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Santa Clara Borrows Against Odds of Gain With 49ers

Michele Ryan says Santa Clara, a Silicon Valley city of 116,500, overreached by betting it can build a $1.18 billion stadium for the National Football League’s San Francisco 49ers without dunning taxpayers.

Elected officials, in borrowing $950 million for the project from firms led by Goldman Sachs Group Inc., went beyond the $114 million investment approved by voters, says Ryan, who teaches high school mathematics. Groundbreaking for the field is today, with the team planning to move in for the 2014 season.