New Downtown Arena

[PhiAlpha]

This thread has been as enlightening as listening to frogs croak all night long.

You'd rather listen to frogs dying all night long? That's dark. Are the blood thirsty "billionaires," who had the audacity to buy an NBA team and bring it to OKC, the ones killing them?

[Laramie]

What do people living at poverty level pay in property and/or income tax (assuming they have an income)?

What relief do they receive for sales tax? Are they charged sales tax for items bought through SNAP and similar programs? In addition to SNAP, what other programs are available to help those at poverty level? If they moved out of Oklahoma City, would their sales tax be higher or lower than what they pay in OKC (and would continue to pay if this is passed)?

Point being...I don't think the 200,000 people you reference are paying much if anything for this and would most likely be paying more in sales tax if they theoretically moved out of OKC to avoid it. I'd also argue that much more has been done that positively affected them with the tax dollars they have paid to OKC over the last 30 years than would've been done if they'd lived in the suburbs.

PhiAlpha, you nailed it--GRAND SLAM, MY MAN.

[BDP]

And it turns out the Sonics were right. Seattle’s economy didn’t tank,

And Oklahoma City's didn't tank when they moved here.

But no one said either of those things would happen.

And, your guy in the old Seattle times article said there's "no detectable economic impact" on the "greater Seattle area". Yet, then went on to say the move could make OKC "financially worse off".

All depends on what assumptions are made and what is conveniently ignored.

[caaokc]

The campaign has officially started. https://www.keepokcbigleague.com/

[Pete]

The campaign has officially started. https://www.keepokcbigleague.com/

The PO Box on that site is the same one used for all the other public initiatives such as MAPS, OKCPS school bonds, Better Streets, Fix the Jail, etc.

[TornadoKegan]

Have Plans been released yet?

[BoulderSooner]

Have Plans been released yet?

plans for what?

[mugofbeer]

Have Plans been released yet?

Scroll back on the thread and read.

[AnguisHerba]

The PO Box on that site is the same one used for all the other public initiatives such as MAPS, OKCPS school bonds, Better Streets, Fix the Jail, etc.

Yep. No secret that it's the Chamber. They held a kickoff event in south Scissortail Park this morning.

[PhiAlpha]

Have Plans been released yet?

my god, not again lol

[SouthOKC]

Have Plans been released yet?

Very reasonable question. However, they city has very little to no leverage when negotiating with the Thunder organization. Thus at this point in time we’re left to fully fund the project without the Thunder submitting any ideas/plans for what they have in mind.

Sounds like a wild concept to anyone that’s not desperate.

[BoulderSooner]

Very reasonable question. However, they city has very little to no leverage when negotiating with the Thunder organization. Thus at this point in time we’re left to fully fund the project without the Thunder submitting any ideas/plans for what they have in mind.

Sounds like a wild concept to anyone that’s not desperate.

the thunder are not designing the arena the thunder won't own the arena ...

[Teo9969]

It looks like with a $900k minimum cost, let's say $150M between either land cost/demolition costs/costs overruns, we'll probably land somewhere between $200M & $400M in interest payments. So somewhere between 17.5% and 30% of total cost to OKC is going to just be interest.

[SouthOKC]

the thunder are not designing the arena the thunder won't own the arena ...

The arena is 100% being constructed to accommodate a NBA team. Which nba team? The Thunder…

So who do you think is telling/consulting on how to design/build it?

There’s articles going back 15 years about Clay Bennett and Mick Cornet discussing a new arena. This was a foregone conclusion years ago. The strategy is to not appropriate any funds to explore a new arena, fund any conceptual designs, etc… The campaign has always been to leverage the Thunder leaving to push through the an arena that has very little to no public input on design before funding it.

[Laramie]

It looks like with a $900k minimum cost, let's say $150M between either land cost/demolition costs/costs overruns, we'll probably land somewhere between $200M & $400M in interest payments. So somewhere between 17.5% and 30% of total cost to OKC is going to just be interest.

Let's see who finances the arena for the city to repay. A combination of Thunder owners:

Kaiser, BOK Financial
Records, Jr., MidFirst Bank
Bennett, Dorchester Capital
Cameron, American Fidelity Assurance Company
Scaramucci, Balon Corporation
Dobson, Dobson Partnerships

All of the owners have access to capital; they can finace this with a low interest loan that can be
paid back in six years.

[Laramie]

BTW: Let's include some kind of sphere or tower with this development on the 4-square block Prairie Surf Media studios super block.

How about something on par with The STRAT in Las Vegas, The CN Tower, Toronto or The Tower of the Americas in San Antonio.

Las Vegas

Toronto

San Antonio

[Tyson]

BTW: Let's include some kind of sphere or tower with this development on the 4-square block Prairie Surf Media studios super block.

How about something on par with The STRAT in Las Vegas, The CN Tower, Toronto or The of the Americas in San Antonio.

That would be spectacular!

[April in the Plaza]

Let's see who finances the arena for the city to repay. A combination of Thunder owners:

Kaiser, BOK Financial
Records, Jr., MidFirst Bank
Bennett, Dorchester Capital
Cameron, American Fidelity Assurance Company
Scaramucci, Balon Corporation
Dobson, Dobson Partnerships

All of the owners have access to capital; they can finace this with a low interest loan that can be
paid back in six years.

No. The City should use literally any lender on earth other than MidFirst or BOK. They are already bending us over enough as it is.

[Laramie]

No. The City should use literally any lender on earth other than MidFirst or BOK. They are already bending us over enough as it is.

The City should use whoever will give us the best loan interest rate prior to paying off the $900 million debt total. If our ownership
can do that, allow the best bidder to be awarded the contract.

[scottk]

the thunder are not designing the arena the thunder won't own the arena ...

YES! This needs to be stressed. The city owns (and profits!) from the arena.

Some of the other recent NBA Arenas that we keep getting compared to with ownership groups contributing more money for the construction, own the arena. (Detroit, Milwaukee, Golden State)

[PoliSciGuy]

YES! This needs to be stressed. The city owns (and profits!) from the arena.

Some of the other recent NBA Arenas that we keep getting compared to with ownership groups contributing more money for the construction, own the arena. (Detroit, Milwaukee, Golden State)

How much will those profits be? The city owns the Paycom Center too. How much profit does it bring in?

[chssooner]

How much will those profits be? The city owns the Paycom Center too. How much profit does it bring in?

Might be able to look in the ACFR for OKC to see.

[mugofbeer]

The City should use whoever will give us the best loan interest rate prior to paying off the $900 million debt total. If our ownership
can do that, allow the best bidder to be awarded the contract.

BOK & Midfirst would probably have very little to do with the arena financing.

The city doesn't borrow from a bank. For something like this they would use a Wall Street investment banker who would underwrite a municipal bond issue. Those bonds would then be sold to anyone from individuals to investment and mutual funds. The interest rate is set by the market and would probably be very low because of OKCs stellar credit rating and the virtual payoff guaranty of sales tax revenue.

However, since it would be financed by a sales tax, the bond issue may not be nearly as large as the total project cost.

[mugofbeer]

How much will those profits be? The city owns the Paycom Center too. How much profit does it bring in?

Professor, you should know future profits can only be guestimated. One Garth or Taylor Swift concert can make a huge difference in a year's revenues.

[April in the Plaza]

Professor, you should know future profits can only be guestimated. One Garth or Taylor Swift concert can make a huge difference in a year's revenues.

Thought that T. Swift only plays concerts in football stadia these days.