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Committee forwards 49ers’ Candlestick lease amendment after city negotiates early-exit fees and neighborhood payment
Summary
The Government Audit & Oversight Committee voted to forward a resolution approving a lease amendment that gives the San Francisco 49ers an early-termination option, secures a $1,000,000 option payment and requires additional guaranteed payments if exercised; Rec & Park and budget analysts said neighborhood youth programs would benefit.
The Government Audit & Oversight Committee on Thursday forwarded to the full Board of Supervisors a resolution approving an amendment to the San Francisco 49ers’ lease for Candlestick Park that would allow the team an early-termination option in exchange for guaranteed payments to the city.
Rec & Park assistant director Nick Kinsey told the committee the amendment would grant the 49ers an option to end the lease as early as May 2014. "They would pay the City $1,000,000 in February, regardless of whether or not they exercise that option," Kinsey said, and if the team exercises the option it would make a further guaranteed payment of about $4,295,000. The amendment also lays out a schedule of…
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