Tuesday, October 14, 2008

Another Reason to Resent Don Perata

By Chris Thompson
Tue, Oct 14, 2008 at 7:57 AM

Remember: Don Perata was the main broker who saddled us with that rotten deal to get the Raiders back. Under the terms of that deal, the Oakland-Alameda County Coliseum Authority issued $340 million in bonds to renovate the Coliseum and build Mt. Davis, and the public still owes tens of millions, even as the Raiders may depart forever. Now, thanks to the financial crisis, the public may owe even more. The interest rates on those bonds are reassessed every week, and up to now, those rates have floated around one or two percent. But with no one buying in the bond market right now, the Authority has been forced to pay off the banks at six percent. According to the San Francisco Business Times, "That has resulted in hundreds of thousands of dollars in added costs." Thanks a heap, Don!

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