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Oklahoma City unveiled plans for a new downtown arena that will cost a minimum of $900 million.

The Thunder have agreed to play in the arena for at least 25 years. The stadium is scheduled to open by the 2029-30 season.

Thunder ownership will contribute $50 million to the project. Additional funding would be provided by the passage of a one-cent sale tax by city voters on December 12.

“As this very public discussion played out over the last year, the people of Oklahoma City have overwhelmingly expressed to me two desires — (1) keep the Thunder for as long as possible, and (2) don’t raise taxes if it can be avoided. We have accomplished those two priorities with this plan, and it is truly a win-win for all of us,” said Oklahoma City Mayor David Holt.