Oakland Mayor Sheng Thao touted her deal to sell the city's share of the Oakland Coliseum Tuesday morning.
Oakland Mayor Sheng Thao touted her deal to sell the city's share of the Oakland Coliseum Tuesday morning. Oakland city leaders confirmed Monday that they had agreed on the terms to sell the Coliseum site to the African American Sports and Entertainment Group.The $105-million sale will potentially allow the city to avoid budget cuts as it struggles with a major financial shortfall.According to the term sheet, the developer will pay the city in installments over the next few years.
' The mayor went on to say the sale will consist of five payments to the city totaling $105 million set to be complete by June of 2026. The deal allows the city to stave off $63 million in cuts that would have been needed to shore up the deficit in the next couple of years. That means avoiding cuts to fire and police services among other things.But there is some skepticism about the deal.
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