Final Santa Clara Stadium Deal Includes 40-Year Commitment From 49ers
SANTA CLARA (CBS/AP) - Final 49ers stadium deals have been approved by the city of Santa Clara, including $100,000 in extra loan money and a 40-year non-relocation agreement.
Council members voted 6-1 on Thursday on behalf of the city and Stadium Authority to approve the six last-minute deals needed before work begins in coming weeks on the $1.2 billion stadium.
The San Jose Mercury News reported that final documents were approved for a bank loan of up to $950 million, a $100,000 hike over the previous estimate.
The deals include a non-relocation agreement with the football team that requires the 49ers to play its home games in Santa Clara for at least 40 years following the expected opening in 2014.
The lease calls on the 49ers to pay the city about $30 million per year.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
