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Santa Clara expected to approve stadium financing Tue Dec 13, 2011 11:32 pm
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Santa Clara expected to approve stadium financing


SANTA CLARA, Calif. (KGO) --
Tonight the Santa Clara City Council is expected to approve a plan that would arrange financing for a $1 billion stadium for the 49ers.




The 68,000 seat stadium would be located next to Great America. The city and the team have lined up $850 million in loans to pay for stadium. Santa Clara would be on the hook for twice as much debt as promised to voters. The 49ers countered that they would cover any problems if the city is unable to pay off debt and cost overruns.

The stadium cost breakdown is: $850 million from the new loan, $150 million from the 49ers, $35 million from a hotel tax and $40 million from redevelopment money.


Related Content

Story: SF mayor to meet over 49ers fate

Story: Santa Clara debates loan to 49ers for stadium

Story: 49ers secure funding for Santa Clara stadium According to the San Francisco Chronicle, Mayor Ed Lee is not even interested in putting together a drawing of what an alternate stadium in San Francisco would look like.



http://abclocal.go.com/kgo/story?section=news/sports/pro/football&id=8465171&rss=rss-kgo-article-8465171
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Santa Clara expected to approve stadium financing Tue Dec 13, 2011 11:32 pm
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