The plan that San Diego developer Floyd Kephart "has been pitching to get a new Raiders stadium built in Oakland appears to have one heretofore hidden flaw -- it violates key terms the team insisted upon in April," according to Matthew Artz of the OAKLAND TRIBUNE. Kephart "once again recommended" that the estimated $400M shortfall for a $900M Raiders stadium "should be closed primarily through issuing bonds backed mostly by revenue generated at the future stadium." Kephart said the revenue would come from "nongame events, a portion of naming rights or things like that." However, the Raiders "had already made clear to him in a three-page letter" that they "insisted on keeping all stadium revenue to help" with their $500M contribution to the stadium. Assistant City Administrator Claudia Cappio, who has led recent stadium talks, acknowledged that "'a conflict with the Raiders may exist' if Kephart is counting on stadium revenues to finance the project." Alameda County Supervisor Nate Miley said that he was "unaware of the Raiders budging from their stance on surface parking and stadium revenue." Miley: "I think there is a disconnect between what Floyd Kephart is offering and what the Raiders are looking for." Artz notes the fact that Kephart's recommended financing plan "lacks the Raiders' two conditions for a stadium deal -- the number of surface parking spaces would be roughly halved to make room for new homes, shops and offices -- doesn't necessarily doom the team's future in Oakland, but it could spell the end for Kephart's role in the project" (OAKLAND TRIBUNE, 9/4).
