Norman Planning Commission approves new entertainment district, OU officials respond

NORMAN, OKLA (KOKH) — The Norman Planning Commission voted in support of a new entertainment district on Thursday.

Next, the vote will move to the Norman City Council for formal consideration.

At the meeting, the Norman Planning Commission presented key facts including the following:

• No taxes will be increased on residents
• The new entertainment zone will create approximately 5,000 jobs and housing for approximately 3,000 residents
• 80% of the project cost will be paid for by private investment
• The City of Norman has no risk if the public portion is not repaid; other parties are arranging the financing and bond payments
• The new arena will be used approximately 76% of the time for events, such as concerts, trade shows, meetings, and graduations
• The University of Oklahoma will only use the arena approximately 24% of the time.
• The Tax Incremental Financing (TIF) mechanism is smaller than Oklahoma’s other cities

“I am proud of the Norman Planning Commission for approving the UNP rezoning and project plan, marking a crucial milestone in the realization of our entertainment district,” OU President, Joseph Harroz Jr. said. “The Commission’s support underscores the project’s potential to create a large number of jobs, provide housing for thousands, and drive significant economic growth for Norman, all without raising taxes.

Norman is expecting many new visitors in the coming years according to OU Vice President and Director of Athletics, Joe Castiglione.

“In the coming weeks OU will formally join the SEC, and excitement is growing. Thousands of new visitors bringing millions of dollars in spending will soon be coming to Norman, and this new project will help ensure that this revenue stays in Norman where it belongs,” Castiglione said. “The entertainment district will reap endless rewards for our city and we’re appreciative that the planning commission has endorsed the effort to further advance Norman.”

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