Oklahoma City Council passes new Thunder arena agreements

On Tuesday, the Oklahoma City Council passed a series of new agreements related to its $900 million new arena project, and the future home of the Oklahoma City Thunder.

Mayor David Holt celebrated a 115-page arena use license agreement, or lease, as the principal accomplishment. Council also passed a food and beverage agreement and a preferential rights agreement for the site of the current Paycom Center.

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Under the preferential rights agreement, the Thunder would have first rights to redevelop the site after the new arena for up to five years after the new arena opens. There is no limitation for what the Thunder can build on the site, although a spokesperson confirmed demolition would be part of its plans.

“We’re excited at the opportunity to purchase and develop the current arena site," the spokesperson said. "It will enable the Thunder to provide the vision for a sustainable and vibrant concept to enhance the area and seamlessly complement the new Paycom Center.”

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Another developer could make an offer to the city, although the Thunder would be granted a chance to match.