The redevelopment agency in Santa Clara voted Tuesday to retain KNN Public Finance to consult on financial matters related to the city’s ongoing efforts to negotiate a development agreement for building a stadium for the National Football League’s San Francisco 49ers.
“Although the 49ers have announced a delay in the stadium project, work is continuing on stadium financing and there is a need for specialized financial advice,” said the staff report recommending KNN.
Uncertainty over the NFL’s labor contract led the team to announce in October that its projected opening date for the new stadium has slipped to 2015 from 2014.
The team wants to build a modern stadium in the San Jose suburb to replace the 50-year-old Candlestick Park in San Francisco.
The agency approved a not-to-exceed $100,000 contract with KNN. The new contract does not include work for any issuance of tax-allocation bonds or community facility district bonds for stadium infrastructure.
“Such activities would be performed pursuant to KNN Public Finance’s existing financial advisory contract, with fees contingent on the closing of a financing and paid out of bond proceeds,” the staff report said.