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Subject: Second Amendment To Coliseum Complex Sale Agreement
From: Economic And Workforce Development Department And Finance Department
Recommendation: Adopt An Ordinance (1) Authorizing The City Administrator To Amend
The Purchase And Sale Agreement Of The City Of Oakland’s Undivided 50% Interest In
The Coliseum Complex Located At 7000 Coliseum Way, Oakland, California, To Allow
The Simultaneous Sale Of The Arena Parcel For The Lump Sum Payment Of $50 Million
And The Stadium Parcel For $60 Million With Seller Financing From The City, Crediting
The $5 Million Deposit Held By The City Prior To The Sale;
(2) Authorizing The City Administrator To Negotiate And Execute An Agreement Pursuant
Which The Buyers Agree To Pay To The City 6% Of The Annual Gross Ticket Sales For
Any Event At The Arena Parcel And The Stadium Parcel Less Applicable Taxes;
(3) Amending Ordinance No. 13801 C.M.S. Conditioning The Sale To Require
Development Of On-Site, Affordable Housing And Other Benefits To Solely The Sale Of
The City’s Interest In The Stadium Parcel;
(4) Authorizing The City Administrator To Facilitate Closing Prior To December 31, 2026
By Redirecting To The Buyer Of The Stadium Parcel A Portion Of The Pro Rata Share Of
The City’s Annual Subsidy Of The Stadium Parcel Based On A Per Day Amount Of
$16,438.36 Limited To The Period Between The Stadium Parcel Closing And December
31, 2026; And
(5) Adopting California Environmental Quality Act Findings
Economic & Workforce Development Department and Finance Department
Sponsors:
The Council Approved As Amended On Introduction Of This Ordinance With The
Following Amendments; On Page 4 Of The Legislation Removing Section 3, The
Provision That Appropriates And Directs The Proceeds Of The Initial Lump Sum
Payment To The California Public Employees Retirement System
14 Speakers Spoke On This Item
A motion was made by Ken Houston, seconded by Carroll Fife, that this matter be
Approved as Amended on Introduction for Final Passage to go before the *
Concurrent Meeting of the Oakland Redevelopment Successor Agency and the
City Council, to be heard 7/21/2026. The motion carried by the following vote:
6 - Ramachandran, Unger, Fife, Houston, Brown, and Wang
Aye:
No:
1 - Gallo
1 - Jenkins
0
Excused:
NO VOTE: