Oversight Committee, 3/12/26

The City of Norman, Oklahoma Oversight Committee met on March 12, 2026, to continue discussions on establishing a formal policy and ordinance for creating Tax Increment Finance (TIF) districts. The meeting focused extensively on the proposed application process, evaluation criteria, and administration of TIF districts, including economic and risk analyses, stakeholder committee appointments, and coordination with various city boards and taxing jurisdictions. Key procurement-related topics included the application fee set at 1% of the project cost (capped at $10,000), requirements for economic feasibility and impact studies, and provisions for reimbursing city expenses from TIF revenues. The committee also discussed preferences for TIF use, such as prioritizing incremental ad valorem tax capture, supporting affordable housing, walkability, and aging-in-place initiatives, and ensuring projects have a positive net fiscal impact. The policy aims to provide clear guidance on TIF district creation, project plan approval, and development assistance financing, with plans to present an ordinance draft in the following month. No specific contract awards or vendor selections were made during this meeting, but the policy framework could influence future procurement and development projects involving TIF funding.