Oklahoma City Votes to Approve Future Arena of OKC Thunder
Oklahoma City voted on a new arena, built by the city, that will house the Thunder through 2050 -- keeping the NBA franchise in the city for the next two and a half decades at a minimum.
On Tuesday, the city voted to approve the arena.
Evidently, the vote was life or death for the city. There was not going to be any renegotiation, and $50 million was all the Thunder was going to donate to the new arena.
As Mayor David Holt has alluded to, the city asked the team for more money, but they were only willing to donate $50 million in the end. Still, the team's payment was only a donation and they'll be tenants of the new stadium.
If the Thunder didn't vote in favor of the new arena, the franchise was likely going to set sail to a city and market that would gladly fund an arena and host the team. Teams like the Oakland Athletics and Seattle Supersonics have felt the repercussions of similar situations.
The newly approved arena adds no new tax to Oklahoma City residents but rather extends a one-cent tax that has been in place since the 1990s. This will ultimately be an extension of the MAPS4 project.
The minimum cost of the new arena will be $900 million. With a top-tier arena coming to Oklahoma City, the potential to host events such as an NBA All-Star Game, NBA Summer League, high-profile concerts and other forms of live entertainment comes into play.
Mayor Holt understands what it means to be a "Big League City" and he did an incredible job at ensuring Oklahoma City will hoist that status until at least 2050. The city will be able to watch the team's incredible young core grow and eventually compete for NBA Championships.
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