Update 3/19 1:20 PM – Oakland’s City Council has scheduled a special meeting for Friday, March 20 at 11:30 AM to vote on a resolution supporting the ENA. You can find the agenda at the meeting link. In addition to the deadlines set forth in yesterday’s news, there’s also an option to extend the agreement for up to six months if some of the deliverables aren’t met or other holdups. There’s also this:
Nothing about the “alternative proposals” shows up in the resolution, however. Once the City and County both approve the ENA including this facet, the A’s (and Raiders for that matter) could start sending in their own concepts. I expect one at some point from the A’s, but as noted previously, they are under no deadlines to deliver anything as New City and the Raiders are.
Yes, we wrote two months ago about how the City of Oakland and Alameda County were coming together to work on Coliseum City. The signs were that both parties were finally on the same page.
Well, we’re hearing the same thing again, though this time it might actually be for real. After some back and forth between the County and Floyd Kephart of New City, the County’s Board of Supervisors are looking to vote on the ENA at the end of this week. Or early next week. Or something. The SF Business Times’ Ron Leuty has the details.
Besides the ever plodding deal machinations, Leuty also picked up the new terms of the ENA. June 21 marks a midterm deadline for New City to provide certain deliverables. The “final” deadline is August 21, with even more deliverables. All told it’s 23 separate items, all important, few minor.
June 21st’s set is all about creating the framework of the deal. It should answer basic questions like How many teams will be involved? and How long will it take to develop?
- An initial financing plan for a new stadium for the Raiders, including ancillary development and land and infrastructure to support a potential new stadium for the Oakland Athletics. It will include projected sources and types of funding as well as the estimated equity stake from New City, its partners and affiliates.
- Terms and conditions required to win a commitment from the Raiders, A’s or the Golden State Warriors to Coliseum City. This will include an update on the status of negotiations between New City and each team.
- Initial site plans for new Raiders and/or A’s stadiums.
- Financial and market feasibility analyses for various elements of the development other than sports facilities.
- A development schedule for the sports facilities and ancillary development, including the timing of entitlements for all phases of the project.
- An estimate of infrastructure cost and a funding plan for the infrastructure, including a list of potential regional, state and federal grant sources.
- Plans for tax financing districts for infrastructure.
- A preliminary plan for subdividing parcels, if needed.
- Proposals for addressing the existing Coliseum debt.
- Proposed timetables for disposing of land for various parts of the project.
- An outline contracting plan.
- An outline community benefits plan for the project.
August 21 is about buttoning up the deal and figuring out all of the little details defined in June.
- A detailed description of the plan for project development.
- Refined terms and conditions required to win a commitment from the Raiders and/or A’s and a project schedule for obtaining a commitment.
- A refined financing plan for Raiders and/or A’s stadiums, including identification of all sources of financing.
- A refined description of the financing structure for ancillary development and the proposed developers for each element of those pieces of the development.
- A clearer schedule for development of the stadiums and the ancillary development, including the timing of entitlements.
- A better estimate of infrastructure cost and a funding plan for the infrastructure.
- A refined proposal for establishing tax financing districts for financing infrastructure.
- A clearer plan for subdividing parcels.
- A refined proposal addressing existing Coliseum debt.
- Proposed terms for the lease disposition and development agreement and financing for various elements of the project.
- A refined contracting plan and community benefits plan.
By late April we should expect that the EIR will be certified and the Specific Plan approved, which are their own framework in that it defines zoning. With that zoning component there are no entitlements on which developers can build at the Coliseum.
To date many of the deadlines put forth by the City have been about timing in concert with some important date for the Raiders and the NFL. Previously the ENA was supposed to be completed before the 2014 season over, then before the franchise relocation window opened, then 90 days from that (April). Now the ENA deadline is being pushed to just before the 2015 NFL regular season starts. That itself is arbitrary, and allows for yet another 3-5 months of slack before the Raiders have to make a decision on LA or another possible move. With that in mind, I fully expect Coliseum City to slip yet again past August. The list of deliverables above is daunting. The DDA alone can take months to put together. While everyone’s operating from the notion that once a team signs on everything else will fall into place, there’s little reason to believe that negotiations will be that tidy. This project has a growing number of stakeholders, including housing and jobs activists who will make their stamp on a community benefits agreement. The financing for a project of this size is incredibly complex. And the City and County have to be on their toes to ensure that they don’t get taken by the private stakeholders in the project: New City, developers, and the team(s). Without clear terms done in thoughtful, deliberate manner, you get Mt. Davis.
I haven’t mentioned the A’s or Lew Wolff yet. Wolff has made his position clear in that he has no interest in Coliseum City. The difference for him is that he and the A’s have no deadlines, arbitrary or otherwise. What happened to the idea of allowing competing bids? That appears to have disappeared into the ether. For now.