Report: Oakland Raiders' stadium developers oppose new A's O.Co lease
When the Oakland A's agreed to sign a new 10-year lease at O.Co Coliseum, the A's co-tenant, the Raiders, made no objection. However, the development team for the Raiders' new stadium is now voicing concerns.
In a letter to Oakland city government officials obtained by CSN Bay Area, the developer's lead attorney, Zachary Wasserman, stated his concerns about the new lease potentially delaying the Raiders' new stadium.
Though the lease has been signed and agreed upon by both sides, it has yet to be approved by the Oakland City Council, thus drawing the letter of concerns from the development team.
In the letter, Wasserman says it is "critical" for O.Co to be demolished by 2015 for the new stadium to be ready by 2018, but the A's new lease runs through 2024 and can't force the team to move until 2016.
The letter also states that the development team plans to submit a term sheet making a Raiders stadium an anchor of an agreed upon re-development project by the end of summer. That would fulfill requirements of an exclusive negotiating agreement with the City of Oakland that lasts through October.
According to the Bay Area News Group, several city council members don’t consider the development team’s concerns as roadblocks to a lease extension. Citing Councilman Noel Gallo, Bay Area News Group reports that another financial analysis of the lease extension is scheduled for later this week.
- Evan Webeck