Bay Area Officials Formalize Deal for Bonds for Raider Move
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OAKLAND — Oakland and Alameda County on Monday formalized an agreement to issue up to $225 million in bonds as part of the agreement to return the Raiders here.
The money will be used for improvements to Oakland Coliseum called for in the tentative deal with Raider owner Al Davis.
The joint powers agreement was finalized at a brief meeting between Oakland City Manager Craig Kocian and interim Alameda County Administrator Susan Muranishi. The Alameda County Board of Supervisors and Oakland City Council authorized the action last week.
The deal to return the Raiders from Los Angeles still awaits Davis’ signature, as well as approval from the NFL.
The agreement calls for the issue of up to $225 million in bonds to pay for modernization at the Oakland Coliseum, including the 175 luxury boxes Davis covets. The work would be completed by the start of the 1996 season.
The bonds are to be repaid largely through revenues generated by ticket sales and personal seat licenses.
Meanwhile Monday, fans scrambled to meet a midnight deadline for turning in season ticket applications and a 25% deposit.
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