When Santa Clara voters approved construction of a new stadium for the 49ers back in June, the plan was to begin construction in January 2012 and to have it completed by the time the 2014 season begins. Now 49er CEO Jed York says it could take a bit longer than that. Citing the slow pace of union negotiations and the need for a $150 million loan from the NFL, York believes that the stadium will only be finished in 2015. The loan is contingent on the NFL reaching a collective bargaining agreement with the unions. York calls the labor deal a “lynchpin in order to secure that financing.”
The stadium is expected to cost $937 million, of which the City of Santa Clara will provide $114 million and a city-run stadium authority will provide another $330 million. The remainder of the money is to be provided by the NFL. When asked whether the delay would put public funding at risk, York answered that, “The city’s not on the hook for anything until we move forward and get final approval.” In other words, the diversion of redevelopment funds and the proposed hotel tax hike could be on hold for a while.
Read More at the Sacramento Bee.
Read More at the Business Journal.