REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on the Stadium Manager and StadCo's Request to Assign Stadium Builder's Licenses to an Additional 24 Field Seats in the North and South End Zones of Levi's Stadium
Report
BOARD PILLAR
Ensure Compliance with Measure J and Manage Levi's Stadium
BACKGROUND
The Santa Clara Stadium Authority (Stadium Authority) has the sole and exclusive right to sell, license, or transfer Stadium Builder's Licenses (SBLs) and similar instruments for all the seats located in Levi's Stadium, with the exception of those seats located in, or accessible through, private "Suites." Under the Stadium Management Agreement, the Forty Niners Stadium Management Company (Stadium Manager) is responsible for making recommendations to the Stadium Authority with respect to facilitation of a secondary market for SBLs, and marketing, monitoring, and managing any SBL Agreements of the Stadium Authority. By entering into an SBL Agreement, an SBL Holder has exclusive rights to purchase 49ers season tickets and priority access to other events at the Levi's Stadium for the 30-year term of the agreement.
On June 21, 2022, the Stadium Authority Board considered a proposal from the Stadium Manager and Forty Niners SC Stadium Company LLC (StadCo) and approved the assignment of SBLs priced at $17,500 per seat for up to seventy (70) field seats in the North and South end zones of Levi's Stadium with the following actions:
1. Approved the Stadium Manager and StadCo's recommendation to add and sell SBLs priced at $17,500 per seat for the field seats located in the North and South end zones of Levi's Stadium;
2. Authorized the Executive Director to negotiate and execute an agreement with StadCo regarding obligations related to the field seats consistent with the June 21, 2022 agenda report prior to the Stadium Manager selling SBLs for the field seats; and
3. Authorized the Executive Director to work with the Stadium Manager to make modifications and provi...
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