The Oakland A’s and Major League Baseball (MLB) are employing strong arm tactics and are threatening to leave Oakland if they do not get what they want.
And what do they want? A $12B residential, commercial and stadium complex using future tax revenues to pay for it.
Wait…what?!?! I thought the A’s were going to self-finance this project? That is only true if you consider creating two new financing districts to capturing the tax revenue from the complex as well as the surrounding area to be self-funded.
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Meanwhile, the port complex truly is self-financed. The Port of Oakland receives no city, state or federal tax revenue. It relies on its leases and fees to generate revenue.
Statistics show the port generates $60.3B in economic value and more than 520,000 jobs to the region.
This A’s complex is a bad deal for Oakland and, of course, for logistics which would be irreparably harmed.