New Downtown Arena

[chssooner]

^^ If the language of the vote does not explicitly give the city the ability to reallocate funds for this, we're potentially tying up an incredible amount of funds on this project. Having a $50M little egg once we finish would be meaningful and strategic (though the arena creates revenue that should be able to sustain operations/standard maintenance of said arena). Having >25% of project costs stashed away is fiscal irresponsibility that the city should not stand for.

Double

[chssooner]

^^ If the language of the vote does not explicitly give the city the ability to reallocate funds for this, we're potentially tying up an incredible amount of funds on this project. Having a $50M little egg once we finish would be meaningful and strategic (though the arena creates revenue that should be able to sustain operations/standard maintenance of said arena). Having >25% of project costs stashed away is fiscal irresponsibility that the city should not stand for.

The vote is yes, extend the tax for a new arena, or no, don't extend the tax for any purposes. So all or nothing. They won't build without guarantees from the ownership group. Even if it passes, if they can't get those guarantees, the tax won't be collected.

[Teo9969]

The vote is yes, extend the tax for a new arena, or no, don't extend the tax for any purposes. So all or nothing. They won't build without guarantees from the ownership group. Even if it passes, if they can't get those guarantees, the tax won't be collected.

Well, I don't quite think that's how the law works. Pretty sure if it goes through "yes" and then the ownership group bails, they'd have to put it back up for a vote in order to not collect the tax.

ON EDIT: For reference, I think most of the city probably believes we've closed the book on MAPS 3 with the completion of Lower Park and the last 2 senior centers opening, but OKC is still sitting on $80M of MAPS 3 funds.

[Rover]

It’s on brand for the Thunder they def employ the strategy of not giving the public any information that allows anyone to form an opinion.

Yeah, like that keeps anyone from having a wild opinion. Lol

[April in the Plaza]

Is there a way to watch this morning’s council meeting? I’m a bit surprised that Holt hasn’t provided a link since has been such a public process.

[Bill Robertson]

Is there a way to watch this morning’s council meeting? I’m a bit surprised that Holt hasn’t provided a link since has been such a public process.

The OKC CONNECT app streams city council and most other meetings.

[LocoAko]

Is there a way to watch this morning’s council meeting? I’m a bit surprised that Holt hasn’t provided a link since has been such a public process.

https://www.youtube.com/watch?v=oypcCACb_eU

[chssooner]

I think there is a special meeting tomorrow regarding the arena tax. I don't think it is part of the regular meeting.

[LocoAko]

I think there is a special meeting tomorrow regarding the arena tax. I don't think it is part of the regular meeting.

The discussion just began at this morning's Council meeting.

[chssooner]

The discussion just began at this morning's Council meeting.

Hmmm, I guess the city minutes website was incorrect on the date it would be.

[LocoAko]

Hmmm, I guess the city minutes website was incorrect on the date it would be.

To be fair, it is on today's agenda (and now being discussed) and also for a special meeting tomorrow. I am not sure of the difference between the two vote sessions. But on today's agenda is the call for the December election and Councilman Cooper's proposed amendments regarding the workforce.

[BoulderSooner]

To be fair, it is on today's agenda (and now being discussed) and also for a special meeting tomorrow. I am not sure of the difference between the two vote sessions. But on today's agenda is the call for the December election and Councilman Cooper's proposed amendments regarding the workforce.

today is just the introduction and with the emergency .. they are setting the "public and final hearing" at the special meeting tomorrow (if the vote today passes) .. where the vote to enact it will actually happen ..

[Teo9969]

So the actual language of what's on the ballot is what they're voting on, yes?

[onthestrip]

OKC owns it and rents it out. So, again, you're not wanting to have facts ruin your good story.

Either way, it doesn't travel. It stays here, no matter what, so it is not an asset they can use in their calls for gains. Not sure if you are serious with this one. OKC can do with it what they please if the Thunder leave.

I’m just pointing out the generous things the city has already done for thunder. $16 million that could have been used elsewhere but instead it’s for a highly specialized facility for a pro sports team that pays a pittance in rent for it. This doesn’t easily or cheaply morph into a public rec center if thunder leave. Plus the location of it is surrounded by not much.

You’ve been in arena negotiations but you don’t understand how a new arena and all the increased revenue benefit ownership and value of the team? Interesting.

[chssooner]

I’m just pointing out the generous things the city has already done for thunder. $16 million that could have been used elsewhere but instead it’s for a highly specialized facility for a pro sports team that pays a pittance in rent for it. This doesn’t easily or cheaply morph into a public rec center if thunder leave. Plus the location of it is surrounded by not much.

You’ve been in arena negotiations but you don’t understand how a new arena and all the increased revenue benefit ownership and value of the team? Interesting.

No. I meant acquisition negotiations. Buying something involves buying the assets. If the buyers are looking to move, why would they care one bit about an arena in a city they plan to leave? They wouldn't.

[HOT ROD]

I mean they know how to do it…https://www.seattletimes.com/seattle...-renton-venue/

We know Clay was *cough cough* “possessed” to keep the team in Seattle per emails to Aubrey and Tom Ward. However, he just had to give way to OKC that was much more cooperative in accommodating the team.

So all we’re saying is we want this as much as they do, let us in on the plan. Especially, if you’re pushing through a financial plan to contribute next to nothing.

Interestingly, there is a rendering or two in the Seattle Times for the Renton arena (and was also for the KeyArena retrofit and the Bellevue arena).

[gopokes88]

I’m just pointing out the generous things the city has already done for thunder. $16 million that could have been used elsewhere but instead it’s for a highly specialized facility for a pro sports team that pays a pittance in rent for it. This doesn’t easily or cheaply morph into a public rec center if thunder leave. Plus the location of it is surrounded by not much.

You’ve been in arena negotiations but you don’t understand how a new arena and all the increased revenue benefit ownership and value of the team? Interesting.

It does.

And the thunder leave revenue on the table operating in a 1.5MM person market when several other much much larger metros are on the table if they relocated the team. It's a true partnership, both sides give and take.

[soonerguru]

James Cooper’s binding resolution passed 8-1. Impressive work on his part to rally that much support.

[Teo9969]

What was the initial vote and who said Nea to the add'l resolution?

[chssooner]

James Cooper’s binding resolution passed 8-1. Impressive work on his part to rally that much support.

What was his resolution? And will it make it to where the vote can't happen in December?

[Pete]

Press release:

**************

City Council approves letter of intent with the Oklahoma City Thunder and sets Dec. 12 election to fund new arena
09/26/2023

Oklahoma City Council approved a letter of intent with the Oklahoma City Thunder today that potentially retains the team in OKC beyond 2050 and called a citywide election for Dec.12 to build a new, publicly owned downtown arena. The new arena is the primary condition for securing the commitment from the team.

The new arena is proposed to be funded in part by a 72-month, one-cent sales tax that will start when the MAPS 4 tax ends and will not increase the sales tax rate.

In the letter of intent, the Thunder’s ownership group agrees to keep the NBA basketball team in Oklahoma City beyond 2050 and contribute $50 million toward the cost of the new arena.

The new arena will secure Oklahoma City’s status as a destination for premier concerts and similar events. If passed, the new arena will be built downtown, but the exact location has not been determined.

Workforce Intermediary Programs
City Council also adopted a resolution directing the City Manager to negotiate the use of workforce intermediary programs by the new arena operator for recruitment, training and hiring of Oklahoma City residents who are in most need of jobs. The resolution also requires the new arena operator to pay its part-time and full-time employees a wage equal to what City of Oklahoma City employees earn for similar work. Additionally, the resolution creates a working group to study and evaluate the use of labor peace agreements at the new arena.

Budget
In addition to the 72-month one-cent temporary sales tax, the arena will be paid for with $70 million in MAPS 4 funding and $50 million from the Oklahoma City Thunder ownership group.

Paycom Center
The Oklahoma City Thunder will play all home games at the Paycom Center until the new arena is ready to move in, no later than the start of the 2029-2030 National Basketball Association season. The Thunder’s 25-year commitment to remain in Oklahoma City begins when they move into the new arena.

The Paycom Center is the smallest in the NBA by square footage, it has the second-smallest capital investment of all NBA arenas, and at 21 years old, it is increasingly within range of the oldest arenas in the entire NBA.

The Paycom Center is not capable of securing a long-term lease with an NBA team. Meanwhile, there are U.S. markets larger than Oklahoma City that don’t have an NBA team, some of which already have or are planning an NBA-ready arena. Also, without a new arena, it will prove more and more difficult for Oklahoma City to retain and attract new major concerts, family shows, and other similar events.

Arena Background
The Oklahoma City Thunder has called Oklahoma City home since 2008. In 2023, the initial term of the 2008 use license agreement expired. The Thunder exercised an option to extend the agreement for three years to allow time for the city to develop a plan for a new arena.

“I commend the Council for authorizing me to sign this historic letter of intent, I thank the Thunder for their partnership, and I congratulate all of OKC for getting to this point,” Mayor David Holt said. “One step does remain, and that is the vote of our residents on December 12th. We encourage everyone to come out and set the course for our city’s future.”

[Pete]

What was his resolution? And will it make it to where the vote can't happen in December?

This is it:

Workforce Intermediary Programs
City Council also adopted a resolution directing the City Manager to negotiate the use of workforce intermediary programs by the new arena operator for recruitment, training and hiring of Oklahoma City residents who are in most need of jobs. The resolution also requires the new arena operator to pay its part-time and full-time employees a wage equal to what City of Oklahoma City employees earn for similar work. Additionally, the resolution creates a working group to study and evaluate the use of labor peace agreements at the new arena.

[David]

I am pleased with my councilmember Cooper that he got that resolution put together and passed nearly unanimously so quickly.

[chssooner]

This is it:

Nice! I am glad council agreed to it! Most likely will be ASM for the arena management, and I feel like they pay well.

[gopokes88]

James Cooper’s binding resolution passed 8-1. Impressive work on his part to rally that much support.

I'm pretty far right, and I thought it was a fair and reasonable idea.

Hamon is an ideologue, Cooper is a sharp operator.