REPORT TO CITY COUNCIL AND STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on Amendment No. 2 to the Ground Lease, and Amendment No. 1 to the Restated and Amended Stadium Lease, to Implement the Settlement Agreement and Mutual Release (Buffet and Public Safety Cost Arbitration) with Forty Niners SC Stadium Company LLC and Forty Niners Stadium Management Company LLC, and Approve Related Budget Amendments
Report
COUNCIL AND BOARD PILLAR
Ensure Compliance with Measure J and Manage Levi's Stadium
EXECUTIVE SUMMARY
After many months of negotiations, at the recent May 20, 2024 Closed Session, the Santa Clara Stadium Authority Board and City Council accepted terms for settlement of longstanding disputes with the 49ers over Stadium Authority obligations to reimburse the 49ers for "buffet costs" for certain NFL game ticket holders, and to reimburse "public safety costs" paid by the 49ers to the City above a contractual public safety costs "threshold". Council/Board action included direction to the Authority Executive Director/City Manager to finalize and execute a Settlement Agreement consistent with those terms in a final form approved by the Authority Counsel/City Attorney. That agreement was finalized and executed by all parties on May 23rd. A copy of the agreement was provided to the public that same evening.
Tonight's item presents for Authority Board and City Council consideration two lease amendments that are necessary to implement a number of the key terms in the Settlement Agreement. The first lease amendment is to the Stadium Lease between the Stadium Authority and the 49ers entity known as "StadCo." The second lease amendment is to the Ground Lease between the Stadium Authority and the City which owns the Stadium property. Authority Board/City Council approval is also sought for delegation to the Executive Director/City Manager to amend any other agreements required to implement the Settlement Agreement. Finally, approval is also requested for the neces...
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