Last-Ditch Effort To Stop 49ers Stadium In Santa Clara
SANTA CLARA (KCBS) – Opponents of the San Francisco 49ers planned stadium in Santa Clara are making a last-ditch attempt to stop the team from moving to the South Bay.
The group Santa Clara Plays Fair is calling on residents to write to National Football League team owners, who will decide whether to approve league financing for the new facility. This comes after the Santa Clara City Council unanimously approved a finance plan Tuesday night.
KCBS' Mike Colgan Reports:
Chairman Bill Bailey said that the $850 million in debt that the city has agreed to take on is not what Santa Clarans voted for.
"The liabilities of the Santa Clara Stadium Authority would never be capped. As it now stands, we're in a situation where that liability has gone from $330 million to $850 million," said Bailey.
But Gregory Carey, Chairman of the Public Finance Department at Goldman Sachs, one of the three financial institutions involved in helping to finance the deal, said he feels confident about lending the city $850 million.
"The significant amount of private investment, unlike any other cities, where there is a very large public investment or public subsidy," said Carey. "Here you really don't have that. It is the Bay Area, it's a very strong economy out here and it's the San Francisco 49ers with a great legacy and a strong following."
The loans hinge on the NFL putting up $150 million towards construction of the stadium.
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