City Council - meeting_joint_special

The Oakland City Council approved a second amendment to the Coliseum Complex sale agreement, authorizing the City Administrator to amend the purchase and sale agreement of the City of Oakland's undivided 50% interest in the Coliseum Complex. The amendment allows for the simultaneous sale of the arena parcel for $50 million and the stadium parcel for $60 million with seller financing from the city, crediting a $5 million deposit. The deal also includes a 6% profit-sharing mechanism from annual gross ticket sales for any event at the arena and stadium parcels.