University Town Center

[onthestrip]

The TIF district plan was shown last night. $600 million. https://www.normantranscript.com/new...4e7f1d394.html

Wow this would be a horrible deal for city of Norman. I have no idea how Norman would ever benefit to the tune of $600 million over the next 25 years if this were to happen. And to act like a small arena mostly for college basketball will be the impetus for more development is a joke. Look how much UNP has already developed without an arena as an anchor. This has future boondoggle written all over it.

[BoulderSooner]

Wow this would be a horrible deal for city of Norman. I have no idea how Norman would ever benefit to the tune of $600 million over the next 25 years if this were to happen. And to act like a small arena mostly for college basketball will be the impetus for more development is a joke. Look how much UNP has already developed without an arena as an anchor. This has future boondoggle written all over it.

the money 100% comes from this ...

how is it a "horrible deal" for norman ..

the money doesn't exist with our this development ..

[Jersey Boss]

the money 100% comes from this ...

how is it a "horrible deal" for norman ..

the money doesn't exist with our this development ..

Norman looses the sales tax money currently generated at the LNC and will not be replacing this loss of tax monies for 25 years. Horrible deal for Norman. Not to mention the additional costs of the City of Norman being responsible for traffic management and security costs associated with this. Great deal for developers and the State of Oklahoma.

Also what about 1200 parking spaces for a 5,000 seat arena. Costs tripled, seating cut to 5/8 of original pitch.

[onthestrip]

the money 100% comes from this ...

how is it a "horrible deal" for norman ..

the money doesn't exist with our this development ..

You act like UNP development will come to a stop unless a new arena is built. I just found the TIF map and it includes basically all empty ground at UNP. This land will continue to develop with or without an arena. If this passes, all that ad valorem and sales tax money of any new PF Changs or Lowes or whatever, instead of going to the city's budget, public safety and schools, it pays for this $600 million arena.

And here's what will happen on the arena, for 25 years it will be valued very high, maxing out the amount of ad valorem payments that come back to pay for the arena. After 25 years, when OU or whoever owns it has to start making their own ad valorem payments, they'll immediately protest the value and get it lowered to probably 1/3 of the previous assessed value and then the city, public safety and schools get very little in the end.

In simpler terms of how this is a horrible deal for norman? Its a $600 million 5,000 seat arena with a middling college basketball team as its main user. A $600 million TIF district, Im not sure anything in the state has ever come close to that amount. First National building was only $120-ish million.

[FighttheGoodFight]

I will say the Mayor, who seemed to be all about this plan earlier in the year, balked at the meeting when the price had gone up another 75 million from the earlier estimate. Not sure what city council members are for this at the moment. We wait until next Thursday to hear from statutory review committee

[macfoucin]

Norman Development fb page is reporting Hobby Lobby and Mardel are going in North of Crest and Main Event is going just South of Holiday Inn Express.

[Pete]

Norman Development fb page is reporting Hobby Lobby and Mardel are going in North of Crest and Main Event is going just South of Holiday Inn Express.

Wow, thanks.

That will go a long way of filling the newly graded area.

[TornadoKegan]

Apparently Norman is getting a Main Event. (Not sure if it was mentioned) i think Mardel and Hobby Lobby will be moving from the main street location

[TornadoKegan]

apparently i am a few hours late

[bison34]

Sad that this specific area was to be the lifestyle center. Now? Nothing even remotely resembling one. It is good sales tax revenue for Norman, but just sad, given what Norman was promoted in 2005-2006.

[The]

Sad that this specific area was to be the lifestyle center. Now? Nothing even remotely resembling one. It is good sales tax revenue for Norman, but just sad, given what Norman was promoted in 2005-2006.

Not really though, because these “new” shops are just moving over from Main St.

[TornadoKegan]

Not really though, because these “new” shops are just moving over from Main St.

with the exception of main event. that is new

[The]

with the exception of main event. that is new

Very true.

[Rover]

Nm

[Rover]

Nm

[FighttheGoodFight]

Main event will do well. Now if a Top Golf comes in it will be solid.

[Jersey Boss]

https://www.oudaily.com/news/review-...a97be18d4.html
On to City Council

[TornadoKegan]

Any word on when main event and the new hobby lobby/mardel will open?

[FighttheGoodFight]

Any word on when main event and the new hobby lobby/mardel will open?

I'd guess quite a while. That area is just flattened. I dont see any foundation type work yet.

[BimmerSooner]

New renderings. Press conference going on currently.

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1B8DF61D-E552-4901-A5AE-A772A4252220.jpeg

[Jersey Boss]

https://www.oudaily.com/news/norman-...46cdc81fdf.htm

NPS discusses TIF ramifications

[BoulderSooner]

New renderings. Press conference going on currently.

B633C675-6230-43EC-980E-52E69139C492.jpeg

1B8DF61D-E552-4901-A5AE-A772A4252220.jpeg

this should pass planning next week and then on to council .. where there is a very strong belief that it will pass and we will see dirt moving in 2025

[PhiAlpha]

New renderings. Press conference going on currently.

B633C675-6230-43EC-980E-52E69139C492.jpeg

1B8DF61D-E552-4901-A5AE-A772A4252220.jpeg

I just can't wait for the day that we can have lunch at "Cool Restaurant" in Midtown and follow it up with a dinner at "SOLAR"

[BoulderSooner]

this should pass planning next week and then on to council .. where there is a very strong belief that it will pass and we will see dirt moving in 2025

also cost is now up to 330 mil .. with OU / developers picking up the other 100 mil

[OkieBerto]

Here is the Journal Record Article on this development. $1B entertainment district to transform Norman