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Neither of the financing structures would expose the general fund. The district is set up so that it can issue the bonds to finance infrastructure (i disagree with your take that the stadium isn't considered a public works project here, but that is immaterial). If the project fails, the district declares the bankruptcy not the city. The city and county would fund the district staff and admin costs and then the district would become a self-financing entity. Private issue bonds are also issued by other than the city and county so that party would be responsible for them if the project financials don't support repayment of the principal and interest. The interest rates for these debt issues will be higher than for the city and county, but this project must be a money-maker for the private investment group to want any part of it. The city and county would be stupid not to take it for the development alone. The costs to secure the site should the Raiders and A's move would be as much as the investment they're being asked to make here. The difference is they get some political points and a stadium which produces additional city revenue and creates additional jobs in the area. The math on stadia is traditionally based on a much more hefty investment by the city and county.
As for why folks still discuss Mt. Davis, I can only assume a lack of formal economics training and education as those are considered sunk costs. The city and county will be on he hook for them whether the Raiders are using the stadium/land or not. So is it disingenuous to add those costs to this project. Those costs are due either way. The difference here is that they can be due and the city receiving revenue from use of the stadium or they can be due with absolutely zero offsetting revenue.
The only real question is whether or not the group is trying to get Mark Davis to sell them part of the team as a condition.
mmarteeen, where are you seeing uncovered coal cars next to the 880 near Jack London? Those are covered oil tanker cars, my friend. They are bad bad bad and may contain Bakken crude, which is explosive and dirty, but it ain't coal.
I have one thing to say: Raiders, go to Las Vegas. Please.
Take your team, your rep, and your game somewhere else.
Why should Oakland go begging for this when we have residents who are hardcore fans getting turned out by greed and gentrification? Raiders were a part of Oakland culture but apparently we need to burn dollars at the feet of their owners to make them love us as much as we love them. Screw that.
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.
Let's be clear. The actual subsidy is $445 million. $350 million plus the $95 million for Mount Davis. And then we need to look at the Bay Bridge, who Libby Schaaf's mentor Jerry Brown turned into an economic train wreck. We could have had a simple viaduct for $1.3 billion that turned into $6.4 billion. http://www.wnyc.org/story/316201-brief-his… If the stadium is started and comes up short on money who will be left holding the bag? The City of Oakland will have no choice but to add money to complete the project. What was once a $445 million subsidy will become ?????
What needs to happen is a Non-profit needs to be started to help fund spaces for living that are low cost. Obviously HUD isn't doing it's job properly, or is just plain overwhelmed. We need places like Habitat for Humanity to build a large facility with many rooms that are safe for this sort of practice / living / performance venues. I have thought about many building designs that are fire-safe venues for this activity. Some hotels are actually perfect venues for this sort of thing with a common area with many rooms surrounding it. Warehouses that are converted are also good but should be required to bring plumbing and wiring up to code.
Phil Tagami once again forgets that the City Council is not a private corporation. Their job is to represent the PEOPLE and to do what is best for the public good, not what is best for his good. Tagami has always used his political influence and relationships with Jerry Brown (Mayor) and City and Port officials to garner agreements to develop public property and then bully his way around the rules to then do what is in his own best interest. Notice that Tagami's group includes ex Port officials Jerry Bridges and Mark McClure. Phil does not understand that even if officials were at least open to his concept initially, they are under no obligation to give him anything. In this case, it appears that they did their due diligence in their consideration of all facets of his proposal and after public testimony and consideration of the facts, denied his request. Under the law, that is the only thing the City Council is legally required to do. Sorry Phil, your case has no merit. Instead of whining like a petulant child because you did not get your way, you should be spending your time and money trying to find uses that can actually move you forward in your development of the site.
Efforts to hush up the case of injury in the office quite lawful and also employers can be held accountable. There http://www.boyko-law.com/services/your-injury-attorney-in-brooklyn/ are a variety of circumstances where you need to count on an attorney of injury that could protect your legal civil liberties.
I understand that Phil Tagami had expressed interest in eventually running for Mayor. At this rate, he'd be hard-put to match Trump's 4.6% of the vote.
Oakland thanks you for the LOVE Phil.
The city agreed countless times to allow construction of a Bulk Terminal capable of shipping hundreds of commodities including Coal. It's not a "Coal Terminal"! Coal is just one of the many commodities it would handle. The city decided to flip flop as soon as it became politically unpopular but not before they left all us Oaklanders on the hook for this lawsuit which is well founded.
There's already UNCOVERED COAL shipments going through Oakland daily. Check out the rail cars next to the 880 next time you're passing Jack London headed towards the airport. The "coal ban" does nothing to stop any of that, it's simply a political gimmic veiled as environmental heroism.
I just saw an interview on "Vice News" where a previous resident described lice "Jumping off of" these innocent children's heads. That and their living conditions were enough for me. I'm all for reunified families, but these kids need to be safe and Meth-head hoarder daddy who is about to go up on 36 counts of negligent homicide or involuntary manslaughter plus a slew of other lesser counts, along with mommy who left a 30-day rehab program early once she got her kids back don't sound like good parents. And calling warehouse residents his "children" (in another article) is creepy when you think about how he treated his own. It reminds me of a Jim Jones character who preyed on the vulnerable trans, artistic and alternative lifestyle seekers. And it is true that if you're willing to live in that hole but not willing to share a safer 1BR apartment in Oakland with a couple of those people in order to make it affordable, you don't get any sympathy from me. And I'm a supporter of the arts community. This was a horrific event nationwide, worst in over decade (in all 50 states) and SOMEONE IS DIRECTLY TO BLAME .and that person is this narcissistic borderline meth addict, the psychotic Derek Ion. Throw the book at him.
Tagami, you bloodthirsty pig, isn't it time you went scouting for some other community to rape & pillage? Have we not suffered enough of your insatiable greed?
Coexcist is a racist word if you did nt coexcist with METHER DERICK HE ROBBED YOU AND BEAT YOU
Hang this punk DERICK tonight for crimes against humanity THE METH DOPE SHIP...DERICK SAID WE CAN RIP HIS SKIN OFF NO THANKS DERICK METH FILLED SKIN
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