The City of Oakland can buyout the County of Alameda’s “share” of the Oakland Coliseum.
That’s contrary to a media report stating that the City of Oakland could not do that. Further, I know for a fact the Mayor of Oakland did not say that in a report on a meeting with business leaders last week. But the fact is, the City of Oakland can afford to pay for the County of Alameda’s share of the Oakland Coliseum.
But the City of Oakland should not give the County of Alameda one dime for the Coliseum. And reason is simple: the County of Alameda is essentially forcing Oakland into a place where it spends public money just so the County can get a free-ride on new revenue from a privately-financed ballpark, even if it’s built at Howard Terminal at Jack London’s Waterfront. See, the County of Alameda gets 35 percent of each property tax dollar.
So if a ballpark is constructed at Howard Terminal, the County of Alameda gets rich off the land speculation from property being bought up around the proposed stadium. Then it gets money from the Oakland A’s. The City of Oakland is less $90 million (which is about what it would take to buy out the Coliseum debt exposure). So the County of Alameda wins not just by getting Oakland’s buyout, but then by the activity of a privately financed stadium – which pays property taxes.
Also, the County of Alameda, in pulling out of the Coliseum, takes its debt capacity with it, too. That also hurts the City of Oakland, which needs the County’s credit to more easily build structures at the Coliseum, where private financing needs to be helped.
That’s not right and it makes Oakland look like a complete sucker.
Just say “NO” Mayor Schaaf. Just say no.
Rather, the County of Alameda should recognize the fact that Oakland bears the brunt of the operating cost and infrasture service cost to the Coliseum, and just ask that the City of Oakland fashion a deal that earns money for the County, too. And the County should remember that we have an emergency-level homeless problem that we have yet to solve.