The 49ers released plans for a new 75,000-seat stadium
which will "be the cornerstone of a $525 million sports and
entertainment complex," according to Opatrny & Brazil in the
S.F. EXAMINER. But the team "must win voter approval" in
June of a $100M lease-revenue bond issue and a City Charter
revision permitting the proposal. The bonds would be paid
back over 25 years with sales and property taxes generated
by the stadium's "mega-mall," but taxpayers could be at risk
if the project "doesn't produce the money proponents
envision." 49ers President Carmen Policy said the complex
would generate 10,000 full- and part-time jobs and include a
30-screen movie theater, restaurants and retail stores.
Policy added the team will employ a "strenuous campaign,"
with former coach George Seifert, and former players Ronnie
Lott and Roger Craig. After the bonds are paid off, the
taxes would go directly into the city's general fund and the
city's liability is "capped" at $100M with the DeBartolo
Corp. and its co-developer, the Mills Corp., paying any cost
overruns. The team has not decided "whether to acquire
outright or lease" the surrounding land at Candlestick Point
for mall and stadium parking and the city and the 49ers will
share maintenance costs evenly with the city owning the
stadium once it's paid off (S.F. EXAMINER, 2/2).
