March 23, 2007
49ers ask to tap utility fund for stadium
It's official: The San Francisco 49ers are asking to tap a $242 million reserve fund for Santa Clara's electrical utilities to help pay for construction of their proposed $800 million stadium. A 49ers official told the San Jose Mercury News that "from what we've seen, it wouldn't impact [electrical] rates"; Santa Clara assistant city manager countered that without the reserve fund, the utility would have to borrow money to fund new electrical infrastructure, leading to less favorable bond ratings, and thence, increased rates.
If you're wondering how this will go over with the California public, consider that the subhead on the Merc News story is "Electricity Rates Could Rise If Reserve Fund Tapped For 49ers Stadium." And if you're still wondering, well, consider this.
Caveat emptor...
http://sports.espn.go.com/minorlbb/news/story?id=2812711
