49ers get their loan for Santa Clara
Yet another hurdle has been cleared for the 49ers’ seemingly inevitable move to Santa Clara.
The Santa Clara Stadium Authority unanimously approved the terms of an $850 million loan for the new 49ers stadium.
You better enjoy your trips to Candlestick while you can.
As previously reported on SFBay, prep work on the site near Great America Park will begin in January and groundbreaking is expected sometime later in the spring. The loan will be financed by a number of major banks, including Goldman Sachs and Bank of America.
The development agreement approved by the seven authority members includes a 40-year lease on the property.
It must be a bittersweet feeling for San Francisco residents, with the team readying U-Haul trucks just as they have rediscovered their winning ways.
The new stadium may only be 45 minutes away (without traffic, good luck with that) but it might as well be Hawaii.