Oakland, CA – This week, the City of Oakland reached out to our partners at Alameda County requesting that they join a regional collaboration to realize a bold vision for our joint future – the Waterfront Ballpark District at Howard Terminal. This completely new urban neighborhood will keep the A’s “rooted in Oakland” – and Alameda County – for years to come, while also preserving our working waterfront, creating over 18 acres of new, publicly-accessible waterfront parks, and 3,000 units of critically-needed new housing units for the region
In the letter to the County Administrator sent on Monday and forwarded to the full Board of Supervisors on Wednesday, the City of Oakland asked the Alameda County Board of Supervisors to “opt in” to an Enhanced Infrastructure Financing District (EIFD) that would cover the waterfront ballpark site. The County’s share of the property tax generated by the ballpark and related development would match the City’s and would help fund critical infrastructure needs, parks, open space, and much-needed affordable housing.
The request was made with some urgency, and the City is asking the Board of Supervisors to vote by June 15. Time is of the essence to keep the A’s here in Oakland, where they belong.
An investment in the Waterfront Ballpark District would repay the County many times over. At full build-out, even after opting in to the EIFD:
- The County’s tax revenues from the project site would grow from $50,000 per year at present to an estimated $6.3 million per year, including $4.6 million for essential health care and homeless services.
- In addition, the County would receive an estimated $47.8 million in one-time construction-period tax revenues.
- After the 45-year opt-in period, new annual revenues to the County would increase to approximately $17 million (measured in today’s dollars).
- The Alameda County Transportation Commission will receive $4.6 million per year in new countywide transportation funding.
To come to fruition, the project requires a robust public-private partnership. The County has an opportunity to step up to the plate to help ensure our Oakland A’s stay rooted in Oakland while improving their fiscal bottom line. It’s a win-win.