City of OKC officials confirmed that they are looking to build the new downtown arena near where the Paycom Center is located.| MORE | Where could the new Oklahoma City arena be located?The proposed location is across the street from the Paycom Center along Reno Avenue between Robinson Avenue and E.K. Gaylord Boulevard. The spot is where Prairie Surf Studios is and the former Cox Convention Center was located."I have been a part of the process and will support approval of the agreement," Mayor David Holt said in a statement to KOCO 5.On Tuesday, the OKC City Council will consider approving a development agreement for the new downtown arena between the city and PBC Sports and Entertainment LLC, which owns the Thunder and Blue."We fully support the selection of that site for the new arena and we look forward to what’s ahead for downtown Oklahoma City," Dan Mahoney, the Thunder vice president of broadcasting and corporate communications, said in a statement.In December, OKC voters approved funding for the new $900 million arena that will keep the Thunder in town through 2050. More than 57,000 OKC residents cast their ballots in December, with 71% voting to approve the funding measure.According to a news release, $78 million will come from MAPS 4, $50 million will come from Thunder ownership, and a minimum of $772 million will be financed through a 72-month, one-cent special sales tax. City officials noted that any surplus revenue from the one-cent special sales tax after the arena's construction and repayment of financing costs will be allocated to capital improvements and maintenance of the new arena.The new arena would be at least 750,000 square feet. City officials said the project includes the construction of a new parking garage on the arena site with at least 650 spaces.The agreement says that the new downtown arena will be completed in 2029 but provides a path for a target completion date of June 2028. It also says there's a contractual obligation that the arena will open by June 2030.The Thunder's 25-year commitment to remain in Oklahoma City would begin when the team moves into the new arena. Until then, The Thunder will continue playing at the Paycom Center.About 1.4 acres of the site will be reserved for a potential future intercity transit hub, according to the news release. The agreement also would allow PCBS&E to negotiate with the city for a ground lease to develop any unused property on the new arena site at market rate, with revenue from the lease to be used for the arena's maintenance and improvements. Top HeadlinesWoman battling Iowa city over emotional support goose: 'He's the light of my day'Scottie Scheffler arrested at PGA Championship for traffic violation, returns in time to tee off2 people, including security guard, injured after shots fired at northwest OKC apartment complexSome in Houston facing no power for weeks after storms cause widespread damage, killing at least 4Chickasha triple-murder suspect planned other acts of violence, court documents say