Oakland, Alameda County officials to vote on proposal for a new Raiders stadium
In a bid to keep the Raiders from moving to Las Vegas, the Oakland City Council and Alameda County Board of Supervisors will vote Tuesday on a term sheet with a group of developers that want to help build a $1.3-billion stadium for the team.
“This term sheet agreement puts Oakland in the running to keep the Raiders in a way that is responsible to the team, the league, the fans and the taxpayers,” Oakland Mayor Libby Schaaf said in a statement.
The votes will come a day before NFL owners meet in Irving, Texas, and hear an update on the Raiders’ plan to relocate to Las Vegas as part of a stadium deal backed by casino magnate Sheldon Adelson. The Nevada Legislature has approved $750 million in public funding for the project.
The Oakland plan, however, isn’t believed to interest the Raiders or the NFL. The Raiders would need to get approval from 24 of the 32 NFL owners to relocate, with a vote possible as soon as January.
The developers, including Hall of Famer Ronnie Lott and New York-based Fortress Investment Group, would contribute up to $400 million toward a stadium. It would be part of a mixed-use project on about 130 acres that currently includes the Oakland-Alameda County Coliseum, the home of the Raiders.
According to the term sheet, the city would invest up to $200 million for infrastructure and site preparation, but the money wouldn’t be used for stadium construction.
A spokesman for Fortress Investment Group called the plan “an attractive alternative” for the Raiders.
Twitter: @nathanfenno
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