CFG Bank Arena<\/a> in Baltimore as a model for redevelopment of Oakland Arena.\u00a0<\/p>\n\u201cOakland has always been one of America\u2019s great music cities. The Oakland Arena is a building with real history and real soul,\u201d Azoff said at the news conference. \u201cWe\u2019re looking at the cost to see if we can bring this up to an acceptable fan experience so that we can put some shows in there.\u201d<\/p>\n
The deal provides for a $50 million lump sum cash payment to the city between September and the end of January. The city will receive an additional $60 million for the Coliseum and $15 million more once Oakland Acquisition Co. gets permits to start building on the site.<\/p>\n
Oakland Acquisition made a deposit of $5 million on the stadium in 2024. The remaining $55 million owed will be divided into three equal installments. The first will be due within five years of the closing, and all payments have to be cleared before Jan. 30, 2034. <\/p>\n
The city will still pay $16,438 per day for operating costs, but that will stop by the end of the year. The city expects to save $6 million annually on operating expenses after the closing.\u00a0<\/p>\n
Brendan Moriarty, Oakland\u2019s director of real estate and special projects, told the City Council that the deal has an added measure of a payment bond, so the city will get its money if Oakland Acquisition delays payments. If Oakland Acquisition fails to get the bond by January, the purchase price will increase by $100,000 per month.\u00a0<\/p>\n
The community<\/p>\n
The storied sports complex has hosted legendary Oakland teams, all of which have left the city in the past seven years. The Golden State Warriors moved their home to San Francisco in 2019, followed by the Raiders, who went to Las Vegas and will soon be joined there by the A\u2019s. Recently, the Roots soccer team announced they will no longer play at the Coliseum.<\/p>\n
\u201cWe get a bad rap for losing three sports teams,\u201d Jenkins said. \u201cWe are making a transition into a music city, where acts of all kinds want to come and perform in our city.<\/p>\n
City officials said $50 million from the arena sale will be applied to the city\u2019s pension liabilities.\u00a0 The remainder will go to the general fund.\u00a0<\/p>\n
The deal comes with a community benefits agreement that will bring more resources to the surrounding East Oakland neighborhood. Benefits being discussed include workforce training, a living wage, parks and other public open space, transit accessibility, and anti-displacement and housing preservation measures. Jenkins said at-large Councilmember Rowena Brown will lead those negotiations.\u00a0<\/p>\n
\u201cWe will be steadfast that East Oakland organizations will be at the helm of that table. Black-led organizations will be fighting to be at the head of that table,\u201d Jenkins said. \u201cThis is our community.\u201d<\/p>\n
Councilmember Ken Houston, who represents District 7, which includes part of the Coliseum property, said he has made a \u201chandshake deal\u201d with Azoff about community benefits but did not provide specific terms.\u00a0<\/p>\n
\u201cThis is a deal that was lemons that we turned into sweet lemonade,\u201d Houston said.\u00a0<\/p>\n
The timeline<\/p>\n
Nov. 16, 2021: City Council authorizes the city administrator to enter into exclusive negotiations with African American Sports and Entertainment Group.<\/p>\n
June 26, 2024: City Council authorizes a purchase and sale agreement with AASEG for $105 million, requiring at least $60 million to be paid before July 1, 2025.<\/p>\n
Aug. 31, 2024: The city enters an agreement with Oakland Acquisition Co., which puts down a $5 million deposit.<\/p>\n
Sept. 23, 2024: The city and OAC amend the agreement to increase the purchase price to $110 million and add $15 million in post-closing payments, bringing the total to $125 million.<\/p>\n
May 6, 2025: The City Council removes the July 1, 2025, payment deadline to allow for a simultaneous closing with the county\u2019s sale of its interest.<\/p>\n
July 13, 2026: The City Council approves an amended sale agreement with new terms.\u00a0<\/p>\n
With cheers and tears, fans say goodbye to the A\u2019s and the Coliseum: \u201cI have so many memories here\u2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Oakland City Council approved the sale of the city\u2019s stake in the 112-acre Coliseum complex Monday for $125…\n","protected":false},"author":2,"featured_media":399157,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[143,145,144],"class_list":["post-399156","post","type-post","status-publish","format-standard","has-post-thumbnail","category-oakland","tag-oakland","tag-oakland-headlines","tag-oakland-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/399156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=399156"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/399156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/399157"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=399156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=399156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=399156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}