"A POX ON SPORTS TEAM OWNERS"
Mr. Bob Gammon: April 30, 2014
It appears your April 30-May 6, 2014 issue of the EBX and the article "A POX ON SPORTS TEAM OWNERS" has only been written in response to the recent headline news of the racist comments made by Los Angles Clipper team owner Donald Sterling.
While I might agree with your comments as to Oakland A's team owners Lew Wolff & John Fisher as well as uber-rich owners Joe Lacob and Peter Guber of the Golden State Warriors may deserve our scorn not for any racial epithet, but how they have used our taxpayer dollars for their personal "greed"; the $5,000,000.00 and $62,000,000.00 "ripped-off" by the respective owners[you referenced] funds that could be used for needed vital services in both the city and county.
I find however, you do not apply the same standard of SCORN and DISTAIN when it comes to Phil Tagami of California Capital Investment Group (CCIG)and all of his private-public partnership development agreements with the City of Oakland. Tagami has consistently 'ripped' off the 'cash-strapped' City's coffers for all of his private-public partnership endeavors. The City's 'taxpayer' dollars has become Tagami's Bank of first and last resort.
Here are the facts:
1. In 1997 the City sold the Rotunda Building to Rotunda Partners I/II[aka. Phil Tagami] for $99 then provided a $12 million dollar deferred loan for 20 years and a deferred 3% interest for 15 years. The City had rejected four(4) Development groups ALL of whom complied with the minimum requirements of the Request for Proposals(RFP) amongst other things included : ability to put $20 million dollars in an escrow account and to provide a refundable $150,000.00 good faith amount. The City rejected ALL of these offers. selected Tagami after rejecting these bonafide offers. Tagami's proposal stated that the City would retain ownership of the building and further asked for $7,500,000.00 for financing. None of which were terms and conditions set forth in the original Request for Proposals for the Rotunda Building. The City does not receiving any of the NEEDED leasing revenues from the tenants in the Rotunda Building.
2.The City sold four(4) parcels of the Rotunda Garage; three(3) of the parcels were sold to Rotunda Garage LP(aka. Tagami) for $99 each and one(1)parcel for $1 lease for 5 years. The City provided $4 million dollars in "GAP" funding for which he does not have to pay back. Tagami was chosen after the two parking lot developers were rejected. Tagami receives 100% of the parking lot revenues. None of the NEEDED revenues come to the City.
3. There were several developers who expressed interest in the Fox Theatre Project, they were rejected Tagami was chosen. This project has noted in the Fox Theatre Performance Audit ran over budget by 172%/ The project started out under Tagami approximately $32 million dollars and ended up costing the City nearly $100 million dollars.
4. The former Oakland Army Base Redevelopment project which is projected to cost over $700 million dollars at today's prices. Tagami was chosen. The experienced developers were rejected.
5. Currently, Rotunda Partners I/II(Tagami) are defendant's in a ponzi-like scheme in Federal Court in Texas. FAULKNER v. ROTUNDA PARTNERS II filed September 2013
ALL OF THE PROJECTS LISTED ABOVE HAVE REQUIRED THE CASH-STRAPPED CITY TO SUBSIDIZE PHIL TAGAMI- WHERE IS YOUR OUTRAGE IN YOUR REPORTING THE FACTS.
Go to [cleanoakland.com]
Gene HazzardOakland residents
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