After months without overt signs of progress, an offer to build a new Raiders stadium has come to light.
The proposal, according to the San Francisco Chronicle, states that the City of Oakland and Alameda County would provide free land and infrastructure improvements for a Coliseum City project on and around the existing stadium site. Also, taxpayers would reportedly pay off the estimated $120 million remaining on the Oakland Coliseum expansion that helped lure the Raiders back to Oakland in the 1990s.
Under the proposal, the existing stadium would get torn down.
The Chronicle reports that construction costs, which could range from $900 million to $1.2 billion, would be privately funded by the NFL, project revenue and other investors.
Raiders owner Mark Davis is reportedly mulling the proposal. Coliseum City representative and land use attorney Zachary Wasserman told the Chronicle that basic financial terms have been worked out between the public, project developers and the Raiders.
While this proposal certainly constitutes progress, there are several hurdles to this becoming a reality. Major league baseball’s Athletics prefer to control the construction of a new ballpark and recently signed a 10-year lease extension with O.co Coliseum that requires a grace period before being evicted for a Raiders stadium.
There is significant private money required for construction costs, and it’s uncertain where all that would come from. There are questions surrounding how the remaining debt on the O.co Coliseum expansion would get paid off.
Davis has expressed frustration with the pace and progress of a new Raiders stadium in the East Bay and has explored options outside the market. He had discussions with San Antonio and has been linked to a move back to Los Angeles, but continues to state he prefers to remain in Oakland.