OKC Mayor David Holt makes last-minute push for arena on election day, responds to naysayers

The day before the vote, Oklahoma City Mayor David Holt made a last-minute social media call for residents to vote for the proposed NBA arena.

Holt tweeted two photos on X (formerly Twitter) at 1 p.m. Monday summarizing his reasoning for why Oklahoma City should vote to use at least $850 million in taxpayer funds to build a new downtown arena.

The arena would be built at a minimum cost of $900 million, with the majority of funds coming from a 6-year penny sales tax starting in 2028 if the measure passes. The Oklahoma City Thunder also would contribute $50 million, and the city would use at least $70 million in MAPS 4 funds.

In the tweet, Holt wrote that Oklahoma City is one of a few cities that have an NBA team and is not a top 40 market, so he considers OKC as having an underdog story. He encouraged voters to feel "the responsibility to retain $590 million a year in economic impact and 3,000 jobs" as well as the aspiration to keep the Thunder past 2050.

As naysayers responded with their reasons why they would be voting "no," Holt responded to their tweets with counterarguments.

"This is a bad deal when compared to modern arena deals across the US," one person tweeted.

"False," Holt replied. "This is comparable to deals in similar size markets. We are one of the smallest markets in all of pro sports. Also, it’s the only deal we’re going to get. So the alternative is not having a team, not a mythical better deal."

More: OKC officials say a new Thunder arena is worth every penny. Economists aren't sold.

Others raised concerns about a spending cap on the project or cost overruns.

Holt responded that the Letter of Intent for the project states that the budget is capped at revenues from the tax.

The LOI states that the minimum budget for the project is set at $900 million, and the funds to pay for it will come from the 72-month sales tax, as well as $70 million from MAPS4 funds already earmarked for the city's arena and the Thunder's $50 million contribution.

"The final budget and funds available for the new arena ... will be jointly agreed upon" by the city and OKC Thunder as they jointly work through financing approvals and more in the development agreement, the LOI states.

Oklahoma City officials have said they are “comfortable with (their) numbers” when it comes to current projections for the new arena, but several economists believe construction ultimately will surpass $1 billion and question the much-touted return on investment.

This article originally appeared on Oklahoman: Oklahoma voting: OKC Mayor Holt makes last-minute push for arena