[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6269129,"mediaKeyId","3047952-b5ca65494091b127980d2148652116a7","parentId",3047952,"title","Finance committee hears bond, TIF and authority options to fund downtown parking structures","audioSeconds",277,"startMs",1535000,"endMs",1812000,"viewUrl","/Search/View?dp=1&key=3047952-b5ca65494091b127980d2148652116a7&start=1535&end=1812","thumbnailUrl","https://assets.pipeline.soar.com/3047952-b5ca65494091b127980d2148652116a7/thumbnail_1535000.jpg","articleUrl","/articles/6269129/Norman/Cleveland-County/Oklahoma/Finance-committee-hears-bond-TIF-and-authority-options-to-fund-downtown-parking-structures","mediaUrl","https://secure.pipeline.soar.com/6269129-22e83f02b169b72ee22f8c547dde2030/orig.mp4?Expires=1771143855&Signature=JdtUeXSPIZBRIbF-E3II6t1vB0RMrzbaDk8KpdkkDpeE4wEykJGua~Zj7nIeJCKEh3iq8-ZyQQE9jRCLkTupkLhUTMSOC-M-4bPlRgN~K5c2CVDPjwJvwhR9SiCGxtJ5I5M1k~avrS1YCN~tIwh0N7hQSP~OxHe45edGdWW27MjC-WEGwMY1LYUC2-eDB2c2IliUWneh7iZaGJCXfbCipAC8~--S2YfgP7IyCxKvfZNlsjaVECqEFHyeON~1U4TGd6MqDQq3PHHXgHXjswCmXGN27xFi-sDg7jOtBPfPNmrHc6mhJUdmiGr1692QKkv3iuDPYVxJM~hOH5kXL5qLHA__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Norman, OK","date","2025-04-18T07:21:08.88Z","article","City of Norman finance committee members heard bond counsel David Floyd outline several financing approaches the city could use to build vertical parking structures downtown and near other activity centers.

The discussion, at the April 17 finance committee meeting, followed a 2018 downtown parking study that identified three priority sites, including a county lot north of the courthouse, the Peters and Gray city parking lot and a lot at Campus Corner. Committee members said demand has risen as property owners and a developer pursuing as many as 800 housing units downtown have sought long‑term parking solutions.

“NORMAN currently doesn’t generate enough to get started on debt service for a structure like this,” bond counsel David Floyd said. “But when you have something like this that actually drives other value, it makes sense to spin it off and have it on its own.” Floyd spoke in his capacity as bond counsel to the City of Norman and described a range of options: create an independent city parking authority that would own parking assets and issue debt; partner with a regional authority such as the Central Oklahoma Parking and Transit Authority (COPTA); use long‑term leases to lock in revenue for bond underwriting; form a downtown tax‑increment financing (TIF) district as a credit enhancement; pursue grants (including transit‑oriented or green/renewable grants); or build with private operators and, eventually, sell the asset.

Committee members and staff emphasized structuring finance so the city’s general fund would not be used for ongoing debt service. Floyd estimated current regional construction costs at about $20,000 to $25,000 per parking space and said a 300‑space garage “by itself” would be “several million dollars” to construct. Staff noted the Peters and Gray lot contains about 151 spaces and the city currently leases roughly 75 on an annual basis.

Committee members discussed differences among the three study sites and a potential fourth site adjacent to Embassy Suites, where staff reported hotel managers have been open to exploring a vertical garage on their land that would guarantee the hotel’s current spaces plus additional spots. Staff also described a Cleveland County RFP for a courthouse‑area garage and a county proposal that pairs a hotel with a parking structure; those county plans could influence footprint and financing approaches for the Peters and Gray site because the dimensions are similar.

Floyd urged considering a regional approach to spread risk and increase demand, saying the larger the service area, the easier it is to get multiple structures financed without touching the city’s general debt capacity. He also noted private investors and financial firms routinely acquire revenue‑producing parking assets when municipalities want to realize one‑time proceeds.

Councilmember Daryl Ingram said he supported a phased approach that prioritized facilities likely to perform consistently, calling the YFAC‑adjacent site a “captive audience.” Several members expressed concern about Campus Corner, where a surface lot north of the core is often underused; staff said they would revisit usage data for that lot.

What the committee directed and next steps

Staff will return to the finance committee with proposed trust documents and schematics and provide another update in about four weeks. The committee did not take formal action or vote on financing at the meeting.

Provenance

Topic intro excerpt: “the parking study identified 3 parking structures” (transcript block beginning at 25.535). Topic finish excerpt: “we'll plan on an update about 4 weeks from today” (transcript block beginning at 1802.115).","mediaType","Video","parentTitle","Finance Committee, 4/17/25","oneSentenceSummary","City of Norman finance committee members heard bond counsel David Floyd outline several financing approaches the city could use to build vertical parking structures downtown and near other activity centers.","taxTitle","Norman, Cleveland County, Oklahoma","taxId",2684,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6269122,"April sales tax down; finance staff report conservative budget posture to avoid layoffs",564,3292000,3856000,"/Search/View?dp=1&key=3047952-b5ca65494091b127980d2148652116a7&start=3292&end=3856","https://assets.pipeline.soar.com/3047952-b5ca65494091b127980d2148652116a7/thumbnail_3292000.jpg","/articles/6269122/Norman/Cleveland-County/Oklahoma/April-sales-tax-down-finance-staff-report-conservative-budget-posture-to-avoid-layoffs","https://secure.pipeline.soar.com/6269122-b1fda5278699c474db125ba43f0e78d3/orig.mp4?Expires=1771143855&Signature=HCAzTZ7HWb0gK6MoSk-xPVfiZY4RuS~cbdngjvt5D-R4jJMyltgAl~eF0mDtbsJ2wsV0XjgBG5rSh4QOAswiivg13fMAm4wxpKF94znmd61LMe~EV9zVtIK31PmUA3fxFCCzFzKb7sjbY-SUy2042OBVfsc~dvU4D01OFCMgeHRpH2ecLa94guJ6B4dXqE9hD2z1F5e-Lf1WHKQiV1gbhMgKm7lPJh8w3n1VGFQhL2Hzr~CaSNccTcD8Syle6qYmrZ3WJolTEx~I1DaRaSbh07MnXCgbPuv8-nB961ZXZ7yPWAUDQF8Az8F7GjKr50fDkEU5aYGNzXUWEYHuKeLRlA__&Key-Pair-Id=KUT5TJCACFTXG","Kim Kaufman, finance staff, presented the monthly revenue and expenditure report for the city and told the finance committee that April sales tax receipts were 3.5% below April 2024 and year‑to‑date receipts were 1.3% below last year.

Kaufman said the city’s sales tax budget for the year had been set about 2% higher than last year’s actual receipts and that current collections are roughly 3% below that budget target. She noted similar patterns across neighboring cities and statewide and said staff are taking a conservative approach to next year’s revenue projections.

“We will continue to remain conservative,” Kaufman said, describing steps staff are taking to avoid layoffs and preserve service levels. She told the committee the city’s long‑term goal is to remain far enough ahead in projections to avoid workforce reductions that would reduce service delivery.

The presentation included historical context: January (reflecting December sales) was the highest revenue month in the last five years, and the city still tracks above pre‑2020 levels despite recent monthly declines. Committee members pointed to statewide declines in grocery sales tax collections and noted the state posted a negative 13.23% change in the last month on its own collections. Finance staff also flagged new retail activity, including a Caterpillar dealership opening on North Interstate Drive, as a positive sign.

Committee discussion and next steps

Councilmember Diaz and others urged continued engagement with the Oklahoma Municipal League’s five‑year plan to diversify municipal funding. Staff said they would follow up on prior legislative proposals to allow voter‑approved public safety districts and provide updates on that work.

No action was taken; the presentation was informational and staff will continue monitoring receipts and provide updates as warranted.","Finance staff reported April sales tax receipts 3.5% below last April and year‑to‑date receipts 1.3% below last year. Staff said they will remain conservative in revenue projections to avoid workforce reductions and will monitor regional trends and OML work on long‑term municipal funding.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6269126,"Committee explores parking tax and surcharge options; staff to seek legal guidance and OML review",1400,1873000,3273000,"/Search/View?dp=1&key=3047952-b5ca65494091b127980d2148652116a7&start=1873&end=3273","https://assets.pipeline.soar.com/3047952-b5ca65494091b127980d2148652116a7/thumbnail_1873000.jpg","/articles/6269126/Norman/Cleveland-County/Oklahoma/Committee-explores-parking-tax-and-surcharge-options-staff-to-seek-legal-guidance-and-OML-review","https://secure.pipeline.soar.com/6269126-2f3b9663f4dfd9eca22b17b886c9aaf7/orig.mp4?Expires=1771143855&Signature=aiyjLlBS3YFg6cg9HHUK5GqbsDp-~ZbskZGyOWbrC7tWEDA3ohmHiGHpajLaiPGC4RS9xRk2ZGqFN~7HJ1HfyKScqyqfHUGxoOlR96mW9mLlD9ajxsvAxS~uSkWB-rEEZnJXAEjiqq4ZYw~344xQCZdlIkWY6k-YEoi2G1suxxnzGDk4jVXVHVXWtaSbV04vADu7QFsVylEyKnLsyTDnPscLpfEYN0j4jGXOeEpkdb~GzfzVvQmtf15ng3~PY6rl9Xej0hQr-FcxmFb3czxkby884iRONYuryoFEIbg-RHxASLhCqa6Nx8Cf9ExwWmPxe-KcTwR94Dla-452vFn12w__&Key-Pair-Id=KUT5TJCACFTXG","City of Norman finance committee members discussed whether the city should levy a special tax or surcharge on commercial parking as a potential revenue source to finance parking garages or support other municipal priorities.

The topic grew out of an earlier email referenced to the committee about municipalities that tax parking; the committee reviewed out‑of‑state examples and possible exemptions. Committee members noted New York City’s 18.375% parking and several Illinois rates that distinguish hourly and monthly parking. The committee also reviewed an Illinois administrative approach that lists exemptions for residential off‑street parking, parking provided to apartment or condominium occupants, and parking provided by certain hospitals or tax‑exempt entities.

Council members discussed two broad legal and practical paths: a voter‑approved tax (which would require ballot language specifying uses) or a council‑set surcharge/fee (which could be administratively adjusted and might allow more flexible uses). Councilmember Green cited a preliminary estimate that a parking levy might generate about $300,000 annually based on the city’s parking study and rough assumptions. Several members asked staff to investigate whether the levy could be structured to support debt service on future parking structures or whether collection could flow to a parking authority.

Legal questions and next steps

Committee members directed staff to consult Oklahoma Municipal League (OML) and city legal staff to determine whether state law limits municipal authority to tax or surcharge commercial parking, how to draft exemptions (for example, residential leases or infrequent private parking), and whether entities such as universities would be subject to the levy. Staff said they would return with options and alternatives before any council action. The committee did not vote or put a question on the ballot at this meeting.

Provenance

Topic intro excerpt: “sent out an email discussing the possibility of, the city levying, a, tax on commercial parking spaces.” (transcript block beginning at 1873.61). Topic finish excerpt: “We are on it.” (transcript block beginning at 3272.895).","Council members discussed a proposed excise or surcharge on commercial parking transactions to support future parking structures or other municipal needs. Committee asked staff to research state law, exemptions, surcharge vs. tax mechanics and to consult Oklahoma Municipal League and city legal counsel.","actionData","errors"]

Article not found

Finance committee hears bond, TIF and authority options to fund downtown parking structures

April sales tax down; finance staff report conservative budget posture to avoid layoffs

Committee explores parking tax and surcharge options; staff to seek legal guidance and OML review