September 28, 2023
Today's episode if can you believe the arena entertainment district hype?
The city of Norman perpetually struggles to balance its annual budget and to fund capital projects such as water and sewer infrastructure, emergency response equipment, and roads and bridges.
Tax increment financing robs the general fund of nominal revenue (replacing taxable activity with spending in the tif) and revenue growth during the life of the tif.
A designated new tax, like MAPS or Norman Forward special purpose sales taxes, protect general fund revenues.
TIF secures a revenue stream for the TIF projects which is good for getting financing and borrowing funds. TIF does not secure revenue for general city operations.
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