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Sunday, April 25, 2021

A’s to Oakland City Council: Time to vote on our ballpark

On Friday, three years after proposing a waterfront ballpark in Oakland, the A’s put their financial cards on the table: a billion-dollar ballpark, privately financed, with an additional $450 million in community benefits, including affordable housing. The project would include development of a neighborhood surrounding the 35,000-seat ballpark, similar to what the Angels have pledged to develop around Angel Stadium.

The A’s ask the city to pay $855 million in infrastructure improvements, using taxes generated by the project. The A’s estimated total development costs for the project, in which they likely would partner with private developers, are $12 billion.

In a letter released Friday, Oakland Athletics President Dave Kaval asked the City Council to vote on the project before the council recesses for the summer.

The A’s also would like the right to develop the Oakland Coliseum site, where they currently play and where the Golden State Warriors and Las Vegas Raiders used to play. The Coliseum site is not mentioned in the term sheet submitted by the A’s Friday. Kaval previously told The Times that the A’s could pay for the waterfront ballpark even if the city did not grant the team development rights to the Coliseum, although revenue from that development could help with private financing of the ballpark.

 

RoyalsRetro (AG#1F) Posted: April 25, 2021 at 10:39 AM | 15 comment(s) Login to Bookmark
  Tags: athletics

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   1. John Northey Posted: April 25, 2021 at 06:33 PM (#6015324)
I'd say Oakland city council better count their fingers and toes afterward to make sure the A's didn't cut any off. Deals that look good on paper rarely are. This looks like massive potential profits from land for the club, which could work out for the city but the city better be careful as one knows the A's are in it to make millions if not billions.
   2. GregD Posted: April 25, 2021 at 07:31 PM (#6015330)
Yes between this and ownership and potential development of the Coliseum site, the As will essentially be developers who happen to own a ball team. Oakland real estate seems like a pretty solid investment, especially with city backing. But whether it’s the best use of the city’s land, I dunno.

To me the obvious route is the As developing the coliseum site with ballpark plus housing and retail around the transit hub. That’s take a fraction of the time and effort and not be next to a huge steel plant. But you could imagine this paying off huge for the As
   3. Walt Davis Posted: April 25, 2021 at 07:44 PM (#6015332)
I don't pay a lot of attention and thought this was already settled. It sounds like a good deal but they always do. One has doubts how affordable the affordable housing will be.

the transit hub.

My memory of the plans is that the lack of a transit hub was an obvious flaw -- isn't the nearest BART station far away from the stadium site with no plans for a new one? (I of course did not RTFA.)
   4. Howie Menckel Posted: April 25, 2021 at 07:52 PM (#6015336)
those made-up numbers by the A's are hilarious.

kudos for their chutzpah!
   5. Brian C Posted: April 25, 2021 at 08:33 PM (#6015343)
I feel like this is comforting - after all the upheaval and stress of the last year, the A's are still trying to build a new stadium somewhere. Some things never change, and I don't know about you, but I take solace in that.
   6. Gold Star - just Gold Star Posted: April 26, 2021 at 12:54 AM (#6015419)
I took the team's offer as its final bid, with a rejection meaning MLB allows a move.
   7. GregD Posted: April 26, 2021 at 10:51 AM (#6015447)
the transit hub.

My memory of the plans is that the lack of a transit hub was an obvious flaw -- isn't the nearest BART station far away from the stadium site with no plans for a new one? (I of course did not RTFA.)



Transit hub referred to them developing a neighborhood around a new ballpark at the Coliseum, which is one among fifteen reasons why doing that seems more feasible. My sentence was confusing

The new site is in some ways really cool but is not at all near transit
   8. The Yankee Clapper Posted: April 26, 2021 at 11:19 AM (#6015453)
What are Oakland’s options? Is anyone else willing to put up any money to develop the area? Haven’t seen any mention of such alternatives, at least here (but if you can’t rely on BBTF…).
   9. GregD Posted: April 26, 2021 at 11:46 AM (#6015462)
Options for that site?

It’s hard to say. On the one hand it runs up against the Jack London Square area which has been a site of lots of development with mixed results but seems to me to be maybe catching hold. Though I know others who doubt it

On the other it’s immediately up against a big metal shredding and metal recycling plant that is blasting noise and smoke so you can see why normal developers would stay away. And the recycling plant has fought against development near it on the grounds that any development will create problems for them

And the whole area is not close to transit.

That said there’s some actually cool spots that are open in the area beyond the kind of cheesy places right on Jack London Square

So hard to say. If it works it will seem obvious. And possibly will force the metal recycling plant out. If it doesn’t it will have the worst of all worlds—the only ballpark neither near cool neighborhoods nor parking
   10. Traderdave Posted: April 26, 2021 at 12:37 PM (#6015476)
Truck traffic is VERY heavy in this area, to and from the port. Any ballgame anywhere in the Bay Area is going to cause traffic snarls, but it's really stupid to drop a ballpark into the middle of such a heavily used industrial corridor. Seems like a gift to the LA/Long Beach Port Authority.

The coliseum site has a BART station, a freeway exit and ~100 acres of parking. The housing & other RE that the A's want can be easily added into this and there would still be a lot of parking.
   11. Traderdave Posted: April 26, 2021 at 12:38 PM (#6015477)
Truck traffic is VERY heavy in this area, to and from the port. Any ballgame anywhere in the Bay Area is going to cause traffic snarls, but it's really stupid to drop a ballpark into the middle of such a heavily used industrial corridor. Seems like a gift to the LA/Long Beach Port Authority.

The coliseum site has a BART station, a freeway exit and ~100 acres of parking. The housing & other RE that the A's want can be easily added into this and there would still be a lot of parking.
   12. Traderdave Posted: April 26, 2021 at 01:03 PM (#6015488)
The A’s ask the city to pay $855 million in infrastructure improvements, using taxes generated by the project.


Paywall keeps me from RTFA, but it's worth noting that cities in CA have very little taxing power. Of the base rate 1% property tax, Oakland gets .29% of that. On a ballpark valued at a billion dollars, that's 2.9MM per year to the city. Oakland gets 1% of the base rate 9.25% sales tax. Assuming a pie-in-the-sky extremely optimistic billion a year in taxable sales, that's 10MM per year.

And.....that's about it. In no known universe does this tax revenue justify the 855MM the A's are asking for. Assuming the entire amount is borrowed in a bond issue, it would only cover a fraction of the debt service.

It's worth noting that the county receives a lot more property tax revenue, but the A's aren't dunning the county, they're hitting up the city. Also worth noting that other taxes might be added in, such as a tax on tickets, etc but those probably won't make much difference and many options are not legally feasible due to CA law restricting a city's taxing powers. (Example: the jock tax isn't legal, CA doesn't allow local income taxes)

This is an objectively bad deal for Oakland and should be rejected out of hand.

   13. Starring Bradley Scotchman as RMc Posted: April 26, 2021 at 05:48 PM (#6015565)
What are Oakland’s options?

Move back to Kansas City? (Philly, maybe?)
   14. Traderdave Posted: April 27, 2021 at 11:00 AM (#6015652)
If they "have to" move, the most logical destination would be Sacramento. But there is no need to move -- just adjust expectations and build at the already more-than-suitable Coliseum site.
   15. A triple short of the cycle Posted: April 27, 2021 at 11:22 AM (#6015657)
Why can't they just play at the Coliseum forever? :)

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