Entertainment
Kanye West, Usher Celebrated at BET Honors 2015
WASHINGTON (Rap-Up.com)—The stars gathered in the nation’s capital for BET Honors 2015, which was taped at Warner Theatre in Washington, D.C. on Saturday (Jan. 24). Hosted by Wayne Brady, the eighth annual show saluted African-American trailblazers in art, music, theater, technology, and business.
This year’s honorees included Kanye West; Usher; Dr. Johnnetta Betsch Cole, Director of the Smithsonian Institution’s National Museum of African Art; Phylicia Rashad, Tony Award-winning actress; and John W. Thompson, Chairman of Microsoft and CEO of Virtual Instruments.
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Bay Area
Mayor Sheng Thao Signs Amended Agreement to Sell Coliseum for Higher Price, Paid in Current Fiscal Year
The City of Oakland and the African American Sports & Entertainment Group (AASEG) have signed an amended Purchase and Sale Agreement for the City’s half of the Coliseum site. The new agreement results in a total price increase of 14% to $125 million and accelerates the payment schedule for the City to receive $110 million within the current fiscal year. The previous agreement had a purchase price of $105 million with $60 million being paid by June 30, 2025.
By Post Staff
The City of Oakland and the African American Sports & Entertainment Group (AASEG) have signed an amended Purchase and Sale Agreement for the City’s half of the Coliseum site.
The new agreement results in a total price increase of 14% to $125 million and accelerates the payment schedule for the City to receive $110 million within the current fiscal year. The previous agreement had a purchase price of $105 million with $60 million being paid by June 30, 2025.
Under the ordinance authorizing the sale, Mayor Sheng Thao secured additional funds to be received within a shorter timeframe to enable the transformative investment and redevelopment of the Coliseum site.
The acceleration of the deal will also allow AASEG to take title and begin development of the site sooner than the original agreement. The additional revenue received by the City of Oakland will increase general fund resources for city-wide services, including public safety and fire services.
The new agreement requires both parties to close the deal within the fiscal year, triggering early defeasement of the last Arena bond payment of $4.2 million. As such, the amendment obligates the buyer to pay all early defeasement costs for the City and County.
According to Google, the defeasance process is a means by which borrowers can replace the collateral used on a mortgage loan with another asset or substitute collateral—usually a portfolio of government bonds backed by the U.S. Treasury, or, typically, the collateral on a mortgage is the home or property
“This amended agreement with AASEG is a win-win,” said Thao. “The City secured a higher purchase price with faster payments. This structure also allows AASEG to kickstart their historic investment in East Oakland and create jobs and economic opportunity sooner than under the original agreement.”
“We are very grateful for the hard work of the City team in helping reach our amended agreement,” said AASEG Managing Member Ray Bobbitt. “The creation of jobs, housing, art, clean green space and a new generation of Sports and Entertainment at the Coliseum site cannot wait; and will provide a certain pathway to the revitalization of East Oakland through massive investment.”
In a statement, Thao urged Councilmembers Janani Ramachandran and Treva Reid to base their statements on facts and not spread misinformation.
“Councilmembers Reid and Ramachandran were briefed for two hours on Monday by the City Administrator, Finance Department, and the Coliseum Negotiating Team. They were extensively filled in on the amended deal terms, financial conditions of the organization, and provided ample time to seek answers to their questions, including commitments to follow up.
“During that time they were urged as elected officials to only share accurate and verified information with the public given their position as public officials,” said the mayor.
“The Coliseum deal is great for Oakland, and it is neither the cause of nor full solution to the City’s budget deficit,” she continued. “Nonetheless, I expect it to help save us from the most drastic public safety cuts. And, in the meantime, we are creating both temporary and permanent solutions to the decades-long budgetary challenges we face here in Oakland.”
“(The councilmembers) are welcome to be part of the solutions, not (to) deepen mistrust with false information and further divide us,” Thao said.
Community
Terry T. Backs Oakland Comedy Residency by Oakland’s Luenell at Jimmy Kimmel’s Comedy Club in Las Vegas
Hailing from East Oakland, legendary comedian Luenell continues to blaze trails for women in comedy, selling out shows nationwide. In addition to her hit Netflix special, she recently made history as the only Black female comedian to secure a residency in Las Vegas.
By Richard “Razor” Johnson
Hailing from East Oakland, legendary comedian Luenell continues to blaze trails for women in comedy, selling out shows nationwide. In addition to her hit Netflix special, she recently made history as the only Black female comedian to secure a residency in Las Vegas. Luenell also fulfilled a lifelong dream by headlining at the iconic Apollo Theater in Harlem, New York.
Oakland music legend and community pillar Terry T., aka Mr. Community, shared, “Luenell supported us back in the Tony! Toni! Toné! days. We’ve stayed close, and I’m proud of her as someone from Oakland who overcame the odds and succeeded.”
Luenell’s residency runs Sunday and Monday nights at Jimmy Kimmel’s Comedy Club in Las Vegas.
Activism
Oakland Post: Week of October 16 – 22, 2024
The printed Weekly Edition of the Oakland Post: Week of October 16 – 22, 2024
To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.
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Activism3 weeks ago
Oakland Post: Week of September 25 – October 1, 2024
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Activism3 weeks ago
‘Respect Our Vote’ Mass Meeting Rejects Oakland, Alameda County Recalls
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California Black Media3 weeks ago
Study: UC 4-Year Grad Rate Doubles That of CSU
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Bay Area3 weeks ago
Mayor Sheng Thao Issues Executive Order to Shut Down Homeless Encampments
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Bay Area3 weeks ago
Former Mayor Willie L. Brown Endorses Dana Lang for BART Board District 7
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Bay Area3 weeks ago
State of Black California: Oakland Tour Stop Rescheduled
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Alameda County3 weeks ago
Alameda County Democratic Party Opposes the Recall of Mayor Sheng Thao
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Business3 weeks ago
Google’s New Deal with California Lawmakers and Publishers Will Fund Newsrooms, Explore AI