City Council approves lease agreements with Professional Basketball Club, LLC

(April 15, 2008) - The Oklahoma City Council today approved an Arena Use License Agreement, Practice Facility Lease Agreement and an Arena Upgrades and Practice Facility Agreement with Professional Basketball Club, LLC.

The Arena Use License Agreement and Practice Facility Lease Agreement detail conditions for Professional Basketball Club, LLC’s operational use of both the Ford Center and an NBA Practice Facility.  The two agreements closely follow the Letter of Intent approved by City Council in March.

The Arena Upgrades and Practice Facility Agreement allow Professional Basketball Club, LLC input during renovation and construction of the two properties.

“We worked long and hard to negotiate agreements that provide a solid foundation for Oklahoma City’s success as a major league City,” City Manager Jim Couch said.  “These are agreements citizens can take pride in.”

The Food and Beverage Agreement is being finalized and will be considered during the April 22 Council meeting.

The lease agreements are posted at www.okc.gov.