An Oklahoma court has canceled an election next month on a proposition to create two tax increment financing districts in Norman to help finance a University of Oklahoma sports arena as part of a $1 billion proposed entertainment development.
Cleveland County District Court Judge Jeff Virgin
Two former Norman mayors petitioned the court for injunctive and other relief on July 9, claiming a June 11 Norman City Council resolution calling for an advisory election was invalid under Oklahoma law, while arguing the official election notice is defective because it contains the erroneous election date of Aug. 26.
The city and the university did not respond to requests for comment. A city webpage for the entertainment district said "
The ballot measure would ask voters if the city council "shall" establish sales tax and property tax TIF districts with 100% of the incremental increases in tax revenue over 25 years allocated "for project costs and debt service totaling $600 million for purposes of developing an arena and associated infrastructure in the Rock Creek Entertainment District."
In September, a coalition that includes the city, Cleveland County, the university, and business groups announced the proposed commercial, entertainment, and housing development on mostly undeveloped land owned by the university's foundation and the Norman Economic Development Coalition. The university would be the anchor tenant of the publicly owned arena, which could also host concerts and other events.
About 80% of the project would be funded through private investment with the remaining 20% coming from public sources, according to the announcement.
A presentation to a city committee last month pegged the cost of the arena, parking garage, and related infrastructure at $330 million with $230 million in funding coming from TIF revenue. There is also a $600 million cap on total public funding for the project.
