dismayed
02-06-2011, 05:34 PM
http://normantranscript.com/headlines/x1303800826/Legacy-Park-stands-in-limbo-due-to-property-issue
Legacy Park stands in limbo due to property issue
By Andrew Knittle The Norman Transcript
NORMAN — The development of the planned Legacy Park in the middle of the University North Park area is being held up because the land has yet to be donated to the city.
City Attorney Jeff Bryant said UNP’s developer has yet to donate the land because of how the economy has affected retail expansion. He said the planned lifestyle center, which is supposed to be filled with high-end retailers, is not looking like something that’s going to happen.
The lifestyle center was one of the main components of the UNP tax increment finance district agreement signed by developers and the city of Norman in 2006. According to city documents, the lifestyle center and Legacy Park are supposed to be built across the street from each other.
The problem is, nobody’s building lifestyle centers these days.
UNP developer Stanton Nelson, who couldn’t be reached for comment, recently said that lifestyle centers aren’t being built because of the economy. He said the economic downturn that started in 2008 — which many say is the worst since the Great Depression — threw a huge wrench in the grand plan for the UNP area.
Bryant said the city is fully aware of the economic changes that have taken place since 2006.
“We’ve encourage him to work on some alternatives [to the lifestyle center],” Bryant said. “We know the same things aren’t working today that were working then. We’ve told him that people are emphathic to the economic collapse.”
Under the terms of the TIF agreement, Nelson is supposed to donate roughly eight acres of land so the city can build Legacy Park, which will include a large pond, a stage and amphitheater, high levels of landscaping and public art.
But once the park is built, the clock is ticking for Nelson.
“There’s a penalty provision in the [TIF] agreement that would force the developer to pay $5.9 million to the city if the lifestyle center isn’t developed by 2016,” Bryant said. “I think that’s something he’s concerned about, and understandably so. He does have some concerns about the lifestyle center.”
Bryant said the $5.9 million penalty would be the estimated price the city would pay to build the park. He also indicated that city leaders and members of the Norman City Council are ready to move on Legacy Park.
“The feedback we’re getting is they’re very much interested in moving forward,” Bryant said.
Legacy Park stands in limbo due to property issue
By Andrew Knittle The Norman Transcript
NORMAN — The development of the planned Legacy Park in the middle of the University North Park area is being held up because the land has yet to be donated to the city.
City Attorney Jeff Bryant said UNP’s developer has yet to donate the land because of how the economy has affected retail expansion. He said the planned lifestyle center, which is supposed to be filled with high-end retailers, is not looking like something that’s going to happen.
The lifestyle center was one of the main components of the UNP tax increment finance district agreement signed by developers and the city of Norman in 2006. According to city documents, the lifestyle center and Legacy Park are supposed to be built across the street from each other.
The problem is, nobody’s building lifestyle centers these days.
UNP developer Stanton Nelson, who couldn’t be reached for comment, recently said that lifestyle centers aren’t being built because of the economy. He said the economic downturn that started in 2008 — which many say is the worst since the Great Depression — threw a huge wrench in the grand plan for the UNP area.
Bryant said the city is fully aware of the economic changes that have taken place since 2006.
“We’ve encourage him to work on some alternatives [to the lifestyle center],” Bryant said. “We know the same things aren’t working today that were working then. We’ve told him that people are emphathic to the economic collapse.”
Under the terms of the TIF agreement, Nelson is supposed to donate roughly eight acres of land so the city can build Legacy Park, which will include a large pond, a stage and amphitheater, high levels of landscaping and public art.
But once the park is built, the clock is ticking for Nelson.
“There’s a penalty provision in the [TIF] agreement that would force the developer to pay $5.9 million to the city if the lifestyle center isn’t developed by 2016,” Bryant said. “I think that’s something he’s concerned about, and understandably so. He does have some concerns about the lifestyle center.”
Bryant said the $5.9 million penalty would be the estimated price the city would pay to build the park. He also indicated that city leaders and members of the Norman City Council are ready to move on Legacy Park.
“The feedback we’re getting is they’re very much interested in moving forward,” Bryant said.