December 3, 2011
Santa Clara Scores $850 Million To Finance New 49ers Stadium
Having stiff armed and broken a potential tackle in September, the San Francisco 49ers are now streaking towards an end zone in Santa Clara having announced Goldman Sachs, Bank of America/Merrill Lynch and U.S. Bank have pledged a combined $850 million to help finance a new 49ers stadium down south.
The target opening for the proposed Santa Clara stadium remains 2015, the year in which the 49ers’ lease expires at Candlestick, the long-term redevelopment plans for which most likley no longer call for a replacement stadium.
∙ 49ers "Affiliated Entity" Partnering On Acquisition Of Great America [SocketSite]
∙ Santa Clara Scores A Potential Stadium/Team As Measure J Passes [SocketSite]
∙ First And Goal For The
San Francisco Santa Clara 49ers Stadium [SocketSite]
∙ Four More Years For The 49ers At Candlestick [SocketSite]
∙ The Grand Plan And Aesthetics For Candlestick/Hunters Point [SocketSite]
First Published: December 3, 2011 12:00 PM
Comments from "Plugged In" Readers
Great news for San Francisco! we won't be saddled with a white elephant.
Santa Clara can enjoy all of the economic "benefits" Alameda County got from the Raiders returning.
Posted by: Dan at December 3, 2011 1:53 PM
"Goldman Sachs, Bank of America/Merrill Lynch and U.S. Bank" LOL...what if BofA doesn't exist in 2013?
Posted by: EH at December 3, 2011 4:32 PM
count this longtime sf resident as thrilled to see the nfl out of the city. who needs the traffic and the cost?
Posted by: misterdinero at December 3, 2011 11:47 PM
People should check out the parking lot scenes at Bay Area NFL games, and make up their minds about what the people who go to these things are truly like. That's all I'm saying.
Posted by: [anon.ed] at December 4, 2011 10:59 AM
So we get the naming rights to the team, and Santa Clara gives the team a stadium? Sweeeeet.
Now, if only we could sucker, say, Oakland into sponsoring, er "hosting" the America's Cup. Oakland really could use some more professional sports-type economic development. It's worked for them so well so far.
Posted by: Delancey at December 4, 2011 11:52 AM
Bank of America will probably exist in 2013 - it just won't be with Merrill Lynch any more
Posted by: AMiR at December 4, 2011 5:51 PM
Agreed... good riddance. The traffic sucks, and the economic benefits of 10 games a year are nil. If Santa Clara gets the Niners and the Raiders then maybe this makes sense for them, but I'll be happy to watch from my couch and avoid that area on gamedays.
Posted by: rabbits at December 5, 2011 9:12 AM
Baseball is a sport that is made to be in a downtown environment. I was very upset when the A's were considering building a strip mall stadium in Fremont and very much hope they can build their park in DT San Jose or somewhere central in Oakland.
Football is a TV/Suburban sport now
Posted by: zig at December 5, 2011 9:30 AM
Count me in the minority that thinks this is a loss for San Francisco. With the redevelopment plans for the area, a new stadium on the current Candlestick site would be fantastic. I guess I’m too low brow for the SS crowd!
Posted by: Willow at December 5, 2011 9:52 AM
I love me some 49ers.
It seems though that having a huge stadium for 10 dates a year with the vast majority of fans driving in and driving out is no big loss
On the other hand Hunters Point is a little remote anyway and there is quite a bit of open space there and on the other side on 101 in Brisbane so it's not like it is the heart of the City
I am pretty agnostic on the move. I haven't been to a game in years
Posted by: zig at December 5, 2011 10:31 AM
No Fluj, I don't understand what you're trying to say; maybe you can articulate it a bit better.
Posted by: marko1332 at December 5, 2011 10:32 AM
It's a shame that this stadium will be built on parking lot in santa clara when the Hunters Point parcel is not only a far superior location, it's also in San Francisco where the 49ers belong.
Unfortunately, Gavin Newsom and his team screwed the pooch with their original, half-baked, proposal at CandleStick. The HP proposal using this particular shipyard parcel, which can never be used for housing, would have been ideal for a new stadium.
The Yorks wanted out of SF and Newsom gave them the excuse they were looking for and now the SF 49ers will play 50 miles south of their home for no damn good reason.
Posted by: EsEfGerard at December 5, 2011 10:45 AM
EsEfGerard, the niners are moving to santa clara for a very good reason: we taxpayers in SF are not willing to fork over hundreds of millions of dollars.
Posted by: Delancey at December 5, 2011 12:50 PM
Wrong D - The taxpayers of santa clara are not funding the new stadium. Hence the title of this article.
Posted by: EsEfGerard at December 5, 2011 1:06 PM
Isn't the $850M loan monies rather than a direct grant from the banks? Who are they lending to? Probably the City of Santa Clara (which doesn't have $1B in its treasury right now)
Posted by: The Milkshake of Despair at December 5, 2011 1:12 PM
Santa Clara is paying for part of the stadium costs with redevlopment funds and a hotel tax. And Santa Clara, with the 49ers, are borrowing an enormous amount of money. What happens if, as with the Raiders and Oakland, revenues fall short?
Posted by: Dan at December 5, 2011 1:14 PM
This is clearly a deal where the taxpayers are once again rolled. Think of it as Bubble 2.
Goldman Sachs, U.S. Bank and Bank of America have agreed to loan the city and team a combined $850 million to pay for the lion's share of the construction, which could start as soon as next year. But critics are alarmed by a major shift in the funding plan that emerged Friday: The city will take on more than twice as much debt as was promised to voters, even though the 49ers vow they won't leave the city holding the bag.
Revenues from the stadium, such as ticket sales, stadium naming rights and the team's rent, are supposed to pay back most of the loans. The rest will come from the NFL, which is expected to chip in $150 million; the city's redevelopment
agency, which will contribute $40 million; and a local hotel tax expected to generate $35 million.
Posted by: fred at December 5, 2011 1:19 PM
The proposed financing plan for the new 49ers stadium was approved by Santa Clara's City Council last night.
Posted by: SocketSite at December 14, 2011 8:38 AM