By Carol Cole

Transcript Staff Writer

The master operating agreement for the University North Park Tax Increment Financing District No. 2 between the city of Norman, University North Park LLC and University Town Center LLC was approved by the Norman City Council at Tuesday’s regular meeting along with the first of what will be numerous agreements to execute the TIF No. 2 project plan.

The operating plan outlines responsibilities of each entity to implement the city’s Tax Increment Financing District No. 2.

The Development Agreement No. 1 for initial project activities in the Norman University North Park Project was approved by council.

The initial project will be the traffic and roadway improvement and supporting activities necessary to start implementing the project plan, totally not more than $13.475 million.

University North Park would “fund or cause to be available for funding amounts sufficient to provide financing for the initial project activity costs.”

“With a commitment from UNP, we can move that up for the community,” City Attorney Jeff Bryant said.

The Norman Tax Increment Financing Authority would issue tax apportionment notes or bonds for payment of the initial costs.

Norman resident and council watcher Sylvia Martin asked if additional city staff will be needed to handle overseeing and managing of the TIF District.

“It bothers me that this hasn’t really been talked about,” Martin said.

Bryant said the city may need additional staff, but it hasn’t been determined yet.

“Council will determine if the city will be reimbursed for TIF efforts and time,” he said.

The TIF District No. 2 is expected to begin generating sales tax revenue with the opening of Super Target, anticipated for early October.

The Cleveland County assessor has rated the base value of the area. When the value increases over the base, the district will receive 50 percent of the ad valorem taxes in 2007. The area has not produced sales tax or ad valorem to this point.