NORMAN — The Norman City Council may soon be asked to adopt resolutions designed to help lure high-quality employers to the city, something that has been lacking in recent years, city officials have said.
The Norman Economic Development Coalition, whose proposed University North Park office complex is designed to attract such employers, is asking council to approve the use of “economic development” funds generated by the UNP Tax Increment Finance District to secure the 30 acres needed to build the office park.
According to city officials, the OU Foundation, who currently owns the 30 acres, and the NEDC are close to a deal, with a reported purchase price of $1.6 million. A local bank is interested in providing financing but is seeking a “revenue stream” to make interest payments until the NEDC completes the sale of more lots within the complex.
Officials said they hope the land sale would close by Sept. 30, although the closing date has been pushed back at least three times already.
Don Wood, executive director of the NEDC, told council last month that seeking the help of a bank to acquire the land and build the office park is difficult because of the fragile state of the economy. He said pledging a portion of the UNP funds would help move the project forward.
Documents provided by the city show the resolutions would authorize indebtedness of “up to $8.25 million” for economic development, with a potential for another $8.25 million in matching funds from the state if the jobs meet certain criteria regarding salary and benefits, among other factors.
Mayor Cindy Rosenthal said only the approved use of the bonds in discussion Tuesday night would be the NEDC office complex and that any new projects would require council approval.
Wood said his organization has had “an existing company” interested in buying a lot in the proposed complex for two years, adding that he could have a “letter of intent” in the coming days if the council desired.
“They’ve stayed in place,” Wood said of the unnamed company. “And they still want to build in Norman.”
Wood, who currently has a second company showing interest in locating to Norman (negotiations precluded him from naming names), said council could send a strong message to the company already interested in expanding in Norman by adopting the ordinances approving the issuance of more than $8 million in bonds.
“It shows intent,” Wood said. “That shows a strong commitment to the customer.”
Wood and some council members, including Ward 3 representative Hal Ezzell, said moving ahead with the resolutions would better position the city as it tries to attract large-scale employers who bring in high-paying jobs.
Andrew Knittle 366-3540 aknittle@normantranscript.com
