Santa Clara stadium deal finalized

Originally posted by NextofKIN:

LOL

These are the last of the ok's for the stadium to officially be built.

Santa Clara OKs final 49ers stadium deals, including loan increase of up to $100 million

By Mike Rosenberg
[email protected]

Posted: 03/15/2012 08:25:10 PM PDT

Wrapping up its construction plans for a new San Francisco 49ers stadium, Santa Clara leaders on Thursday approved six last-minute deals needed before the project can get under way in coming weeks -- including up to $100 million in extra loans.

At a brief special meeting, council members voted 6-1 to adopt the items on behalf of the city and the Stadium Authority, the entity created to build the $1.2 billion home field next to Great America. Councilwoman Jamie McLeod, a project critic, was opposed.

"This is really a historic night for us because there's nothing now that prevents us from moving forward on the project," Mayor Jamie Matthews said. "It is simply real."

In its first action, the Stadium Authority approved the final documents for a bank loan of up to $950 million -- more than the prior estimate of $850 million because of increases to the stadium's price tag revealed last week. However, officials think upcoming revenues such as seat sales will lower the long-term debt to below $700 million.

When the stadium agency takes out the loan as soon as next week, it must pay a $14.625 million bank fee plus $80,000 annually for the next few years.

Officials also approved a parking agreement with the 49ers that gives the team the right to reserve 10,000 parking spots on city-owned land during game days, or about one-fourth of the total stadium parking expected, in exchange for part of the parking revenue. The spaces include a new parking garage under construction next to the stadium, and existing lots in the Convention Center, Hyatt Regency hotel and light rail station.

Other actions:

The Stadium Authority inked a legal "nonrelocation agreement" with the Niners, which requires the team to play its home games in Santa Clara for at least 40 years following the expected opening in 2014. The 49ers can break free of the deal only under extreme circumstances, like if one of every five seats or parking spaces become unusable.

The council extended the Niners' lease for its existing training facility and headquarters, which is across the street from the stadium site, from 2042 to 2074, when the lease for the stadium ends. The 49ers' annual rent to the city for its main office, currently $28,196, would continue to increase 4 percent each year.

Stadium leaders backed a deal to hand the year-round management of the stadium to the 49ers, which will be responsible for handling financial books, hiring employees and booking non-NFL events such as concerts. The authority will pay the team $200,000 in the first year, increasing 3 percent annually, plus booking fees and reimbursement for half its costs. This agreement also allows the public agency to borrow up to $25 million from the 49ers' management company, if needed.

Officials agreed to a deal with the Santa Clara Valley Water District to build three pedestrian bridges over the San Tomas Aquino Creek, which separates Great America and the stadium site. In exchange, the water district, which controls the creek, will get free advertising during games.

It does seem like a bad time to build a stadium with taxpayer dollars. Schools can't even afford to hire enough teachers.

Just got an email from the 49ers. Looks like my current seats fall into the premium club section. A 20k - 80k bill awaits me I guess.

Originally posted by SportsFan:
Just got an email from the 49ers. Looks like my current seats fall into the premium club section. A 20k - 80k bill awaits me I guess.

What is sec ?

Originally posted by 49AllTheTime:

Originally posted by SportsFan:
Just got an email from the 49ers. Looks like my current seats fall into the premium club section. A 20k - 80k bill awaits me I guess.

What is sec ?

I am currently in UB24

Originally posted by Kilgore_Trout:
It does seem like a bad time to build a stadium with taxpayer dollars. Schools can't even afford to hire enough teachers.

That's why it's even more amazing they pull this thing off.

"A new stadium in Santa Clara! Hey that's cool stallion"

Originally posted by SportsFan:

Originally posted by 49AllTheTime:

Originally posted by SportsFan:
Just got an email from the 49ers. Looks like my current seats fall into the premium club section. A 20k - 80k bill awaits me I guess.

What is sec ?

I am currently in UB24

I got an email too... but it just says i will get more info in the mail soon about upgrading to premium?

i'm not trying upgrade ? so idk , Was this the email you received?
_____

Thank you for your continued support of the San Francisco 49ers. As communicated to you earlier this year, the new Santa Clara Stadium seat relocation process is proceeding in phases based on where your current Candlestick Park seats are located.

In the coming days, you will receive more detailed information in the mail regarding your opportunity to upgrade and purchase premium Club Seats in the new building.

Please review these materials carefully and be sure to schedule your one-on-one appointment with your personal sales consultant at our Preview Center. Thank you again for your support. We look forward to meeting you soon.

Originally posted by Kilgore_Trout:
It does seem like a bad time to build a stadium with taxpayer dollars. Schools can't even afford to hire enough teachers.

this is America stuff like that doesn't matter. Just keep the masses attention on meaningless stuff like sports and entertainment while the big decision makers rob us blind.

i live in iowa so this is not like in in san fran but the market is good right now if you are selling bonds for projects like this . bonds will be sold for this thing to be built and you pay interest on them. I know that cities in the nation are selling bonds in the millions of dollars to fix up roads and infrastructure. yes you have to pay em back, yes the taxpayers will see thier property taxes go up a bit but the interest rates are very very very good so actually now is a great time to bond for these things. and lord knows there are probably lots of construction firms and subcontractors(the ones who install the carpet, lights , paint etc) who need the jobs. projects like this have nothing to do with schools hiring teachers, they are different pots of money from different sources. your school districts enrollment and what your state gives districts for allowable growth is the key factor there,, has nothing to do with a new football stadium

Originally posted by mayo49:
That's why it's even more amazing they pull this thing off.

interest rates are great for the selling of bonds which are used to finance this. its the best time

Originally posted by susweel:
this is America stuff like that doesn't matter. Just keep the masses attention on meaningless stuff like sports and entertainment while the big decision makers rob us blind.

This.

Originally posted by DaDivaRecieva15:
area49

You know SCPF can, and probably will, appeal, right?

Originally posted by area49:

Originally posted by DaDivaRecieva15:
area49

You know SCPF can, and probably will, appeal, right?

You know the 49ers will never move to L.A., right?

you still lose