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The citizens of Oakland should be very wary of Mayor Schaaf and her assertion on one hand that there will be no public money and on the other hand, the deal includes throwing in $150 million, the value of the (public) land, plus $350 million (plus $95 million to pay off Mt. Al) in infrastructure to be financed by private bonds and repaid from stadium revenues. The people of Oakland and the City Council need to ask a lot of questions on the record about this bond approach prior to approval. Who is left holding the bag if the revenues are not there? When and where has this private bond financing approach for public projects been used and what was the outcome? I am skeptical of any new, never tried wall street financing instruments. Many cities over the last 20 years have been holding the bag on projects that they wanted so bad, they were willing to experiment with non traditional financing. At the end of the day, the Mayor needs to be honest with the public. Don't play word games. I don't personally have a problem with the city giving away the land. The Redevelopment Agency acquired those parcels along Hegenberger Rd for the sole purpose of a new stadium construction project. I am worried that she will get out in front of this before knowing the details and once again for the citizens of Oakland, it will be ready, shoot, aim.
Schaaf came into office insisting no public money for a stadium. Now she offers the spoiled owner of the Raiders public money. She wants the City to pour one or two hundred million dollars into bonds that would be repaid by anticipated tax revenues from development. These tax revenues should support and normally would support City services -- but here they would be diverted into paying off bonds that built stuff of benefit to the Raiders owner. Schaaf lies.
Wait... The city doesn't have enough money to staff basic things like fire and building inspectors, but thinks there is money for this? WTF?!?! Screw that! Raiders go away!
No, no, no! Football is not a sport. It's a glorified method by which society promotes the ongoing creation of traumatic brain injuries. There are so many better ways to spend that money.
"Skin in the game" means nothing other than the assumption of financial risk by the citizens of Oakland. Oakland citizens have been here before because of the fantasies of electeds.
Oakland electeds love to hire consultants to cover their behinds. It seems to me with hundreds of millions of public dollars at stake the feedback from an independent financial consultant might be very useful as to the precise nature of the financial risks to us as a city.
In general sports arenas have not turned out to be of significant financial benefit to cities. This is important in light of the many shortcomings in Oakland regarding public safety due to lack of adequate resources. Homicides and deadly fires come to mind.
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