The Cleveland County Board of Commissioners unanimously approved an up-to $50 million bond anticipation note for the Rock Creek Entertainment District’s OU arena Monday.
According to the agenda, the county’s Recreational and Entertainment Facilities Authority will incur debt for construction, design and other expenses through “bonds, notes or other evidences of indebtedness.”
The authority is a public trust created to oversee the development of the entertainment district. It also approved the bond anticipation note.
Rod Cleveland, District 1 county commissioner, told OU Daily after the meeting the board approved an initial incurring of indebtedness to begin building the arena.
“The Supreme Court finally cleared any obstacles of the petition that was done almost 18 months ago. Also, that basically said the gist was incorrect and so it was misleading,” Cleveland said. “Now we're under the operating agreement that was approved by city council in … 2024, and that's where we're at right now because we're party to that agreement.”
In a statement on the social platform X, OU thanked the commissioners and authority for approving the bond anticipation note.
“The arena at the heart of this district will provide a premier home for OU Athletics, host community events, and create gathering spaces that connect students, families, and professionals,” the statement reads.
Debate over public vote
During the meeting’s public comment section, Cynthia Rogers, OU economics professor and member of Oklahomans for Responsible Economic Development, said the city has the power to amend and repeal tax increment finance ordinances.
Oklahomans for Responsible Economic Development is a nonprofit that coordinated the referendum petition for a public vote on the entertainment district in fall 2024.
“I know that this board, this commission, said not too long ago that you supported a public vote, but all the actions that you have been taking have been contrary to supporting the public,” Rogers said. “If people really want this as an entertainment venue, I think we should give them the opportunity to tell you that at the ballot box.”
Last month, city council discussed the possibility of having a public vote on a tax increment financing ordinance for the Rock Creek Entertainment District.
City Attorney Rick Knighton said the city could face legal action because the county’s Recreational and Entertainment Facilities Authority already approved the economic development agreement. He said the city could be liable for $230 million.
Cleveland told the Daily Monday the city can not unilaterally repeal the contract.
“The only way to unwind the TIF (is that) it has to be mutually agreed upon by all parties … no taxpayer in Cleveland County is liable for this,” Cleveland said. “Now, if the city does (establish a public vote), then the city will put that liability on just Norman voters or Norman residents, actually.”
Learn more about the Rock Creek Entertainment District and it's current standing here:
This story was edited by Madisson Cameron and Macey Thaxton. Andrew Paredes and Sophie Hemker copy edited this story.
