On Monday night, Mayor Sheng Thao announced the signing of a term sheet with the African-American Sports and Entertainment Group, a private development group.
And let me be clear, this isn't just a short-term solution. It's a deal that will lead to a multi-billion-dollar investment in East Oakland.
The sale is a critical component of recently approved budget changes that aim to resolve a $177 million shortfall without layoffs.
The baseball team is similarly discussing a sale to AASEG that would pave the way for the site to be transformed into a new hub of live entertainment, nightlife, hotels and housing.
#oakland-coliseum #private-development #multi-billion-dollar-investment #budget-changes #city-development
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