OAKLAND (KRON) — After returning from meetings with the National Football League, Oakland Mayor Libby Schaaf is saying while the city will do everything it can to keep the Raiders, she is restating her position.
She said that it does not include using public money to build a new stadium. After meeting with reporters earlier this week, Schaaf spent the day clarifying how far the city is willing to go to keep the Raiders
“Let me be very clear, we would not make mistakes of the past,” Schaaf said. “We would not put taxpayer dollars at risk from our general fund.”
Schaaf said while the city is looking at various options to close a $400 million dollar gap in the funding of a new stadium for the Raiders, she said it will not leave taxpayers on the hook
“We’ve been down that road, we will not repeat that,” Schaaf said.
Published reports indicated raising money with a lease revenue bond could leave taxpayers responsible if projected revenues from leasing the stadium did not occur. That is not so, the mayor said.
“We have recent examples of other stadium deals where they have been able to find a third-party guarantor,” Schaaf said. “So, that the public funds are not at risk, again, we are talking about using money generated only by a new stadium for helping to build that new stadium.”
The mayor said also under consideration is a special tax on the Raiders to raise funds
“We are doing our due diligence,” Schaaf said. “We’re trying to be creative. We’re trying find ways to be responsible to the taxpayers but also do right by the team and the fans and make a project happen using private money,” Schaaf said.
The mayor said she expects the NFL to decide which team goes to Los Angeles in February or March.
Schaaf said if Oakland has a proposal before then, they will present it, but she said she won’t be rushed by the NFL’s timeline.