Santa Clara Stadium Authority Votes To Approve Ground Lease For 49ers Stadium
A ground lease for the 49ers' proposed new stadium "was approved by the Santa Clara Stadium Authority" last night, according to Stephanie Lee of the S.F. CHRONICLE. The authority voted 5-2 to "approve the first of two parts of a 40-year ground lease, which authorizes use of the site to allow construction to start by July" on the 68,500-seat stadium. The "cash-strapped city is projected to receive about" $40M in revenue from football games over 40 years, "starting with the opening of the stadium" in '14. Other revenue would "come from naming rights and seat licenses." The lease also "mandates the city receive annual rent that is roughly equal to half the net income from non-NFL events." The team is "expected to pay" $30M a year to use the stadium. If a second team, such as the Raiders, were to "move into the stadium, the city would also receive more than" $1M in additional annual rent. At the next council meeting, March 13, there "will be a vote on an agreement between the Stadium Authority and the 49ers governing the team's rent for playing in the stadium." That would "allow construction to kick off within 120 days and require the stadium to be completed within three years" (S.F. CHRONICLE, 2/29).