Silicon Valley Leadership Group Supports 49ers Santa Clara Stadium Proposal

Public Policy Association of 210 Companies Cites Potential Economic, Social and Cultural Benefits of Project

The Silicon Valley Leadership Group today announced its support of the San Francisco 49ers' proposed Santa Clara stadium, citing the economic and cultural benefits the project would provide for the region.

The Leadership Group, which represents 210 companies in Silicon Valley, also noted the team's cost-sharing financial model and commitments to the city and Santa Clara taxpayers in its decision to endorse the project "in concept" while continuing to monitor forthcoming reports, public hearings and other developments.

"We believe it is very important to keep the San Francisco 49ers in the Bay Area," said Carl Guardino, CEO of the Leadership Group. "The Santa Clara stadium project will help ensure that, and at the same time will bring vital economic growth and social and cultural benefits to Silicon Valley. While many matters are still to be resolved, including transportation, parking and final building costs, the team has laid out a very solid package.

"We also applaud team owner John York for his pledge to four key principles of the project - a significant financial investment by the team and the NFL, no new taxes on residents or businesses in Santa Clara, no negative impact on Santa Clara's general fund, and no impact to ratepayers if Silicon Valley Power's cash reserves are used," added Guardino.

An independent economic study earlier this month by the Santa Clara Chamber of Commerce and Convention-Visitors Bureau and the San Jose Convention and Visitors Bureau projects that the stadium will bring an annual economic impact benefit of more than $650 million and more than 3600 new jobs to the region. These results eclipsed the team's own study that forecast an annual economic benefit of $249 million and more than 2200 new jobs.

Under the team's plan, the 49ers and the NFL are proposing to pay $363 million toward the stadium, a new stadium authority will raise an additional $330 million through naming rights, seat licenses and other sources, and the city of Santa Clara has been asked to contribute $160 million and to relocate a Silicon Valley Power substation.

Earlier this year, the Leadership Group opposed SB49, a bill that would restrict the team's options for relocation in the greater Bay Area. In March, the organization also voted to support the proposed Oakland A's Fremont stadium project in partnership with Cisco.