Apparently the recession has had an impact on something other than Aubrey McClendon's bank account, as the falling number of dollars spent by consumers has also caused a decline in sales tax revenue in Oklahoma City, meaning the city now is falling short of cash for the $100 million Ford Center renovations. (via AP)
Shocking, I know.
If the trend continues for the tax - which was approved by OKC voters in March 2008 - by the time it is completed in March 2010, it will be about $15 million short, meaning the city will have to, as the AP put it: "start trimming projects or seek new modes of funding."
Translation: Don't expect any new picnic tables at Hefner Lake Park.
Of course, we all know the Sonix will do everything they can to make this work, as the team's ownership is firmly committed to Oklahoma City. Right? What's that, the team has an opt-out clause in their lease? C'mon, that can't be true, can it?
The team can opt out of the arena lease, the food and beverage agreement and the practice facility lease at the end of six years and at one or more other undetermined point in time during the initial 15-year lease if the average of team ticket revenue for the preceding two years fall below 85% of a benchmark of average ticket revenues in the first two full seasons following completion of arena renovations.
Oh, yeah, that clause.