Title
WITHDRAWN Recommendation to Support County of Alameda Participation in an Enhanced Infrastructure Financing District in Support of the Oakland Athletics Stadium at Howard Terminal. (City Manager 10021030) [Will not be heard on October 19, 2021]
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
Oakland Mayor Libby Schaaf has requested that the mayors of incorporated cities in Alameda County, including the City of Alameda (City), sign a letter of support encouraging the Alameda County Board of Supervisors to "opt in" to the Enhanced Infrastructure Financing District in support of the Oakland Athletics Stadium at Howard Terminal. The letter of support provided by Mayor Schaaf is attached as Exhibit 1.
BACKGROUND
The Oakland Athletics are proposing a plan to build the Waterfront Ballpark District at Howard Terminal on the Oakland waterfront, directly across the Estuary from Alameda Landing.
To assist in the financing of significant public infrastructure improvements to support the Howard Terminal project, the City of Oakland and the Oakland A's are proposing to establish an enhanced infrastructure financing district. The attached letter provides a detailed description of the proposed Howard Terminal project and the Waterfront Ballpark District. The City of Oakland seeks support from its regional partners, and has requested that Alameda County take action at its upcoming meeting of October 26 to "opt in" to the enhanced infrastructure financing district. As stated in the letter,
"The Enhanced Infrastructure Finance [sic] District (EIFD) that the County is being asked to join would only capture property taxes that are generated by the project itself and wouldn't put the County's general fund or taxpayers at risk. In fact, if the Ballpark District were built today, even after contributing its net-new property taxes to an EIFD, the County would receive more than five million dollars per year in sales and transfer tax...
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