clock menu more-arrow no yes

Filed under:

Oakland to vote on stadium plan to keep Raiders next week

New, comments

Friday the City of Oakland and Alameda County outlined a financial and development plan to build a new $1.3 billion stadium in Oakland in the hopes of keeping the Raiders from relocating to Las Vegas.

“This term sheet agreement puts Oakland in the running to keep the Raiders in a way that is responsible to the team, the league, the fans and the taxpayers,” said Oakland Mayor Libby Schaaf. “Everything the City and County and the investor team is doing is about putting forward the best offer to encourage the Raiders ownership and the NFL to keep the Raiders in Oakland, where the team belongs.”

The deal calls for the 130 acres upon which the stadium sits to be sold to the investment group headed up by Former Raiders Hall of Fame safety Ronnie Lott along with former NFL quarterback, Rodney Peete.

Lott and Peete head Oakland Pro Football LLC, which is working closely with global investment manager Fortress Investment Group LLC on plans for the stadium financing and multi-use development.

The site would be sold at a price of $150 million which would go toward the $200 million in infrastructure costs for the stadium in order to not put a burden on the taxpayers.

The plan outlines along with the stadium, which will be supported by being a mixed use facility are the creation of a major Grand Central station-like development including the BART station, and a location for a new Oakland A’s stadium should they wish to remain on the same site.

"This is bigger than all of us," said Ronnie Lott. "This shows what is possible when the Bay Area comes together —community leaders, business, working people, athletes, government officials and fans. This is about what it means to be from Oakland, and the values we share as a region. If we put those things forward, we believe we have a fighting opportunity to keep the Raiders here and join in revitalizing the community around the Coliseum."

The County of Alameda will hold a public hearing and vote at 11:00 am on Tuesday, Dec. 13 and the Oakland City Council will hold a hearing and vote at 6:30 pm on the same day.

“This is an important and united step forward to make a competitive offer forward to the Raiders and the NFL to encourage the team to stay here without using taxpayer monies,” said Alameda County Supervisor Scott Haggerty.

With Mark Davis continuously re-emphasizing his commitment to Las Vegas, which has already approved funding for a new stadium, this proposal has always been about showing to the NFL that there is a serious, viable plan in Oakland. If they can do that, Mark Davis may be forced to consider it.