Oakland Coliseum JPA Meeting To Announce AASEG Payment Of Remaining Raiders Bonds By February 2026The Coliseum JPA Meeting today has one item on the agenda:RESOLUTTON (1) AUTHORTZTNG THE REDEMPTTON OR DEFEASANCE OF THE OAKLAND-ALAMEDA COUNTY COLTSEUM AUTHORITY LEASE REVENUE BONDS (OAKLAND COLISEUM ARENA PROJECT) NO LATER THAN JUNE 30, 2025, SUBJECT TO COMPLETION OF DUE DILtGENCE, EVALUATTON AND ANALYSTS BY AUTHORITY STAFF, BOND COUNSEL FINANCIAL ADVTSORS AND OTHER CONSULTANTS AS NECESSARY TO COMPLETE THE TRANSACTTON, PROVIDED THAT OAKLAND ACQUISITION COMPANY, LLC PAYS ALL COSTS AND EXPENSES ASSOCIATED WITH THE TRANSACTION; AND (2} AUTHORIZING THE EXECUTIVE DIRECTOR TO ENGAGE CONSULTANTS TO COMPLETE THE DUE DILIGENCE AND ANALYSIS AND RETURN TO THE BOARD FOR APPROVAL OF IMPLEMENTATION OF THE REDEMPTION OR DEFEASANCEHonorable Chairperson Kaptan and Commissioners of the Authority The City of Oaktand is requesting the JPA to defease the outstanding Arena bonds scheduted for final payment on February 1, 2026. Under the current schedule there are two payments remaining, one on February 1,2025, and the finat payment on February 1 ,2026. The payments are approximately $A mlttion on each payment due date. The February 1,2025, due date wi[[ be paid on the current schedute. The City is seeking to defease the finat payment earlier than the February 1 ,2026, date. Under the City’s proposaI Oaktand Acquisition Company (OAC) witt bear at[ costs retated to the defeasance, including costs for bond counsel, financiaI advisor, trustee, filing fees, other ancil[ary fees, p[us the actua[ amount of the defeasance. There woutd be no costto the JPA to undertake and comptete the transaction. The JPA issued two separate bonds for the reconstruction of the Stadium and the Arena. The Stadium bonds were issued in 1995 and the Arena bonds in 1996. The final payment on the Stadium bonds of approximately $Z.l mitlion witt be made on February 1, 2025, the regutar scheduted payment. Atso on February 1 ,2025,Lhe next to the Last payment of approximatety $g mittion witt be made on the Arena bonds. Once that occurs, the only remaining debt witt be on the Arena bonds of approximatety $g mlttion. The purpose of the City’s desire to defease the finaI payment on the Arena bonds is to accelerate the sate of its fifty percent (50%) interest in the Coliseum Complex and a[ow the purchaser to comptete its financing timetine and start the pre-devetopment activity. Both the City and County have entered into agreements to sett their respective fifty percent (50%) interest in the Coliseum property. The County entered into a Disposition Agreement with Cotiseum Way Partners (CWP) and the City entered into a Purchase and Sate Agreement with the Oakland Acquisition Company (OAC) an affitiate of African American Sports and Entertainment Group (AASEG), and LOOP Capitat to purchase the City’s fifty percent (500/o) interest. Subsequentty, AASEG/OAC has entered into an agreement to purchase CWP’s fifty percent (500/o) interest. The City adopted a specific ptan in 2015 to guide the redevetopment of the property and surrounding areas. Now that the As have departed and the City and County are setting their respective interests, it is beneficial to East Oaktand and the region to commence the redevelopment of the site. The early defeasance of the Arena bonds is a key step. I recommend approvaI of the resotution.Respectfu tty su bm itted, Henry L. Gardner Executive Director
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