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LRSooner
09-06-2023, 09:11 AM
The plan was set to be announced this morning at 8. Has anyone heard anything from the meeting? Details or renderings?

Pete
09-06-2023, 09:17 AM
Press release from this morning's event:

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Pete
09-06-2023, 09:23 AM
More:

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Team Norman Lays Out Billion-Dollar Plan for New Entertainment District

NORMAN – Sept. 6, 2023 – A broad and diverse coalition of Norman leaders have unveiled plans for a billion-dollar development that includes a venue for major entertainment and sporting events as well as retail shops, restaurants, bars, offices, a hotel and housing for thousands.

The Norman Economic Development Coalition (NEDC) has joined with the University of Oklahoma, the City of Norman, Cleveland County, the Norman Chamber, VisitNorman and the Norman business community to create a proposal that could transform the city. The coalition will work on this proposal in a collaborative fashion with local governmental leaders through the normal approval process.

“It is rare to have such a collaborative effort to produce a master plan, combining resources and assets to create a unique mixed-use development unlike any in Oklahoma – or the nation, for that matter,” said NEDC President Lawrence McKinney. “Once developed, this entertainment district will be a focal point for all of Central Oklahoma.”

In today’s announcement, officials outlined the comprehensive development that is planned at Rock Creek Road and 24th Ave. NW. McKinney was joined by University of Oklahoma President Joseph Harroz Jr., Norman Mayor Larry Heikkila, Cleveland County Commissioner Rod Cleveland, Norman Chamber President Scott Martin, and VisitNorman President Dan Schemm.

The proposed development will include a multi-purpose performance venue designed to host many different types of events from concerts and shows to OU basketball games and women’s gymnastics competitions. Adjacent to the performance venue will be an outdoor plaza and a burgeoning, job-creating entertainment district with everything necessary to ensure a premium entertainment experience.

Harroz said the district is exactly what Norman has needed for a long time, and it is exciting for the university to be the district’s first anchor tenant.

“OU is proud to be a part of this broad coalition of leaders who are coming together to help grow the Norman economy and provide new opportunities for local residents,” said Harroz. “This new district will be the perfect complement to Campus Corner and historic Downtown Norman. These enhancements will elevate our community’s unique entertainment options and improve the quality of life for residents of Norman and the broader region.”

To ensure a successful mixed-use development, the plan features a strong focus on density, diversity and walkability through multi-family and single-family housing, allowing thousands of residents to live within walking distance of shopping, entertainment, social gatherings and jobs.

Norman Mayor Heikkila called the entertainment district a pivotal development in Norman’s continuing effort toward economic growth and quality of life.

“Our citizens have made it clear that quality of life is important to them, and in fact, quality of life is essential for any healthy community, so we are delighted at the prospect of creating a new district that will build on the great assets we already have in Norman,” he said.

With respect to Norman’s role as the world leader in weather research and prediction, the proposed development plan also includes the potential development of a weather museum experience, bringing the exciting world of weather to thousands of visitors annually. In addition, the proposal includes potential airport access from the west side of Max Westheimer Airport, pending the outcome of an ongoing feasibility study.

Approximately 80% of the plan’s $1 billion cost would be paid through private investment. The remaining 20% would be paid through public sources. None of the funds would come from the city or county general funds.

Cleveland County Commissioner Rod Cleveland called the project a positive step forward for Norman.

“I am incredibly excited about the proposed entertainment district. The collaboration and commitment between the private and public sectors is unprecedented and is the catalyst for our future,” Cleveland said.

Norman is well known for innovation and bold ideas, and this development is another recipe for success, said Norman Chamber President Martin.
“This mixed-use entertainment district will be one of a kind in Oklahoma, and it will further elevate our reputation as the place to live, work, and play,” he said. “The proposed development is also located next to the state’s most visited shopping district and will further enhance economic development and job creation in Norman.”

This proposed development is an opportunity for Norman to continue its long legacy as home to the University of Oklahoma and a showpiece for our state, said VisitNorman President Schemm.

“As OU enters the Southeastern Conference, VisitNorman is committed to ensuring that the welcome mat is out for visiting teams and their fans,” he said. “This is a top-notch development offering all the ingredients for a fun and inviting experience our guests will remember for years to come.”

josefromtulsa
09-06-2023, 09:44 AM
I wonder how many acres of the development will end up just being parking lots in an area that is already mostly parking lot. I guess they could build on the parking lots and add garages later but jeez it always breaks my heart when we get these billion dollar projects and we get pretty shi**y urban design.

I am keeping my hopes up that they will be smart with the new thunder arena and add a new transit center as part of the stadium.

FighttheGoodFight
09-06-2023, 09:52 AM
I learned from all that, that the OU Foundation already owns all that land.

Anonymous.
09-06-2023, 09:53 AM
^The area is basically surrounded by interstate, industrial and car dealership lots, and big box suburban retail. There is basically nothing to walk to other than the facilities within its own boundaries.

Pete
09-06-2023, 09:54 AM
I learned from all that, that the OU Foundation already owns all that land.

They own everything under UTC and a good deal of the development profits go back to OU.

It's been a financial windfall for the university.

The school also owns a ton of land around Loyd Noble and the area that is home to the National Weather Center, as well as a ton of very underutilized property south of the dorm towers. As Norman continues to boom, that growth will be a major revenue source for the university. Increasingly, the pitiful state funding is a smaller and smaller percentage of OU's budget.

FighttheGoodFight
09-06-2023, 09:57 AM
If Nextdoor in Norman is any indication then if this goes to a vote of Norman it won't pass. People already not wanting to foot the bill for this as they were promised all kinds of things from Ed Noble Parkway to the original UNP TIF and Lindsey Street.

I assume it has to go to some vote of Norman but will be interesting to see.

warreng88
09-06-2023, 09:57 AM
Ok, help me out here: "Approximately 80% of the plan’s $1 billion cost would be paid through private investment. The remaining 20% would be paid through public sources. None of the funds would come from the city or county general funds."

Public sources, what are the other options? Maybe I am too used to MAPS funds to understand this...

Jersey Boss
09-06-2023, 09:58 AM
Because Norman was gaslighted on the Ed Noble Parkway potential and the UNP being a upscale destination I am skeptical of this plan.

Pete
09-06-2023, 09:58 AM
Ok, help me out here: "Approximately 80% of the plan’s $1 billion cost would be paid through private investment. The remaining 20% would be paid through public sources. None of the funds would come from the city or county general funds."

Public sources, what are the other options? Maybe I am too used to MAPS funds to understand this...

TIF and sales tax rebates, most likely.

Thunderbolt
09-06-2023, 10:08 AM
Pete - Are these renderings updated or the same as 2018?

Jersey Boss
09-06-2023, 10:09 AM
OU claims to not have the funds for building on campus yet for decades LNC has lost concerts to multiple venues in the metro and the football stadium has had 2 or 3 concerts the last 30 years. Maybe if the venues they have were being utilized they would have the funds.

BoulderSooner
09-06-2023, 10:09 AM
Ok, help me out here: "Approximately 80% of the plan’s $1 billion cost would be paid through private investment. The remaining 20% would be paid through public sources. None of the funds would come from the city or county general funds."

Public sources, what are the other options? Maybe I am too used to MAPS funds to understand this...

TIF is not money from general funds

BoulderSooner
09-06-2023, 10:10 AM
If Nextdoor in Norman is any indication then if this goes to a vote of Norman it won't pass. People already not wanting to foot the bill for this as they were promised all kinds of things from Ed Noble Parkway to the original UNP TIF and Lindsey Street.

I assume it has to go to some vote of Norman but will be interesting to see.

i don't think this will require any public vote

Jersey Boss
09-06-2023, 10:13 AM
TIF and sales tax rebates, most likely.

My prediction is that if TIF is used there will be recalls of those who vote in favor.

Jersey Boss
09-06-2023, 10:15 AM
i don't think this will require any public vote

Don't be surprised if TIF is proposed in Norman it will put up for a vote.

Pete
09-06-2023, 10:17 AM
Keep in mind this new proposal represents far less public money than last time around.

Also, I strongly suspect they have already garnered the needed support from the City of Norman and the County.

I don't think they would be putting this out there without having their ducks in a row, including support from OU.


And of course, the SEC thing was not in the picture the last time this was proposed. That matters a lot because the university has very ambitious plans for both academics and athletics which means there will not be money for basketball for a very long time. This is the best way to get a really nice, new facility and not have to pay for it during a time when the university has much bigger priorities.

LRSooner
09-06-2023, 10:38 AM
I know they've had struggles to fill the LNC, but the apparent 8,000 seats for the new arena seems way too slight. No reason a new arena should be any less than at least 9,000 as you have to imagine a new facility (with restaurants and shops) will be a draw along with the closer distance to the metro and the move to the SEC. We'll most likely see a good boost in attendance for a good while. Smaller facility limits its uses and is short sighted.

jdross1982
09-06-2023, 10:40 AM
OU claims to not have the funds for building on campus yet for decades LNC has lost concerts to multiple venues in the metro and the football stadium has had 2 or 3 concerts the last 30 years. Maybe if the venues they have were being utilized they would have the funds.

A new arena alone would cost 200-300 million. This costs OU zero. No amount of concerts would garner enough financial windfall to build a new arena.

mugofbeer
09-06-2023, 10:53 AM
Don't be surprised if TIF is proposed in Norman it will put up for a vote.

The volume of your positive thinking is deafening! You've been reading too many dcsooner posts. :)

caaokc
09-06-2023, 11:53 AM
They said this morning the architect hasn't been hired yet, so maybe the renderings for the arena could be a little different than the original proposal.

chssooner
09-06-2023, 11:56 AM
A ton will change once the public funding piece is determined. Unfortunately, things will be even more expensive by then, and if the city drags their feet at all, the private donors may get restless. So who knows. I will be cautiously optimistic until the city does their part and approves the funding mechanisms (likely next spring). Then we may truly see what it will look like.

April in the Plaza
09-06-2023, 12:14 PM
Is Carol Hefner involved in this deal? She’s pimping this awfully hard on social media.

Pete
09-06-2023, 12:20 PM
Is Carol Hefner involved in this deal? She’s pimping this awfully hard on social media.

No.

UrbanistPoke
09-06-2023, 12:21 PM
They own everything under UTC and a good deal of the development profits go back to OU.

It's been a financial windfall for the university.

The school also owns a ton of land around Loyd Noble and the area that is home to the National Weather Center, as well as a ton of very underutilized property south of the dorm towers. As Norman continues to boom, that growth will be a major revenue source for the university. Increasingly, the pitiful state funding is a smaller and smaller percentage of OU's budget.

Financial windfall is not true - UTC has cost the university a ton of money too. They MIGHT be revenue neutral on UTC. They have all sorts of messy real estate financing entanglements around UTC and other developments.

OU has a TON of debt for a public institution and this just flies in the face of everything university management has been saying they'd do.

I do not buy that the university isn't going to financially support this somehow. My guess is they will provide a lot of the equity via the foundation to the surrounding development to help offset the cost of the arena development. That is extremely risky. UTC isn't anything more than a glorified strip mall and always seems that OU and Norman officials want to think it's Classen Curve or Penn Square. It's not and will never be. OU's cash flow is already nearly 50% to debt payments - very high for a public university and they have a mediocre to bad credit rating for a public entity. If they keep spending like this they are going to get further debt downgrades and State of Oklahoma is eventually going to have to bail them out. Seems like that is OU's admins goals. Too big to fail essentially so lets spend and build anything we want because SEC, SEC, SEC and then let taxpayers bail out the university later when they can't make debt service payments anymore.

Add this into the Campus Corner BS and all their dorm/living public private partnership lawsuits, etc. and good grief OU is a mess.

An off campus basketball arena for a school that already could not care for any sport but football (with minor care for softball) is a stupid idea. It should at least be somewhat walk able from campus or you'll never get any students there unless they give tickets away for free. Under 10,000 seats and it will serve no purpose for concerts or other live events that could help float the facility revenue wise.

I can't think of a successful arena model in a suburban area like this that has ever created a vibrant and economically sustainable surrounding development. Most cities have a difficult time doing it in downtowns with more viable arenas. Look at Victory Park in Dallas, the retail/office in front of the arena is awful. The rest of the neighborhood is pretty decent now but that took two decades. Power and Light in KC nearly bankrupted the city. You're talking about building out a 'mixed-use' entertainment district with surrounding strip malls and not a more vibrant walk-able urban neighborhood and that retail is going to not be successful. If this had been proposed for Downtown Norman or somewhere closer to campus this would probably be a good thing but at UTC and likely more shady OU real estate financing deals, this will be a billon dollar disaster that taxpayers will look forward to bailing out.

Pete
09-06-2023, 12:23 PM
^

That is a lot of crazy talk and wishful thinking.

chssooner
09-06-2023, 12:32 PM
Financial windfall is not true - UTC has cost the university a ton of money too. They MIGHT be revenue neutral on UTC. They have all sorts of messy real estate financing entanglements around UTC and other developments.

OU has a TON of debt for a public institution and this just flies in the face of everything university management has been saying they'd do.

I do not buy that the university isn't going to financially support this somehow. My guess is they will provide a lot of the equity via the foundation to the surrounding development to help offset the cost of the arena development. That is extremely risky. UTC isn't anything more than a glorified strip mall and always seems that OU and Norman officials want to think it's Classen Curve or Penn Square. It's not and will never be. OU's cash flow is already nearly 50% to debt payments - very high for a public university and they have a mediocre to bad credit rating for a public entity. If they keep spending like this they are going to get further debt downgrades and State of Oklahoma is eventually going to have to bail them out. Seems like that is OU's admins goals. Too big to fail essentially so lets spend and build anything we want because SEC, SEC, SEC and then let taxpayers bail out the university later when they can't make debt service payments anymore.

Add this into the Campus Corner BS and all their dorm/living public private partnership lawsuits, etc. and good grief OU is a mess.

An off campus basketball arena for a school that already could not care for any sport but football (with minor care for softball) is a stupid idea. It should at least be somewhat walk able from campus or you'll never get any students there unless they give tickets away for free. Under 10,000 seats and it will serve no purpose for concerts or other live events that could help float the facility revenue wise.

I can't think of a successful arena model in a suburban area like this that has ever created a vibrant and economically sustainable surrounding development. Most cities have a difficult time doing it in downtowns with more viable arenas. Look at Victory Park in Dallas, the retail/office in front of the arena is awful. The rest of the neighborhood is pretty decent now but that took two decades. Power and Light in KC nearly bankrupted the city. You're talking about building out a 'mixed-use' entertainment district with surrounding strip malls and not a more vibrant walk-able urban neighborhood and that retail is going to not be successful. If this had been proposed for Downtown Norman or somewhere closer to campus this would probably be a good thing but at UTC and likely more shady OU real estate financing deals, this will be a billon dollar disaster that taxpayers will look forward to bailing out.

Your username says all I need to know about your knowledge and biases about OU.

onthestrip
09-06-2023, 12:34 PM
^

That is a lot of crazy talk and wishful thinking.

Is it? Its no secret of OU's financial problems. Im curious to know what OU is putting into this or if its basically TIF money that is making up the public 20%.

They say 80% of this is private money, so $800,000,000. They can raise $800,000,000 for this development but somehow cant raise enough money for just a new on campus arena? This is a pretty big disservice for players, fans and especially students.

Pete
09-06-2023, 12:38 PM
OU isn't putting anything into this -- they will be a tenant in a publically owned facility like the Thunder pays OKC.

And looking at the current OU budget, interest expense is 4% of expenses not 50%. I am not going to bother with the rest, especially with someone who has presented no facts and has a clear agenda.

chssooner
09-06-2023, 12:38 PM
Where would an on-campus arena work? This structure allows for OU to also make money from their ownership of empty land at UTC. And it will make a lot of money from that via this development. Whereas an on-campus arena, they have to pay to demolish a structure (no area is big enough for a whole new arena), then build an arena, and not get any lease revenue from the empty land at UTC that has had no hopes for development aside from these 2 proposals.

Good grief, people. Just because an on-campus arena sounds good, doesn't mean it can work. The only remotely feasible area is near the stadium, and that will be taken by an already approved football facility, leaving minimal room for non-students to park (students who wouldn't go to the games anyway, BTW). It's hard enough to get them to go to football games.

I am over these tired arguments of students being able to walk. They wouldn't go if the arena were underneath dorms, so this allows for private funding to pay for something that OU would have to pay for 100% out of pocket otherwise.

UrbanistPoke
09-06-2023, 12:39 PM
A new arena alone would cost 200-300 million. This costs OU zero. No amount of concerts would garner enough financial windfall to build a new arena.

There is no concert market for an arena this size so that would be a no. That market is cornered by the casino's and other venues. If they build it with less than 10,000 seats it will sit vacant outside of OU sports.

Pete
09-06-2023, 12:39 PM
They say 80% of this is private money, so $800,000,000. They can raise $800,000,000 for this development but somehow cant raise enough money for just a new on campus arena? This is a pretty big disservice for players, fans and especially students.

The private money is not coming from OU, it's PRIVATE money.

Pete
09-06-2023, 12:41 PM
There is no concert market for an arena this size so that would be a no. That market is cornered by the casino's and other venues. If they build it with less than 10,000 seats it will sit vacant outside of OU sports.

You are just spewing nonsense and negativity with no facts, just very slanted opinions.

BimmerSooner
09-06-2023, 12:44 PM
Financial windfall is not true - UTC has cost the university a ton of money too. They MIGHT be revenue neutral on UTC. They have all sorts of messy real estate financing entanglements around UTC and other developments.

OU has a TON of debt for a public institution and this just flies in the face of everything university management has been saying they'd do.

I do not buy that the university isn't going to financially support this somehow. My guess is they will provide a lot of the equity via the foundation to the surrounding development to help offset the cost of the arena development. That is extremely risky. UTC isn't anything more than a glorified strip mall and always seems that OU and Norman officials want to think it's Classen Curve or Penn Square. It's not and will never be. OU's cash flow is already nearly 50% to debt payments - very high for a public university and they have a mediocre to bad credit rating for a public entity. If they keep spending like this they are going to get further debt downgrades and State of Oklahoma is eventually going to have to bail them out. Seems like that is OU's admins goals. Too big to fail essentially so lets spend and build anything we want because SEC, SEC, SEC and then let taxpayers bail out the university later when they can't make debt service payments anymore.

Add this into the Campus Corner BS and all their dorm/living public private partnership lawsuits, etc. and good grief OU is a mess.

An off campus basketball arena for a school that already could not care for any sport but football (with minor care for softball) is a stupid idea. It should at least be somewhat walk able from campus or you'll never get any students there unless they give tickets away for free. Under 10,000 seats and it will serve no purpose for concerts or other live events that could help float the facility revenue wise.

I can't think of a successful arena model in a suburban area like this that has ever created a vibrant and economically sustainable surrounding development. Most cities have a difficult time doing it in downtowns with more viable arenas. Look at Victory Park in Dallas, the retail/office in front of the arena is awful. The rest of the neighborhood is pretty decent now but that took two decades. Power and Light in KC nearly bankrupted the city. You're talking about building out a 'mixed-use' entertainment district with surrounding strip malls and not a more vibrant walk-able urban neighborhood and that retail is going to not be successful. If this had been proposed for Downtown Norman or somewhere closer to campus this would probably be a good thing but at UTC and likely more shady OU real estate financing deals, this will be a billon dollar disaster that taxpayers will look forward to bailing out.

Jealous much? The have-nots (you know who you are) are getting left further and further behind. And you know it.

UrbanistPoke
09-06-2023, 12:48 PM
OU isn't putting anything into this -- they will be a tenant in a publically owned facility like the Thunder pays OKC.

And looking at the current OU budget, interest expense is 4% of expenses not 50%. I am not going to bother with the rest, especially with someone who has presented no facts and has a clear agenda.

I mean Google is free and Fitch/other credit ratings are pretty easy to find but I have no "facts"... right. OU's Fitch credit rating is A+, that's bad for a public entity.

OU has over $1 billion in debt. Hate to break it to you. They also have been sued by multiple developers, most recently the private/public dorm partnership they had. Plenty of articles about that messy entanglement but I guess that never happened either.

If you think OU isn't going to be financing this somehow through equity investments, etc. I've got some ocean front property in Arizona to sell you - just like how they've done other investments on the strip malls at UTC.

jedicurt
09-06-2023, 12:49 PM
I mean Google is free and Fitch/other credit ratings are pretty easy to find but I have no "facts"... right. OU's Fitch credit rating is A+, that's bad for a public entity.

OU has over $1 billion in debt. Hate to break it to you. They also have been sued by multiple developers, most recently the private/public dorm partnership they had. Plenty of articles about that messy entanglement but I guess that never happened either.

and that is why OU won't be putting the money in on this.... how hard is that for you to understand?

UrbanistPoke
09-06-2023, 12:51 PM
Jealous much? The have-nots (you know who you are) are getting left further and further behind. And you know it.

HA! Yeah, OSU with Gallagher-Iba Arena is really jealous of this proposed arena development. How will the "have nots" ever compete with OU in basketball.... Quick, someone call KU and the other have nots and tell them the news hot off the press in Norman.

UrbanistPoke
09-06-2023, 12:53 PM
and that is why OU won't be putting the money in on this.... how hard is that for you to understand?

Looks like there could be a flood of that ocean front property in Arizona to sell. Maybe I'll finance a $100 million dollar + arena with the proceeds. Seems easy enough to do with no university support, "limited" public investments with a TIF or something, etc.

OU couldn't raise money for one on campus but there's a mile long list of donors to build one at UTC with "private dollars"... got it. OU will not be helping at all.

GoGators
09-06-2023, 12:55 PM
Jealous much? The have-nots (you know who you are) are getting left further and further behind. And you know it.

Having to play basketball in a Pets Mart parking lot miles from campus off of the interstate isn't really making OU look like they are one of the "haves."

Pete
09-06-2023, 12:55 PM
Looks like there could be a flood of that ocean front property in Arizona to sell. Maybe I'll finance a $100 million dollar + arena with the proceeds. Seems easy enough to do with no university support, "limited" public investments with a TIF or something, etc.

OU couldn't raise money for one on campus but there's a mile long list of donors to build one at UTC... got it. OU will not be helping at all.

Not donors, investors and they are building much more than the arena -- about $800 million more.

The fact you are so angry and quick to spout a bunch of far-fetched conspiracy theories and negativity clearly exposes your agenda.

chssooner
09-06-2023, 12:57 PM
Having to play basketball in a Pets Mart parking lot miles from campus off of the interstate isn't really making OU look like they are one of the "haves."

Awe, you are so cute. Pettiness is dumb. If the arena is top-notch, then it won't matter where it is. But keep trying to be cheeky.

UrbanistPoke
09-06-2023, 01:00 PM
Having to play basketball in a Pets Mart parking lot miles from campus off of the interstate isn't really making OU look like they are one of the "haves."

Exactly... OU fans are so sensitive, any reasonable criticism of a dumb proposal is a lot of them.

OU does need a new arena and has for a while. Building it at UTC is an awful mistake and thinking OU isn't going to have to support it financial is irresponsible and people are either burying their head in the sand or being mislead.

If they wanted to do it right and they're buying up Campus Corner too - do it there. The area south of McFarlin Memorial United is just an old office building, apartments, and parking lots could fit this size of arena there and would effectively unite Downtown Norman and the OU Campus. There's where they should be building it or somewhere closer to campus or Downtown Norman.

Pete
09-06-2023, 01:04 PM
^

Yes, thanks for the objective and 'reasonable' criticism like proclaiming OU wants to purposely go bankrupt so the state will bail them out. Or claiming 50% of revenue goes to interest expense when a quick Google search shows it is currently 4%. Or talking about a lawsuit that was settled two years ago.... On and on.

UrbanistPoke
09-06-2023, 01:05 PM
Awe, you are so cute. Pettiness is dumb. If the arena is top-notch, then it won't matter where it is. But keep trying to be cheeky.

Since it's such a great idea - tell me all the off campus university arenas that are huge successes that stay booked with concerts, etc. that have less than 10,000 seats. There isn't any, but OU is different I'm sure.

chssooner
09-06-2023, 01:06 PM
Since it's such a great idea - tell me all the off campus university arenas that are huge successes that stay booked with concerts, etc. that have less than 10,000 seats. There isn't any, but OU is different I'm sure.

You are too biased to have an honest conversation about this, so I will refrain from replying to you any further.

PhiAlpha
09-06-2023, 01:07 PM
I will never a support an arena that is not on campus and think it’s a huge mistake. Downtown Norman would be a fine alternative but not by I-35. But I’m also not paying for it.

That's how I felt until I realized how completely unrealistic it is right now and how much Lloyd Noble is hampering the program...and would continue to hamper it going forward for 10-20 years if nothing is done soon.

UrbanistPoke
09-06-2023, 01:08 PM
^

Yes, thanks for the objective and 'reasonable' criticism like proclaiming OU wants to purposely go bankrupt so the state will bail them out. Or claiming 50% of revenue goes to interest expense when a quick Google search shows it is currently 4%. Or talking about a lawsuit that was settled two years ago.... On and on.

If you can't read the credit agencies info I can't help you there. It's not hard to find.

If you really think OU hasn't made a bunch of dumb mistakes on real estate investments I can't help you there either. OU's debt is massive, you can pretend it's not.

I would love to see all these privately built arenas in suburban areas that have been financially sustainable. They don't exist.. sorry. This isn't going to be built without help somewhere (via OU in equity investment in the surrounding development, TIF or public dollars, etc.) and someone is going to be left holding the bag on operating expenses. These things don't pay for themselves. Every small privately built arena I've ever seen built in the US has gone bankrupt, and usually pretty quick.

Pete
09-06-2023, 01:08 PM
The choices are not UNP vs. an on-campus facility.

It is between UNP and staying in LNC for another 10-20 years.

There are very good reasons the university is completely behind this.

Pete
09-06-2023, 01:10 PM
If you can't read the credit agencies info I can't help you there. It's not hard to find.

If you really think OU hasn't made a bunch of dumb mistakes on real estate investments I can't help you there either. OU's debt is massive, you can pretend it's not.

I would love to see all these privately built arenas in suburban areas that have been financially sustainable. They don't exist.. sorry.

You keep changing the subject and spouting more vague negativity when you are proven wrong. Your first post on this thread tells everyone exactly where you are coming from and the complete lack of credibility you bring to this subject.

UrbanistPoke
09-06-2023, 01:12 PM
You keep changing the subject and spouting more vague negativity when you are proven wrong. Your first post on this thread tells everyone exactly where you are coming from and the complete lack of credibility you bring to this subject.

So what exactly have I been proven wrong on again? I haven't seen a single thing.

It really is comical to think that an arena can be built with no help on UTC land but not somewhere else that would make more sense.

BoulderSooner
09-06-2023, 01:12 PM
HA! Yeah, OSU with Gallagher-Iba Arena is really jealous of this proposed arena development. How will the "have nots" ever compete with OU in basketball.... Quick, someone call KU and the other have nots and tell them the news hot off the press in Norman.

GIA is a TERRIBLE place to watch basketball if you are not in the first 20 rows ..

warreng88
09-06-2023, 01:13 PM
Since it's such a great idea - tell me all the off campus university arenas that are huge successes that stay booked with concerts, etc. that have less than 10,000 seats. There isn't any, but OU is different I'm sure.

OU doesn't have to worry about how they do outside of the sporting events. It will be leased to OU for sporting events.

UrbanistPoke
09-06-2023, 01:17 PM
OU doesn't have to worry about how they do outside of basketball. It will be leased to OU for sporting events.

I guess you don't seem to grasp some of the points I'm making then. It does shift some responsibility away from OU to not have to own/operate the arena. That will go to City of Norman... good luck to the city and residents who will be picking up the costs. I would love to see the lease agreement between the city and OU when they get that far down the road, if they do. Either the city will charge OU a lot - which really doesn't save OU money beside the fact they can't afford to issue bonds and build an on campus arena, they'll still have a heavy cost burden on lease payments or Norman/citizens will be picking up the tab for OU to have a new arena. Sounds like a great deal, where do I sign up for that?

FighttheGoodFight
09-06-2023, 01:17 PM
As I can see from this thread and others on social media this will have an uphill battle to be completed. City Council members in Norman are going to be sweating.

UrbanistPoke
09-06-2023, 01:20 PM
GIA is a TERRIBLE place to watch basketball if you are not in the first 20 rows ..

Like literally every arena in the world? Even this new one for OU to play in will be the same.

Pete
09-06-2023, 01:21 PM
As I can see from this thread and others on social media this will have an uphill battle to be completed. City Council members in Norman are going to be sweating.

I believe this group already has the needed support.

The amount of public investment is much smaller than the first proposal in 2017 and the County is taking a much bigger share.

PhiAlpha
09-06-2023, 01:24 PM
I know they've had struggles to fill the LNC, but the apparent 8,000 seats for the new arena seems way too slight. No reason a new arena should be any less than at least 9,000 as you have to imagine a new facility (with restaurants and shops) will be a draw along with the closer distance to the metro and the move to the SEC. We'll most likely see a good boost in attendance for a good while. Smaller facility limits its uses and is short sighted.

8,000 seats is more than enough. Build it and pack people in for a change. Attendance is down across all sports, especially college basketball. In the few instances that might require a larger one...there's an 18k seat arena in OKC.

BoulderSooner
09-06-2023, 01:26 PM
The choices are not UNP vs. an on-campus facility.

It is between UNP and staying in LNC for another 10-20 years.

There are very good reasons the university is completely behind this.

very much this ..


also this reduces transit time to games from north of Norman by almost 15 min each way .. (saving 30 mil) that is a huge benefit to ticket holders ..

people need to keep in mind that selling tickets is not the issue OU basketball has really ever had .. it is getting people who have tickets to show up ..

jdross1982
09-06-2023, 01:26 PM
Looks like there could be a flood of that ocean front property in Arizona to sell. Maybe I'll finance a $100 million dollar + arena with the proceeds. Seems easy enough to do with no university support, "limited" public investments with a TIF or something, etc.

OU couldn't raise money for one on campus but there's a mile long list of donors to build one at UTC with "private dollars"... got it. OU will not be helping at all.

Do you not realize that UT was able to build their entire 300 mil arena with all private funds from an outside group (Oak View Group) which keeps all the revenue from non UT events for the first 35 years of existence (Opened 2022). UT owns the land (same as OU).

The dorm lawsuit, you really need to read more as your understanding of things OU is exactly what your name insinuates.