Oakland Mayor Libby Schaaf has been firm about not spending taxpayers' money on a new stadium for the Raiders, but she changed her message when meeting with NFL officials Wednesday, according to Rachel Swan of the San Francisco Chronicle.
Schaaf said in a presentation to NFL officials that the city is analyzing the use of bonds, or tax money, to finance the stadium. The city of Oakland is looking into "lease revenue bonds" that would be paid back to the city with new revenue made from leasing the stadium back to the Raiders, according to Swan. This move wouldn't involve a direct subsidy for the city to build the stadium, but it could leave taxpayers responsible for the debt if the revenue doesn't reach the projected numbers.
The Oakland Mayor has reportedly been advised that there is a way to set up the bond so that the city would not be held accountable, but she would support a financing plan if the city was held accountable, according to Swan.
Schaaf said at a news conference Thursday that her trip to New York was about showing Oakland's "commitment and passion" to keeping the Raiders, but she would keep her promise to not spend a public cent, via San Francisco Chronicle.
Schaaf also proposed using tax increment financing to pay for the new stadium and stated that the new tax dollars would come from the Raiders. Sports economist John Vrooman told the San Francisco Chronicle that those plans are "politically expedient," and would only pass the bills on to taxpayers. Schaaf is in a difficult position, as she knows the city wants to keep the team, but the people don't want to have to pay for a new stadium.
The Raiders and Chargers have hired chairman and chief executive of the Walt Disney Company, Bob Iger, to lead their proposed stadium project in Carson. The Raiders, Chargers and Rams are all expected to apply for relocation in January, and a vote could be decided by March.
Raiders owner Mark Davis said he has his own idea of what a "Coliseum City" should look like, via the San Francisco Chronicle. Schaaf likely has weeks to come to an agreement with Davis to stay put in Oakland, but there hasn't been any definitive promising news to keep the team in Oakland.
