Oakland, California – What has been called a “backup” Coliseum City plan was first submitted via email to Oakland Raiders Owner Mark Davis three weeks ago, and as per his request to Oakland Entrepreneur Zennie Abraham, made at the NFL Spring Owners Meeting in San Francisco this year. The Raiders have referred to Abraham’s plan, called “Coliseum Reboot” as a “backup” to the one submitted by New City Development LLC, represented by Floyd Kephart. Since that time, Abraham has sent updates to the Raiders and other relevant parties, including investment bankers.
The plan calls for two new stadiums with a 1,010 room high-end hotel and 200,000 square feet of external retail space connecting them, The $770 million Raiders Stadium is at 68,000 seats, 300 luxury suites, 45,000 sq.ft of retail; the $500 million Oakland Athletics Stadium is at 35,000 seats,150 luxury boxes, 35,000 sq.ft of retail.
Abraham’s plan calls for the Oakland-Alameda County Coliseum Joint Powers Authority to be the master developer, and issue a 40-year industrial development lease revenue bond issue – no public subsidies or new taxes or tax increases are required or called for in the plan. The City of Oakland and County of Alameda will not be asked to back the bond issue. “While the plan may not be attractive to the teams at first glance, it’s the best solution for all parties: City, County, Raiders, Athletics, and the citizens – many who feel the sports teams are making plans that don’t take their economic situations into account.”
– “Coliseum Reboot” does not call for new housing to be built. Thus, housing activists who have protested the New City Development Coliseum City Plan can relax.
– “Coliseum Reboot” goes back to the original 2006 Coliseum City plan created by the late Oakland Architect Frank Dobson, real estate developer Robert Leste, and Oakland land use consultant Steve Lowe.
– “Coliseum Reboot” will generate approximately $260 million in new taxes for the City and County. The estimated bond surplus of $518 million allows the retirement of the $120 million debt from the Raiders Bonds.
– “Coliseum Reboot” calls for the retention and significant upgrade of the East Side of The Coliseum Stadium,” Abraham said. “With this, we save up to $100 million off construction costs for the stadium. The East Side is a memorial to the return of the Raiders to Oakland from LA in 1996. The Raiders helped design it. It’s a waste of money to destroy it when it has to much useful life remaining.”
– The Athletics call for Coliseum property not to have the Raiders “Completely ignores economic synergies that are beneficial to the A’s,” Abraham said. “Coliseum Reboot will bring almost $700 million to the A’s and $2 billion to the Raiders, while also financially benefiting the City and County, without expenditures from either party.”
Abraham formed the Coliseum Reboot plan “Strictly in the role of citizen volunteer; the Raiders and the JPA can use the plan as they wish. I became concerned that Oakland was not effectively addressing the matter of retention of its sports teams. Not having a plan submitted to the NFL in time for the Spring Owners Meeting was the last straw. In talking with Mr. Davis at the Spring Owners Meeting, he opened the door for me to submit an alternative plan (which the City and County’s Exclusive Negotiating Agreement with New City Development LLC allows) and I walked through it.”
Abraham says the Coliseum Reboot Plan spreadsheet is available upon request to him at [email protected] He is available for interviews to discuss the plan as well.
About Zennie Abraham: Zennie Abraham is CEO of Sports Business Simulations, Executive Producer of Zennie62Media. His Texas-Arlington and UC Berkeley educational background is in urban economics and public finance. Abraham’s first job out of graduate school was with the Oakland Redevelopment Agency. He later served as Economic Adviser to Oakland Mayor Elihu Harris. Then, under then-Oakland Mayor, now California Governor Jerry Brown, Abraham formed the bid for Oakland to host the 2005 Super Bowl in 2000; Oakland lost to Jacksonville. Abraham served on the Sports and Entertainment Division under Oakland Mayor Ron Dellums, and has an 18-year relationship with the National Football League.