Yeah, I'll admit I'm a bit out of the loop (maybe thats how the local paper wants it) , but I'll say I have to agree with the general sentiment in the following Op-Ed that Mr T referenced. The last time i visited the area was to eat in April at the Pei Wei, whose quality has gone downfill since first opening.
I still remember the discussion of the high quality development, etc, etc. that this TIF would bring. the city seems to have been jived talked on this one, by OU and the developer, not to mention the wallop of the national economy doing its fair share. I'd like to know whats really going on...
I still dont understand why the city traded ownership of the convention center attached to the Embassy Suites for the bridge to Brookhaven - that might actually be a good deal for the city in the long run if the district doesnt fully develop and the Embassy Suites gets stuck with an underutilized convention center. But i'm still not convinced construction of the bridge was necessary. anyway...
May 22, 2010
City should cut its losses on TIF
NORMAN — Editor, The Transcript:
At the most recent University Park (UNP) TIF Oversight Committee meeting some members expressed concern and frustration over the status of the TIF and agreement with the developer. It appears that the developer has not met the terms and conditions of all his obligations as provided in the TIF agreement.
The public was told that this would be a spectacular development with high end retailers that would draw consumers from Dallas to Kansas City. What we have is a strip mall that has for the most part retailers in many other parts of the city that duplicate products sold on the TIF.
The major difference in the retail sales is that only a portion of the sales tax (40 percent) generated at the TIF goes into the City’s general fund. The retailers outside of the TIF who played by the rules and paid for their own infrastructure are having customers siphoned off from their respective business. In addition, they are subsidizing their competition with their own tax dollars. These are tax funds being diverted to the TIF that should be going to the general fund to pay employee salaries and maintain the city's essential services.
With the city’s employees facing loss of jobs because of the alleged budget crises, there is no reason why the City should not cut its losses and end its partnership with the developer. The City would begin to receive available tax revenues at the UNP. The public should insist the City Council do so now.
Don Holyfield
Norman
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