Jun 25, 2009 10:50 am US/Pacific
49ers Stadium May Raise Thousands In Tax Revenue
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Artist image of proposed 49ers stadium.
Lennar Corp.
A new report conducted by a San Francisco 49ers' economic consulting firm indicates that the construction of the team's stadium in Santa Clara could potentially generate $300,000 in revenue annually for the city's convention center complex, the city manager said Wednesday.
Santa Clara City Council members met Tuesday night to review the synergy study report that shows the new stadium could bring in about $157,000 to the city's general fund annually and generate about $176,000 in hotel taxes, thereby eliminating the city's annual convention center subsidy of $300,000.
Tuesday night's meeting followed the marathon June 2 meeting during which the city council approved a term sheet for an agreement that was reached between the team and the city of Santa Clara to construct a $937 million, 68,500-seat stadium next to the Great America amusement park.
Council members also discussed the stadium's cost and timetable for placing the measure on a ballot next year, which Assistant City Manager Ron Garratt said would have to be decided upon by the end of this summer.
Officials are considering placing the measure either on an all-mail ballot on March 2 that would cost the city about $364,000; a special citywide election on April 13, which at $652,000 would be the costliest option; or the primary election on June 8, which would cost around $151,000.
Garratt said all three dates fit within the construction timeline for the stadium, scheduled to begin in 2011.
The third matter council members discussed was modifying the city's charter to allow the 49ers to select general contractors for the construction without a competitive bidding process. Garratt said the team had been working with Turner Construction Company but are now considering implementing design-build criteria, allowing contractors to design and build as they go along.
At the July 14 City Council meeting, the 49ers are scheduled to present a design for the proposed stadium.
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