SANTA CLARA, Calif. (KCBS) -- A 49ers stadium in Santa Clara would require more private sector funds under the budget deal up for a vote this week in Sacramento.
The city of Santa Clara had planned to contribute $40 million in redevelopment money. The city stands to lose about a quarter of that money as Sacramento borrows from local governments to close the state deficit, said Assistant City Manager Ron Garratt.
KCBS' Mike Colgan reports
The term sheet between the team and the city has already taken into account possible fluctuations in the amount of available redevelopment, said 49ers spokeswoman Lisa Lang.
“We have a $12 million loan,” she said, “That loan from the team of up to $12 million is something that’s already been factored into this project.”
The risk lies with the team and not with the city, Lang said, since the 49ers assume the loan may never be repaid.
(jro)
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