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Santa Clara, 49ers announce deal to pay for stadium
San Jose Mercury Hews ^ | 12/03/2011 | Staff

Posted on 12/03/2011 2:08:23 PM PST by Utah Binger

At long last, the 49ers' turbulent drive for a new home in Silicon Valley is reaching the end zone.

The NFL team and Santa Clara announced Friday that they have captured all the money needed to build a proposed $1 billion football stadium next to the Great America theme park -- the largest and final obstacle needed before construction can start.

"It's like first-and-goal from the 9-yard line," said Ron Garratt, a consultant helping lead the project for the city. "We think we're going to score from here."

The funding deal was spelled out in a development contract that caps two-and-a-half years of closed-door negotiations between city and team leaders and essentially completes a planning process that began when the team announced interest in abandoning San Francisco five years ago.

Goldman Sachs, U.S. Bank and Bank of America have agreed to loan the city and team a combined $850 million to pay for the lion's share of the construction, which could start as soon as next year. But critics are alarmed by a major shift in the funding plan that emerged Friday: The city will take on more than twice as much debt as was promised to voters, even though the 49ers vow they won't leave the city holding the bag.

(Excerpt) Read more at mercurynews.com ...


TOPICS: Local News; Outdoors; Sports
KEYWORDS: 49ers; football; sanfrancisco
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All my pals in Santa Clara California are thrilled about this.


1 posted on 12/03/2011 2:08:29 PM PST by Utah Binger
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To: Utah Binger

“The city will take on more than twice as much debt as was promised to voters”
“All my pals in Santa Clara California are thrilled about this.”

Your pals are all liberals I assume?


2 posted on 12/03/2011 2:11:48 PM PST by FewsOrange
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To: FewsOrange

Forgot sarcasm tag. LOL


3 posted on 12/03/2011 2:14:29 PM PST by Utah Binger (Southern Utah where INVITED Freepers will meet again next summer. Jim Robinson Too)
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To: Utah Binger

“All my pals in Santa Clara California are thrilled about this.”

All your pals are thrilled that their local government is using tax payer dollars to build a billion dollar structure for a private company?

Why are all your pals Socialist?


4 posted on 12/03/2011 2:14:29 PM PST by trumandogz (In Rick Perry's Nanny State, the state will drive your kids to the dentist at tax payer expense)
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To: Utah Binger; writer33

Taxpayers get sacked!

Millionaires and billionaires want to play with your money
5 posted on 12/03/2011 2:14:39 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: trumandogz

Heavy Drinkers.


6 posted on 12/03/2011 2:15:45 PM PST by Utah Binger (Southern Utah where INVITED Freepers will meet again next summer. Jim Robinson Too)
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To: trumandogz

Anyone with the means should just get out of Kalipornia. Flee for your future.


7 posted on 12/03/2011 2:17:28 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: Utah Binger
All my pals in Santa Clara California are thrilled about this.

They won't be if they have to commute there. It will create monster traffic jams right in the heart of Silicon Valley.

Much better and what I was really hoping for was a new stadium across McCovey Cove from The SF Giant's AT&T Park, the Tiffany Diamond of Baseball Parks. That is such a perfect and beautiful location, right next to the bay with killer views of the water and the Bay Bridge. It's in China Basin, the warmest, sunniest spot in San Francisco and the ingress and egress is superb with multiple forms of transportation that stops right there.

8 posted on 12/03/2011 2:17:31 PM PST by PapaNew
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To: Utah Binger
All my pals in Santa Clara California are thrilled about this.

I live in the city of Santa Clara and "thrilled" doesn't exactly describe how I feel about this part:

"The city will take on more than twice as much debt as was promised to voters, even though the 49ers vow they won't leave the city holding the bag."

What? As a former 49ers season ticket holder, I paid the Yorks for lousy football in a lousy stadium from the day they took the team away from Eddie D till the day they finally did what everyone else was screaming for them to do and hired Harbaugh. I'm not going to get screwed for more money by the York family. If the terms of this agreement aren't in line with what voters approved, this thing's going to be facing legal challenges.
9 posted on 12/03/2011 2:17:44 PM PST by AnotherUnixGeek
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To: FewsOrange

I can assure you his friends are not liberal.


10 posted on 12/03/2011 2:17:44 PM PST by samadams2000 (Someone important make......The Call!)
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To: Utah Binger

I just moved from L.A. and I will say the ONE thing L.A. has consistently done right is insist that if the NFL puts a team there that not only will the taxpayers not pay a dime but the NFL (and sponsors) will pay the taxpayers.

We (now they) survived quite well for lo these many years (15+?). Those warm weather cities that pay through the nose for an NFL team are welcome to them (cold weather cities have an excuse).

FYI, it is true what you hear: when you move to Dallas they staple a “Cowboys #1!” foam finger to your forehead and make you take a loyalty oath... ;)


11 posted on 12/03/2011 2:18:56 PM PST by freedumb2003 (Spoiler Alert! The secret to Terra Nova: THEY ARE ALL DEAD!!!)
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To: samadams2000

Fun to tease the DUmmies.


12 posted on 12/03/2011 2:19:44 PM PST by Utah Binger (Southern Utah where INVITED Freepers will meet again next summer. Jim Robinson Too)
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To: PapaNew

The real 99% should burn down City Hall and 49ers HQ. Maybe they would get the point.

No more corporate welfare


13 posted on 12/03/2011 2:19:59 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: Utah Binger

It’s like a sport isn’t it!!


14 posted on 12/03/2011 2:21:16 PM PST by samadams2000 (Someone important make......The Call!)
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To: Utah Binger

Once again the taxpayer takes the shaft. All for the purpose of bread and circuses.


15 posted on 12/03/2011 2:21:55 PM PST by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: freedumb2003

lol.

The new stadium should be named ‘Taxpayers Memorial Stadium’

Then again, thats true for most of them.


16 posted on 12/03/2011 2:23:17 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: GeronL; trumandogz

>>Anyone with the means should just get out of Kalipornia.<<

I did last month (L.A. to Irving/Dallas) and it was the best decision of my life (born and raised in L.A.). Even now I am reading the idiots in Kali are planning both a gas tax (I paid $2.91 a gallon last week — it was $3.60 a gallon in L.A. when I left) AND putting an income tax increase on the ballot.

They are nucking futz.


17 posted on 12/03/2011 2:24:17 PM PST by freedumb2003 (Spoiler Alert! The secret to Terra Nova: THEY ARE ALL DEAD!!!)
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To: GeronL

The fine conservative folks in Arlington, Texas who vote almost 75% Republican were more than happy to provide Jerry Jones a billion dollars to build a stadium.

And that would make the people of Arlington a bunch of damn Socialists.


18 posted on 12/03/2011 2:25:45 PM PST by trumandogz (In Rick Perry's Nanny State, the state will drive your kids to the dentist at tax payer expense)
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To: AEMILIUS PAULUS

But just imagine all the fun you can have in the bar teasing the brilliant lefties.


19 posted on 12/03/2011 2:25:57 PM PST by Utah Binger (Southern Utah where INVITED Freepers will meet again next summer. Jim Robinson Too)
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To: Utah Binger
Well, I think it's a swell idea. This means the taxpayers get in free, right?

Why, yes, actually I do believe in the Tooth Fairy. Why do you ask?

20 posted on 12/03/2011 2:29:25 PM PST by Billthedrill
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