Oakland News Now – Howard Terminal Ballpark Zennie Abraham On What The New Term Sheet Must Have – video made by the YouTube channel in the video’s upper left hand corner.
Howard Terminal Ballpark Zennie Abraham On What The New Term Sheet Must Have
In the Howard Terminal Ballpark Update Livestream from Thursday night, I explained what the new City of Oakland Term Sheet on the project must have to be considered a good tool to use.
It has to have a plan for up-front bond financing for the project, and a recognition that pegging total assessed value for the tax increment financing period’s base year at at least $2 billion, which in turn will yield over $1.8 billion in TIF revenue by year 45, in place. Otherwise, the term sheet is not worth the paper or website its printed on.
The City of Oakland has wasted a year on the matter of project financing. First, it worked to get SB 293 Skinner passed by California Governor Gavin Newsom’s signature on October 11, 2019. Then, the City of Oakland ratified that action in late 2019 via City Council vote. After that, nothing was done in the way of negotiating with the County of Alameda and the other taxing agencies (BART, School District, AC Transit, EBMUD), even though SB 293 Skinner specifically called for using their money via tax increment financing.
In fact, nothing was done until Major League Baseball blew the whistle and threatened to take the A’s out of Oakland. Then, the Mayor cried to Alameda County, which in turn wondered why it was being dragged into the sports business (which is the wrong thing to say because it makes the County look bad and not see that its an economic development issue).
Oakland’s once-strong know how at facilities financing has taken a real hit. That much is clear. A terms sheet must pave the way for money from TIF and call for an Oakland fiscal agency to float the bonds, or it’s worthless, in my view.
Also the money must be enough to pay for all community benefits.
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