Oklahoma City mayor David Holt on Tuesday announced that the city will be building a $900 million arena that would commit the NBA's Thunder to staying in the city through 2050.
The project is dependent on voter approval slated for December 12.
The Thunder's current home, Paycom Center, is the NBA's smallest arena in terms of square footage. It's also one of the oldest venues in the league.
According CBS Sports, construction of the arena will not include a tax-rate increase for residents of the city. Rather, a one-cent sales tax that is currently in place will extend for another 72 months, raising a projected $1.1 billion. Another $70 million has reportedly already been earmarked in the budget for Oklahoma City's arena. Finally, the Thunder's ownership group led by Clay Bennett will contribute $50 million to the project.
"For fifteen years the Thunder has been honored to help lead the transformation of Oklahoma City and enhance the tremendous pride our citizens have in their community," Clay Bennett, head of the Thunder's ownership group, said in a statement. "We now have an opportunity to build on that progress, advance our status as a true big-league City, continue to grow our economy and secure the long-term future of the Thunder. We look forward to continuing our partnership with Mayor Holt, members of the City Council, and the forward-thinking business and civic leaders in our community. Together we can develop an arena to serve as a crowning achievement in the ongoing renaissance of Oklahoma City."
