A planned billion-dollar entertainment district in Norman has gained approval from Cleveland County leaders, who approved a $50 million note to help fund the Rock Creek Entertainment project
The BAN, or bond anticipation note, allots for a short-term loan in the amount of $50 million, to help fund the proposed Rock Creek Entertainment District arena. BANs are often issued by municipalities or government agencies and typically reach maturity in one year or less. BANs are repaid using the proceeds from a subsequent, long-term bond sale.
The funding announcement comes a month after the Oklahoma Supreme Court ruled that plans to build the district can move forward without a public vote.
The state’s highest court upheld a ruling blocking a referendum on Norman’s Rock Creek TIF project, finding the petition summary misleading.
The entertainment district will include a new arena for the University of Oklahoma, which will house sports such as men’s and women’s basketball as well as gymnastics.
The project is scheduled to be finished by 2029.
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