OFFICIALS BEGIN TO REVEAL DETAILS OF RAIDERS MOVE
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).