San Jose Revises Land Deal To Preserve MLS Stadium Development

San Jose Officials Have Agreed To Cut $40M Off Land Deal For MLS Stadium

San Jose city officials, in an effort to preserve a MLS Earthquakes stadium plan "threatened by the cratering economy," have agreed to cut more than $40M off a land deal signed in '08 with Earthquakes Owner Lew Wolff, according to Denis Theriault of the SAN JOSE MERCURY NEWS. Under the new plan, the developers would pay $89M for 65 acres on the construction site, down from the previously-agreed upon $132M. Without a revised deal, the developers warned the city that they "would consider walking away from the stadium project." The new terms would "clear the way for work" on the 15,000-seat stadium on a 14-acre piece of the land, while developers would "wait for the economy to rebound before developing the remaining 50-plus acres for other uses." Earthquakes officials yesterday said that the team likely would move into the stadium in '12 or '13. San Jose City Council members still must approve the deal next month, but they "seem inclined to go along with the new proposal." Council member Nora Campos in a statement said, "This agreement carries the potential for enormous job creation, an immediate influx of cash, and an ongoing revenue stream for the city's general fund" (SAN JOSE MERCURY NEWS, 4/7).

STICK WITH IT: A S.F. EXAMINER editorial states with the 49ers nearing a stadium agreement with Santa Clara, it "seems a particularly untimely display of tin-eared greed for team brass to panhandle struggling San Francisco taxpayers" for $61M in repairs to Candlestick Park. The 49ers "belong in San Francisco and should not consider leaving," and the city "needs to do what it can" to keep the team. But "dumping millions of dollars into the dilapidated Candlestick Park is not the answer -- especially if it means gutting" the city's Recreation & Park Department (S.F. EXAMINER, 4/7).