Funding for 49er stadium?

[Mike0476]

You might tell them that MSG was massively renovated in 1991 to the tune of $200 million. That's $200 million 16 years ago!

EDIT: Unfortunately, more than one engineer has determined that due to the lousy foundation put in for Arco, renovation of the existing arena is out of the question.

Believe me, I did mention that because Arco Arena was made quickly and cheaply ($40 million in 1987-1988), so it cannot be renovated. Yet some still feel Arco Arena does not need to be replaced. I have tried to use examples of other arenas/stadiums/ballparks to everyday things we have such as cars and homes. It all fell on deaf ears. They simply do not want any part of it. They are a small sampling of what is believed to be the majority based on voter polls on the news.

Some even argued that $40 million is too much to spend. You cannot win over those voters at all.

On the other hand, it looks like San Francisco is going to build a new stadium for the 49ers with a price tag of $800 million. If it gets the green light, it will be completed in fall 2012. That's plenty of time to make a bid for the 2016 Summer Olympics.

Oh, and the project will be entirely privately funded.

http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2006/07/11/MNG03JT3ET1.DTL

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/06/30/BAGRCJN6MG1.DTL

http://www.mercurynews.com/mld/mercurynews/sports/football/nfl/san_francisco_49ers/15026486.htm

 

[kennadog]

I must be missing it. Which article says the 49ers new stadium will cost $800 million and that it will be privately financed? All I see is mention of the $100 million bond the city had passed for a failed stadium proposal?

 

[VF21]

Note: I split this from the Rumor thread simply because the potential for misunderstanding is way too great.

This isn't about funding for the new arena for Sacramento. These articles are about San Francisco.

 

[Mike0476]

Sorry for the confusion. I tried to edit my comment to add where I got the news from on the new 49ers stadium.

I got it from KCRA 3's Del Rodgers at 6:50 p.m. He mentioned the words "entirely privately funded" before moving on to the next sports topic.

 

[Mike0476]

I found the most recent article that mentioned the price tag of $800 million -

http://www.sfgate.com/cgi-bin/artic...17D55.DTL&hw=49ers+new+stadium&sn=001&sc=1000

 

[Mike0476]

I found this to be the most interesting parts of the article -

"The additional seats could also improve San Francisco's chances for hosting a Super Bowl or World Cup soccer events."

We have discussed the positives that would come out of a new arena, i.e. help improve our city's image with a new state-of-the-art facility, NBA All-Star Game (unfortunately went to Las Vegas instead and hosted by the Maloofs), etc.

"The team also expects funding from Lennar Corp. and between $20 million and $150 million from the NFL."

It's too bad the NBA cannot help us out with some funding for a new arena.

 

[kennadog]

This is the key to the "private financing" tho, from the above article. They want the right and approval to develop adjacent land. I'll guarantee you the in SF, they'll make 100s of millions from development.

The 49ers have proposed the construction of a retail, entertainment, and residential development complex next to the stadium to pay for the project. The team's development partner, Lennar Corp., plans to present its proposal for the Candlestick Point property in the city's Bayview-Hunter's Point neighborhood later this summer.


Team owners John and Denise York plan to contribute "hundreds of millions" of dollars to finance the stadium pending the approval of the adjacent development, Lang said.


The team also expects funding from Lennar Corp. and between $20 million and $150 million from the NFL.

I find it interesting that the NFL kicks in a considerable amount.

 

[kennadog]

Another take on financing a stadium:

http://sanfrancisco.bizjournals.com/sanfrancisco/othercities/twincities/stories/2006/07/10/focus3.html

As the Hennepin County Board begins work on the new $522 million Minnesota Twins ballpark, underwriting firms across the country are hoping to get a shot at the big deal.

A final vote is still necessary to levy a 0.0015 percent sales tax that will raise the county's $392 million contribution to the stadium's construction, but it's assumed, given the way the votes have been cast in the past, that the measure will pass.


The county will then accept bids from municipal underwriting firms to buy the bonds. The underwriting firms, following the purchase, will sell the bonds to individual and institutional investors.

and

The new Gophers football stadium, by contrast, will cost about $248 million. The University of Minnesota plans to cover about 45 percent of the cost with private funds, corporate sponsorships and student fees of $25 a year.

Okay, a college football stadium in Minny will cost $248 million!

 

[ShatteredVision]

I'm sure if a UC throws its money around like that, they can finance an arena for the Kings, UC Davis and Sac State...

 

[Purple Reign]

I found the most recent article that mentioned the price tag of $800 million -

If a 68,000 seat stadium in San Francisco is estimated at $600-800 million, how is a 17-18,000 seat arena in Sacramento going to cost $500 million. It seems to me that either the 600 to 800 in S.F. is way too low, or the 500 in sac is way too high.

 

[Prophetess]

higher land value in S.F. ?

 

[Purple Reign]

I guess what I am trying to say is the cost differential between a 68,000 seat stadium in San Francisco and a 18,000 seat arena in downtown Sacramento should be more than 100 to 300 million, shouldn't it?

I think that 500 million for an arena is too big of an estimate. I would think more in the range of $400-425 million for a downtown arena in Sacramento.

 

[kennadog]

I think $500 million for the arena is reasonable when compared to other arenas built recently. The stadium doesn't need a roof, which adds quite a bit of cost. Course, maybe we could save money by having the first open-air arena.

 

[VF21]

Hey, that'd be fun. And the Maloofs could just hand out umbrellas for those less-than-perfect game nights.

 

[ShatteredVision]

Retractable roofs man.

 

[kennadog]

Hey, that'd be fun. And the Maloofs could just hand out umbrellas for those less-than-perfect game nights.

And purple and black camping-type hand warmers with the team logo. Just think of the marketing possibilites! And they'd probably sell a lot more of those expensive Kings jackets.

 

[BigWaxer]

Imagine how the gold would reflect off the moon and first NBA night lights.

 

[kennadog]

Imagine how the gold would reflect off the moon and first NBA night lights.

ROTFL. I can imagine the fans burning those gold unis to keep warm.