FYE 14 Budget prelim - City of Norman

CITY OF NORMANBackgroundUNIVERSITY NORTH PARK TAX INCREMENT DISTRICT FUNDBUDGETHIGHLIGHTSThe University North Park Tax Increment Finance District (UNP TIF) Fund is a CapitalFund established to account for the incremental revenue from sales and property taxes generatedfrom Tax Increment District Two, City of Norman and public improvement project costs within thedistrict.On May 23, 2006, the City Council adopted Ordinance O-0506-66, establishing theUniversity North Park Tax Increment Finance District (City of Norman TIF #2). TIF #2 is locatedon a 580-acre tract of land along I-35 in north central Norman. Plans for the TIF include theconstruction of public infrastructure including road and traffic improvements; a conference center, anew community park (“Legacy Park”) and extension of the City’s Legacy Trail; and economicdevelopment incentives designed to attract quality jobs to the TIF area. Future fiscal year budgetswill reflect projected revenues and estimated capital project related to this TIF.FYE 14 BudgetIn Fiscal Year 2014, several businesses will be up and running, producing an estimated$3,407,506 in incremental sales tax and $835,000 in incremental property tax. Severaltransportation improvement projects funded by the University North Park TIF will be underconstruction in FYE 14. An important component is the Interstate Drive East Extension budgetedfor $2,105,500. The timing and status of other approved TIF projects will be reviewed in relation tothe development of the UNP area.ANNUAL BUDGET112