Oklahoma City Mayor David Holt outlined his hopes for a new arena at his annual State of the City address Thursday. He envisions the venue being an upgraded home for OKC’s NBA team, the Thunder.
Earlier this year, the long-term lease Thunder had signed at the Paycom Center expired. The NBA team and arena are currently operating under a three-year lease extension to clarify their future.
“Obviously, we want a long-term relationship that secures our Thunder for a generation, but we can't accomplish that without a modern NBA arena,” Holt said.
Oklahoma City’s Paycom Center has been the home venue of the Thunder since 2008 when the team came to the city. It opened in 2002.
“Of all the arenas in the NBA, ours ranks dead last in total square footage,” Holt said.
The Oklahoma City Thunder praised Holt’s vision for a new arena in a statement released Thursday, The Oklahomanreported.
The potential new arena is still in the planning phase.
“I can report to you today that we are close to a jointly agreed proposal to construct a new downtown area that meets the modern standards of the NBA and the concert industry,” Holt said.
The city plans to present an agreement before the end of the summer, aiming for an election before the end of the year.
Holt said that the arena could be funded without raising tax rates. Additional financing would come from the ownership of the Oklahoma City Thunder and MAPS4 dollars already earmarked for downtown improvements.
“We have a team that wants to be here for the long haul, and our city just has to do what great cities do: We have to invest in ourselves,” Holt said.
