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49ers’ New $1 Billion Stadium Gets Final Approval in Santa Clara

Feb. 15 (Bloomberg) -- The city council in Santa Clara, California, voted 5-1 in favor of an $878.6 million contract that should allow the San Francisco 49ers to move into a new stadium there by the 2014 season.

Council members voted last night for three resolutions that clear the way for construction of the $1 billion, 68,500-seat arena in the heart of Silicon Valley.

Building will begin in July, about six months ahead of plan, allowing the 49ers to move a season earlier than expected.

National Football League owners approved a $200 million loan this month that will help cover construction costs.

In December, the Santa Clara Stadium Authority unanimously approved an $850 million construction loan for the stadium. Santa Clara voters approved a ballot measure in June 2010 that authorized the city to lease land for a stadium next to the Great America amusement park.

The 49ers play their home games at 51-year-old Candlestick Park, where power failures led to two delays of a Monday Night Football game against the Pittsburgh Steelers in December. Santa Clara is about 45 miles south of San Francisco.

To contact the reporter on this story: Rob Gloster in San Francisco at rgloster@bloomberg.net

To contact the editor responsible for this story: Michael Sillup at msillup@bloomberg.net

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