49ers set for Santa Clara switch 10/06/2010 |
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The San Francisco 49ers are set to develop a new 68,500 stadium in Santa Clara after their bid was approved by local voters.
The $937 million development is set to create 700 jobs and bring in an estimated $249 million to the local economy.
According to the deal, Santa Clara will contribute $79 million towards the stadium, while nearby hotels would provide $35 million through voluntary tax.
A further $823 million would come through the 49ers and the stadium authority with stadium naming rights, concession agreements and seat licenses all likely to figure in the business plan.
The 49ers’ president and CEO, Jed York said: “The most common question was probably, ‘Is the name still going to be the San Francisco 49ers?’ and the answer is yes.
“We’re the San Francisco 49ers. I think that (taxes) was always the misnomer. What taxes are going up? How are we paying for this? And when you walk people through how a redevelopment agency works, and they understand that this is money that is supposed to spur economic development, they see this is a good use of funds.
“When they see that the only people really getting taxed are the eight hotels, they understand this must be a pretty good idea if eight local businesses are choosing to put $35 million into this project. There must be a reason to do that.”
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