Banks Pledge $850M For New Santa Clara 49ers Stadium

SANTA CLARA (KCBS)— Santa Clara Mayor Jamie Matthews was quoted in Saturday’s San Francisco Chronicle as saying Goldman Sachs, Bank of America-Merrill Lynch and U.S. Bank are promising a combined total of $850 million for a new 49ers football stadium in the Silicon Valley.

KCBS’ Anna Duckworth Reports:

Another $150 million will come from the NFL. Matthews said that “not a dime” of general fund money will be dedicated to the new stadium, which has a price tag of $1.2 billion.

When it was conceived in 2007 the price tag was originally $854 million.

According to the Chronicle, the new stadium will feature luxury suites topped with a rooftop terrace, “party plazas” above the end zones, and seating intended to resemble a Roman amphitheater.

Although the stadium was approved by voters for construction last year funding was never a sure thing. Matthews blamed the economy and inflation for the fact that one bank loan wouldn’t cover the whole thing.

The city expects to pay back the construction loan over the next 25 years from ticket sales, rent from the football team, and naming rights.

The stadium is intended to open in 2015 on the site of what is now a parking lot at the Great America amusement park.

Meanwhile, San Francisco hoped to keep the franchise within the city limits. Mayor Ed Lee said he’s been “working hard” to create a good relationship with team owner Jed York.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

More from Anna Duckworth
Comments

One Comment

  1. Goon says:

    SAN FRANCISCO AND ITS BAY AREA ARE NOT SPORT TOWNS. Occupy SF is more important to these liberal goons.

  2. Marty says:

    I’m glad that the new stadium isn’t going to have any public money used to build it. But I do think the 49ers should stay in The City. It would actually make more sense to just renovate Candlestick, not to mention it would cost half as much. If they want an NFL team in San Jose, they could try and lure another team there. But the 49ers playing anywhere but San Francisco simply aren’t the 49ers.

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