Council reviews Norman Economic Development Authority trust as local alternative to county coalition

As part of the same meeting staff briefed the City Council on the Norman Economic Development Authority (NEDA), a public trust created in 2011–2013 to hold property, issue long-term obligations and administer economic-development incentives. Ms. Walker (Speaker 2) reviewed how NEDA and the Economic Development Advisory Board (EDAB) would evaluate proposals and noted the trust has not had a dedicated funding source for incentive deals.

Councilors discussed potential ways to fund or operationalize NEDA: an annual city appropriation to the trust, building a small reserve that could accumulate for incentive deals, or hiring dedicated economic-development staff to pursue projects and marketing. Staff said certain projects — for example, redevelopment on Grama Street or property needed for RTA stations — could suit the trust’s authority to hold property and issue long-term agreements.

Several council members suggested redirecting the roughly $130,000 proposed for CCEDC membership into a local NEDA fund or local staff to increase Norman’s direct control over incentives and transparency. Staff noted the trust language is broad by design to permit a range of lawful activities and that any proposal using NEDA for long‑term financing would return to council for review and a vote.

Council members expressed willingness to continue the conversation and recommended a study session to weigh NEDA funding options against participation in CCEDC. There was no formal action on using NEDA during the meeting; staff offered to prepare options for a follow-up session.