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OFFICIALS BEGIN TO REVEAL DETAILS OF RAIDERS MOVE
Published June 28, 1995
For the first time yesterday, East Bay officials began outlining the Raiders deal to the public, revealing more details about financing, stadium improvements and taxpayer risk, according to today's SAN JOSE MERCURY NEWS. During presentations to Alameda County Supervisors and Oakland City Council members, officials revealed the size of the bond issue and explained that fans holding PSLs will be charged an annual "maintenance fee" of $50-75 to help pay off debt. Yesterday's sessions were the "first step" in gaining approval of the Raiders-to-Oakland plan. Officials have yet to release copies of the proposed 16-year lease agreement or their analysis of financial risk. But, former County Administrator Steve Szalay said the deal "poses little risk to taxpayers and that Raider fans would bear the cost of Coliseum improvements." In a related matter, Szalay said that contrary to previous reports, local officials "have not agreed" to pay Raiders Owner Al Davis $2M if the NFL were to obtain an injunction blocking the move or if a citizen referendum were to keep the team from coming to Oakland (Sandy Kleffman, SAN JOSE MERCURY NEWS, 6/28).