During last year’s State of the City address, OKC Mayor David Holt brought up the possibility of building a new arena for the Oklahoma City Thunder.
The Thunder’s lease at Paycom Center ends in 2026 after they signed a short-term extension. But considering the size and age of the arena — both being near the bottom of the league — it’s almost time to build a new NBA home to secure the long-term future of the franchise.
In this year’s State of the City address, Holt spoke more in-depth about a new arena, saying that it’s time to take the next steps in the multi-year process and come to an agreement on a proposal before the end of 2023.
Let’s look at the biggest takeaways from Holt’s address and the details he provided about a new potential arena.
David Holt talked about the Thunder in his State of the City address today:
"(Cities) that have (professional teams) enjoy an entirely different identity than other cities."
Also mentioned the economic improvement the Thunder have provided OKC since their arrival
— Clemente Almanza (@CAlmanza1007) July 20, 2023
David Holt on the Paycom Center: "Our downtown arena is simply not what it used to be… The building itself is a growing liability."
— Clemente Almanza (@CAlmanza1007) July 20, 2023
David Holt on the Paycom Center: "By NBA and national concert standards, our arena is too small, it has too little investment in it and it is trending to being too old."
Also mentions how other cities with no NBA teams have larger/better arenas
— Clemente Almanza (@CAlmanza1007) July 20, 2023
OKC Mayor David Holt: "It is time to plan for a new arena and 2023 is the year to make that commitment."
— Clemente Almanza (@CAlmanza1007) July 20, 2023
David Holt: "We have a team that wants to be here for the long haul and our city has to do what great cities have to do."
Said they're close to coming to an agreement on a proposal for a new arena
— Clemente Almanza (@CAlmanza1007) July 20, 2023
OKC Mayor David Holt on a new arena: "Before the end of this year, we will have secured our future."
— Clemente Almanza (@CAlmanza1007) July 20, 2023
"And on top of that, we’re the NBA’s third smallest market and there are 18 U.S. markets larger than ours that don’t have an NBA team. In the long run, this is not a tenable situation."
— Joe Mussatto (@joe_mussatto) July 20, 2023
"We are close to a jointly agreeable proposal that will construct a new downtown arena that meets the modern standards of the NBA and the concert industry. We believe we can and must present this agreement before the end of summer, with an election before the end of 2023."
— Joe Mussatto (@joe_mussatto) July 20, 2023
"We believe our new arena can be funded without raising tax rates above their current levels. We believe we can accomplish this vital project simply by paying the exact same sales tax rate we pay today. No tax increase will be necessary."
— Joe Mussatto (@joe_mussatto) July 20, 2023
Important note here: "For the first time in city history, these public funding commitments will be joined by a significant financial contribution from the ownership of the Oklahoma City Thunder."
— Joe Mussatto (@joe_mussatto) July 20, 2023
Holt's got jokes: "We will secure this team for such a span of time that I can tell you today that a superstar who will play for our city in this new arena, in the next lease term, isn’t even born yet. And yet, Sam Presti is probably already holding the draft pick to get him."
— Joe Mussatto (@joe_mussatto) July 20, 2023
🏀 JUST IN 🏀- OKC Mayor David Holt gave an update on the new arena in his State of the City address. He says details will be finalized by the end of summer with a vote before the end of the year. Also notes taxes will not go up to cover the cost. @OKCFOX pic.twitter.com/t8Gug2fDuO
— Wendy Suares📺 (@wsuares) July 20, 2023
OKC Mayor David Holt believes a new arena could be funded without raising taxes:
"For the first time in city history, these public funding commitments will be joined by a significant financial contribution from the ownership of the Thunder."
— Clemente Almanza (@CAlmanza1007) July 20, 2023
