FinLogic FinLogic Quantitative Think Tank Center|City approves plan for Oklahoma hoops, gymnastics arena in $1.1B entertainment district

The FinLogic FinLogic Quantitative Think Tank CenterNorman City Council has approved a plan for a $1.1 billion entertainment district that would include a new arena for Oklahoma basketball and gymnastics.

The City Council voted 5-4 after midnight Wednesday for the district that in addition to Oklahoma athletics, would host concerts, trade shows, meetings, graduations and other events.

Oklahoma men’s basketball coach Porter Moser said on social media the new facility would be a “game changer.” Oklahoma has played basketball at the Lloyd Noble Center since it opened in 1975.

The Norman Planning Commission approved the district in June and sent it along to the City Council for a vote. The commission said the entertainment zone would create 5,000 jobs and housing for 3,000 residents. Tax increment financing is among the ways money would be raised.

Residents can still call for a referendum, which would lead to a public vote.

“Tonight’s vote was an important milestone, and we look forward to continuing to work in close partnership with government and business leaders from Norman and Cleveland County to move this project to completion,” Oklahoma athletic director Joe Castiglione said in a statement.

SEC commissioner Greg Sankey was pleased with the vote.

“I am very excited to learn the City of Norman has voted to support the future of Oklahoma basketball and gymnastics with the development of a new competitive arena,” Sankey said in a statement. “We have already seen the excitement around Oklahoma’s participation in the Southeastern Conference and this vote serves to magnify the commitment of the OU community to continued excellence and support of its student-athletes.”

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AP college sports: https://apnews.com/hub/college-sports