Jamie Matthews on Stadium Loan

“The Right Decision for Santa Clara”

As we embark on a new year, I’m pleased to report that 2012 will likely be one of the most historic in Santa Clara’s history.

The City of Santa Clara’s Stadium Authority unanimously approved a development agreement and financing plan that will enable construction of a new world-class sports entertainment venue next to another city landmark, the Great America theme park. The new venue will be home to the San Francisco 49ers and versatile enough to host a wide range of events. In addition, the NFL is expected to consider this site to host a future Super Bowl.

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This stadium will be one of the largest construction projects ever in our city. It will provide much-needed jobs to local families and generate sizeable and steady streams of income for Santa Clara for decades to come.

The Santa Clara city staff and City Council spent thousands of hours carefully examining every detail of the financing plan. They reviewed, revised and refined the language in the documents to assure that it absolutely met both the spirit and intent of Measure J. Santa Clarans had multiple opportunities to review, vet and examine the documents and ask questions of staff, the Stadium Authority, the 49ers and the banking representatives.

Unfortunately, a small segment of our community that continues to oppose the stadium – despite the overwhelming approval of voters, continues to spread false and misleading rhetoric. Here are some facts you need to know:

• The a development agreement and financing plan was approved unanimously by the Stadium Authority is backstopped by the team
• Your tax dollars and the General Fund are untouchable by the lenders – that was essential to Measure J and essential to the City
• The terms comply with Measure J that voters overwhelmingly approved in June 2010
• Santa Clara will be Job Central in California. Building and construction trades will greatly benefit once we start construction on the stadium.

In fact, the approval of the stadium is an extension of a public-private partnership with the 49ers, a first-class organization. 25 years ago, the team chose to build a training center and team headquarters in Santa Clara. Since then, the 49ers Foundation has given generously to worthy causes in the community. Players, coaches and staff members have planted roots here. History has proven them to be good community partners and citizens.

I’m proud to support these types of partnerships because they benefit the Santa Clara community in many ways. This project will put nearly 10,000 people to work in a time when unemployment rates in the region are more than double the national average. It does so in a manner that conforms to Measure J, and the terms ensure accountability and protection for the taxpayers. Most importantly, during construction and after the stadium opens, this venue will produce new tax dollars that can be used to pay for essential city services such as police and fire protection and parks.

The new stadium in Santa Clara is a great business decision for our city. The terms of the development agreement and financing plan we approved by unanimous vote of the Stadium Authority just as you voted them with Measure J. Groundbreaking will take place in early 2012 and our little city that knows how, will once again show what we can accomplish.