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December 03, 2008

A's to consider Warm Springs site?

This is from San Francisco Chronicle rumormongers Matier and Ross, but they've been right before: Oakland A's owner Lew Wolff is reportedly ready to consider relocating his proposed stadium to a site adjacent to the new Warm Springs BART station, scheduled to open in 2014.

That would allay concerns about traffic nightmares on I-880, but would seem to put financing plans back at square one, given that there wouldn't be room for Wolff's planned "ballpark village" that was supposed to help fund stadium construction; I'm also not clear on whether the new site, like the old, is in a redevelopment zone and would be eligible for tax-increment financing. (I'm checking.) In other words, don't be holding your breath for a 2012 opening.

COMMENTS

One interesting thing though is that moving the stadium doesn't necessarily eliminate the housing that will pay for the stadium. That can still be built over at the Pacific Commons site to pay off the stadium when the housing market comes back. Short term of course they'll have to find other funding options, but long term the housing plan can still work. The stadium just wouldn't be at the Pacific Common's site anymore and would actually be at a perfect location along the BART line. Warm Springs would eventually be almost middle of the line between San Jose and Oakland.

Posted by Dan on December 3, 2008 07:48 PM

not so fast einstein ... wolff has NO WAY to finance this thing privately now that the phony housing/retail scam is off the table (not that it was ever a viable plan anyway, mind you) ... just how in the hell will this scam artist ever expect to privately finance this ballpark without these overpriced condos to pay for stadium construction???? he's stated that he won't do PSL's and Cisco deal only pays a fraction of the costs ... hmmmm, can you say TAXPAYER SUBSIDIES anyone???? this guy is out to screw the taxpayers!!!!

Posted by jacky on December 4, 2008 12:52 PM

Jacky,
You incorrectly assume the housing is off the table when it isn't. The stadium won't be next to the housing anymore, but the housing will still be built. That part of the deal isn't changing if they relocate the stadium. And contrary to what you are saying, Wolff's son stated yesterday that they are still privately financing the stadium both short and long term through loans, naming rights, etc... Nothing has changed from a taxpayer's perspective. Wolff isn't stupid, he knows a taxpayer funded stadium wouldn't fly in Northern California during good economic times, it certainly won't in bad times.

Posted by Dan on December 4, 2008 02:48 PM

So Cisco is still in for the naming rights?

Posted by sjs1959 on December 4, 2008 04:46 PM

No indication that they've pulled out. And Wolff has mentioned using the naming rights as a funding sources so I doubt he'd count on it unless it was still in effect.

Posted by Dan on December 4, 2008 05:11 PM

Dan, with all due respect ... you don't know what you're talking about ... I have friends on the fremont council and frankly there is not a sound financial plan as of now. Taking out loans? With what collateral? In this environment? Come on, it's not as easy as you portray it ... my sources have said that they have real doubts over the viablity of this project.

Posted by jerry f. on December 4, 2008 05:15 PM

Jerry, care to name you "friends" on the Fremont council? Because anyone can say they have friends anywhere if they think it'll bolster their POV. As for the collateral I expect would be borrowing against the housing project at Pacific Commons.

And frankly if the current stadium plan fails, it fails. The team will either have to postpone the Fremont project until the economy recovers and the original housing plan can be implemented, or they'll likely explore moving the team elsewhere.

Posted by Dan on December 4, 2008 05:29 PM

Wait, Wolff doesn't own Pacific Commons. Do you mean the "ballpark village" housing? Because it's already established that no one will loan Wolff money on that in this climate, which is why he's talking about short-term borrowing and such.

Yes, he could borrow a lot of money short-term, at insane rates, and gamble that within a couple of years he can build his ballpark village (even if the ballpark is elsewhere) and then refinance. But jeez, there seem like easier ways to make a buck. Like drawing to an inside straight in Vegas.

As for Cisco, that's an excellent question. I assume they're good for naming rights no matter where in Fremont the stadium is built, but nobody on the outside has seen the contract that I know of, so there's no way to be sure.

Posted by Neil on December 4, 2008 05:39 PM

Neil, by Pacific Commons I'm referring to the former Cisco Site since it's part of the greater Pacific Commons area.

Posted by Dan on December 4, 2008 06:02 PM

I could be mistaken here but Wolff doesn't own the former Cisco site either - doesn't he just hold sort of option to buy - pending he gets financing?
http://www.usatoday.com/sports/baseball/2008-11-10-1610512751_x.htm

Posted by Jonathan on December 4, 2008 07:58 PM

Dan, my man, should I really tell you my sources? Do you think they'd confide in me if I did? Wow, pretty naive, good chap, eh?

Believe me or not, that's your choice of course. All I know is there is a distinct feeling that this whole project is smoke and mirrors. Frankly I think a better option for wolff would be to move the team to Sacramento, but who am I to speak?

Posted by jerry f. on December 4, 2008 08:01 PM

Jerry, if Sactown isn't going to build a new arena for the Kings, they're not going to build one for the A's, either.

My choice would be to send the Raiders back to LA and blow up Mount Davis, making the Coliseum inhabitable for baseball again.

Posted by sjs1959 on December 4, 2008 08:57 PM

Railey Field in Sacramento was constructed with the possibility of adding on a second deck in the future. So for a fraction of the cost of a new ballpark, the a's could swap places with their triple a affiliate and have a much better market (at least all to themselves) and not much of an outlay.

Posted by jerry f. on December 5, 2008 03:11 PM

Yes, and they could keep CSNBA for most of their games, too. However, wouldn't CSNBA ask for money back because of the reduced media market, going from Bay Area to Sacramento?

Just my .02.....

Posted by sjs1959 on December 5, 2008 03:22 PM

not sure they would owe anything back ... as far as ratings go, I'm sure they couldn't do any worse than they do in their current market :-)

Posted by hugh on December 5, 2008 03:39 PM

a's are a low budget low-class team with no fans ... a's suck

Posted by horace on December 8, 2008 11:10 AM

I agree with the last poster ... a's are a pathetic franchise with low-life fans and I'm ashamed to be associated with this piece of crap!!!

Posted by lew wolff on December 8, 2008 05:21 PM

I believe you're referring to the Raiders not the A's. The A's actually have a real knowledgeable and classy if small fan base.

Posted by Dan on December 9, 2008 01:06 PM

Re: the comment about Raley Field, that place cost $30 million to build. A new MLB stadium would cost $400 mil. Some of the existing Raley Field would need to be torn out to do such an expansion (the luxury boxes as they currently sit, for example), so the cost would certainly be more than the $370 mil difference. So how is this a "fraction" of the cost again?

While I suppose they could probably use the site, I'm thinking they'd probably build from scratch if they went that route.

Posted by Brian on December 9, 2008 02:18 PM

Brian ... we've looked at this and let me tell you ... you're all wet. You don't know what you're talking about and you look quite silly (and dumb)

Posted by lew wolff on December 9, 2008 03:21 PM

a's suuuuuuck!!!

Posted by john on December 9, 2008 10:58 PM

http://www.mercurynews.com/breakingnews/ci_11181633

Looks like Warm Springs has run into a wall that hasn't been mentioned here on this site yet. The locals across I-680 and north of the site aren't too keen on having a MLB venue across the freeway from their residential neighborhood.

Posted by Dan on December 10, 2008 01:52 PM

think I'll move to sac-town.

Posted by lew wolff on December 10, 2008 03:27 PM

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