New Downtown Arena

[warreng88]

Something that I just noticed when looking at the sample ballot is that they proposal by Councilman Cooper wasn't added to the info on the vote. Is there any indication on how that will be enforced?

[chssooner]

Something that I just noticed when looking at the sample ballot is that they proposal by Councilman Cooper wasn't added to the info on the vote. Is there any indication on how that will be enforced?

I think since it's in city council minutes, it didn't need to be voted on. Just the sales tax initiative.

[Pete]

I think since it's in city council minutes, it didn't need to be voted on. Just the sales tax initiative.

It was only a non-binding resolution.

Of course, they have several years before anyone starts working at the new arena.

[Urbanized]

Regarding the finance discussion a page or two back...finance is a bit of a blind spot for me, but I would think this project would be a candidate for short term municipal bonds rather than a standard bank loan. And there are institutions who specialize in those.

[Pete]

Regarding the finance discussion a page or two back...finance is a bit of a blind spot for me, but I would think this project would be a candidate for short term municipal bonds rather than a standard bank loan. And there are institutions who specialize in those.

The City has used revenue bonds a lot in the past, but remember they require another public vote.

[Dob Hooligan]

As I look at Pete's map of Myriad/Paycom/REHCO, I wonder if the arena being on the Myriad site would accelerate build out of the entire area? And how much would that development cost? As in, our billion dollar arena has jump started an additional two billion in construction by 2032?

[Urbanized]

Regarding location, while it was inadvisable for the City to pay for mood board type renderings - which drove so many here into apoplectic fits - the City was not quite as limited when it comes to the site selection. Meaning their hands were not tied as far behind their backs. While they couldn't hire an A&E firm just yet, they have entire departments dedicated to some of the tasks required when doing due diligence on property. They have already been doing a lot behind the scenes to vet the potential sites, and are probably pretty far along in determining various cost centers associated with each property. I'd expect the site selection to be made in the first few months of 2024.

[Urbanized]

The City has used revenue bonds a lot in the past, but remember they require another public vote.

That's a good point.

[Urbanized]

As I look at Pete's map of Myriad/Paycom/REHCO, I wonder if the arena being on the Myriad site would accelerate build out of the entire area? And how much would that development cost? As in, our billion dollar arena has jump started an additional two billion in construction by 2032?

Strong possibility that this will drive significant ancillary development, for sure.

[chssooner]

That's a good point.

And that second votes runs the risk of confusing voters even more than this one did, and people being tired of voting on things to benefit the Thunder owners. A loan with a financial institution would be better, IMO.

[Urbanized]

^^^^^^
Clearly there would not be a circumstance whereby they would bring a bond vote to the public on this particular project. That said, I do suspect that there are municipal funding vehicles applicable here that are outside of the realm of traditional bank loans.

[Teo9969]

The City has used revenue bonds a lot in the past, but remember they require another public vote.

For having voted "No" on the arena, I would definitely vote "Yes" to Bond this project, that is our cleanest way to resolve this and likely the best rate we'll have access to.

[Canoe]

Strong possibility that this will drive significant ancillary development, for sure.

That is what was said about sissortail and all we got was strawberry Fields for never.

[chssooner]

That is what was said about sissortail and all we got was strawberry Fields for never.

I mean, I get it. I 100% get your point. But you can't let one fail like SF prevent you from ever moving forward. Scared money don't make money.

[Cocaine]

yes Robert Howard thunder part owner owns that site ... but he is not going to just "give it away"

In all honesty it would be the perfect ending if the city bought the site for say $100 million. I actually had no idea this was the case until now. Now I need to look into to see how true it is.

[Pete]

^^^^^^
Clearly there would not be a circumstance whereby they would bring a bond vote to the public on this particular project. That said, I do suspect that there are municipal funding vehicles applicable here that are outside of the realm of traditional bank loans.

You may be right because the proposition that was passed allows for expenses related to financing.

I'll ask Brent Bryant about this.

[mugofbeer]

I would be willing to bet it will be MidFirst Bank. They may be the only Oklahoma City bank large enough to fund a loan like this. Or BOK. Can't just have any bank front $10's of millions. Only certain banks are even legally allowed to.

And I doubt they would use a Chase or Bank of America for them.

*deleted. Just saw my point on municipal bond issuance was already made*

[jn1780]

You may be right because the proposition that was passed allows for expenses related to financing.

I'll ask Brent Bryant about this.

Yeah, sounds like the city is already covered based on how ballot was worded.

[kukblue1]

It really needs to be the Cox site. If a tunnel can be built that pours right into the canal, that would do so much for revitalizing the canal and Bricktown in general. Right now, Paycom feels disconnected from Bricktown, because theres a major street, a rail, and two parking lots on the east side of said road/rail that lead you to the lazy lower Bricktown area. Imagine people leaving the game and walking right into the upper canal, what that would do for development of upper Bricktown (and by extension, lower Bricktown).

Do we know what will happen with Prairie Surf? Any rumblings of a new building of their own? I'm not that familiar with how well they're doing financially, and if they have the investors to develop their own modern soundstage complex. It would be nice to keep Prairie Surf Studios sometime downtown, even though that Cox site really needs to go to the new arena.

Yes plus you have street car stop on both sides. You could have entrance on all 4 corners. Open up under the rail tracks like I think at one time was going to happen you would have 3 entry/exits going towards bricktown. it would be great.

[Plutonic Panda]

Not that news 9 is the most credible source but they said the city manager has pointed to the former cox convention center as a possible site. If so it seems like it’s pretty much set.

https://www.news9.com/story/657a0450...downtown-arena

I suppose the Ford site could work but I’d prefer a development that allowed for a pedestrian Paseo between the two parks. Not sure that’d be possible with an arena on it.

[jn1780]

Not that news 9 is the most credible source but they said the city manager has pointed to the former cox convention center as a possible site. If so it seems like it’s pretty much set.

https://www.news9.com/story/657a0450...downtown-arena

I suppose the Ford site could work but I’d prefer a development that allowed for a pedestrian Paseo between the two parks. Not sure that’d be possible with an arena on it.

He also said you don't run two arenas side by side, just in case anyone was still holding out hope that Paycom would not be demolished.

[ABryant]

We ran two arenas side by side for decades. Arlington, Texas has 2 baseball stadiums next to each other.

[Plutonic Panda]

He also said you don't run two arenas side by side, just in case anyone was still holding out hope that Paycom would not be demolished.

Who thinks Paycom won’t be demolished? I figured that was a given. Of course it’ll go. Too valuable land.

[Urbanized]

Paycom will 100% be demolished.

[PoliSciGuy]

Paycom should be demolished. We already have a sparsely used hulk in Cox/Prairie Surf. We don't need another one. If we're breaking the bank I want to see the 3 blocks of Paycom/Cox/Ford lots completely redone and revitalized with stadiums and mixed/use development.