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.
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