The proposed 49ers stadium in Santa Clara. The city and the team now have a 40 year lease on the stadium.
Loans? Check. Contractor? Check. Lease? Check mate.
Those who doubt the San Francisco 49ers will soon be the South Bay 49ers have another conspiracy to explain.
The city of Santa Clara approved a 40-year lease this week with the Santa Clara Stadium Authority for the team to use the new $1 billion stadium once it is built.
Under the agreement, the authority will pay the city $180,000 rent the first year of the stadium, with $35,000 yearly increases over the first 10 years.
The rent will jump to $1 million a year after a decade with increases of $100,000 every five years until the 40 years are up.
The lease also has a clause in case the Oakland Raiders or another NFL team decide to join the 49ers in the new stadium.
The rental fees would go up if the stadium becomes home to two teams.