It is an understatement to say that the stakes are high when it comes to the city of Oakland's sale of the Coliseum site.
It is an understatement to say that the stakes are high when it comes to the city of Oakland 's sale of the Coliseum site to a group of investors.The city is selling its half of the property and relying on that money to balance Oakland 's budget, avoiding $63 million dollars in painful cuts impacting the police and fire departments. Wednesday night, KPIX confirmed that there is a new timeline for the buyer, the African American Sports and Entertainment Group, to deliver that money.
That's also an increase in the sales price from $105 million to $110 million.'We increased the price slightly just because it was important for us to move quicker through the process,' Bobbit said.According to Bobbit, AASEG's main concern with the payment plan arrangement in the original contract was that if something catastrophic happened and the city filed for bankruptcy, the group would basically lose all their money.
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