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Mayor Sheng Thao Signs Amended Agreement to Sell Coliseum for Higher Price, Paid in Current Fiscal Year

The City of Oakland and the African American Sports & Entertainment Group (AASEG) have signed an amended Purchase and Sale Agreement for the City’s half of the Coliseum site. The new agreement results in a total price increase of 14% to $125 million and accelerates the payment schedule for the City to receive $110 million within the current fiscal year. The previous agreement had a purchase price of $105 million with $60 million being paid by June 30, 2025.

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File photo of Ray Bobbitt at a Raiders game at the Oakland Coliseum.
File photo of Ray Bobbitt at a Raiders game at the Oakland Coliseum.

By Post Staff

The City of Oakland and the African American Sports & Entertainment Group (AASEG) have signed an amended Purchase and Sale Agreement for the City’s half of the Coliseum site.

The new agreement results in a total price increase of 14% to $125 million and accelerates the payment schedule for the City to receive $110 million within the current fiscal year. The previous agreement had a purchase price of $105 million with $60 million being paid by June 30, 2025.

Under the ordinance authorizing the sale, Mayor Sheng Thao secured additional funds to be received within a shorter timeframe to enable the transformative investment and redevelopment of the Coliseum site.

The acceleration of the deal will also allow AASEG to take title and begin development of the site sooner than the original agreement. The additional revenue received by the City of Oakland will increase general fund resources for city-wide services, including public safety and fire services.

The new agreement requires both parties to close the deal within the fiscal year, triggering early defeasement of the last Arena bond payment of $4.2 million. As such, the amendment obligates the buyer to pay all early defeasement costs for the City and County.

According to Google, the defeasance process is a means by which borrowers can replace the collateral used on a mortgage loan with another asset or substitute collateral—usually a portfolio of government bonds backed by the U.S. Treasury, or, typically, the collateral on a mortgage is the home or property

“This amended agreement with AASEG is a win-win,” said Thao. “The City secured a higher purchase price with faster payments. This structure also allows AASEG to kickstart their historic investment in East Oakland and create jobs and economic opportunity sooner than under the original agreement.”

“We are very grateful for the hard work of the City team in helping reach our amended agreement,” said AASEG Managing Member Ray Bobbitt. “The creation of jobs, housing, art, clean green space and a new generation of Sports and Entertainment at the Coliseum site cannot wait; and will provide a certain pathway to the revitalization of East Oakland through massive investment.”

In a statement, Thao urged Councilmembers Janani Ramachandran and Treva Reid to base their statements on facts and not spread misinformation.

“Councilmembers Reid and Ramachandran were briefed for two hours on Monday by the City Administrator, Finance Department, and the Coliseum Negotiating Team. They were extensively filled in on the amended deal terms, financial conditions of the organization, and provided ample time to seek answers to their questions, including commitments to follow up.

“During that time they were urged as elected officials to only share accurate and verified information with the public given their position as public officials,” said the mayor.

“The Coliseum deal is great for Oakland, and it is neither the cause of nor full solution to the City’s budget deficit,” she continued. “Nonetheless, I expect it to help save us from the most drastic public safety cuts. And, in the meantime, we are creating both temporary and permanent solutions to the decades-long budgetary challenges we face here in Oakland.”

“(The councilmembers) are welcome to be part of the solutions, not (to) deepen mistrust with false information and further divide us,” Thao said.

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Oakland Post: Week of May 13 – 19, 2026

The printed Weekly Edition of the Oakland Post: Week of May 13 – 19, 2026

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Marin City Public Housing Residents Demand a Voice in County’s Renovation Plans

Representation has been a continuous struggle for the Residents Council, she said in an interview with the Post News Group.  In 2014, the tenants took the county to federal court over this issue, and prevailed, resulting in an MOU that was in effect from 2014 to 2024, said McLemore. “Now, they are not responding to our rightful requests to participate.  They are not giving us a legal justification for their position.”

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The largest housing complex in Marin County, Golden Gate Village residents are for predominantly Black and low-income. Courtesy image.
The largest housing complex in Marin County, Golden Gate Village residents are for predominantly Black and low-income. Courtesy image.

Tenants say the County of Marin is ignoring federal law requiring resident council participation

By Ken Epstein

Marin City public housing residents say the County is illegally depriving them of their rights to participate in renovation decisions that affect the future of their housing, raising deep concerns over whether the county ultimately will find a way to displace them.

According to regulations established by the U.S. Department of Housing and Urban Development (HUD), Marin City public housing residents have the right to organize, elect resident councils, and hold public housing agencies accountable for involving them in management decisions.

Without resident participation, the Board of Housing Commissioners, made up of the five Marin County Board of Supervisors and two resident comissioners, has approved a $226 million project.  The plan calls for renovation of the 296 units in Golden Gate Village (GGV) and focuses on interior improvements. The project is scheduled to start in July.

Residents’ concerns have a long history, said Royce McLemore, president of the Golden Gate Village Residents Council and a 50-year resident of Marin City,

Representation has been a continuous struggle for the Residents Council, she said in an interview with the Post News Group.  In 2014, the tenants took the county to federal court over this issue, and prevailed, resulting in an MOU that was in effect from 2014 to 2024, said McLemore. “Now, they are not responding to our rightful requests to participate.  They are not giving us a legal justification for their position.”

With no current MOU mandating training and participation of residents, the legal basis for all the redevelopment decisions made by the county since 2024 is questionable, said Terrie Green, executive director of Marin City Climate Resilience. “We are experiencing voicelessness. If residents had a voice, we wouldn’t be where we are today,” she said.

County decisions include a plan, in line with federal regulations, to convert GGV from public housing to a public-private enterprise that allows for private investment. The Marin Housing Authority has created a limited partnership that includes Burbank Housing – which will renovate the units and manage the property – and Wells Fargo Bank, the investor.

This change in federal policy regarding public housing, which includes a shift to a Section-8 voucher system, has resulted in gentrification across the country, particularly affecting African Americans in cities such as San Francisco.

Shifts in criteria of what is considered affordable could also end up pricing residents out of their living units. At present, low income in Marin County is officially considered $156,000. But the median household income in Marin City is significantly lower at $68,846

Damian Morgan, a community advocate with Marin City Climate Resilience, questioned why the county is renovating apartments without fixing toxic infrastructure that is impacting the lives of people in GGV.

Morgan said tenants have filed a class action lawsuit because of unsafe conditions at Golden Gate Village.

Residents are also concerned that the County still does not have an adequate family plan for temporary displacement while their apartments are being renovated.  Although the County has suggested other community apartments as alternatives, nothing concrete has developed except vacant public housing units that have the same toxic conditions, such as mold and mildew.

Green said it doesn’t make sense. “…Why are we moving people around into temporary housing that’s uninhabitable, when you should be dealing first with the infrastructure, the foundational work, replacing old and rusted water pipes and new sewers.”

Morgan questions the County’s motivation for neglecting infrastructure repairs. “They’re remodeling the units but leaving the decayed infrastructure in place. I feel like they’re just setting this up for it to fail.”

“What slowed it down a little is that GGV is a historic preservation district, but I think what they’re striving for is demolition by neglect,” he said. “The neglect has always been on their part.”

Architect Ora Hatheway said her concern is about cutting corners. “You have to deal with the land issues. You have to deal with grading and drainage, and that’s being brushed under the rug.”

In an interview with KGO TV, Marin County Supervisor Stephanie Moulton-Peters responded to some of these concerns.  She said residents are guaranteed the right to return to their homes.

“This is a concern that we take seriously,” she said. “Every resident will move back into their own unit, and we’ve given this to them in writing. Before they leave their unit, we will sign a document together that guarantees their right to return.”

In response to residents who feel left out of the planning process, she said community input has focused on those affected by the first phase of the project. “So other residents may not have heard quite as much or felt like they had as much contact. But if there are residents who have concerns, we’re happy to hear from them. You can contact my office or the housing authority directly,” she said.

While County leaders may be giving some updates to some tenants, they are not sitting at the table with the Residents Council nor giving residents a voice in decision-making, said McLemore.

Without a voice in decisions, tenants are worried that Black people may be forced out of public housing, resulting in gentrification, she said in an interview with ABC 7.  It’s still paternalistic, she said.  “It’s still that ‘We know what’s best for you.’’’

Several years ago, the Residents Council proposed a land trust plan that would give tenants homeownership rights.  Though the plan had broad support throughout the county, it was rejected by the Board of Supervisors

In the final analysis, Green said, for Marin City tenants the fight is not just for decent housing but to maintain their community with dignity under conditions of mutual respect.

“We’re talking about people who came here to work in the shipyards during World War II to bring about peace and safety to this country,” she said. “Look at the discrimination we’ve faced down through the years. Look at the life-span issue of Marin City folks – almost 20 years less than the rest of the County.”

“We want educational equity so our children will have decent schools. We need a land trust, property ownership, so we can have wealth creation. Marin City needs the same quality of life as other communities in Marin County.”

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Oakland Post: Week of May 6 – 12, 2026

The printed Weekly Edition of the Oakland Post: Week of may 6 – 12, 2026

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