Howard Terminal Ballpark Project Update: Oakland Upgrades Term Sheet, But A's Las Vegas Option Alive
Howard Terminal Ballpark Project Update: Oakland Upgrades Term Sheet, But A's Las Vegas Option Alive - Video
Howard Terminal Ballpark Project Update: Oakland Upgrades Term Sheet, But A's Las Vegas Option Alive The City of Oakland released a new version of the term sheet that was originally introduced July 20th. This version reflect the work of the City Staff and the A's Staff and Consultants, and was released 24 hours ago. The news might make one jump for joy and think that all that's needed is the completed and signed development agreement, but there's one problem: the Oakland A's have not officially announced they're not focused on Las Vegas, and their architect is still hard at work on a design for Sin City. That said, let's take a look at brief look the new City of Oakland / Oakland A's / Howard Terminal Term Sheet. Ballpark Costs: The A’s will privately finance the construction, operation, and maintenance of the Ballpark. Onsite Infrastructure: The A’s will pay upfront costs of all onsite infrastructure, such as roads, sewer, water, and electrical lines, as well as affordable housing, parks and open space. Infrastructure Financing District (IFD): The City (and Alameda County, if the County Board of Supervisors decides to opt-in) will establish a single IFD covering only the Howard Terminal site. An IFD is a financial tool that allows the City (and County) to invest their “but for” or net-new property taxes, which would not exist “but for” the project, in infrastructure, public open space, and affordable housing. Up to 80% of the IFD proceeds would be used to reimburse the A's for their upfront investment in onsite infrastructure . The remaining 20% of the IFD proceeds would be dedicated to implementing displacement prevention strategies offsite. Offsite Transportation Infrastructure Investment: The total projected costs of offsite transportation improvements is approximately $352 million. This infrastructure investment will catalyze long-needed improvements in the Jack London District, Downtown, Chinatown, Old Oakland and West Oakland, and facilitate the safe and efficient movement of people and goods around and to the waterfront. The A’s will not be responsible for these costs but will work actively with the City to pursue local, regional, state, federal and other funds to cover these costs. Vested Rights: The A’s will have vested rights to develop the project as set forth in the Development Agreement and other project approvals for the full term of the Development Agreement. During this period, the City cannot limit, change or delay the project or increase Developer obligations. There are exceptions for public health, and to implement new federal or state laws, building and fire codes, or City infrastructure standards. Timing: The Development Agreement will have a term of 35 years. Construction on the Ballpark must start by 2025 or no more than 4 years after any litigation is resolved, but in any event no later than 2028. Non-Relocation Agreement: The A’s must remain in Oakland for 25 years from the date they play the first game in the new Ballpark. If they leave, even after 25 years, they must cover outstanding debt service on any public debt associated with the project. Port Turning Basin: In its agreement with the A’s, the Port has reserved certain portions of the project site for a potential future expansion of the Inner Harbor Turning Basin. If the Port exercises those rights, the Development Agreement would terminate as to those lands reclaimed by the Port. Affordable Housing: The project will target 35% affordability, using onsite and offsite strategies. Onsite, 15% of units will be affordable. Offsite, a $50 million fund will be established to implement strategies to prevent existing residents in the area from being displaced due to rising housing costs. The fund will support a combination of newly constructed units, preserved units, renovated units, and down payment assistance, targeting a total of 20% of the 3,000 onsite units (or 600 units). The project will also provide anti-displacement tenant services in the four impacted neighborhoods. https://ift.tt/2XDlQRt Stay tuned.
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https://youtu.be/O6H6uPueGXY
Howard Terminal Ballpark Project Update: Oakland Upgrades Term Sheet, But A's Las Vegas Option Alive The City of Oakland released a new version of the term sheet that was originally introduced July 20th. This version reflect the work of the City Staff and the A's Staff and Consultants, and was released 24 hours ago. The news might make one jump for joy and think that all that's needed is the completed and signed development agreement, but there's one problem: the Oakland A's have not officially announced they're not focused on Las Vegas, and their architect is still hard at work on a design for Sin City. That said, let's take a look at brief look the new City of Oakland / Oakland A's / Howard Terminal Term Sheet. Ballpark Costs: The A’s will privately finance the construction, operation, and maintenance of the Ballpark. Onsite Infrastructure: The A’s will pay upfront costs of all onsite infrastructure, such as roads, sewer, water, and electrical lines, as well as affordable housing, parks and open space. Infrastructure Financing District (IFD): The City (and Alameda County, if the County Board of Supervisors decides to opt-in) will establish a single IFD covering only the Howard Terminal site. An IFD is a financial tool that allows the City (and County) to invest their “but for” or net-new property taxes, which would not exist “but for” the project, in infrastructure, public open space, and affordable housing. Up to 80% of the IFD proceeds would be used to reimburse the A's for their upfront investment in onsite infrastructure . The remaining 20% of the IFD proceeds would be dedicated to implementing displacement prevention strategies offsite. Offsite Transportation Infrastructure Investment: The total projected costs of offsite transportation improvements is approximately $352 million. This infrastructure investment will catalyze long-needed improvements in the Jack London District, Downtown, Chinatown, Old Oakland and West Oakland, and facilitate the safe and efficient movement of people and goods around and to the waterfront. The A’s will not be responsible for these costs but will work actively with the City to pursue local, regional, state, federal and other funds to cover these costs. Vested Rights: The A’s will have vested rights to develop the project as set forth in the Development Agreement and other project approvals for the full term of the Development Agreement. During this period, the City cannot limit, change or delay the project or increase Developer obligations. There are exceptions for public health, and to implement new federal or state laws, building and fire codes, or City infrastructure standards. Timing: The Development Agreement will have a term of 35 years. Construction on the Ballpark must start by 2025 or no more than 4 years after any litigation is resolved, but in any event no later than 2028. Non-Relocation Agreement: The A’s must remain in Oakland for 25 years from the date they play the first game in the new Ballpark. If they leave, even after 25 years, they must cover outstanding debt service on any public debt associated with the project. Port Turning Basin: In its agreement with the A’s, the Port has reserved certain portions of the project site for a potential future expansion of the Inner Harbor Turning Basin. If the Port exercises those rights, the Development Agreement would terminate as to those lands reclaimed by the Port. Affordable Housing: The project will target 35% affordability, using onsite and offsite strategies. Onsite, 15% of units will be affordable. Offsite, a $50 million fund will be established to implement strategies to prevent existing residents in the area from being displaced due to rising housing costs. The fund will support a combination of newly constructed units, preserved units, renovated units, and down payment assistance, targeting a total of 20% of the 3,000 onsite units (or 600 units). The project will also provide anti-displacement tenant services in the four impacted neighborhoods. https://ift.tt/2XDlQRt Stay tuned.
via IFTTT
https://youtu.be/O6H6uPueGXY
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