Norman: University North Park: Developer to Face Penalties?

[dismayed]

http://normantranscript.com/headline...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.

[bombermwc]

Keep on it Norman, too many people use the "economy" excuse to just not do what they promised, or to cut back and make crap out of a good promise. In a project that big, the developer had to have thought there might be problems along the way. But hey, 2016 is a good buffer...you can build a LOT before then. Norman could add thousands of new residents by then as well. More customers = more money =

[Chicken In The Rough]

The problem is, nobody’s building lifestyle centers these days.

What is he talking about? Did the developer tell him that? If anything, "lifestyle centers" are being overbuilt in my opinion.

[ljbab728]

What is he talking about? Did the developer tell him that? If anything, "lifestyle centers" are being overbuilt in my opinion.

That probably varys depending on what part of the country you're talking about but here is one thought about that:

http://retailtrafficmag.com/news/dev...mall_06272010/

[Superhyper]

That probably varys depending on what part of the country you're talking about but here is one thought about that:

http://retailtrafficmag.com/news/dev...mall_06272010/

I like that article, it brought up some very interesting points. I think the UNP developers should start looking at the practicality of adding medium and high-end apartment and condo options to the mix. If you can establish a residential base it's much easier to launch a commercial area.

[Spartan]

Penalties would be a kind euphemism for what needs to happen here.

In Soviet Russia he'd be taken around the back and shot in the arse.