Exactly.
A ballot initiative to voice a grievance against a specific case or issue, without the support of any executive official or legislative body, seems wrong. And usually ballot initiatives are usually done to vote on a much broader issue impacting a larger issue, as Boulder said, all TIF districts, or wine in stores, medical marijuana, etc. and they have the support of some governmental body, i.e. governmental representative democracy. A massive overreach, in this case, IMO. A protest on a legally approved decision.
Especially when it is one specific project where even the complaints (lost tax revenue for schools, fire, etc.) may not technically impact every Ward in Norman.
And don't even get me started on how they are "losing tax revenue" on dollars that wouldn't be spent- or taxed- if the project doesn't move forward.