Howard Terminal Ballpark Update: Letter To Mayor Schaaf, CMs, Alameda County Details Info Problem
Howard Terminal Ballpark Update: Letter To Mayor Schaaf, CMs, Alameda County Details Info Problem - Video
Howard Terminal Ballpark Update: Letter To Mayor Schaaf, Oakland Councilmembers, Alameda County Supervisors Details Info Problem In Livestream Talk This was sent to Oakland Mayor Libby Schaaf and Oakland City Councilmembers and Alameda County Board of Supervisors Members, as well as Mike Jacob, the lawyer for the Oakland Longshoremen. Dear Mayor Schaaf, I hope this finds you well. I just read the latest City of Oakland Website Howard Terminal entry and it reads as tantamount to a lie. I am so sorry but that term sadly fits. The reasons are simple. First EIFD (Enhanced Infrastructure Financing Districts) law does allow for financing of Howard Terminal Infrastructure. The money that was to be paid to the Oakland A’s for infrastructure is covered in SB 293 Skinner. It’s also a basic subsection of EIFD law. Bottom line tax increment financing can be used to pay for Howard Terminal Infrastructure. Your post dated October 20th 2021 implies otherwise. Thus, getting the County share of TIF will cause the County to essentially help pay for Howard Terminal. That’s a fact. Also there will not be the $65 million in tax revenue from development at Howard Terminal simply because there is no actual financing plan or developer partner to build the claimed additional land use. You can not guarantee what you do not have. If the development agreement calls for the office structures to be built (does it?) who pays when they are not? What’s the punishment for not acting? And how can you make someone spend money they do not have? And that leads me to this: The Oakland A’s are not shown in any document to be expected to pay property taxes on the ballpark. Since the ballpark itself will clock in at north of $1 billion, that’s a substantial loss of potential tax increment revenue. If its matched with an additional $1 billion of assessed property value at base year one, over a 45 years period and at a rate of growth of assessed value of 4 percent (the Jack London Square Historic Average is 6.5 percent) that comes to $1.6 billion. And that’s without using the base year tax divisions; added and we see $2.6 billion. (Remember I made my own Howard Terminal project spreadsheet for anyone to use.). In other words I just gave you a TIF revenue estimate without the other building projects. This includes what we know will be built: the ballpark, plus $1 billion more in AV. Since there is no larger TIF zone used, we have to engineer the building of that additional $1 billion in assessed value. Without it, we are looking at $800 million in TIF Revenue from the ballpark alone. That boils down to a top-end $400 million bond issue and $200 million of that to the A’s. So the Howard Terminal Project NEEDS a development partner, now. Otherwise those land use targets will not be met. The City of Oakland must find that partner now. Do a symposium to sell that to interested parties as I did for Mayor Brown’s 10 K Project. In closing, your so-called consultants did not calculate tax increment financing revenue scenarios. The September 24th Centre Urban Document does not show that at all. If you think so then its clear you do know what TIF estimates look like or why, and are just winging it. Please stop. Ms. Mayor, There is no excuse for this continued malpractice and its clear that fear of public reaction to the level of subsidy has guided your actions rather than a detailed understanding of what the law permits such that you can sell the public on the project, with the subsidy. Your actions in using this approach Ms Mayor are dangerous and could wind up stalling the Howard Terminal Project via a lawsuit. My fear that you are creating such a climate is spurring me to act yet again. Please stop the unnecessary smoke and mirrors approach to this much needed project. I urge the County to get behind it, but that’s no reason to try and bamboozle Alameda County Supervisors. That’s what’s going on right now, and has been the case since 2019. That was when one of your Assistant City Administrators said that we should have lunch after not allowing me to talk with Chinatown Town Hall Attendees about tax increment financing revenue from Howard Terminal at Councilmember Bas’ event on November 20, 2019. Video: https://youtu.be/AV6ndu-Lw5w Best regards, Zennie Abraham CEO, Zennie62Media, Inc. Founder and Former Director of The Oakland Alameda County Sports Commission and The Super Bowl XXXIV Bidding Committee.
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Howard Terminal Ballpark Update: Letter To Mayor Schaaf, Oakland Councilmembers, Alameda County Supervisors Details Info Problem In Livestream Talk This was sent to Oakland Mayor Libby Schaaf and Oakland City Councilmembers and Alameda County Board of Supervisors Members, as well as Mike Jacob, the lawyer for the Oakland Longshoremen. Dear Mayor Schaaf, I hope this finds you well. I just read the latest City of Oakland Website Howard Terminal entry and it reads as tantamount to a lie. I am so sorry but that term sadly fits. The reasons are simple. First EIFD (Enhanced Infrastructure Financing Districts) law does allow for financing of Howard Terminal Infrastructure. The money that was to be paid to the Oakland A’s for infrastructure is covered in SB 293 Skinner. It’s also a basic subsection of EIFD law. Bottom line tax increment financing can be used to pay for Howard Terminal Infrastructure. Your post dated October 20th 2021 implies otherwise. Thus, getting the County share of TIF will cause the County to essentially help pay for Howard Terminal. That’s a fact. Also there will not be the $65 million in tax revenue from development at Howard Terminal simply because there is no actual financing plan or developer partner to build the claimed additional land use. You can not guarantee what you do not have. If the development agreement calls for the office structures to be built (does it?) who pays when they are not? What’s the punishment for not acting? And how can you make someone spend money they do not have? And that leads me to this: The Oakland A’s are not shown in any document to be expected to pay property taxes on the ballpark. Since the ballpark itself will clock in at north of $1 billion, that’s a substantial loss of potential tax increment revenue. If its matched with an additional $1 billion of assessed property value at base year one, over a 45 years period and at a rate of growth of assessed value of 4 percent (the Jack London Square Historic Average is 6.5 percent) that comes to $1.6 billion. And that’s without using the base year tax divisions; added and we see $2.6 billion. (Remember I made my own Howard Terminal project spreadsheet for anyone to use.). In other words I just gave you a TIF revenue estimate without the other building projects. This includes what we know will be built: the ballpark, plus $1 billion more in AV. Since there is no larger TIF zone used, we have to engineer the building of that additional $1 billion in assessed value. Without it, we are looking at $800 million in TIF Revenue from the ballpark alone. That boils down to a top-end $400 million bond issue and $200 million of that to the A’s. So the Howard Terminal Project NEEDS a development partner, now. Otherwise those land use targets will not be met. The City of Oakland must find that partner now. Do a symposium to sell that to interested parties as I did for Mayor Brown’s 10 K Project. In closing, your so-called consultants did not calculate tax increment financing revenue scenarios. The September 24th Centre Urban Document does not show that at all. If you think so then its clear you do know what TIF estimates look like or why, and are just winging it. Please stop. Ms. Mayor, There is no excuse for this continued malpractice and its clear that fear of public reaction to the level of subsidy has guided your actions rather than a detailed understanding of what the law permits such that you can sell the public on the project, with the subsidy. Your actions in using this approach Ms Mayor are dangerous and could wind up stalling the Howard Terminal Project via a lawsuit. My fear that you are creating such a climate is spurring me to act yet again. Please stop the unnecessary smoke and mirrors approach to this much needed project. I urge the County to get behind it, but that’s no reason to try and bamboozle Alameda County Supervisors. That’s what’s going on right now, and has been the case since 2019. That was when one of your Assistant City Administrators said that we should have lunch after not allowing me to talk with Chinatown Town Hall Attendees about tax increment financing revenue from Howard Terminal at Councilmember Bas’ event on November 20, 2019. Video: https://youtu.be/AV6ndu-Lw5w Best regards, Zennie Abraham CEO, Zennie62Media, Inc. Founder and Former Director of The Oakland Alameda County Sports Commission and The Super Bowl XXXIV Bidding Committee.
via IFTTT
https://youtu.be/V4g1wwB5JCA
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