A Discussion related to the upcoming Vote on the New Thunder Arena in OKC…
OKC Voters: Vote December 12, 2023…
Like the Blanchard School Bond issues… Once they get their claws into you…it never ends…and they always use the phrase…”It will not raise taxes”… But…they never tell you that it will also not allow your taxes to go back to what was “normal” before… Cities, Schools, and County governments continue to ask for extensions through new proposals…up to the point where they decide you are comfortable with them…then they go for more…and the cycle continues…
See where OKC is now…
Oklahoma City will vote on a new sales tax proposal to build a new arena for the OKC Thunder…Tuesday, December 12, 2023… The estimated $900+ Million proposal will fall on the tail of the MAPS 4 Project sales tax… MAPS (Metropolitan Area Projects Plan) began in 1993…and has never ended… Some day I anticipate hearing about some “MAPS 47” project coming up for a vote…although OKC is very likely to attempt to make this tax permanent after the new arena is built…and then go for a new tax proposal…
Many OKC Officials and Investors have promoted the passing of this extended sales tax… Several businesses…in Bricktown and in a few other areas…have also promoted the proposal…mostly restaurants…
However…there is another group who has indicated that the multi-billion dollar collective of owners for the Thunder team should buy their own arena…or at least pay a much higher share… Afterall…they are the ones who are truly benefitting from the site…
Buy Your Own Arena
THE OKC PUBLIC IS BEING ASKED TO FUND 95% OF THE ARENA. COLLECTIVELY THE THUNDER OWNERS ARE WORTH $25 BILLION.
See more: https://www.buyyourownarena.com/
See how OKC has continued the MAPS’ sales tax projects since their inception in 1993…with details related to the new Thunder Arena at the bottom of the list…and the current arena off and on within the list…
MAPS 1 – 1993
$350 Million to revitalize OKC…Bricktown…
MAPS 2 (MAPS for Kids) – 2001
$514 Million from MAPS + $180 Million from School Bond Issue
Sales Tax Extension (from MAPS 2) – 2008
$87.7 Million – Upgrade Ford arena (now PayCom Center) for new OKC Thunder Team, construct new “practice facility” for Thunder Team…
MAPS 3 – 2009
$777 Million – various projects around OKC
4-Story Downtown Oklahoma City Convention Center, Bennett Event Center, Scissortail Park, River Sports, etc
https://www.okc.gov/government/maps-3/maps-history
Sales Tax Extension (from MAPS 3) – 2017
$240 Million from 27-Month MAPS Sales Tax Extension + 1/4-cent permanent sales tax ($26 Million/yr) + 13 Bond Propositions ($967 Million over 10 years) – “Better Streets, Safer City” Project for Fire and Police Departments…streets and roads…
https://www.okc.gov/residents/better-streets-safer-city-projects
MAPS 4 – 2019
$1.1 Billion (over 8 years) – Neighborhood improvements, quality of life enhancements, jobs, etc… Includes $116 Million for PayCom Arena improvements… Note: $70 million of $116 million proposed to be put into new arena costs…
https://www.okc.gov/government/maps-4
Proposed New Thunder Arena – 2023
December 12, 2023 Election – Sample Ballot wording…
SHALL ORDINANCE NO. 27,420 OF THE CITY OF OKLAHOMA CITY BE APPROVED? The Ordinance levies a temporary excise tax of one percent on the gross proceeds or gross receipts derived from all sales taxable under the sales tax laws of the State of Oklahoma. The Ordinance earmarks expenditure of the tax for the limited purpose of funding all expenses related in any manner to constructing, establishing, providing, or maintaining an arena facility to be owned by The City of Oklahoma City. The Ordinance defines the word expenses, gives non-exclusive examples of expenses, and states that the word expenses includes without limitation payment of financing costs for obligations related to the stated limited purpose that are issued by a public trust having the City as its beneficiary. The Ordinance creates the Arena Facility Sales Tax Fund. The Ordinance provides that the tax begins at the same time the excise tax levied by Oklahoma City Ordinance No. 26,255 ends and, once effective, lasts for a limited term of 72 monthsand then such tax ends.
New OKC Thunder arena details officially revealed – September 12, 2023
Some details of the finalized plan for a new arena are:
· The project will cost at least $900 million; sales tax will not increase.
· Thunder ownership will commit $50 million for the publicly-owned arena.
· At least $70 million will come from the MAPS 4 project.
· The arena will secure the Thunder’s future in OKC beyond 2050 via a 25-year lease, with it opening by the 2029-30 season.
· The new arena is pending official approval of a temporary one-cent sales tax vote that will take place on Dec. 12. The temporary tax will start after the expiration of the MAPS 4 increase. As a result, OKC’s current sales tax rate will not increase.
Source: email from a friend
Shared via OKGrassroots
Also note…
After the purchase and move of the Seattle SuperSonics to OKC (because Seattle taxpayers refused to build them a new arena)…the owners of the new OKC Thunder Team sold “naming rights” to their upgraded arena in OKC… Originally…the current arena was known as the Ford Arena…then the Oklahoma City Arena…then the Chesapeake Energy Arena…and now the PayCom Arena… In 2021…PayCom purchased the rights to name the arena from the Thunder Team…for the next 15 years… Will that “roll over” to the new arena? Why does the Thunder have the ability to sell the “naming” rights over an arena owned by OKC taxpayers?
Downtown Oklahoma City arena to transform into Paycom Center
The Oklahoma City Thunder and Paycom (NYSE: PAYC) today jointly announced an exclusive, 15-year naming rights partnership that will transform the downtown home of the Thunder into Paycom Center.https://www.paycomcenter.com/news/detail/paycomcenter
