Oakland authorities hired a consultant to build a financial model for new stadium. The goal is finding sources to collect $900 million without using taxpayer money.
Assistant City Administrator Claudia Cappio said Monday that the city has hired a stadium consultant to come up with new financing options that won't include taxpayer money to build a $900 million stadium.
The Raiders say they need about $400 million in public money for a new stadium to replace the dilapidated Oakland Coliseum. Local leaders are reluctant to pitch in given that they are still paying off debt from a 1995 remodel that brought the Raiders back from Los Angeles.
Cappio said a consultant is expected to present a proposal privately to the City Council and to the Alameda Board of Supervisors, perhaps as soon as this week. Cappio said the city can commit money to upgrade infrastructure, including storm drains and better lighting, as the city would need to do that anyway for future use of the grounds.
Raiders owner Mark Davis made a surprise appearance at an NFL-sponsored town hall in Oakland last week, saying he wanted the team to stay in Oakland but needed local help to do so.
The Raiders are also working on a joint deal with the division-rival San Diego Chargers to build a $1.7 billion stadium in Carson outside of Los Angeles. The team is not commenting on the Oakland effort to fund a new stadium.