Oakland

Don't Expect An Opportunity Zone Renaissance During The Crisis

BisNow

fit.jpeg

By Dees Stribling

April 19, 2020

The entire U.S. economy is on pause, and with it the opportunity zone investment program. For a program with a slow and sometimes rocky start, it isn't hard to imagine a slower and even rockier time ahead during the post-pandemic recovery. Yet it is also possible that in the longer run, opportunity zones will be recognized as a key tool of the recovery by the federal government, local jurisdictions and investors alike, OZ experts say.

Created by the Tax Cuts and Jobs Act of 2017, the opportunity zone program allows investors to forgo capital gains taxes on long-term real estate or business investments in about 8,800 distressed areas nationwide. The final regulations were published by the IRS in December. As of early March, there were a total of 210 Opportunity Zone Funds with $47.6B of total anticipated investment, according to the National Council of State Housing Agencies. The majority of those are real estate-related, with 63% of the funds targeting investment in affordable housing projects. "In the short term, there's no question that the [coronavirus] crisis is a negative for [the] program," CalOZ President Kunal Merchant said. "There's been a chilling effect on investment because of the new uncertainty. Existing projects in opportunity zones are taking longer to get funded and new projects are being delayed." 

Read More

Widow of Black Panther founder Huey Newton fights for monument in West Oakland

San Francisco Chronicle

940x0.jpg

By Otis R. Taylor Jr.

February 20, 2020

Every week or so, Fredrika Newton receives a flyer with an offer to buy her home.

Newton, widow of Huey P. Newton, a co-founder of the Black Panther Party for Self-Defense, lives in West Oakland.

She sees a connection between the Black Panthers’ fight for social justice for African Americans in the late 1960s and the battle she and her neighbors face just to stay in West Oakland, where home prices are skyrocketing and wealthy buyers are moving in.

Founded in the city in 1966, the Black Panthers are remembered for wearing black leather jackets and black berets while patrolling West Oakland streets armed with rifles and pistols.

In 1969, the group began feeding children at St. Augustine’s Episcopal Church on 29th Street before school. By the end of the year, they were feeding 20,000 kids in 19 U.S. cities in what would later become the blueprint for the federal government’s school breakfast program.

That’s a nugget of black history to chew on.

Oakland’s history is inextricably linked to the Black Panthers, but you wouldn’t know it if you recently moved here. There are no commemorative plaques or statues.

“Nothing to show the breakfast programs, nothing to show the free food giveaway, nothing to show the presence,” Newton said.

Newton, president of the Huey P. Newton Foundation, is on a quest to erect a monument to the Black Panthers and, eventually, a Black Panther museum. Think about it: Here we are near the end of another Black History Month and there’s little in Oakland to mark the compelling and complex legacy of the Black Panther Party.

Here’s more food for thought. A half century ago, West Oakland was a low-income, black neighborhood populated by families who migrated to California to work in the bustling wartime shipyards. West Oakland was one of the few areas blacks could live because of redlining, the systemic and discriminatory practice of refusing to issue them loans in certain neighborhoods.

Redlining enforced neighborhood segregation, and the practice crippled black neighborhoods by denying crucial investment dollars needed to purchase property and develop neighborhood resources.

The Black Panthers are known for fighting police brutality and racial inequality, but they also fought against the destabilization of the black community.

The organization was confrontational in the early years when members openly carried firearms legally. It led to violent clashes and the death of Oakland police officer John Frey — Huey Newton, who was also shot in the incident, was convicted of voluntary manslaughter in the case but the verdict was reversed on appeal and the charges eventually were dropped.

But when the Black Panthers put down their weapons, the organization focused on education, health care and self-reliance.

Long neglected, West Oakland today is where the hot property is — at prices inaccessible to many of the neighborhood’s longtime residents. And for the folks who own their homes like Newton, they just have to open their mailboxes for offers to leave so they can make room for someone else.

“We’re looked upon as strangers in our own community,” Newton said. “It’s like people are moving into the neighborhood and not even being neighborly. So the people that have lived there all their lives are treated as though they don’t even belong in their own neighborhoods.”

I met Newton last weekend at the de Young Museum, where she appeared to discuss the cultural resonance of her late husband. The talk coincided with “Soul of a Nation: Art in the Age of Black Power,” an exhibition that unflinchingly approaches racial turbulence in this country.

Newton, who was born in Oakland, spent part of her childhood on Bateman Street, a short block in Berkeley. Her mother was a white, Jewish activist and her father a black musician. Their neighbors included Tom Hayden, an anti-war and civil rights activist who later became a politician, and Robert Scheer, the former editor of Ramparts, a political and literary magazine. Jane Fonda would host political education classes on the block. Newton’s mother introduced her to Huey Newton.

About five years ago Newton, a retired addiction nurse, took on a more active role in the foundation she co-founded in 1995 with David Hilliard, former chief of staff for the Black Panthers. She envisions a monument near Lake Merritt, and a traveling exhibition of Black Panther archives. The foundation is raising money for the monument.

We talked about the tension in Oakland caused by housing insecurity that was punctuated when a group of mothers moved into a house in West Oakland without the owner’s permission. Moms 4 Housing was protesting the companies they see as profiting from the displacement of people in black and brown neighborhoods.

Oakland pridefully thumps its chest when celebrating the city’s culture, but what happens when the people who create and embody the culture can’t afford to live in Oakland?

“That’s why it’s so important that the histories of the people of the community are known,” Newton, 68, said.

Damien McDuffie, a West Oakland native, has been working with Newton since June. Growing up in the Acorn Projects in the 1990s, McDuffie, the foundation’s director of brand strategies and archives, told me that he knew the Black Panthers were from West Oakland. But that’s it.

He sees the foundation’s work as an opportunity to preserve the richness of Oakland’s impact on black history.

“What kind of environment is West Oakland and Oakland in general that creates a space where the Black Panther Party is needed and can exist?” he said. “How could West Oakland be a place that produces an organization that has such a rippling impact across the world and then also be the place that I lived?”

That’s history that can’t be forced out of a neighborhood.

Read More

New Nashville soccer stadium is a go: MLS club, mayor agree on revised deal

MLS

NashvilleSCrendering3.jpg

By Simon Borg

February 13, 2020

The new soccer stadium in Nashville is officially a go.

Nashville Mayor John Cooper and Nashville SC lead owner John Ingram announced they've reached agreement on a revised deal and the demolition process is set to begin immediately.

“We are very happy to be moving forward with the stadium construction,” Ingram said in a joint statement. “The investment we are making is not just for our soccer team, it is an investment in the future of Nashville and the Fairgrounds.”

Under terms of the amended agreement, the MLS club agrees to privately fund 100 percent of stadium construction through cash investment, stadium lease payments, and revenues generated at the stadium by attendees of events held at the facility. The revised deal eliminates taxpayer and budget burden for stadium construction while keeping in place the first community benefits agreement in Tennessee.

Nashville SC will fund the infrastructure in the immediate vicinity of the stadium estimated to be $19 million, while also assuming Nashville Metro's obligation to pay up to $35 million toward lease payments.

“I’m so glad we’ve reached a better deal for Nashville," Mayor Cooper said. "I’m grateful to Nashville Soccer Holdings and John Ingram for understanding our city’s financial realities and agreeing to pay up to $54 million in additional costs. This deal saves the taxpayers money and provides a better site plan for the Fairgrounds. Today is an exciting step forward for sports in Nashville and I’m ready for the first Nashville SC game on February 29th.”

Nashville SC open their inaugural season in MLS with a nationally televised Week 1 match against Atlanta United on Saturday, February 29 (8 pm ET on FOX). The club will play its first two MLS seasons at Nissan Stadium before moving into their new home.

Due to high demand for the inaugural match with over 30,000 ticket sold, the club announced it will be opening up additional seating at Nissan Stadium.

Read More

RevOZ Capital Appoints Nine Industry Experts To Its Board Of Advisors

Yahoo! Finance

map.jpg

February 12, 2020

NEWPORT BEACH, Calif., Feb. 12, 2020 (GLOBE NEWSWIRE) -- RevOZ Capital ("RevOZ"), a leading real estate investment firm specializing in Opportunity Zones, today announced the formation of its board of advisors responsible for providing strategic counsel to the principals of RevOZ as they scale their Opportunity Zone-specific investment platform. The nine board members represent a diverse and highly engaged group of experts who boast premier experience across commercial real estate (CRE), corporate finance, education, Opportunity Zone policy, government and legal industries.

“The CRE industry is awaiting evidence of the measurable economic impact that the Opportunity Zone incentive was designed to ignite,” said Alex Bhathal, managing partner and founder, RevOZ Capital. “RevOZ Capital is delivering proof of concept with successful Opportunity Zone projects in California and Oregon in 2019 and more to be announced soon.”

Bhathal continued, “With the appointment of this seasoned group of board members, we are now collaborating with a highly experienced brain trust whose insights and counsel will propel us into the next stage of growth, enabling RevOZ to help champion a future where underserved communities are revitalized while meeting the return objectives of our investors.”

Read More

Oakland Council Votes For Easier Path To Build A's Stadium

KCBS 7

cut.jpg

January 22, 2020

The Oakland A's pitch for a waterfront ballpark became closer to reality after the city council voted unanimously Tuesday night to approve an agreement with the port that allows the release of the project's environmental review

This arrangement means that there could be just one more vote by the city council before construction begins at Howard Terminal.

Dava Kaval, the team's president, tweeted that the vote had passed. 

Read More

Business Leaders Supporting Oakland A's Call On City To Drop Lawsuit

SF Gate

unnamed.jpg

November 6, 2019

By Bay City News Service


A group of business leaders on Wednesday called on the Oakland City Council to drop the lawsuit the city filed aimed at blocking Alameda County from selling its half ownership of the Oakland Coliseum complex to the A's baseball team.

The news conference that the group called Town Business held in front of City Hall came after the City Council voted on Tuesday to enter into exclusive negotiations with the A's to sell the city's half of the Coliseum to the team.

However, the city still hasn't dropped the lawsuit it filed against the county on Sept. 27.

Alameda County Superior Court Judge Frank Rosech granted the city's request for a temporary restraining order at a hearing on Oct. 1 and is scheduled to have a hearing on Nov. 14 to hear arguments on whether the restraining order should be extended.

Read More