Voters in the San Jose suburb of Santa Clara Tuesday approved a ballot measure authorizing city leaders to continue moving forward with negotiations that could lead to construction of a new stadium for the San Francisco 49ers.
The Silicon Valley city of 109,000 and the National Football League team are negotiating based on a previously agreed term sheet that includes $114 million in public support for the $937 million project.
That support would include bond financing from the city’s redevelopment agency and a community facilities district formed to incorporate hotels near the stadium site.
Almost 60% of the city’s voters Tuesday approved the stadium measure. But questions remain about the viability of the 49ers financing plan, including its reliance on seat licenses and the sale of naming rights.
The team has been trying for years to find a replacement for its current home field, Candlestick Park in San Francisco. That city’s voters approved a new stadium back in 1997, but those plans never got off the ground.
San Francisco Mayor Gavin Newsom says he isn’t done fighting to keep the NFL team in its namesake city, which would like to build a new stadium in the Hunter’s Point neighborhood.
“When the Santa Clara plan falls apart, San Francisco stands ready to welcome its 49ers home,” he said in a statement Wednesday.
