Norman to discuss investment fund
By Jane Glenn Cannon, Staff Writer
NORMAN — City council members tonight will consider an ordinance establishing criteria for an economic development investment fund.
The council will meet at 6:30 p.m. in the Municipal Building council chambers, 201 W Gray St.
There is no money in the fund yet, but city council members have said they want a policy in place setting out how such a fund would be managed, if one existed.
Voters rejected a sales tax proposal in August that would have provided money for an economic development investment fund. A new proposal may be presented by next spring, council members have said.
The proposed ordinance would establish guidelines for businesses applying for economic assistance once a fund is established.
Under terms of the proposed ordinance, Norman’s Economic Development Coalition would screen companies applying for aid. Those companies qualifying then would have to pitch their proposals to the council for final approval.
Companies eligible for assistance would have to offer high quality jobs with employee benefits and/or other economic benefits to Norman residents, said Don Wood, the coalition’s executive director.
The proposed ordinance specifies that companies seeking assistance must demonstrate that their projects or proposals could not occur without the incentives for which they are applying.
In other business, council members will consider approving a contract between the city and the state Transportation Department in an effort to obtain construction funds for traffic signal improvements at 36th Avenue NW and Main Street.
A contract for $63,000 with SMC consulting engineers for design and construction of a portion of a 24-inch waterline project in northwest Norman also is up for approval.
By Jane Glenn Cannon, Staff Writer
NORMAN — City council members tonight will consider an ordinance establishing criteria for an economic development investment fund.
The council will meet at 6:30 p.m. in the Municipal Building council chambers, 201 W Gray St.
There is no money in the fund yet, but city council members have said they want a policy in place setting out how such a fund would be managed, if one existed.
Voters rejected a sales tax proposal in August that would have provided money for an economic development investment fund. A new proposal may be presented by next spring, council members have said.
The proposed ordinance would establish guidelines for businesses applying for economic assistance once a fund is established.
Under terms of the proposed ordinance, Norman’s Economic Development Coalition would screen companies applying for aid. Those companies qualifying then would have to pitch their proposals to the council for final approval.
Companies eligible for assistance would have to offer high quality jobs with employee benefits and/or other economic benefits to Norman residents, said Don Wood, the coalition’s executive director.
The proposed ordinance specifies that companies seeking assistance must demonstrate that their projects or proposals could not occur without the incentives for which they are applying.
In other business, council members will consider approving a contract between the city and the state Transportation Department in an effort to obtain construction funds for traffic signal improvements at 36th Avenue NW and Main Street.
A contract for $63,000 with SMC consulting engineers for design and construction of a portion of a 24-inch waterline project in northwest Norman also is up for approval.