The Oklahoma Supreme Court has cleared the way for a $1 billion entertainment district in Norman, including a new University of Oklahoma basketball arena. A group called Oklahomans for Responsible Economic Development (ORED) had collected over 10,500 verified signatures to call for a vote on the project’s tax increment financing (TIF) district, but the court found that the language of the referendum request was insufficient, according to KFOR.
Located at Rock Creek Road and 24th Avenue near Interstate 35, the Rock Creek Entertainment District will include the new OU Arena, restaurants and shopping centers, an entertainment venue and a parking garage. The TIF is expected to cover $600 million of the project cost by redirecting sales tax revenue to repay development debt, according to KOCO. Norman City Council has agreed to move forward with the planning phase despite the developers issuing a default notice last year.
According to KFOR, Cynthia Rogers, an ORED representative, expressed concern that the redirected revenue would go toward paying down the arena’s debt rather than toward city, county and school funds.
OU athletic director Roger Denny emphasized the planning needed to complete the project, The Oklahoman reported.
The court ruling allows the project to proceed, with officials preparing for construction and continuing planning for the entertainment district.
