Alameda County leaders approved a nonbinding term sheet with developer affiliates tied to the African American Sports and Entertainment Group and Coliseum Way Partners, an A’s affiliate that still holds a stake in the Coliseum. The county would buy back its half of the Coliseum complex from the A’s and then sell it to AASEG for $115 million, paid in three installments over several years with 5% annual compounding interest on the unpaid balance. The draft terms also aim to resolve a lawsuit by Communities for a Better Environment, which would dismiss claims that the county violated the state Surplus Land Act in 2019. The terms further note interest in purchasing the Oakland Arena for at least $100 million, with negotiations involving the buyer, AASEG, the county, and the city of Oakland.
"The county Board of Supervisors unanimously approved a term sheet with a company affiliated with the African American Sports and Entertainment Group and Coliseum Way Partners, an affiliate of the A's that still owns a stake in the Coliseum. The terms outline a complicated transaction including the following:"
"The county would buy back its half of the Coliseum complex from the A's, then sell it to AASEG for $115 million. This would get the A's out of the property. AASEG would pay the $115 million in three installments over a period of several years, and it will include 5% interest compounding annually on the unpaid balance."
"The draft deal also would put to bed a lawsuit that's been hanging over the Coliseum for several years. Communities for a Better Environment, a nonprofit environmental watchdog group, would agree to dismiss the lawsuit it filed against the county, alleging it violated the state Surplus Land Act when it sold its half interest to the A's in 2019. The Surplus Land Act requires that public land put up for redevelopment be prioritized for affordable housing."
"The term sheet also notes that an unnamed party has expressed interest in buying the Oakland Arena, the former home of the Golden State Warriors which sits on 8 acres of land next to the Coliseum. In recent years, the 19,200-seat arena has been a popular draw, hosting numerous concerts and special events. Per the term sheet, the unnamed buyer would pay at least $100 million for the arena in a deal to be negotiated between the buyer, the AASEG, the county, and the city of Oakland."
Read at The Oaklandside
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