Norman Developers, OU and city leaders discuss tax financing for proposed multi-billion dollar entertainment district

Developers in Norman and leaders from the University of Oklahoma and the city itself are meeting Wednesday to discuss taxes that would help fund a new multibillion-dollar entertainment district in the city.

Norman city leaders and OU President Joseph Harroz will meet near the Young Family Athletic Center to talk about how standard taxes will be used to fund the new district, which includes a new arena for OU basketball – and gymnastics events.

The city of Norman said it has no plans to increase taxes, but leaders say they plan to create two tax increment finance (TIF) districts, with the first for sale or use on May 1, 2025 of taxes, while the second, activated on May 1, 2025, would be a property tax that takes effect on December 31, 2026.

Norman executives said those funds will create new retail space, 3,000 residential units, office space as well as the new arena.

Harroz called the proposed district a “watershed moment that will change the face of Normanm,” but some residents say they are dissatisfied and concerned about the long-term impact that shifting city funding to the new district could have.

The group Oklahomans for Responsible Economic Development is requesting a public vote in Norman on the funding plan, and residents are working to collect signatures to put the idea on the ballot so they can have a say on the TIF.

RELATED: What is a TIF district? Understanding Tax Increment Financing