The Oakland City Council approved a city ordinance on Monday / yesterday, agreeing to the terms of the sale of the Oakland Arena and Coliseum Complex.
The agreement passed 6-1 with Councilmember Noel Gallo voting "no." Councilmember Kevin Jenkins was not present for the vote.
The Oaklandside reported there was a celebratory mood in the council chamber. Oakland will sell its 50% share in the complex to the Oakland Acquisition Company, or OAC, an affiliate of the Oakland-based African American Sports and Entertainment Group.
Under the deal, the city will receive $110 million cash for its share of the 112-acre complex. This includes $50 million for the Oakland Arena and $60 million for the Coliseum stadium and parking lots.
Under the agreement, the city will receive partial payment from the developers by next January. Oakland will also receive a 6% ticket sale royalty and expects $15 million in future revenue from building permits as development gets underway.
