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New Stadium Construction Loan Approved

Posted by Scott Kegley on December 13, 2011 – 10:42 PM

 

The Santa Clara Stadium Authority voted 7-0 tonight to accept terms of an $850 million construction loan for the new Santa Clara Stadium.

The approval of the loan and a 40-year lease agreement marks two of the final financial steps for the new stadium. Make-ready work at the construction site adjacent to Great America Park will begin next month and the official groundbreaking is expected in the spring of 2012.

The financing commitment was secured through a financial group that includes Goldman Sachs, Bank of America and U.S. Bank.

The $850 million will be loaned to the Stadium Authority and the 49ers Stadium Development Company, and, as required by the recent ballot measure, will have no impact on the City’s General Fund.  Revenues from the sale of naming rights, Stadium Builders Licenses (SBLs), suites and additional sources will be used to repay the loan.

The Development Agreement calls for a 40-year lease for the property at approximately $30 million in facility rent annually.

The new stadium in Santa Clara is estimated to cost $1 billion. Officials expect it to be a landmark for Silicon Valley in addition to its role as the new home to the San Francisco 49ers.  The 1.85 million square foot facility will seat 68,500 and feature 165 luxury suites and 9,000 club seats.  It will be designed with multi-purpose flexibility to host a wide range of events including, domestic and international soccer, college football, motocross, concerts and various civic events, and is expandable for major events such as the Super Bowl.

For more information, go to www.newsantaclarastadium.com.


Posted in Breaking News | 60 Comments »


60 Responses to “New Stadium Construction Loan Approved”

  1. By Jay Real on Dec 13, 2011 | Reply

    Yayyyyy. Been a Niner fan all
    My life and this will be 5 mins away from my house!

  2. By KennyThaKilla on Dec 13, 2011 | Reply

    No one cares about how great this is for Santa Clara. You’re ripping the heart out of San Francisco, and the 49er Faithful.

  3. By javier on Dec 13, 2011 | Reply

    that crazy newstadium #DIEHARD49erFAN

  4. By Johnny on Dec 13, 2011 | Reply

    Finally the 49ers can get a stadium that they deserve instead of that prehistoric Park.

  5. By Edward Strine on Dec 13, 2011 | Reply

    It is about time! We have been waiting for years for this! Candlestick is a dump! The city of Santa Clara said yes! The city of San Francisco said no! What did you expect!

  6. By W on Dec 13, 2011 | Reply

    Ticket prices will be ridiculously high, but maybe that will weed out all the drunk idiots who come to the games now at Candlestick and look to start fights. I won’t mind the drive from SF.

  7. By Woodie Tobias Jr. on Dec 13, 2011 | Reply

    Sorry San Franciso but the city has had 30 years since that first Super Bowl win to do something to fix the worse stadium in the league and all they have done is up lipstick on a pig. The city failed you, not the 49ers.
    Besides, most of the fanbase does not live in the city anyway

  8. By 49erfaithfu11 on Dec 13, 2011 | Reply

    I’ve been a 49er faithful and season ticket holder since 1978, and I couldn’t be happier.

  9. By CrowEater on Dec 13, 2011 | Reply

    I don’t buy the “ripping the heart out of san francisco” business. I personally don’t care if they play in SF or SC as long as they stay in the bay area. Quite a few professional sports teams don’t play in the city they claim, its really not a huge deal.

    But what do I know, I’m still eating crow because Alex managed to not suck most of the season and somehow we keep winning. It hasn’t been pretty, but can’t argue with the results.

    Whether the playoff games are in SF or SC doesn’t matter to me. What matters is the San Francisco 49ers are in the playoffs.

    And in case your wondering, this kind of crow tastes great ;)

  10. By jj on Dec 13, 2011 | Reply

    SF had the opportunity to keep the team, and they dumped them. Would you prefer they move to LA? AT least Santa Clara had the fortitude to keep the team in the bay, unlike SF.

  11. By ninerfan83 on Dec 13, 2011 | Reply

    only 3% of 49er faithful lives in San Francisco Kenny. Look, the team deserves a new stadium. the fans deserve a new stadium. San Francisco had ample opportunity to build one for the team and they chose not to. The only thing that changes for real fans living in the city is now they have to travel an hour to go 50 miles instead of travelling an hour to go 10 miles. The time has finally come

  12. By ralphredimix on Dec 14, 2011 | Reply

    Waa waaa its going to be so hard for the “49er Faithful” to get on a train that already exists to a station that already exists waa waaaa

  13. By Debra Farinha on Dec 14, 2011 | Reply

    I sit in the north end zone at The Stick and though I agree that the Niners need a new stadium, it will not be the same when I come out and not be able to see that city scape. Sad that this could be the deal. Don’t even know if I’ll be able to afford the whole thing once all is said and done.

  14. By Debra Farinha on Dec 14, 2011 | Reply

    By the way, I have been a season ticket holder for the past 19 years. Talk about FAITHFUL!!!

  15. By baja7475 on Dec 14, 2011 | Reply

    @Kenny,
    I’m a 49er faithful and it doesn’t rip my heart out. This is going to be so much better to watch a football game then at candlestick point. Better weather, traffic, parking and more importantly it’s a brand new stadium built for football.

  16. By Kev on Dec 14, 2011 | Reply

    I am a long time 49er fan from the Montana days till now and been through the times when they drafted Alex Smith over Aaron Rodgers, now it’s time to move on, the 49ers deserve it and Candlestick is old, I am going to buy tickets to the game, just a 30-45 minute drive.

  17. By NinerFanFromTonga on Dec 14, 2011 | Reply

    This place looks like it’s going to be an awesome place to watch a football game. I might consider being a seasong ticket holder even from all the way down here in Tonga.

  18. By NinerSF on Dec 14, 2011 | Reply

    I would be Alex Smith’s personal water boy if it meant the Niners stayed in SF.

  19. By Frank on Dec 14, 2011 | Reply

    I excited. Ground breaking in the Spring. I can’t wait. The team deserves it and so do the fans. Go, Niners!

  20. By fogdaddy49 on Dec 14, 2011 | Reply

    It’s been about time…Time to NUKE the ‘Stick’…It’ll be much better for all concerned….GO NINERS

  21. By Patrick on Dec 14, 2011 | Reply

    For those of you who are mad about the new stadium in Santa Clara, don’t blame the 49ers. The city of San Francisco is at fault for not being willing to work out a deal after all these years! It’s time for everyone to move on. The team can still be the San Francisco 49ers even though they’ll play outside of the city. Look at how many other teams around the NFL do the same!

  22. By DMT on Dec 14, 2011 | Reply

    As long as the logo, or uniform doesn’t change, and they’re still called the San Francisco 49ers, I’m with it all the way! GO SF 49ers!

  23. By Only 49er fan in austin texas on Dec 14, 2011 | Reply

    Why only 68,500 seats???

  24. By Roger Sosa on Dec 14, 2011 | Reply

    I sure hope we do not change name, SF 49ers is a must. I will have a very hard time buying season tickets for the Santa Clara Niners. I drive 2 hrs each way to go see my San Francisco Forty Niners

  25. By Big Daddy Don on Dec 14, 2011 | Reply

    I have been a fan since the John Brodie days, I live in L.A. I cannot afford season tickets, but i do drive the six hours for 1 home game a season with my sons. We have done this for the past 6 years now! LOL S.C. is closer to me! Who has it better than me…….nobody!

  26. By GeneGinfatcity on Dec 14, 2011 | Reply

    The Stick is so outdated. Niners and fans deserved a new stadium. It’s way past due.

  27. By brian on Dec 14, 2011 | Reply

    Sweet lets get it going!! Can’t wait to fly from wisconsin to go the new stadium, Candlestick will for ever be remembered!!!!!! time for a new ERA!!!!! Congrats to everyone involved. Lets clean up our act and score some points against the STEELERS!!!!!!!!

  28. By Arleen Walker on Dec 14, 2011 | Reply

    I have been a 49er faithful since the Kezar Stadium days with YA Tittle, Hugh McElhenny, RC Owens, and Joe Arenas,and people forget how excited we were to go to Candlestick Park regardless of what they have changed the name to. As time moves on and Candlestick ages, the newer fans call it ‘disgusting’ and a ‘ruin’, but in its day, we loved it regardless of the weather, parking, and seating. I am happy about the prospect of a new stadium in Santa Clara because as time moves on so must we, but Candlestick IS the home of the 49ers (especially since the Giants moved out) and to me, we are merely moving uptown.

  29. By KennyThaKilla on Dec 14, 2011 | Reply

    @ ninerfan83 – 3%? Have any facts to back that up, or are those just the figures in your head?

  30. By KennyThaKilla on Dec 14, 2011 | Reply

    @ baja7475 – Good for you. Apparently, not everyone shares your sentiments.

  31. By Rickac88 on Dec 14, 2011 | Reply

    SAN FRANCISCO 49ers!! #49ersFan

  32. By Dave on Dec 14, 2011 | Reply

    Save the stuff about ripping the heart out of SF! The City had years to help the 9ers get a new stadium and they did nothing. At the very bottom of SF politicians priority list is sports so they lose and Santa Clara wins. It’s amazing that anyone could find a downside to the 49ers finally getting a beautiful new stadium.

  33. By javier fonseca on Dec 14, 2011 | Reply

    and 10 mins from my house go niners

  34. By ny49er on Dec 14, 2011 | Reply

    cant wait baby! thanks for the memories candlestick!

  35. By ny49er on Dec 14, 2011 | Reply

    im not going to miss that the field looked partially like a baseball field but other than that good memories

  36. By ninerstatus420 on Dec 14, 2011 | Reply

    I DONT CARE WHERE MY NINERS CALL HOME, IM A NINER 4 LIFE!!! I DRIVE FROM L.A., SO ITS SLIGHTLY CLOSER FOR ME NOW!! POINT IS, IM THERE TO SEE MY SQUAD!!, NOT THE CITY. I’LL GO WATCH’EM WHEREVER THEY PLAY!!

  37. By Ex-Bay Area 49er fan in Montana on Dec 14, 2011 | Reply

    I couldn’t be happier for the folks of the south bay and all 49er fans everywhere! (Well, except for all the whiners out there hating the move) Having worked 1 mile away from where the stadium will be and living just 3 or 4 miles away I am so jealous of all of you who will be able to see that beautiful facility every day! It will be a true shrine to our beloved team. When it’s all done, I’ll be making a trip as one would to their favorite shrine in some part of the world. This shall be the shrine to all 49ers fans! I will bow down! (haha)

    They deserve it. They should have it and by God, it shall be done! GO 9ERS!!!!

  38. By ninerfan83 on Dec 14, 2011 | Reply

    @ kenny. I just won a contest to take a tour of the practice facility in santa clara. 3% is the number I was told by the corporate marketing manager for the San Francisco 49ers. I didnt come up with it on my own, someone who works for the organization told me. The team is staying in the bay area and getting a huge upgrade for a stadium, how would any Niner fan not want this?

  39. By KennyThaKilla on Dec 14, 2011 | Reply

    @ninerfan83 – Corporate marketing manager or not, it’s a ridiculous number. As if everyone in San Fran was asked if they were a Niner fan or not. Or that anyone knows the exact number of “49er Faithful” there are around the world. It’s an unattainable number.

    Upgrades are nice, but they should stay in San Francisco.

  40. By ninerfan83 on Dec 14, 2011 | Reply

    @ Kenny the figure of 3% does not represent a specific number of people, it represents the amount of financial support the team receives from different cities and counties. Im sure there are a lot of fans in the city of San Francisco. the question then becomes why aren’t there more, and why arent they contributing more ‘support’ (money) to the team. Its not even close to the amount of support the team receives from south bay communities.

  41. By mikeosogato on Dec 14, 2011 | Reply

    Im just happy they finally get a new stadium. I fly in from Dallas every year to catch a niner game. It makes no difference to me. The team deserves it.

  42. By KennyThaKilla on Dec 14, 2011 | Reply

    If that number doesn’t represent people, than you probably shouldn’t have said “3% of the 49er Faithful”, because that’s what we are.

    I guess you don’t matter if you’re not giving money to the team. lol

  43. By Avi on Dec 15, 2011 | Reply

    Instead of wasting money on a new stadium.. invest the money into buying players..
    id much prefer a Superbowl then a new stadium

  44. By adam on Dec 15, 2011 | Reply

    the day the 49ers move into this stadium is the day i stop following them.

  45. By The Frisco Kid on Dec 15, 2011 | Reply

    I’m from UTAH and I’ve been to Candlestick twice…. the 49ers/faithful make the stadium great, the stadium doesn’t make the 49ers/faithfu great…. The traffic jam after the games now, is redonkulous. It’s all about the experience of going to the game and if they can make it better by moving down to SC, then how is that a bad thing? Alex Smith haters are no different. If we can win with the same QB that was hated the most by any Niner QB i can remember… then you know he wasn’t the problem to begin with! I hate to say it but I told u so! Alex can play!

  46. By Leif Pagaard on Dec 15, 2011 | Reply

    I’m from Denmark. I’ve been to Candlestick 4 times in the past 8 years. I think the 49ers deserve a new venue for home games. As long as they don’t change name, I couldn’t care less. In my heart they are The San Francisco 49 ers. The greatest team of all time.
    And now lets pound the steelcurtain hard and get a win on monday. I’ll be watching the game on national TV.
    GO NINERS

  47. By rjdniner on Dec 15, 2011 | Reply

    MAYBE THEYLL HAVE A SECTION SET ASIDE FOR THE
    /// BLOGER NATION///

  48. By 16niner19 on Dec 15, 2011 | Reply

    I will allways have fond memories of Candle Stick Park and all the greats that played there and my own experience there. They deserve a new stadium and so do the Faithful. Go Niners we Love you guys god bless the old and the young. Johnny R NINER FAN FOREVER!!!!

  49. By Innercityphunk on Dec 15, 2011 | Reply

    No tailgating! that will suck bigtime. I hope they don’t go. “just build one in Frisco”

  50. By Johnnie Blueshoes on Dec 15, 2011 | Reply

    It’s time…get over it! Maybe we’ll even get decent food…like the Shark tank!

  51. By Ryan A. on Dec 15, 2011 | Reply

    Im glad the Niners finally get their new stadium, but with all due respect they belong in the city of San Francisco. Too bad the city didnt put up a fight like it did for the Giants when they were gonna move to St. Petersburg. But no matter where they play Im still gonna be a Niner Faithful……Fo’ Life!!!

  52. By Jack Dailey on Dec 16, 2011 | Reply

    This is dissappionting, i think the candle stick is the heart and soul of our niners, and a very big part of frisco, i disagree, leave our niners where they are!

  53. By Shane on Dec 16, 2011 | Reply

    I am very disappointed! One of the things I like about the 49ers is the location of the stadium. I won”t stop going but I just like the feel of the old stadium.

  54. By morgan banks on Dec 16, 2011 | Reply

    Yes!! my husband and I hve been season ticket holders for 30 yrs and are thrilled to have them in our town….Santa Clara rocks!! Now lets hope some of those construction jobs go to our residents….that would really be sweet!

  55. By RdannNinerfan on Dec 16, 2011 | Reply

    I don’t know what to make of that 3% number but it’s sad if the Niners org only counts fans who can afford to buy tickets to games. I grew up in the City with my Niners and anyone who was in SF in the 80s knows it was the BEST place to be after the Superbowl-fans in the streets all night. So don’t tell me only 3% of the City support the Niners. I guess all those folks who watch on TV and see the ads that support the team don’t matter huh? As long as they will always be known as the San Francisco 49ers I welcome the new stadium.

  56. By Bigwheelz on Dec 16, 2011 | Reply

    I hope a union company gets the job I would love to be a part of this project and would never miss a day of work lol love my team through thick and thin go 9ers and come on union put in a bid

  57. By NinerFan1983 on Dec 16, 2011 | Reply

    They’re NOT changing the name at all. They are keeping the San Francisco 49ers name.

    It’s similar to how the Dallas Cowboys, Buffalo Bills, New York Jets, New York Giants play in cities other than the ones they’re representing.

  58. By JP on Dec 17, 2011 | Reply

    Where would the Parade be ? SF. or SC ?

  59. By Niner Marko on Dec 17, 2011 | Reply

    They should make the tunnel opening like a mine shaft opening to give a kool theme to the stadium and our name like Tampa Bay has the pirate ship!

  60. By KristyC on Jan 22, 2012 | Reply

    With everyone being so broke that 1 billion dollars could go too something more important There is nothing wrong with what we have put that money where it needs too be

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