U40: City Council meeting not a positive for new arena plan

It did not go well last night at the City of Norman's meeting of the City Council. There was a lot of opposition to the city's $1 billion entertainment district that would be built around a new arena that would house the men's and women's basketball games along with gymnastics events. Carey and George were tuned in to the debate/meeting last night and have the latest on why it wasn't good for OU's plans of building a new arena in a massive new project spearheaded by the city of Norman. Josh is headed back to Oklahoma for another day of Brent Venables' Football camps and we preview some of the names coming in. The quarterback position will be one to watch. The SEC has released kickoff times for every conference team in 2024.
The full rundown follows below:
00:00 - Welcome to the U40! Makari Vickers was arrested early Wednesday morning
7:00 - Norman City Council meeting on new arena was … interesting
34:00 - Brent Venables Football Camp rolls into Day 3 on Thursday
44:00 - 2026 QB Jaden O’Neal camping on Thursday
1:03:00 - 2024 kickoff times revealed
Learn more about your ad choices. Visit megaphone.fm/adchoices (megaphone.fm/adchoices)

[@coryreedy2752]

Carey’s magnet 🧲 fishing reference 😂😂😂😂😂😂😂😂😂😂😂😂💀💀💀💀💀💀💀💀

[@RaeAGE]

You guys need some cameras

[@Tijuanabill]

I was in the Hearnes Center for that game where Najera ran that dude down (Kelly Thames?) from behind, and completely destroyed his showboat dunk, with one of the hardest fouls I ever saw. That dude was doing a flat spin like the one that killed Goose, off in to the cheerleaders. Najera pumping the road crowd up, in their booing, trying to get them to do it louder, was one of my favorite OU moments ever. Don't let anyone tell you there is no rivalry with MU.

[@coryreedy2752]

Re: new arena/entertainment district: a municipality usually pays for things via a general obligation bond (paid back with property taxes) or a revenue bond (zoo, aquarium, etc - things that generate income). I would think they would try and pass a revenue bond as the new arena and entertainment district would generate income from tickets sales, concessions, concerts, venue rental, office space rental, etc). If the city knows how much it’s going to cost they should know how much it can generate in income per year and let the public know how this money is going to generated to pay it back instead of raising taxes.

[@coryreedy2752]

Also, the wealthy Norman residents SHOULD want a revenue bond that they can invest in at today’s interest rates and earn tax-free income.

[@coryreedy2752]

A TIF is diverting property tax dollars to fund the project and they are thinking the tax revenue made from the new development would make up for the lost property tax dollars.

[@Boi-xc4dk]

Build a cheap arena with room to add things as money becomes available

[@Jaduder405]

LFG!!