The development of Norman’s $1.1 billion entertainment district has been a complex journey, marked by key approvals, funding milestones, and growing legal challenges. As the city moves forward with Tax Increment Financing (TIF) to fund the project, opponents have raised concerns over petition validity, adding another layer of uncertainty to the district’s future.
What is a TIF? Understanding Tax Increment Districts
Here’s a look at the major events shaping the project.
September 2023: The Rock Creek District, encompassing retail spaces, 500 housing units, office spaces, and a new arena for the University of Oklahoma basketball team, was officially proposed.
June 5, 2024: Renderings of the proposed entertainment district were released, showcasing plans to create 5,000 jobs and 3,000 housing options upon completion. The Norman Planning Commission was scheduled to vote on the plans on June 13, 2024.
September 18, 2024: After extensive public hearings, the Norman City Council approved the TIF district to finance the entertainment project with a 5-4 vote. The decision followed discussions on the project’s impact and funding mechanisms.
January 29, 2025: A legal ruling required the City of Norman to pay $2.1 million to University Town Center developers for infrastructure costs in the University North Park TIF district, highlighting ongoing financial commitments related to TIF agreements.
February 19, 2025: A court will hear arguments from the opposition challenging the TIF funding process who say after two months of reviewing signatures, they discovered numerous legally invalid signatures on petitions submitted to the City of Norman. Issues included mismatched names, incorrect addresses, incomplete information, unregistered voters, and duplicate signatures. This development could impact efforts to overturn the TIF decision.
May 1, 2025: Activation of the first TIF district for sales or use tax is scheduled, directing collected taxes toward funding the entertainment district.
December 31, 2026: The second TIF district, focusing on property tax, is set to be activated, further supporting the project’s financial structure.
2027: Projected opening of the new OU basketball arena and retail spaces within the district, marking significant milestones in the development.
2029: Anticipated completion and opening of office spaces, finalizing major components of the entertainment district.