The city and AASEG have signed an amended agreement for the city's half of the Coliseum site, increasing the total from $110 million to $125 million.
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.In addition, the city and AASEG have signed an amended agreement for the city's half of the Coliseum site, increasing the total from $110 million to $125 million, the mayor said in a press release.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.AASEG founder Ray Bobbitt, however, said last week that the sale is on track and that the company made an initial payment of $5 million at the beginning of September upon the execution of the purchase and sale agreement.
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