OAKLAND (KRON) — Oakland Mayor Libby Schaaf presented a plan to the NFL stadium finance committee in Florida on Monday.
This meeting came on the same day news broke that the Raiders secured Bank of America to help finance the new stadium in Las Vegas.
Mayor Schaaf has been fighting to keep the Raiders in Oakland while owners are making moves to build them a new stadium in Las Vegas.
NFL owners will have the final say when they vote on the move later this month. Three quarters of the owners must vote to approve the move.
Here is Mayor Schaaf’s full statement:
“Oakland is ready to compete. We were excited to be offered the opportunity to make a presentation before the National Football League’s Joint Stadium and Finance Committee in Florida. We want to thank the NFL for this invitation to share our vision for a locally-supported proposal that could result in a new home for the Raiders in Oakland.
“Today, we presented a plan that we believe responsibly meets the needs of all parties. We made a sound economic case for keeping the Raiders in Oakland through the creation of what could become one of America’s premier mixed-use sporting venues. Ours is a project that enhances the use of the already-entitled Oakland Coliseum site for the Raiders and for the public benefit and leverages the site’s proximity to BART and other public transit options, Oakland International Airport and major freeways.
“The Oakland solution for the Raiders keeps the Raiders at home in Oakland, in the country’s sixth largest media market that is demonstrating strong growth due to its innovative and diverse economy.
“What we presented demonstrated the commitment and effort made by the jurisdictions that oversee the stadium land — Alameda County and the City of Oakland. I thank Alameda County Supervisor Scott Haggerty and Oakland City Council President Larry Reid for their leadership. We have worked collaboratively with Ronnie Lott, Rodney Peete and the investors they have assembled behind this Oakland-based project. Together, we’ve created a framework that gives the Raiders a new stadium in Oakland that is responsible to the team, the league, the fans and Oakland taxpayers.
“The City of Oakland is prepared to support this effort in a way that does not endanger the City’s general fund using the “but for” taxes generated by the project to provide up to $200 million for public infrastructure and transportation improvements. This will support a new stadium and ancillary development that will enhance the economic vitality of East Oakland and better serve our community. Additionally, the City and the County are prepared to leverage the value of the land at this transit-rich site to create jobs, an enhanced fan experience and other opportunities.
“Ronnie Lott, Rodney Peete and the Fortress Group bring the financial assets and the capability to ensure construction completion, manage the sale of private seat licenses and cover any cost overruns – three things that are essential for a successful project to get done. Ronnie Lott and Rodney Peete also bring deep and extensive ties with the NFL, the Raiders and our community.”