REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on Stadium Authority Bills and Claims for the Month of March 2021
Report
BOARD PILLARS
Enhance Community Engagement and Transparency
Ensure Compliance with Measure J and Manage Levi's Stadium
BACKGROUND
Disbursements made by the Stadium Authority are based on invoices submitted for payment. Prior to payment, staff reviews all disbursement documents to ensure that they are in compliance with the goods or services provided.
The Bills and Claims listing represents the cash disbursements required of normal and usual operations during the period. Budget control is set by the Stadium Authority Board through the budget adoption process.
DISCUSSION
On April 30, 2019, the Stadium Authority Board directed staff to stop payment of any Stadium Authority invoices for services unless there is substantial documentation of services rendered, which must also be in compliance with State law and City Code. Since April 30, 2019, staff received direction to pay Stadium Authority invoices related to SBL sales and services, insurance, and utilities.
Significant expenses in March 2021 include:
* Payments totaling $134,629.47 to the City of Santa Clara for the following:
o $131,238.40 for reimbursement of General and Administrative (G&A) City payroll costs (e.g.: City Manager's Office, City Attorney's Office, and Finance Department)
o $3,391.07 for reimbursement of CapEx Stadium Authority Expenses
* Payments totaling $5,874,288.99 to Forty Niners SC Stadium Co, LLC for the following:
o $77,577.27 for CFD Advance Payment - Interest
o $5,796,711.72 for the Subordinated Loan Payment - Principal & Interest
* Payment totaling $447,000.00 to Forty Niners Stadium Management Co, LLC for the following:
o $247,000.00 for March 2021 Stadium Manager Expenses - Insurance
o $200,000.00 for March 2021 Stadium Manager Expenses - Utilities
* Payments totaling $89,714.14 for Legal Services
* Payments totaling $2,136.00 to Santa Clara Weekly for...
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