Floyd Kephart is reportedly out as developer of Coliseum City.
The city of Oakland and Alameda County voted against renewing his exclusive negotiating agreement this week, according to the Bay Area News Group. The ENA was set to expire on Thursday.
That will help facilitate more direct dialogue between Oakland and the Raiders, as well as the Athletics — O.co Coliseum tenants looking to replace the outdated facility.
Oakland has been talking directly with the Raiders for some time now. The Raiders weren’t interested in working with Kephart in recent months, especially after his financial framework for the Coliseum City project was deemed a non-starter.
The Athletics never showed a willingness to cooperate with Kephart on a massive $4 billion redevelopment project that included sport-specific stadiums, a hotel, a shopping mall and resident and office space. His recent proposal focused on a Raiders stadium as a centerpiece, with a plot of land left for an A’s ballpark.
Eliminating Kephart’s ENA, originally established by former Oakland Mayor Jean Quan, will put focus primarily on stadium proposals on the existing Coliseum site. The hope is that progress will accelerate in coming months.
While Kephart is out, several problems remain in finding a new home for the Raiders. The NFL franchise can commit $500 million, a figure that includes a loan from the league. A $400-million-plus funding gap remains, with Oakland mayor Libby Schaaf unwilling to spend public money on stadium construction. She said the city could help with infrastructure improvements. Alameda County has been looking to sell its stake in the O.co Coliseum site.
Also, there is roughly $100 million in existing debt on Coliseum upgrades that brought the Raiders back to the East Bay in the mid-1990s.
It is possible that a third-part investor could help keep the Raiders in town. The team is pursuing a return to the Los Angeles market, working with the San Diego Chargers on a privately-funded stadium in the city of Carson. That project is in direct competition with the St. Louis Rams’ proposal to build a stadium in Inglewood.
The Athletics seem content to wait the Raiders out. They are in the early stages of a 10-year lease with O.co Coliseum. The Raiders and Athletics want to use the same parcel of land in different ways, creating more issues for a city trying to keep its professional sports teams. The Golden State Warriors are close to building a new arena in San Francisco.