Oakland signs term sheet to sell city's half of Coliseum site

City officials confirmed Oakland's efforts to sell its half of the Oakland Coliseum site took a big step forward Monday.

The mayor's office said the city has signed its term sheet with the African American Sports and Entertainment Group. The deal is for $105 million. Oakland Mayor Sheng Thao said the deal was a long time coming in a video statement.

"This is a huge change, not only for the city, but generations of Oaklanders and for an area that's been underinvested in so many decades," Thao said in the video.

The first five million dollar payment will come soon after the final deal is officially signed. That should happen in a few weeks.

The money will allow the city to avoid $63 million in budget cuts as it faces a huge projected shortfall over the next few years.