49ers One Step Closer To Building New $1B Stadium

Law360, New York (February 29, 2012, 1:54 PM EST) -- The San Francisco 49ers cleared yet another hurdle to the construction of their $1 billion Santa Clara, Calif., stadium Tuesday when the city's stadium authority voted to approve one of two 40-year ground leases for the site.

The 5-to-2 vote authorizes a lease agreement between the city and the stadium authority allowing the authority to sublease the stadium to 49ers Stadium Co. LLC and permitting the latter to in turn lease the property to the 49ers football team. A second lease agreement will come up for...
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