Dear Santa Clarans,
The previous post analyzed the leakiest of the Term Sheet clauses - which in fact does NOT protects taxpaying Santa Clara residents.
Here, let's examine our own Sample Ballots to see just how the 49ers deny us fair returns for the land they're taking for their stadium - a stadium which Santa Clarans will be paying to subsidize:
- Section 4.3(a): The 49ers pay a pathetic ground rent of only $180,000 in the first year. This ground rent only rises to $1M a year in the year 2024 - and to its maximum of $1.5M in 2050. Just compare these payments with what Cedar Fair already pays into our General Fund: $5.3M per year - every year. That's SIX TIMES as much as the 49ers ever will ever pay us. It's TEN TIMES as much in 2009 dollars.
- Section 17.3: The "sweetheart lease" on the 49ers Training Center will be extended to run concurrent with the stadium lease itself. That lease pays our city a paltry $26,000 a year for 11 acres of prime Silicon Valley real estate. This section locks in yet another "subsidy" which has been benefiting only the 49ers since 1987. However, the five Stadium Boosters on our City Council have no intentions of fixing this travesty - instead, they're demanding that you as voters make it even worse.
Please, neighbors and voters - don't take the word of the Stadium Boosters on what this highly defective "Term Sheet" says. Instead, please read it yourselves - the truth is in your voter Sample Ballots.
The Stadium Subsidies on your voters' ballots make the city of Santa Clara a victim - never a partner. On Tuesday, please vote NO on Measure J.
Thank you and best regards,
Bill Bailey, Treasurer
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