Oakland Mayor Sheng Thao's Monday announcement said the added revenue from the agreement with AASEG 'will increase general fund resources for citywide services, including public safety and fire services.'
The purchase deal of the Oakland Coliseum has been revised to raise its price and to speed up payments, Oakland Mayor Sheng Thao said Monday.A $10 million payment has been made by the African American Sports & Entertainment Group toward the purchase of the Coliseum, Oakland Mayor Sheng Thao said Monday.
The new agreement will also speed up the payment schedule, delivering $110 million within the current fiscal year. Councilmember Janani Ramachandran said that she, Noel Gallo and Treva Reid have been asking city staff about the status of the first $15 million payment she maintains was due to Oakland back on Sept. 1.
Ramachandran said because that deadline for the full payment was missed, the city's "contingency budget" should have been put into place -- a budget that cuts the police force to 600 officers, temporarily closes five fire stations and pauses all city contracts."The people of Oakland deserve full transparency from city leadership on this situation and the impact on our city's finances and public safety," Ramachandran said Thursday.
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