NORMAN — City council members Tuesday will consider a resolution supporting the creation of a Norman Economic Development Authority to promote economic development.
The council meets at 6:30 p.m. in the Municipal Building's council chambers, 201 W Gray St.
The Norman Economic Development Authority would be a public trust with broad powers to provide financial incentives for attracting quality jobs to Norman. One proposal is for council members to act as trustees.
The economic development authority could enter into long-term contracts and indebtedness for appropriate projects, City Attorney Jeff Bryant said.
Similar authorities have been established in other cities and are allowable under state law, he said.
The creation of a trust authority to promote economic development was identified as a priority by the city council's Business and Community Affairs Committee a year ago.
The proposal has met with some public opposition.
If the trust authority is created, qualified members of the public would serve on an advisory board, which would be subject to open meetings and open record laws, Bryant said.
In other business
Council members will consider approving a $204.1 million budget for the fiscal year that begins July 1. The proposed budget is about $45 million more than the previous year's budget, finance director Anthony Francisco has said.
Most of the increase is due to increased costs for capital improvements in the wastewater and water departments.
The general fund portion of the proposed budget is about $71.3 million. The city's main operating expenses are paid out of the general fund.
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