giorgiovarlaro

January 18, 2012

Candlestick No More…

Filed under: National Football League — Giorgio Varlaro @ 12:40 am

Supplied via Google Images

When the San Francisco 49ers host the New York Giants this weekend at Candlestick Park for a chance to play in Super Bowl XLVI, it could be the final playoff game the 49ers host in San Francisco.

The team has been looking to move to Santa Clara, California, 37 miles south of Candlestick, since the winter of 2007. In mid December (2011) the Santa Clara City Council voted 7-0 to approve plans to develop and pay for a new 68,500-seat stadium, down from 70,207 (at Candlestick Park).

Construction could begin as soon as next year, but the team still needs the City Council to sign off on an environmental impact report and then residents will have another chance to vote on whether to build the $937 million stadium. The city has agreed thus far to foot $79 million in costs ($42 million from the city’s Redevelopment Agency, $20 million to relocate a power substation and $17 million to build a 700-space parking garage). To help the city with its investment, the team has agreed to advance Santa Clara $12 million to be repaid when the economy rebounds and the NFL has agreed to invest $150 million.

Furthermore, the 49ers agreed to keep all revenue from ticket sales from games, ad revenue from NFL events, ticket premium fees for use of suites and club rooms for non-NFL events, and revenue from the team store. Santa Clara would get revenue from naming rights, net revenue from concession sales and parking lots, and annual rent payments from the team that would total roughly $40 million over the life of the contract.

It’s estimated that building and maintaining the stadium will generate 2,330 new jobs and $249 million in annual economic activity for the region. It’s also estimated that the city would receive $800,000 in annual tax revenue.

With the financial situation now revealed, approval could be the closest it has ever been since negotiations began in 2007. The recent success of the team could help as well.

If you’re interested in the 49ers new stadium in Santa Clara, check out the Web site made for the stadium at 49ersNewStadium.com. Once the team leaves Candlestick Park, they will leave 65 years of history and five Super Bowl championships.

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