The Oklahoma City Council has approved a letter of intent submitted by the owner of the Seattle SuperSonics that will be the basis of a lease agreement if the National Basketball Association team moves to the city.

Councilor members agreed to complete upgrades to the city-owned Ford Center and build a basketball practice facility for the budgeted price of $121 million. The team agreed to pay an annual lease of $1.6 million for 15 years, and to pay the city the $409,000 a year that it currently receives for the naming rights.

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