'Designed For Basketball': Oklahoma City Mayor Says New Arena Proposal Is Almost Done

Oklahoma City Mayor David Holt said the city is close to a proposal that would build a new downtown arena to replace the aging Paycom Center.

Holt made the announcement during his state of the city address Thursday morning at the Oklahoma City Convention Center.

"I can report to you (Thursday) that 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," Holt told the audience. "We believe we can and must present this agreement before the end of summer, with an election before the end of 2023."

The mayor said a new arena is needed because Paycom Center is old and outdated.

"Other than Madison Square Garden, the oldest of all NBA arenas is just 32 years old. Ours is 21 and if you paid any attention a few moments ago to the pace of our history, you know that a new arena would not open for years, even if we started planning today," Holt said "Without action soon, we’ll eventually be sitting on one of the oldest arenas in the NBA."

Holt also noted that Paycom Center is the second-cheapest arena in the league, with a total investment of around $200 million. He compared it to other NBA arenas, like the $1.4 billion Chase Center in San Francisco, home of the Golden State Warriors, and the $524 million Fiserv Forum, home of the Milwaukee Bucks.

"We’re not in the junior NBA, we’re in the real deal, and these are our peers," Holt said.

Being that Oklahoma City is the 20th largest city in the U.S., Holt stressed the importance of having a more state-of-the-art arena.

"It is 2023, and in the relentless and unforgiving competition between American cities, our downtown arena is simply not what it used to be," said Holt. "We always have to remember three things – there are a dozen North American cities that used to have an NBA team, there are 18 metros bigger than ours that would like to have a team, and remember how we got this team."

Holt did not mention a location for the proposed arena, adding that details of the agreement are still being finalized. But he did say the new arena would be much larger than Paycom Center and the user experience would change.

"This new arena will in many ways be our first NBA arena. It will be designed for basketball, with far more seats in the lower bowl, better sight lines for everyone, and unprecedented proximity all the way to the last row," Holt announced.

Holt said should the arena be approved, there would be no tax increase.

"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," said Holt. "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."

Furthermore, Holt said Thunder ownership would make "a significant financial contribution" toward the project.

Holt told the audience that a final agreement and proposal will be unveiled by the end of the summer.

"The architectural ambitions of this new arena will exceed anything our residents have ever experienced," he said.