A sales tax extension to fund a replacement professional sports and concert arena costing at least $900 million won overwhelming approval from Oklahoma City voters Tuesday.
The continuation of a Metropolitan Area Projects (MAPS 4) one-cent sales tax for six years beyond its April 1, 2028 expiration date passed with 71% of the vote amid low turnout, according to
The arena will replace the city-owned Paycom Center, which has been home to the National Basketball Association’s Thunder since 2008.
“Tonight, we told the nation, we told the world, that Oklahoma City is and shall remain a Big League City,” Mayor David Holt said in a statement, referring to the team’s 25-year commitment to stay in the city once the new arena opens no later than the start of the 2029-2030 basketball season.
The financing plan will tap $70 million in MAPS 4 funding earmarked for the existing arena and the Thunder’s $50 million contribution to cover upfront costs.
Oklahoma City Chief Financial Officer M. Brent Bryant
The notes would be privately placed with a bank pursuant to a request for proposals that could be issued in 2026. Bryant in late September said the issuance of eight- or nine-year bonds was rejected due to interest costs. He did not immediately return a request for comment after this week’s election.
MAPS financing
Holt has been
The Thunder’s commitment to pay only $50 million for an arena that could end up costing more than $900 million was the main argument put forth by opposition group
”This is the worst NBA arena deal in more than a decade,” the group said on its website. “Increasingly, the trend is for billionaire sports franchise owners, who keep all the profits, equity and most of the revenue from these buildings, to build and pay for more and more of their own arenas.”