The Santa Clara City Council unanimously approved a financing plan this week for construction of the $1.02 billion proposed stadium for the San Francisco 49ers.
The preliminary financing plan includes commitments from Goldman Sachs, Bank of America and U.S. Bank to loan the city $850 million. Santa Clara officials said they plan to pay back the loan with revenues from the stadium.
The plan is still contingent on National Football League owners approving $150 million to be spent on the proposed stadium.
The city council is expected to consider a final finance plan next spring.
Construction of the 68,000-seat stadium is set to begin in 2012 and could be open in time for the 2015 NFL season.
Photo Credit: 49ers.savesantaclara.org/