Mayor Holt Announces Plans For New Arena In Downtown Oklahoma City

Oklahoma City Mayor David Holt announced plans for a new arena for the metro during Thursday’s State of the City address.

Holt said in the address they are close to a “jointly agreeable proposal” that would involve the construction of a new arena, which would meet the standard of the concert industry as well as the NBA.

Holt said they will need to present the agreement by the end of the summer before an election, which is planned before the end of 2023.

Holt continued saying the following in regards to the funding for the new arena:

“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. The public funding necessary to build the new arena will be supplemented by remaining MAPS 4 dollars that are already earmarked for the downtown arena, as I mentioned last year. And 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. “

Before the announcement, Holt iterated the importance of the arena for the metro community, recapping history of past events that have brought big names and shows to Oklahoma.