Norman City Leaders Host Meeting Over How to Pay For New Arena

Norman City leaders gathered Tuesday evening to discuss the future of a more than billion-dollar entertainment district east of Interstate 35.

It comes after a judge canceled a public vote over how to fund the project. This is the first of two meetings to roll out a vision for the area, and how it will be paid for.

University of Oklahoma leaders say the facility is needed to stay competitive in the Southeastern Conference. After the Norman City Planning Commission gave the plan the green light, the only question remains how to pay for it.

Conversation Tuesday evening will center around using a TIF or Tax Increment Financing. If approved by the city council, sales taxes collected within the district would go, in part, to funding projects within the district. 

City leaders want to make it clear, that creating a TIF district would not raise taxes on Norman residents, but instead change where the standard taxes go after they are collected.

Norman city leaders say the district would not only bring the state-of-the-art facility but also 5,000 jobs and 3,000 housing options.

That meeting on Tuesday night is set for 6:30 at city hall. Anyone is able to stop by city hall to see the plans and financial impact for themselves during normal business hours.

Norman does have other TIF districts including campus corner, and the University North Park areas. The next public meeting is set for September 17.