The 49ers are so close to building a new stadium you can almost hear the jackhammers and pile drivers across the street.
The team announced on Friday that it had secured $850 million in loans from three banks to build what has grown to be a more than $1 billion stadium in Santa Clara. Construction for the 68,000-seat facility could begin next year and there is growing optimism that it will be ready for the 2014 season not 2015 as previously discussed.
The loans are coming from Goldman Sachs, U.S. Bank and Bank of America, and they are expected to be repaid from revenue generated by ticket sales, suite sales, sponsorships and naming-rights deals. In addition, the NFL is expected to kick in $150 million while the city of Santa Clara's redevelopment agency will contribute about $40 million. A hotel tax will add another $35 million.
The city and team said the loan should be paid off in 25 years.
Here's a blog from this summer about the stadium design, which aspires to capture Santa Clara's sunny and mild weather. The San Jose Mercury News has done the best job of following stadium developments. Here's its story on the development.
-- Matt Barrows