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Board grants conditional consent to transfer Alameda County's Coliseum interest to Oakland Acquisition Company
Summary
After a staff report and extensive public comment, the Alameda County Board of Supervisors voted unanimously to grant conditional consent to assign the county's disposition agreement for its 50% interest in the Oakland-Alameda County Coliseum Complex to the Oakland Acquisition Company (OAC), with key closing conditions and due diligence requirements.
The Alameda County Board of Supervisors unanimously approved a conditional consent to assign the county's disposition agreement for its 50% undivided interest in the Oakland-Alameda County Coliseum Complex from Coliseum Way Partners (CWP) to the Oakland Acquisition Company (OAC), and also approved a second amendment to the disposition agreement.
Staff presentation and key terms: County staff and GSA Director Kimberly Gassaway summarized negotiated terms: the county will release CWP from obligations and liability upon close of escrow; OAC must provide due diligence information at least 45 days prior to closing and comply with the Levine Act (Gov. Code —— 84308); close of escrow is targeted on or before June 30, 2026; certain county hazardous-material indemnities were deleted; OAC agreed to maintain a minimum net worth…
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