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Agenda Item
S5.3 26-0912 Subject: Coliseum Payment Allocation
From: Finance Department
Recommendation: Adopt A Resolution Appropriating And Allocating Fifty Million Dollars Of The Proceeds Of The Sale Of The City Of Oakland's Undivided Fifty Percent Interest In The Coliseum Complex To California Public Employees Retirement System For A Discretionary Payment Of City's Unfunded Accrued Liability For Retirement Benefits
Oakland's greatest resource has always been its people and their creativity. As someone who has spent my life creating public art and mentoring young artists here, I know that investment in culture is an investment in safer neighborhoods, healthier communities, and a stronger local economy. Murals, performances, festivals, and community arts programs preserve our history while creating opportunity for the next generation. This rare, recurring source of revenue gives Oakland the chance to finally build lasting cultural infrastructure instead of relying on unstable funding cycles. Please dedicate a permanent share of Coliseum revenues to the Cultural Affairs Division and affirm that Oakland's artists and culture are fundamental to the city's future. -Joaquin Newman (Artist and Lifelong Oakland Resident)
Oakland's greatest resource has always been its people and their creativity. As someone who has spent my life creating public art and mentoring young artists here, I know that investment in culture is an investment in safer neighborhoods, healthier communities, and a stronger local economy. Murals, performances, festivals, and community arts programs preserve our history while creating opportunity for the next generation. This rare, recurring source of revenue gives Oakland the chance to finally build lasting cultural infrastructure instead of relying on unstable funding cycles. Please dedicate a permanent share of Coliseum revenues to the Cultural Affairs Division and affirm that Oakland's artists and culture are fundamental to the city's future. -Joaquin Newman (Artist and Lifelong Oakland Resident)