SBD/November 14, 2011/Facilities

Santa Clara To Approve $10M In Pre-Construction At Proposed 49ers Stadium

City has to borrow at least $6M from 49ers due to lack of tax funds to complete work
Santa Clara and the 49ers are "finally ready to start spending serious money toward building a new stadium," according to Mike Rosenberg of the SAN JOSE MERCURY NEWS. City leaders tomorrow "expect to approve $10 million in current and future tax funds" that "will support a five-month project to begin in January that will include everything from moving utilities to installing sidewalks -- all the work required to make the site next to Great America set for stadium construction at the start of 2013." Santa Clara Mayor Jamie Matthews said, "Although it's not the big grand opening, it's sort of a soft groundbreaking. This is the first step toward getting that stadium built." The city "has to borrow at least $6 million from the team since it doesn't have enough tax funds to complete the work on its own." It is "still unclear whether the team would charge interest on the loan, or how the city would pay it back, as the two sides are still negotiating a detailed financing plan for the project, which is due out next month." Rosenberg noted beginning work at the site is the "most tangible proof yet that the city and team are close to actually building the stadium, which has seen its share of delays and doubters" (SAN JOSE MERCURY NEWS, 11/13).
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