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Santa Clara Offers 49ers $40M For New Stadium

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May 29, 2009 11:54 pm US/Pacific

Santa Clara Offers 49ers $40M For New Stadium

SANTA CLARA (CBS 5 / KCBS) ― The City of Santa Clara released the final details Friday evening surrounding the financing plan to build the 49ers a new stadium in their city.

Under the terms of the plan, the city's investment in the project would be limited to $40 million, according to Santa Clara Mayor Patricia Mahan. Any additional expenses which exceed that amount will be assumed by the 49ers.

The mayor said funding for the team would only come from the city's redevelopment agency and not the city's general fund or tax funding.

The team would also have to pay an estimated $40 million in rent to the city over the term of the lease. An additional 35 cents from every NFL ticket sold will come back directly to the city to fund programs for city libraries, children and seniors. That additional fund is expected to bring in $250,000 each year. 

Mahan said the redevelopment agency area would also be extended and could generate an estimated $141 million in new revenues for the city's school districts. 

It is expected that the city council will approve the plan at their meeting this upcoming Tuesday. If approved, the final decision would be up to the voters next March.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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© MMIX, CBS Broadcasting Inc. All Rights Reserved.