Skip to Content

Norman Economic Development Authority

Norman Economic Development Authority
Update


Over the past several months, the Norman City Council has been discussing whether to create the Norman Economic Development Authority, a public trust that would be focused on facilitating economic development for the benefit of Norman. A public forum was held on May 29, 2012, to allow citizens to share their comments and input about this issue with City Council.

As a result of input received at the public forum, the City Council Business and Community Affairs (BACA) Committee met on June 7, 2012, to discuss possible modifications to the proposed Trust Indenture. Those modifications were included in the June 7th drafts of the resolution and Trust Indenture. The City Council met on June 12, 2012, and adopted the June 7th version with City Council serving as trustees of the Trust. The next step will be to work on establishing the Norman Economic Development Authority (NEDA) Advisory Board. During this process, Council will be working through issues such as Board purpose, Board composition and qualifications, definition of goals to be achieved to be considered for public financing assistance in projects that may be brought forward in the future.

The City Council Business and Community Affairs Committee met on July 5, 2012, to review and discuss a draft ordinance creating of the Norman Economic Development Advisory Board. Council reviewed a draft ordinance that included feedback from the BACA Committee in their Council Conference on July 10, 2012. Discussion of the policies and requirements for incentive thresholds will be discussed at the BACA Committee meeting on August 2nd.

Links to the memorandum dated May 15th; trust indenture presented to Council on May 8, 2012; a draft of the trust indenture dated May 15th incorporating concerns raised by Council and the public; a video of the public forum; an updated memorandum dated June 7th; the resolution creating the Norman Economic Development Authority and Trust Indenture as adopted by Council on June 12th; a memorandum discussing the Advisory Board; and draft ordinance creating the Advisory Board are included below.




Theme by Dr. Radut.