"Right now, it makes a right-hand turn into basically a ditch that runs out to the bay." That was East Bay Regional Park District general manager Max Korten on Codornices Creek, speaking to a standing-room crowd at the Albany Community Center on Sept. 28. He was describing one of the places that could be restored once the former Golden Gate Fields racetrack becomes public land. The state money for the purchase is now law, and the ditch is a good example of what that money is meant to fix.
A signed budget doesn't settle everything, though. The decisions still ahead come in a fixed order, and the earliest ones leave Albany the least room to weigh in.
The Money Became Law on Sept. 18
Gov. Gavin Newsom signed AB 113, the Budget Act of 2026, on Sept. 18. The legislative record lists it as Chapter 248 of the Statutes of 2026. It includes $125 million from Proposition 4, the climate bond voters approved in 2024. Under the deal, Trust for Public Land buys the former track and transfers it to the East Bay Regional Park District.
The appraised price is $175 million, and it includes removal of all above-ground structures by the current owner. The Park District has committed $20 million from Measure WW, a bond that voters approved back in 2008. That leaves a $30 million gap, which Trust for Public Land plans to close with private donations.
One condition is easy to miss. CalMatters reported that if the nonprofit and the Park District raise more than $50 million by the end of the year, the state could pay less than $125 million. So private fundraising does more than cover the gap. It can also reduce how much climate bond money goes into this one site. That matters because Sen. Eloise Gomez-Reyes, who chairs the Senate budget subcommittee on resources, warned that taking $125 million out of Prop. 4 could delay other funding priorities.
Not all the state money can be spent the same way. Korten said $53 million of it comes through the Wildlife Conservation Board and must go to restoration. The Park District board voted Sept. 15 to sign that grant agreement with the board and Trust for Public Land. That is why Codornices Creek kept coming up at the town hall. Part of the money is already set aside for habitat work.
A Calendar That Settles the Hardest Question First
The site covers about 161 acres, 31 of them underwater. It sits just south of the Albany Bulb, with McLaughlin Eastshore State Park on both sides. Most of it is in Albany, with roughly 40 acres in Berkeley. The Stronach Group has owned it since 1999 and ran races there until June 2024. Here is the schedule from today forward, built from the Park District's published plan and the latest local reporting.
| When | What happens | Status |
|---|---|---|
| February 2026 | Trust for Public Land signs an exclusive option to buy | Done |
| Sept. 15, 2026 | Park District board approves the $53 million grant agreement | Done |
| Sept. 18, 2026 | AB 113 signed with $125 million for the purchase | Done |
| Sept. 28, 2026 | Albany town hall with the Park District | Done |
| Oct. 5, 2026 | Albany City Council takes up revenue impacts of the sale | On the agenda |
| Oct. 20, 2026 | Park District board votes on the purchase agreement | Reported, agenda not yet posted |
| End of 2026 | Purchase must be complete, per Korten | Pending $30 million in donations |
| Spring 2027 | Ownership transfers to the Park District | Expected |
| 2027 to 2029 | Public planning process with Albany and Berkeley | Expected |
| Beyond 2029 | Park built in phases as funding allows | Expected |
Sources describe the timing a little differently. Berkeleyside reported that Trust for Public Land has until the end of the year to exercise its purchase option. The Park District's project page says it expects the purchase by early 2027. Exercising the option, closing the sale and transferring ownership are three separate steps, and they may not happen at the same time.
The order matters more than the exact dates. The Park District says formal public engagement begins only after it owns the land. By then, the terms that decide what is physically left on the site will already have been set.
The Grandstand's Fate Was Written Into the Option
Demolition is part of the sale. In his Sept. 18 announcement, Sen. Jesse Arreguín said, "Terms of the option agreement provide that the existing structures will be demolished and the site cleared as part of the sale," according to Albany Scanner. Korten told the town hall that this requirement was in the deal before the Park District got involved.
Several speakers asked that the clubhouse, the grandstand and smaller historic features be considered for preservation. Korten said it was likely too late. Council members said they understood the timing but asked him to use his seat at the bargaining table to push for individual landmarks. That request has to work within negotiations happening now, before the public planning period begins in 2027.
No report so far says demolition has started or gives a schedule. For now, the grandstand is still standing, and the deal as written means it eventually comes down.
The Revenue Question Becomes a Question of What Gets Built
The racetrack has paid into Albany's budget for a long time, and a park probably won't. According to the city's analysis, the property brings in about $1.1 million a year in special revenue for the city and about $700,000 for the Albany Unified School District. A sale to Trust for Public Land would likely take it off the tax rolls.
That is why many ideas at the town hall were about earning money. Speakers suggested a wedding venue, a swimming clubhouse, mini golf, a conference center, horse stables, a hotel and a spa. Others suggested paid parking and electric vehicle charging.
Several speakers pointed to an earlier source for ideas. Voices to Vision was a waterfront planning process the city finished in 2010. Former City Manager Beth Pollard said about 1,200 people took part, and they supported allowing development on up to a quarter of the property. Conference facilities, event space, hotel rooms and restaurants were among the leading ideas.
The state money comes with a limit. Under the funding, the site "must principally be used for parks and open space uses." Korten said the Prop 4 money is restricted to park uses but still leaves some flexibility within state rules and Albany's own. When Councilman Preston Jordan asked for examples of park sites that make money, Korten estimated that Tilden Golf Course brings the Park District about $800,000 a year, that "every other concession is less," and that the Tilden steam train brings in about $50,000.
Put those figures side by side and the scale is clear. The Park District's single biggest concession earns less than the $1.1 million a year the track has generated for the city alone. How revenue might be shared among Albany, Berkeley and the Park District has not been worked out. Mayor Peggy McQuaid closed the town hall by putting that question on the record:
"The community wants to participate, and we will be with you, but we want to be at the table. It's really important that we develop a plan both for the land, but also for the ongoing revenue that both the city and the school district and Berkeley are going to need."
What the Shoreline Looks Like in the Meantime
The part residents use today stays the same. The Park District says the Bay Trail will remain open. After the purchase, the track site will be secured for safety, and access will expand over time as safety work, restoration and infrastructure are finished. Korten said there is no set date for a new park to open. The Park District would like to add amenities in phases, possibly including more parking at Albany Beach and a food truck program.
The long-term goal is to connect the shoreline. Korten has described the site as the missing link between Albany Beach, the Albany Bulb, McLaughlin Eastshore State Park, Point Isabel Regional Shoreline and Berkeley's waterfront parks. The Park District's own project page still calls state funding "potential." That wording is out of date since the Sept. 18 signing.
The next public step is the Park District board's vote on the purchase agreement, reported for Oct. 20. After that comes a year-end fundraising deadline, a spring 2027 transfer, and a planning process running through 2029. The demolition terms, which shape the site most, are already in place.
At Teri Carlisle & Alexandra Dierkx, we're following Golden Gate Fields closely because the waterfront Albany planned back in 2010 is finally on a schedule. If you own a home near Albany's shoreline and want to know how a multi-year park project fits into your own timing, request a complimentary home valuation and we'll go through it with you.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
