Last Updated on December 16, 2023, 12:39 AM | Published: December 14, 2023
CITY OF OKLAHOMA CITY — As possible prep for a new NBA arena, Prairie Surf Media (PSM) with studios in the former Cox/Myriad Convention Center downtown is to be officially notified that their lease will not be renewed after Dec. 2025.
While the decision on a location for the new arena has not been decided, city officials considered that they needed to comply with the lease agreement with PSM and give two-years notice to have the site available if needed.
Free Press sources gave us the tip Thursday morning that an agenda item to that effect on the Tuesday, Dec. 19th City Council agenda for the City of Oklahoma City.
UPDATE — It is, in fact, on Tuesday’s agenda:
Resolution authorizing the General Manager to notify Prairie Surf Media, One Myriad Gardens, that the Oklahoma City Public Property Authority does not agree to extend the term of the Lease and Facility Occupancy Agreement beyond its initial term ending December 31, 2025. Ward 7.
Here is the memo accompanying the resolution that gives some background on the PSM lease of the property:
OCPPA-Memo-4The move is to make sure the prime location downtown is available should the process go in the direction of using the land.
Oklahoma City voters gave a resounding “yes” to the new arena tax extension of the current MAPS 4 penny sales tax.
It will take a City Council agenda item to officially communicate the non-renewal of PSM’s lease. That action will need to happen soon since there is a provision in PSM’s current lease that the city, which owns the site, must give notice two years in advance of the end of the lease which is on December 31, 2025.
The possibility is not startling, since City Manager Craig Freeman hinted in a Wednesday news conference that it may happen.
Holt’s comments
“Certainly it’s no secret that Myriad / Cox Center / PSM is a potential option for the new arena site, and their lease extends through 2025,” Mayor David Holt told Free Press after reminding us that he doesn’t set the agenda. “I think that lease does require some kind of notice if it’s not going to be extended beyond 2025, so as I understand it we may have to give that notice even if we don’t yet know where the new arena will go, just to protect all our possible options.”
“Every lease is different, but I think this one has that specific notice requirement,” continued Holt. “So, it may force us to give notice, even though we don’t really know the new arena site yet.”
If the item is placed on the agenda, and it is passed, the notice will be the first official action taken to prepare for a new NBA arena in OKC.
Founder, publisher, and editor of Oklahoma City Free Press. Brett continues to contribute reports and photography to this site as he runs the business.
