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Agenda Item
S6.25 26-0905 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
Please approve the Coliseum deal and invest the 6% ticket-revenue share in Oakland's arts and culture sector. This will Restore local arts and culture funding with the ticket-revenue stream and ensure dedicated staff capacity to manage arts grants and cultivate outside foundation and federal funding for Oakland's arts sector. Arts and culture are fundamental to the health of people and cities. We are lucky to be a place that has so many incredible artists and arts organizations doing work and more funding is absolutely necessary. As an ED of a cultural arts organization for the past 23 years I have seen the positive and long lasting impact of arts investments.
As an artist living and working in Oakland, I strongly support this proposal. The model is already in place in other cities like Columbus, OH, and it would bring a new revenue source to our city! There is barely any arts and culture funding available to Oakland-based artists and so many artists have to resort to SF-based funding to survive. Our new Cultural Affairs Manager, Lyz Luke is a leader in the field and a trusted administrator among artists. She would smartly invest and strategize actions with these new resources! Oakland has long been a cultural beacon, and we need city investment in order for this to continue. Programs like grants for arts in schools, support for independent artist, general operating support for organizations like my local site, Temescal Arts Center, and festivals that support local businesses could all be reinstated or re imagined with this recommendation. I encourage you to support the Coliseum deal and invest at minimum, 6% in Oakland's arts & culture sector.
As a GRAMMY-nominated artist nurtured and supported growing up in Oakland, a current Cultural Affairs Commissioner, and resident of District 4, I believe that the need for sustainable funding pathways for culture and the arts in our city is necessary and overdue. As the Oakland Arena, which is part of this sale, will help to bring even more talent through our city, revenue from the Coliseum Complex could and should help provide sustained support for the cultural infrastructure that makes Oakland a creative powerhouse and creates opportunities for the next generation of artists, culture-makers, and creative leaders. Too many organizations and artists are unable to thrive in Oakland, and a portion of this ongoing revenue can help put investment back on track rather than disinvestment, at a time when the world's eyes are on our city. Using part of this income for culture and arts can also be part of neighborhood investment, public safety, creating pathways for children and youth, revenue creation from the culture and arts community, and a demonstration of commitment to our sector and residents. As you consider this sale, I ask you to consider how the revenue will be used and the opportunities that exist. I know our beloved city is in great need of funding for services and housing, which includes our culture and arts communities. Thank you! Mandolyn "Mystic" Ludlum
Please approve the Coliseum deal and invest the 6% ticket-revenue share in Oakland's arts and culture sector. This will Restore local arts and culture funding with the ticket-revenue stream and ensure dedicated staff capacity to manage arts grants and cultivate outside foundation and federal funding for Oakland's arts sector. Arts and culture are fundamental to the health of people and cities. We are lucky to be a place that has so many incredible artists and arts organizations doing work and more funding is absolutely necessary. As an ED of a cultural arts organization for the past 23 years I have seen the positive and long lasting impact of arts investments.
As an artist living and working in Oakland, I strongly support this proposal. The model is already in place in other cities like Columbus, OH, and it would bring a new revenue source to our city! There is barely any arts and culture funding available to Oakland-based artists and so many artists have to resort to SF-based funding to survive. Our new Cultural Affairs Manager, Lyz Luke is a leader in the field and a trusted administrator among artists. She would smartly invest and strategize actions with these new resources! Oakland has long been a cultural beacon, and we need city investment in order for this to continue. Programs like grants for arts in schools, support for independent artist, general operating support for organizations like my local site, Temescal Arts Center, and festivals that support local businesses could all be reinstated or re imagined with this recommendation. I encourage you to support the Coliseum deal and invest at minimum, 6% in Oakland's arts & culture sector.
As a GRAMMY-nominated artist nurtured and supported growing up in Oakland, a current Cultural Affairs Commissioner, and resident of District 4, I believe that the need for sustainable funding pathways for culture and the arts in our city is necessary and overdue. As the Oakland Arena, which is part of this sale, will help to bring even more talent through our city, revenue from the Coliseum Complex could and should help provide sustained support for the cultural infrastructure that makes Oakland a creative powerhouse and creates opportunities for the next generation of artists, culture-makers, and creative leaders. Too many organizations and artists are unable to thrive in Oakland, and a portion of this ongoing revenue can help put investment back on track rather than disinvestment, at a time when the world's eyes are on our city. Using part of this income for culture and arts can also be part of neighborhood investment, public safety, creating pathways for children and youth, revenue creation from the culture and arts community, and a demonstration of commitment to our sector and residents. As you consider this sale, I ask you to consider how the revenue will be used and the opportunities that exist. I know our beloved city is in great need of funding for services and housing, which includes our culture and arts communities. Thank you! Mandolyn "Mystic" Ludlum