Norman Developers, OU And City Leaders To Discuss Tax Funding For Proposed Billion-Dollar Entertainment District

Developers in Norman and leaders from the University of Oklahoma as well as the city itself are meeting on Wednesday to discuss taxes meant to fund a new billion-dollar entertainment district in the city.

City of Norman leaders and OU president Joseph Harroz will gather near the Young Family Athletic Center to talk about where standard taxes will go to pay for the new district, which includes a new arena to house OU basketball and gymnastics events.

The City of Norman said it has no plans to raise taxes, but leaders say they do plan to create two tax increment finance, or TIF, districts, with the first for sales or use of tax activating on May 1, 2025, while the second would be a property tax activating on Dec. 31, 2026.

Norman leaders said these funds create new retail spaces, 3,000 housing units, office spaces as well as the new arena.

Harroz called the proposed district a “watershed moment that will change the face of Normanm,” but some residents say they are dissatisfied, and worry about the long-term impact relocating city funds for the new district could have.

The group “Oklahomans for Responsible Economic Development” is petitioning for a Norman public vote on the funding plan, and citizens are working on collecting signatures to get this idea on the ballot so they can have a say on the TIF.

RELATED: What is a TIF District? Understanding Tax Increment Financing