Under a previously unreported agreement, the Oakland-based developers would send the city $10 million by Oct. 7 and an additional $95 million by May 30, 2025, on top of $5 million in revenue already received.
The timing is crucial. Mayor Sheng Thao has staked revenue from the deal against the city's crippling financial crisis, with plans to use the revenue to pay city workers' salaries and general operating costs.
The City Council approved a worst-case-scenario contingency budget that would impose severe cuts to city police staffing and fire station availability if AASEG's payments didn't arrive in time.
Technically, the contingency budget has already been triggered, but drastic cuts haven't yet taken place because there's enough cash on hand to keep everyone paid as normal.
#oakland #public-finance #city-budget #real-estate-development #african-american-sports-and-entertainment-group
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