The Norman city council has voted to approve a new $1 billion entertainment district that will feature a new arena for Oklahoma’s basketball or gymnastics programs.

 

The 8000-seat arena will host men’s and women’s basketball and events and gymnastics, while also hosting non-sports events like concerts, conventions and more.

OU Director of Athletics Joe Castiglione calls the district a “once-in-a-lifetime opportunity that gets us to a better future” for Sooners.

“Tonight’s vote represents a historic moment in Norman’s history,” OU president Joseph Harroz Jr. said in a statement. “A large coalition came together to support this initiative that will create thousands of new jobs, more housing, and exciting new entertainment options for our residents that will help make Norman a destination city. The entire OU family is grateful to the City Council for its leadership, vision, and vote of support. We are also thankful to all the countless citizens who worked so hard to make this project happen.”

SEC commissioner Greg Sankey also released a statement on this development:

The plan will be funded privately and through tax increment financing.