The 49ers’ quest to build a new stadium in Santa Clara got a big shot in the arm on Thursday.
The NFL allocated $200 million in funds from the stadium fund established in the new Collective Bargaining Agreement for the construction of a new 49ers stadium in the South Bay. The rest of the financing was in place via loans contingent on the NFL kicking in money and money from Santa Clara in the form of a hotel tax and local redevelopment funds.
“With the NFL’s muscle now behind the new stadium, we are moving forward,” said 49ers CEO Jed York in a statement. “I expect an official groundbreaking ceremony very soon. Get your hard hats ready; we are embarking on the path to the next generation of 49ers football.”
According to the 49ers, the new stadium will cost $1.02 billion. It is expected to be finished by the start of the 2015 season.