Santa Clara asked to pay $160 million
for new 49ers stadium
Screenshot courtesy 49ers.com
By Jason Bennert
April 25, 2007
Santa Clara could find itself the owner of a shiny new football
stadium with a five-time Super Bowl winning team as its primary
tenant in 2012 and all it would take is a $160 million contribution,
building a new parking garage and spending between $20-$30 million
to move a power substation currently located on the proposed stadium
site, San Francisco 49ers officials told the Santa Clara City
The 49ers estimate that the stadium will cost $854 million but
said the city's contribution would not exceed the $160 million
and the cost of moving the substation and constructing a parking
garage on the south side of Tasman Drive.
"The 49ers are going to assume the risk of cost overruns
and inflation," Jed York, scion of team owners Denise DeBartolo
York and John York, told the council.
The team did not offer a suggestion to the council as to where
the city would get its $160 million contribution.
"There is going to be a public equity investment. The source
of that equity is going to be left up to the council," York
49ers Chief Financial Officer Larry MacNeil told the council
that the team needs a decision from the council within a few months
because if preliminary work does not begin this summer the team
would have to adjust its cost estimate and potentially the city
would need increase its contribution.
"We realistically need to start an EIR in July or August,"
MacNeil said. "We'd look for the council to make a decision
on this proposal sometime in the next two or three months."
City Manager Jennifer Sparacino cautioned the council, saying
a two or three month schedule is "ambitious."
The council voted unanimously to refer the 49ers proposal to
the city staff for a full review. The council did not schedule
a future date for a vote on the proposal.
Copyright © 2007 by Bay City News, Inc. -- Republication,
Rebroadcast or any other Reuse without the express written consent
of Bay City News, Inc. is prohibited.