18 16-0518 Subject: Coliseum Term Sheet With The Lott Group/Fortress
From: Economic And Workforce Development Department
Recommendation: Adopt A Resolution Authorizing A Term Sheet And Exclusive Negotiating Agreement With Oakland City Pro Football Group, LLC, And Fortress Investment Group, LLC, Or Affiliated Entities, For Development Of A Stadium And Mixed-Use Project At The Oakland-Alameda County Coliseum Complex And Adjacent City Properties
The city and county have a great opportunity through this ENA, and DDA to retain the Raiders, A's and construct a TOD that will minimally cost the city. The developer, the budget finances, pro forma, and actionable financing schedules are sufficient to lead to a favorable deal for the tax payers, City, county, and all vested entities. The EIFD proves the city and county can not be used, and both joint parties maintain leverage throughout the duration. It is imperative that Oakland pursue this agreement as the finacial models both stagnant and dynamic prove the cashflow is available to finance and yield profits for this development. Second of all it opens the door to Oakland performing large projects, and becoming competitive with the rest of the Bay Area municipalities. Developers, and investors have a growing vested interest in this region. Please vote yes, it's time for Oakland to shine.
Public land should be used for affordable housing in a housing crisis. Too much money and in-kind contributions to an entity with no allegiance to Oakland and no economic analysis proving they bring in money. If that were so, ee wouldn't stull be paying off the last debt we owe from the Raiders.
Dear City Councilmembers,
Don't fool us again! Please, not one public dime to subsidize the Raiders. Football stadiums cost cities more money than they generate. Let's build some housing and employment, not a stadium that is used on only a few days each year. It is wasteful, it is unwise, it is unnecessary, it is a terrible use of land. No public money for a stadium! (Even if you call it infrastructure we are not fooled.) Thank you for considering my opinion, Naomi Schiff, resident since 1974. (Yep I was here the last time around.)
The city and county have a great opportunity through this ENA, and DDA to retain the Raiders, A's and construct a TOD that will minimally cost the city. The developer, the budget finances, pro forma, and actionable financing schedules are sufficient to lead to a favorable deal for the tax payers, City, county, and all vested entities. The EIFD proves the city and county can not be used, and both joint parties maintain leverage throughout the duration. It is imperative that Oakland pursue this agreement as the finacial models both stagnant and dynamic prove the cashflow is available to finance and yield profits for this development. Second of all it opens the door to Oakland performing large projects, and becoming competitive with the rest of the Bay Area municipalities. Developers, and investors have a growing vested interest in this region. Please vote yes, it's time for Oakland to shine.
Public land should be used for affordable housing in a housing crisis. Too much money and in-kind contributions to an entity with no allegiance to Oakland and no economic analysis proving they bring in money. If that were so, ee wouldn't stull be paying off the last debt we owe from the Raiders.
Dear City Councilmembers,
Don't fool us again! Please, not one public dime to subsidize the Raiders. Football stadiums cost cities more money than they generate. Let's build some housing and employment, not a stadium that is used on only a few days each year. It is wasteful, it is unwise, it is unnecessary, it is a terrible use of land. No public money for a stadium! (Even if you call it infrastructure we are not fooled.) Thank you for considering my opinion, Naomi Schiff, resident since 1974. (Yep I was here the last time around.)