REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on Bills and Claims for the months of May through August 2019
Report
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, 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. The May invoice was processed for payment prior to that direction. Since April 30, staff received direction to pay Stadium Authority invoices related to SBL sales and services, insurance, and utilities.
Significant expenses in May 2019 include:
* Payment of $375,744 to Forty Niners SC Stadium Company, LLC (StadCo) for the StadCo Subordinated Loan (Subloan) which includes interest and a principal prepayment due to excess revenues available and required to be paid to the Subloan per the Amended and Restated Stadium Lease Agreement.
* Payment of $1,302,000 to Forty Niners Stadium Management Company, LLC (Stadium Manager) for stadium operations costs such as staffing, supplies, equipment, insurance, and utilities.
* Payments totaling $131,734 to the City of Santa Clara for the following:
o $37,994 for reimbursement of City staff time for the College Football Playoff (CFP) National Championship (the Stadium Authority has been reimbursed by the Bay Area Host Committee (BAHC) for these costs)
o $9,601 for the payment of special liability claims related to Levi's Stadium
o $84,139 for reimbursement of General and Administrative (G&A) City staff tim...
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