In Las Vegas, the once-Oakland Raiders did everything it could do to make the unofficial soft-opening of the still-under construction Allegiant Stadium a special event. And why not? Allegiant Stadium is a brand new symbol of what many (including me) hope Las Vegas can be, yet again, post-Pandemic: a tourist mecca for the World.
The Raiders rolled out a super-fancy season ticket box for passes that, sadly, will go unused for this wild NFL 2020 Season.
And in introducing Raiders Players to the facility, Mark Davis, Raiders Manager of the General Partner, said this (according to the Las Vegas Sun):
“Welcome to the Death Star, where our opponents’ dreams come to die. My father always said that the greatness of the Raiders is in its future. Well today that future really starts. This magnificent stadium was built on the backs of thousands of players, coaches, administrators and fans, who for the past 60 years have proudly worn the Silver and Black.”
And while Mark Davis and Jon Gruden and Raiders players enjoy the new Las Vegas Stadium, the Oakland A’s plan a $2 billion ballpark facility for Howard Terminal in Oakland’s Jack London Square. In a still-ongoing march to a planned 2023 opening, Oakland A’s President David Kaval is proving the Raiders wrong: that the City of Oakland was, indeed, able to cause the formation of a public subsidy program worth roughly double that of the $750 million the Raiders got (with the help of Las Vegas Sands Founder Sheldon Adelson) from the Nevada Legislature.
In a turn of events that proves the mainstream media does not know how read or how to do math, the planned infrastructure redevelopment zone law that was approved by the California Legislature and signed into law by California Governor Gavin Newsom last October, will result in the formation of a zone that assumes a small $2 billion base-year assessed value to serve as the foundation for a TIF bond with a 40-year-payback schedule.
In fact, Kaval agreed this was the case in our interview, even as he reminded us that the ballpark itself (the main frame) would be privately financed. At just an annual 4 percent rate of growth in assessed value, and 1 percent tax rate, the revenue total will be $1.4 billion by year 40.
The Oakland A’s ballpark legislation, if one bothers to read it, will allow for everything from financing assistance for affordable housing, street lighting, bridges, transportation, and it can be spread city-wide.
Of course, those who hate reading will go on chortling that Oakland’s broke and can’t afford this or that. Meanwhile, the A’s will emerge with the ballpark that will reform Oakland into an international destination.
Stay tuned.
