Alameda County board unanimously backs term sheet to assign Coliseum stake to Oakland group

The Alameda County Board of Supervisors voted unanimously on Jan. 14 to approve a resolution and an amended term sheet that would assign the county’s 50% undivided interest in the Oakland–Alameda County Coliseum to the Oakland Acquisition Company (OAC). Supervisor Nate Miley moved the measure and Supervisor Nikki Fortunato Bass seconded; the motion passed by roll call.

The term sheet, as amended and distributed to the public, includes language expanding the scope of entities who must provide a release to the county for hazardous materials, a requirement that a consent agreement be executed within 30 days if litigation contingencies apply, a requirement that OAC provide a guarantee or other surety (such as a performance bond) to defend and indemnify the county, and a new paragraph setting a closing date no later than June 30, 2025. County counsel Andrea Weddle said the changes are marked in the posted draft and that the document is not a binding contract but will guide final agreements.

"This resolution largely mirrors that [press release], but gives us board members the opportunity to discuss that in open session and to vote, ratifying in public our support," President Halbert said during the item. Supervisor Fortunato Bass urged colleagues to "support President Halbert's resolution as well as my term sheet," saying the action is a critical step toward consolidating site ownership and paving the way for redevelopment she described as potentially transformative for East Oakland.

The board heard extensive public comment before the vote. Supporters included labor unions, firefighters, community groups and residents who said the transaction could unlock billions in private investment, create union construction and operations jobs, and convert the parcel from tax-exempt public land to taxable private development—yielding new revenues for the city and county. Multiple public speakers, including representatives of building trades and labor councils, tied the proposed transaction to short-term needs such as restoring closed Oakland fire stations and avoiding layoffs in municipal budgets.

County staff and counsel cautioned that the board was not approving a development agreement or the ultimate project design; the board is approving a term sheet and directing staff to prepare final assignment and disposition documents. County counsel said signature blocks were removed from the circulated draft because it is not a final contract.

The board directed county staff to proceed under the terms set out in the amended term sheet and to return with definitive documents for final approval.

What happens next: if the parties meet the 30‑day consent timeline in the term sheet, staff will bring final documents back to the Board for approval; the term sheet sets a non‑binding target that the closing occur no later than June 30, 2025. The transaction is subject to negotiation of definitive documents and, where applicable, satisfaction of litigation and other conditions noted in the term sheet.