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 prompt a vote on the project’s tax increment financing (TIF) district, but the court found the referendum petition’s language insufficient, according to KFOR.
The Rock Creek Entertainment District, located at Rock Creek Road and 24th Avenue near Interstate 35, will include the new OU arena, dining and retail centers, an entertainment venue, and a parking garage. The TIF is expected to cover $600 million of the project cost by diverting sales tax revenue to repay development debt, as reported by KOCO. The Norman City Council has approved moving forward with the planning phase, despite a notice of default from developers last year.
Cynthia Rogers, a representative of ORED, expressed concern that the diverted revenue will go to repay the arena debt instead of city, county, and school funds, according to KFOR.
OU Athletic Director Roger Denny highlighted the planning required to complete the project, as reported by The Oklahoman.
The court ruling allows the project to proceed, with officials preparing for construction and continued planning for the entertainment district.
