The city of Santa Clara insists the proposed 49ers stadium is "in line to open" for the '15 NFL season, but "terms of the deal with the 49ers are in flux, financing remains a major question, and the price tag has grown by $50 million over the past year, sending the cost to nearly" $1B, according to John Cote in a front-page piece for the S.F. CHRONICLE. The parking lot adjacent to the Great America amusement park and the team's HQs "still looks as it did last June, when city voters approved a ballot measure to build a stadium there." The 49ers are "looking to pay only 15 to 25 percent of the stadium costs, although they will loan city-affiliated entities large amounts for construction." That includes $68.3M to "cover money that was supposed to come from redevelopment funds and a tax on guests at nearby hotels but likely won't be available by construction time." The loan agreement is "supposed to make it easier to secure outside financing, but some are skeptical." Santa Clara Council member Jamie McLeod said, "In my mind, the risk has just shot up. If you're going to give the city a loan, what's the interest rate going to be? What are the other terms and ramifications?" But Santa Clara Mayor Jamie Matthews maintains that the 49ers "will still be responsible for construction or operational cost overruns." The 49ers have "pushed the stadium's original 2014 target completion date back a year because of the uncertainty of league financing." There is "no binding financing plan in place, with the city and the team renegotiating stadium funding terms laid out in 2009." But 49ers officials are "confident the stadium will have the financing in place when it's needed."
MAKING SOME PROGRESS: Cote noted "some progress has been made" on the stadium. Construction is "slated to begin this month on a nearby parking garage to use with the stadium and the existing convention center," and Santa Clara "has secured land-use approvals and set up a separate, city-controlled stadium authority to own the stadium." The 49ers also have "created a sales center for luxury suites and enlisted" CAA to "try to land a lucrative naming rights deal for the stadium." Matthews said, "This is going to happen. It's going to be a wonderful thing" (S.F. CHRONICLE, 6/15).
