Tax & Spend
Oakland Counts on Coliseum Sale to Close $117 Million Budget Gap
- City faces a $117 million budget shortfall this year
- Development group plans to build on old stadium site
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Oakland, California, risks having to slash spending and stall capital projects if officials are unable to close the sale of the city’s soon-to-be defunct pro-sports arena in the next six weeks.
The Bay-Area city is facing a $117 million budget gap this fiscal year and a $175 million shortfall for the next. It’s relying on cash from the sale of the Oakland-Alameda County Coliseum, where Major League Baseball’s Athletics are playing their final season. Yet that deal is far from finalized.