Added 2:43 PM: Now dead Piers 30/32 development schedule.
Important documents for the Coliseum City project were due Monday. While some needed reports were apparently submitted just before the deadline, a signed letter of intent interest from Raiders ownership did not, according to CSN’s Scott Bair. The letter of interest was a requirement for development group BayIG, though it’s not known what will happen now that the deadline has passed. Important informational documents from BayIG were received, which could include the long-awaited funding and revenue sources analyses. Those will be important for determining the feasibility of the project.
Given the paucity of information available at the moment, it would behoove Raiders owner Mark Davis to proceed cautiously. But the bar for commitment was set extremely low, as BayIG was not required to get a Letter of Intent from the Raiders. Instead, BayIG only needed to get a Letter of Interest. While a Letter of Intent is generally non-binding in matters such as these, at least it lays out basic terms for a deal. A Letter of Interest is an entirely speculative document, only promising future discussions (sort of like an ENA without the “E”). If Davis hasn’t even provided a response for a much lesser requirement, you have to wonder what he really thinks about the project.
Then again, the Letter of Interest is so weak that it can’t really make or break Coliseum City anyway. If there are consequences for BayIG not delivering, we certainly have no idea what they are. And it seems highly unlikely that BayIG and the JPA won’t move forward because of this. They’ve already engaged the Raiders in preliminary discussions and submitted several reports, so halting the project now would be tantamount to throwing in the towel. That wouldn’t go over well considering some $3 million was previously approved for studies.
For now, we’ll await any documents that are made available. Raiders fans can hope that Davis was simply too preoccupied the Terrelle Pryor trade or with the Warriors-Clippers series to respond. If the week ends without the LoI from the Raiders, there will be a lot of questions about that subject at Thursday’s and Saturday’s community meetings. People will be wondering how committed to Oakland Davis really is. Meanwhile, Lew Wolff will be sitting back, watching everyone involved with Coliseum City twist in the wind.