that the city wouldn’t have had if the private investment hadn’t occurred. And going forward, the city will enjoy 24 to 25 percent investment return every year going forward. So from a financial investment perspective, it’s been a very good deal for the city.”

Overall revenues in the district have gone up 85 percent since 2001.

Five new businesses have yet to open this year, Powell said, and several have opened recently or are expanding.

Lucca Fashion Boutique opened in the old Balfour location and Blush recently opened. Tulips opened on Buchanan Street about a year ago and they are expanding. Starbucks now occupies the corner of Boyd Street and Asp Avenue.

Powell said there are four construction projects going on and additional private investment occurring as a result.

Several stores are in the process of expanding, including Happy Cat Yarn Company, Café Plaid and Savvy.

Norman’s iconic O’Connell’s Irish Pub is expected to open in the old Al Eschbach’s Sports Grille location in time for about the third home football game.

The Campus Corner TIF District yielded $369,019 in sales and property taxes in its first year, 2001. Its fiscal year 2007 total was $676,414. The amount over the original sum went to the TIF District for improvements until the $1.25 million was fulfilled.

About $862,767 of that amount has been spent or encumbered, said Norman Finance Director Anthony Francisco, leaving about $400,000.

“We still have a number of sidewalks to repair and a number of repairs have been made,” Powell said. “The White Street sidewalks and the curbs and Asp Street, the curbs were designed for a one-way street south. … There is an opportunity to increase several parking spaces the way the curbs and the bumpouts work.”