Will Kennedy speaks to
Santa Clara Plays Fair
(id SCvoter on youtube.com)
on Reason #3 of the
top 10 reasons
to Vote No on Santa Clara Measure J
The 49ers only pay us about $26,000 per year for rental of 11.2 acres of city land - less than many Santa Clarans pay for their mortgage/rent. Three businesses near the training center pay the city $1.4 million, $1 million, and $.5 million per year for properties about one-third the size of the training center. This means that the 49ers pay about 1% per acre of what these other businesses pay. If the 49ers paid rent at the same rate per acre as these other businesses, they would pay the city $2,600,000 million per year, not $26,000.
We see no reason why the city should provide bargain basement rent to the 49ers when other businesses pay fair market rent. The term sheet requires the city to extend the rent deal as long as the stadium lease is in effect, possibly until 2074. This cheap rent deal alone is worth millions to the 49ers and costs the city millions in potential General Fund revenue. The loss caused by this loss of revenue has not been calculated, and is in addition to the $67 million loss to the General Fund.
Source: Term Sheet, Section 17.3
Source: City of Santa Clara Annual Lease Revenues
