GUEST COLUMN: Can you believe the UNP Arena Entertainment District hype?
Norman Transcript October 6, 2023
There is a lot of excitement about the proposed new arena and entertainment north of the University North Park (UNP) shopping district. Much of the promotion, however, is more hype than substance, including labelling those in opposition as “naysayers.” As an economist who specializes in local economic development and tax policy, I can point to the economics reasons to reject this proposal.
To begin, we need to ask the right question. The question is not CAN we use public funds to promote an arena-anchored entertainment district in the UNP area, but rather is there a compelling reason to do so? Common sense economics, which is backed by peer-reviewed empirical analysis, provides ample justification why spending $200 million in public funds to build an arena is a poor investment for the community.
The net impact of relocating OU basketball and gymnastics competitions from Lloyd Noble to roughly 6 miles away from OU campus is likely to be small. OU athletics would serve as the anchor tenants for the new arena. These sports competitions are already occurring in Norman. These competitions would not be new activity, but simply shift where competition-related spending would take place.....
[read whole article here... https://www.normantranscript.com/opinion/guest-column-can-you-believe-the-unp-arena-entertainment-district-hype/article_f86fce5e-639e-11ee-bd95-37ab819eab87.html]
If we are willing to spend $200 million of taxpayer funds, what is the best opportunity to enhance Norman? The choice is not a new arena or nothing.
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