ONN – Oakland A’s Privately Financed Howard Terminal Ballpark $1 Billion In TIF Revenue Known Since 2010 – vlog by Zennie62 YouTube
Oakland A’s Privately Financed Howard Terminal Ballpark $1 Billion In TIF Revenue Known Since 2010
The news that a tax increment financing district around the Oakland A’s Ballpark would yield $1 billion in tax increment is not new and has been around since 2010 and the Gruen and Gruen Study.
The difference is that now, the California Legislature and California Governor Gavin Newsom signed a new redevelopment provision into law specifically for Howard Terminal Ballpark.
The Mayor of Oakland and The Oakland City Council are not handling this correctly. At a time when Oakland needs money, the elected officials should be making wish lists for expenditures of funds for housing and infrastructure and community needs in their areas. The law allows that.
Instead they act like they don’t understand the project. The tax increment revenue is public money that is caused by the A’s private ownership of the stadium which means they pay property taxes. The TIF formula of revenue collection drives that to $1 billion because of the value of the new stadium which will be $2 billion.
That is money so large that the Mayor and the City of Oakland City Council should have plans not just for enviromental spending for Howard Terminal, which is about $180 million, but for affordable housing in each council district and healthcare and homeless costs that Alameda County are facing. Indeed, the Howard Terminal Redevelopment Law calls for the City to have a managerial system to determine the use of TIF money from the A’s Project around Oakland.
We also need a plan for negotiating with taxing agencies like BART, AC Transit, Alameda County Flood Control and EBMUD.
The Mayor was wrong to call out the Oakland A’s and must get to work. The public money is generated by the A’s and for the city. That is a calculated and legislative fact.
Stay tuned.
2010 Oakland A's Ballpark At Jack London Square Howard Terminal Economic Analysis Report by Zennie Abraham on Scribd
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