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.

Published

2 months ago

October 18, 2024

Oakland Post

File photo of Ray Bobbitt at a Raiders game at the Oakland Coliseum.

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.

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Oakland Post: Week of November 27 – December 3, 2024

The printed Weekly Edition of the Oakland Post: Week of November 27 – December 3, 2024, 2024

Published

3 days ago

November 30, 2024

Oakland Post

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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OCCUR Hosts “Faith Forward” Conference in Oakland

The conference featured Congresswoman-elect Lateefah Simon, who will begin her term representing California’s 12th Congressional District in the U.S. House of Representatives in January.
Simon was honored with a special recognition from OCCUR for her civic and nonprofit leadership.

Published

1 week ago

November 24, 2024

Oakland Post

President and CEO of OCCUR addresses the audience at OCCUR Faith Forward 2024 Conference at Resurrection Church. Photo by Carla Thomas.

By Carla Thomas

The Oakland Citizens Committee for Urban Renewal (OCCUR) hosted its Faith Forward 2024 Conference on Nov. 8 at Resurrection Church in Oakland.

The conference featured Congresswoman-elect Lateefah Simon, who will begin her term representing California’s 12^th Congressional District in the U.S. House of Representatives in January.

Simon was honored with a special recognition from OCCUR for her civic and nonprofit leadership. During her remarks, She commended nonprofits making a difference, and shared how she looked forward to representing Oakland and surrounding areas.

Simon also encouraged attendees to continue fighting despite their concerns about the presidential election results. She also cautioned that there may be resources that are discontinued as a result.

“We know the assignment. We have many of the resources right within our own community, and we will be ok,” Simon assured the audience.

The conference led by OCCUR president, Dr. David B. Franklin, also featured panels on funding opportunities, case studies, economic development, sustainable housing solutions, and organizing for action.

“In order for organizations serving the community to thrive, everyone must collaborate, share resources, and not operate in silos,” said Franklin.

Speakers included San Francisco Foundation CEO, Fred Blackwell, San Francisco Foundation FAITHS Program Director Dr. Michelle Chambers, and Kingmakers of Oakland Founder, Chris Chatmon. Guests were briefed on how Kingmakers of Oakland has gone from a budget of zero to several million and is set to acquire 200 acres of property to expand their programs serving young boys. The leadership at the San Francisco Foundation encouraged nonprofits, churches, and community leaders to work together, especially when donations and funding numbers are lower.

Ben Bartlett of Berkeley City Council; Trevor Parham, CEO of Oakstop; and CEO of the Lao Family Community Development, Inc., Kathy Chao Rothberg, inspired attendees with stories about their journeys in the nonprofit sector.

Additional speakers included Deka Dike, CEO of Omatachi; Landis Green, CEO of DGS Strategies; Sasha Werblin, Director of Economic Development, LISC Bay Area; Oakland City Councilmember Treva Reid; Faith and Justice Organizer of East Bay Housing Organizations, Ronnie Boyd; and Todd Bendon, Executive Director of Faith in Action East Bay; among others.

The event allowed community leaders, faith-based leaders, and nonprofits to gain Insight on how to strengthen their profits financially, and communally.

OCCUR has served the community for over 70 years supporting the wellbeing of historically marginalized communities with collaborative strategies. For more information visit occurnow.org

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Bay Area

Richmond’s New Fire Chief Sworn In

“Chief Osorio rose up through the ranks in the Richmond Fire Department over the last 21 years before being elevated to chief,” noted Harpreet Sandhu, field representative for Congressmember John Garamendi,. “He joined the department in 2002 and has served in multiple roles including firefighter, engineer, captain, battalion chief, training director and deputy fire chief.”

Published

1 week ago

November 24, 2024

Oakland Post

Chief Osorio (far left) was sworn in at a well-attended ceremony at Richmond City Hall on Nov. 15. All photos by Mike Kinney.

By Mike Kinney
The Richmond Standard

Richmond Fire Chief Aaron Osorio was sworn into his new role in a well-attended ceremony at Richmond City Council Chambers on Friday, Nov. 15.

The crowd included Osorio’s family and friends, rank-and-file Richmond firefighters, fellow fire chiefs from Bay Area agencies, elected officials and community members.

Richmond City Manager Shasa Curl provided an introduction and acknowledged Chief Osorio’s “heroic service to Richmond.”

Harpreet Sandhu, field representative for Congressmember John Garamendi, presented the chief with a Congressional Commendation, citing his 23 years of serving in the fire service in Richmond in numerous positions.

“Chief Osorio rose up through the ranks in the Richmond Fire Department over the last 21 years before being elevated to chief,” Sandhu noted. “He joined the department in 2002 and has served in multiple roles including firefighter, engineer, captain, battalion chief, training director and deputy fire chief.”

The chief’s wife, Maria, and two sons Roman and Mateo helped perform the badge-pinning.

Richmond City Clerk Pamela Christian then conducted the swearing-in ceremony.

Chief Osorio thanked his family, colleagues, and city for their support, calling it “very humbling” to take on leadership of an “amazing organization.”

Once the ceremony was done, the chief stated, “I’m ready to get to work.”