1/10/2011 San Jose's redevelopment agency selling …

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(From the l ast 12 hours)

1. Five years of higher

taxes, $12.5 billion San Jose's redevelopment agency selling land to buy
in spending cuts
part of... property needed for proposed MLB ballpark
2. 3 people dead in
San Jose nightclub By Tracy Seipel
tseipel@mercurynews.com
shooting P oste d: 01/07/2011 09:25:55 P M P ST
3. Roadshow: Seeing Update d: 01/08/2011 06:47:39 AM P ST
red at freeway
onram ps
4. Roadshow: Granny- San Jose moved a step closer toward a proposed downtown ballpark Friday, Special Report
the-Bicyclist lays when officials announced they will sell five city-owned parcels, using the
down the law Special section: A's move
proceeds to pay for land needed to complete the stadium plan.
5. Jerry Brown's Vote: Where should the A's move?
appeal to greater "This is a move forward to assure residents that the city is on track with
good to be put to baseball," said Harry Mavrogenes, chief of the San Jose Redevelopm ent More on the Athletics
test Agency.
6. U.S. cites evidence A's Forum: Talk w ith fellow fans
$77/Hour Working From
of assassination A's special section: More new s,
The plan comes even as doubts about the agency's future continue to m ount, Home?
plot in Arizona stats and video.
following revelations last fall that plunging property tax assessments San Francisco: Stay At Home
shooting decimated the agency's budget. And last week, reports surfaced that Gov. Jerry Mom Makes $6,795/Month Part-
Brown might eliminate all redevelopment agencies statewide to free up money More news on A's move Time. We investigate.
for schools and other program s. Oakland City Council approves
Top Classifieds money f or A's ballpark study
RENTALS JOBS REAL ESTATE AUTOS
Said Mayor Chuck Reed: "A lot of people have been wondering how we're A's ballpark clears early hurdle
going to put together the transaction to do the land for a baseball stadium . I Committee to decide on study f or
COMPUTER Sof t ware think this is an answer. And it's a message for Major League Baseball -- just in proposed A's ballpark
Engine... case they had any questions.''
CA SHIERS NEEDED. A ll Mark Purdy: Bud Selig shouldn't bite
shif... on Oakland's sketchy pitch for A's
MA RKETING. Sr. Product In an interview with the Mercury News, Mavrogenes acknowledged that the Gary Peterson: Oakland A's f uture
Mktg M... governor's proposal to elim inate redevelopm ent agencies could throw a San Francisco Mom's $8
ballpark issue as murky as ever
Manuf act uring wrench in the city's plan to acquire the land for the ballpark. Wrinkle Trick
RESEA RCH SCIENT... A's ballpark measure unlikely to be
Dermatologists hate her for
Engineers, Logic Design: on March ballot
A ... He and the mayor said Friday that the agency's land-sale plan has been in the revealing this anti-aging trick...
ENGINEERING Varian... works for at least a m onth. Reed added that the mem o about the plan was
ENGINEERING A vo... prepared in advance of a discussion he has been trying to have with MLB Comm issioner Bud Selig about "how we
A LL LISTINGS can finish the land deal.''

In
his two-page m emo Friday, Mavrogenes said the
agency owns real estate assets worth an estim ated
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"received strong interest'' from a num ber of
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entities, because m ultiple interest will m aximize the
San Francisco Mom's $8 revenues from these transactions.''
Wrinkle Trick
Dermatol ogi sts hate her for reveali ng
The assets being considered are all downtown and
thi s anti-aging trick...
include the Fairm ont Hotel Annex retail area
(McCormick & Schmick's seafood restaurant, Bijan
San Francisco Alert: $39 Car Bakery and a vacant space to First Street); the
Insurance! Central Place parking lot (between South Second
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Street and Central Place); the Fairm ont parking
garage (under the Fairm ont Hotel); the Fountain
Alley parking lot (South Second Street between East
Santa Clara and East San Fernando streets); and
the East Santa Clara Developm ent Site, across
from City Hall.

Mavrogenes said these five assets represent about 11 percent of the agency's total assets, or about $25 m illion. He
said he believes that m ost sales will occur by June 30, and that all of the parcels will be closed on by year's end.

The memo also says that should the proposed MLB stadium not com e to fruition for any reason, any sale of the site
for other developm ent would require approval by the City Council, which acts as the agency's board of directors.

Mavrogenes is referring to a com mittee -- appointed alm ost two years ago by Selig -- that is studying whether the
Oakland A's can relocate to San Jose. The hurdle lies with the World Series champion San Francisco Giants, who
hold baseball's territorial rights to the South Bay and have argued that the A's m ove would destroy their sponsorship
and ticket revenues.

The $461 million stadium project would be privately financed by the A's with help from investors and sponsors.

mercurynews.com/…/ci_17040313?nclick_… 1/2
1/10/2011 San Jose's redevelopment agency selling …
The Redevelopm ent Agency already has spent about $24.4 m illion for little more than half the 14 acres earm arked
for the project. Mavrogenes in October estimated the price tag for the last two privately owned parcels -- one of which Recommendations
is owned by AT&T, which sponsors the Giants -- would total around $20 million. On Friday, Mavrogenes said that
price tag has dropped som ewhat after recent appraisals on the land have come in lower than they were last year. Mercury News
editorial: Don't
dump
However, even if Selig were to give the A's the nod today, it would also take three-quarters of MLB owners to agree redevelopment
on the m atter. And before any public money can be spent on the project, San Jose voters would have to approve it. without a new
job strategy -
On Friday, A's owner Lew Wolff said the agency's land sale is "good news for us.'' San Jose
Mercury News
"It's just another indication that the city of San Jose has continued to put all their ducks in a row to acquire the land if Marialinh Le and 3
we are allowed to come there,'' Wolff said. "They are light-years ahead of any other place that might want to acquire people shared this.
land for this purpose.'' Five years of
higher taxes,
Added Michael Mulcahy, co-chairm an of Baseball San Jose, a booster group that has pledged to help fund any $12.5 billion in
ballpark ballot initiative: "This is welcome news. ... San Jose is acting like the private sector and becoming very spending cuts
creative in how they operate.'' part of Brown's
budget plan -
San Jose Me
Contact Tracy Seipel at 408-275-0140.
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