Moore council to weigh Project Vernors tax districts and $3.5 million loan tonight
Ordinance tabled Oct. 19 returns; authority would borrow from county industrial authority for infrastructure
MOORE - The Moore City Council will take up an ordinance tonight creating two tax increment districts for Project Vernors, according to the agenda packet for the 6:30 p.m. meeting at 301 N. Broadway.
Ordinance 1080(26) would name Project Vernors Increment Districts A and B as Increment Districts No. 1 and No. 2 and carries an emergency clause. The plan covers land generally between Interstate 35 and Pole Road, just south of the city's northern limits. Increment revenue could be set aside for up to 15 fiscal years, the ordinance says. The council tabled the ordinance Oct. 19 at staff request on a 4-0 vote with three members absent, draft minutes show.
The council and the Moore Economic Development Authority will also consider letting the authority borrow up to $3.5 million from the Cleveland County Industrial Authority for public infrastructure under the plan, with competitive bidding on the note waived.
The packet does not name a developer or tenant, list the specific improvements the loan would fund or say why staff asked to table the ordinance.
Also on the agenda are a $282,370 turf infield bid and a five-year, $96,383 slide maintenance contract at The Station Aquatic Center.