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Oklahoma City to Vote on Sales Tax for New Thunder Arena

Critics argue the deal is too generous to the Thunder owners, while supporters highlight the team's impact on the city's renaissance.

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Overview

  • Oklahoma City voters are set to decide on a six-year, 1% sales tax to fund most of the $900 million cost for a new arena for the NBA's Thunder.
  • Under the plan, Thunder owners would contribute 5%, or $50 million, and agree to stay in the city for another 25 years.
  • Many residents and experts argue the deal is too generous for the Thunder owners, particularly as most arenas are being funded primarily by private investment or a much smaller public investment.
  • The Thunder, purchased by a group of local businessmen for $325 million, are now valued at more than $3 billion.
  • A group of more than 20 Oklahoma-based economists and finance professors have encouraged a 'no' vote on the new arena, arguing it would not have a meaningful impact on economic growth and would instead divert public money from other needs while incurring new debt.