Oakland taxpayers may be stuck with $350 million subsidy to Raiders

Oakland taxpayers may be stuck with $350 million subsidy to Raiders

By Lynda Carson - December 11, 2016

It has been reported in the East Bay Express that the taxpayers in Oakland may be stuck subsidizing a deal to keep the Raiders football team in town, to the tune of $350 million in cash and land. The Oakland City Council is expected to vote on the proposed Raiders taxpayer subsidy scam on Tuesday evening December 13, 2016.

Reportedly, the City of Oakland would handover $350 million in cash and land to assist in paying off a proposed $1.3 billion deal for a new Raiders stadium and mixed-use development at the current Coliseum location.

Additionally, Alameda County and the City of Oakland still owes, and will have to pay off $95 million in bond payments before the Coliseum property is transferred for the new proposed deal to keep the Raiders in town.

Reportedly, Mark Davis, owner of the Raiders, is worth $500 million. This means that If Oakland did not subsidize the deal to keep the Raiders in town for multi-millionaire Mark Davis, Mark Davis could cover the cost of the subsidy out of his own pocket, and still have $150,000 million to play with from here, to hell.

Oakland is so broke, that during 2015 it was reported that the city had a $28 million budget shortfall. As recent as March 2, 2016, Oakland approved a $2.4 billion budget that closed an estimated $18 million funding gap.

As city officials scheme to stick Oakland taxpayers with the bill to subsidize Mark Davis, and the Raiders, to the tune of $350 million in cash and land for the latest proposed Raiders deal, reportedly, last week city officials asked for a declaration of emergency, as a way to receive federal and state funding to assist in covering the expenses of the emergency response to the Ghost Ship warehouse fire. The tragic warehouse fire where 36 lives were lost due to criminal negligence.

As the Oakland City Council is expected to vote on the proposed Raiders taxpayer subsidy scam on Tuesday evening December 13, reportedly more than 25% of the residents in Oakland had an income below the poverty level during 2013. In 2015, Oakland was rated as the second most dangerous city in the United States.

Lynda Carson may be reached at tenantsrule [at] yahoo.com


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