How Rupert Murdoch Changed Sports Media Forever
It’s the ninth inning for negotiations between the Oakland A’s and their city.
Oakland is scrambling to secure additional grant money to cover potential cost overruns on infrastructure work related to a planned $12 billion stadium and waterfront development.
- Under a framework negotiated by the A’s and Oakland, the team would cover the costs of a new stadium and surrounding development, while the city would make infrastructure improvements to roads, train tracks, bike paths, and walkways.
- The city wrote in a memorandum that it has secured $321.5 million in grants toward the project but is facing “significantly increased” costs.
- The city applied for a $182.9 million grant from the Department of Transportation’s Megaprojects program, but noted that “based on initial feedback, the city may receive a partial award, or no award.”
While Oakland is loath to make its general fund liable for added costs, it is looking into a limited obligation bond, which would be repaid with taxes on hotel, sales, and parking revenue generated by the project.
Clock is Ticking
To secure the project and ward off a potential move by the MLB team to Las Vegas, Oakland and the A’s still need to reach an agreement.
City leadership will change next year, as mayor Libby Schaaf is termed out and two council members are abandoning their seats to run to replace her.
City administrator Ed Reiskin said that a deal would need to be struck in the next week or so to allow for a binding vote before then.
