-13--13- City of Irwindale Agreement On August 20, 1987, the Raiders and the City of Irwindale (Irwindale) entered into the Irwindale MOA. The Irwindale MOA provided that Irwindale would loan the Raiders $115 million to be used in the construction of a stadium in Irwindale where the Raiders would play their home games beginning with the 1992 NFL season. Irwindale and the Raiders estimated that revenue during the first year of the stadium’s operation would reach approximately $24 million. The Raiders opened an Irwindale office staffed with five to six people in 1987, and the office remained open until some time in 1992. On or about August 19, 1987, Irwindale advanced the Raiders $10 million against the $115-million loan. The Raiders, in turn, signed and delivered a $115-million nonrecourse promissory note secured by a deed of trust. The note provided that the repayment of the principal and interest was to be made exclusively from stadium net revenue. In addition to the $10-million advance, the Irwindale MOA required an additional $10 million: to be placed in an escrow interest-bearing account within seven (7) days on behalf of the Raiders and the entire $10,000,000.00 plus interest will be paid to the Raiders upon 1) passage of the G.O. [general obligation] Bond Issue on November 3, 1987; and 2) assurance of mutually acceptable parking facilities prior to November 3, 1987. Irwindale never deposited the additional $10 million in an escrow account.Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011