City Council and Authorities Concurrent
February 25, 2025

Bu
B

n June 8, 2010 the residents of Santa Clara voted to adopt Measure J, the Santa Clara Stadium Taxpayer Protection and Economic Progress Act, resulting in the approval to construct a stadium to be leased by the San Francisco 49ers. Measure J called for the creation of the Santa Clara Stadium Authority (Stadium Authority) to own, develop, construct, operate, and maintain the Stadium. The Stadium Authority exists as a public body, separate and distinct from the City. The Stadium Authority is structured so that the City is not liable for the debts or obligations of the Stadium Authority.

This budget and additional financial information on the Stadium Authority can be found at: “santaclaraca.gov/our-city/santa-clara- stadium-authority”.

O

PROPOSED

FISCAL YEAR
2025/26

OPERATING,
DEBT

SERVICE

AND CAPITAL
BUDGET
1500 Warburton Avenue
Santa Clara, CA 95050
Phone: (408) 615-2210
Website:
https://www.santaclaraca.gov/our
-city/santa-clara-stadium-
authority
Email: communications@
santaclaraca.gov
Santa Clara Stadium
Authority

2 L E V I’ S ® S TA DI U M
3 Table of Contents
Transmittal Letter .................................................................................................................... 4 General Information............................................................................................................... 14 Organizational Chart ............................................................................................................. 15 NFL Event Highlights - Year in Review ................................................................................. 16 Non-NFL Event Highlights - Year in Review .......................................................................... 17 Excess Revenues Distribution ............................................................................................... 18 Stadium Authority Operating Budget ..................................................................................... 20 Stadium Authority Operating Budget Glossary .................................................................. 29 Shared Stadium Manager Expenses ..................................................................................... 37 Shared Stadium Manager Expenses Glossary .................................................................. 39 Ten-Year Forecast ................................................................................................................ 41 Stadium Debt Service Budget ............................................................................................... 44 Stadium Debt Service Budget Glossary ............................................................................. 47 Stadium Authority Capital Expense Budget ........................................................................... 49 Stadium Authority Work Plan ................................................................................................ 61 Santa Clara Stadium
Authority
4 February 25, 2025
Honorable Board Chair and Stadium Authority Board
SUBJECT: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget Members of the Board,
As required in the Stadium Management Agreement, Section 4.6, I transmit the Proposed Fiscal Year (FY) 2025/26 Operating, Debt Service, and Capital Budget for the Stadium Authority.

This budget provides the necessary funding to administer the duties of the Stadium Authority, including:
 Support for operating Levi’s® Stadium (Stadium) for Non-National Football League (Non-NFL) Events through a management company, the Forty Niners Stadium Management Company LLC (ManCo or Stadium Manager);
 Advancement of the FY 2025/26 Work Plan;
 Payment of debt service obligations; and,
 Maintenance of a five-year capital plan.

LEVI’S® STADIUM OVERVIEW
The Santa Clara Stadium Authority exists as a public body, separate and distinct from the City of Santa Clara, and was established to provide for the development and operation of Levi's ® Stadium.

The elected members of the City Council serve as the governing board for the Authority, with the Mayor serving as chair, the City Manager as the Executive Director, and the City Attorney as the Authority’s General Counsel. Levi’s ® Stadium, the region’s premier sports and entertainment venue, is home to the San Francisco 49ers and future host site of Super Bowl LX and FIFA World Cup in 2026.

The Stadium Authority owns Levi’s ® Stadium and contracts with ManCo for promotion of Non-NFL Events and facility operations and maintenance. This operational structure is implemented by using a variety of ManCo staff, vendors, and public service employees through reimbursement procedures.

The Stadium Authority Board (Board) provides overall governance and oversight of this operational structure. Amongst other due diligence requirements to support these duties, the Board is also responsible for: setting policy; debt and fiscal management; and ensuring implementation of required duties related to operations and capital projects. While meeting the Stadium Authority’s obligations, this budget continues to advance initiatives outlined in the Stadium Authority’s work plan and various work efforts related to Non-NFL Events.

Honorable Board Chair and Stadium Authority Board
Re: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget February 25, 2025 5 Since opening in 2014, Levi’s® Stadium has served as a key economic driver for Santa Clara, generating millions in annual revenue for the City and regional economy. Unlike many stadium projects, Levi’s® Stadium was built without tax increases or ongoing government subsidies, relying instead on 49ers revenue and non-NFL event income to service all debt. The only public contribution was a one-time Redevelopment Agency (RDA) investment. Measure J includes provisions that further safeguard taxpayers by providing that the City’s General Fund nor Enterprise Funds are used for Stadium operations or debt repayment.

Levi’s® Stadium continues to generate significant revenue from NFL games, concerts, and special events, contributing to ongoing Stadium debt reduction, and contribution to the City’s General Fund.

The Stadium Authority maintains a disciplined financial strategy, prioritizing responsible debt management, operational efficiency, and revenue maximization. Here's an overview of the Stadium Authority's historical financial trajectory from 2013 to 2024:

 Consistent Annual Revenue: The SCSA's revenue has averaged $77.7 million per year, peaking at $123.7 million in the 2014/15 fiscal year due to initial Stadium Builder License (SBL) sales. The lowest revenue was $49.6 million during the pandemic-affected year in FY 2020/21.  Contribution to the City’s General Fund: The City's General Fund has received an average of $2.6 million annually from stadium-related activities. The highest contribution is projected to be

12.7 million in FY 2024/25 largely because of the 2024 Settlement Agreement, while the lowest was $390,000 in FY 2020/21, reflecting pandemic impacts. Income to the City includes money from ground rent, performance rent, Senior & Youth Program Fees, and parking fees.  Reduction of Construction Debt: The Stadium's debt peaked at $653.4 million. As of March 2025, it is projected that this debt will be reduced by 66% to $219.7 million.

Beyond financial returns, Levi’s® Stadium enhances tourism, local business growth, and job creation, reinforcing its role as a vital regional asset. The venue’s ability to attract world-class events, including the upcoming Super Bowl 60 and FIFA World Cup 2026, underscores its strong reputation and long- term value to Santa Clara.

The Stadium Authority remains committed to financial oversight, transparency, and long-term sustainability, ensuring that Levi’s® Stadium continues to provide economic and community benefits while maintaining fiscal integrity.

PROPOSED BUDGET IN BRIEF

The total Revenues and Expenses in the Stadium Authority Operating Budget for FY 2025/26 are $66.2 million and $61.2 million respectively. Revenues increased by $3.4 million or 5%, compared to the prior fiscal year budget. Expenses decreased by $6.5 million or 10% compared to the prior year budget. This budget reflects changes based on the parties’ 2024 Settlement Agreement and the amendments of the Stadium Lease Agreement, which became final and effective on December 28, 2024. This budget also reflects revenues and expenses necessary to operate the Stadium in the context of planning for major events scheduled for the upcoming year which include the 2026 World Cup and Super Bowl LX.

Honorable Board Chair and Stadium Authority Board
Re: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget February 25, 2025
6 The Proposed Budget is presented on an accrual basis which provides increased transparency for projected revenues and expenses, with added detail about financial transfers.

A summary of key changes and assumptions for the Proposed Budget include:
 Net Non-NFL Events Revenue estimate for FY 2025/26 totals $5.3 million. This is budgeted lower than the actuals for FY 2023/24 and FY 2024/25, which were $8.3 million and $9.3 million (projected actuals), respectively. ManCo provided a budget estimate of $4.5 million to $5.3 million for Net-Non-NFL Event Revenue for FY 2025/26. Historically, actual performance has exceeded the preliminary budget estimates based on additional event bookings that may occur after the start of the fiscal year.

SCSA staff continue to work with ManCo on adjustments to their Non-NFL Events revenue budget estimate process so that they are more in line with historical performance trends. Below is a summary of prior budget estimates and actual performance.

As noted above, performance for the prior two fiscal years far exceeded the initial budget estimate.
 FY 2023/24 Non-NFL Events Revenue: Preliminary Budget Estimate $4.5 million / Actual $8.3 million
 FY 2024/25 Non-NFL Events Revenue: Preliminary Budget Estimate $6.0 million / Projected Actual $9.3 million
 Payments to the City’s General Fund are programmed at $6.3 million in FY 2025/26 for performance rent ($2.2 million), excess revenue distribution ($2.8 million), ground rent ($1.0 million), and Senior/Youth fees ($270,000).
 Non-NFL Ticket Surcharge revenue is projected to increase $2.3 million, reflecting the increase from of the surcharge from $4 to $8 for tickets sold in FY 2025/26 for certain events.  Public Safety cost reimbursements over the agreed-upon threshold for FY2025/26 is $2.1 million; $2.0 million will be paid for from the Public Safety Cost Reserve, and $100,000 will be paid from the Discretionary Fund.
 Public Safety Costs 2024 Outstanding Balance paydown of $2.8 million from Excess Revenues which will leave an end balance of $2.8 million at the end of FY2025/26.  Levi’s® Naming Rights expense of $1.7 million includes the Authority’s obligations under its Naming Rights Agreement with Levi’s ® to provide suite and tickets to the six 2026 World Cup soccer matches. The Stadium Authority will receive a $4 to $6 surcharge per ticket sold for the six 2026 World Cup events, with projected revenues (including any backfill if less than $6 is charged) of $2.1 million. These revenues will be allocated 50% to Stadium Authority general revenue and 50% to the Discretionary Fund.
 Capital Expense (CapEx) Reserve Fund Balance is budgeted to have a balance of $2.6 million by the end of FY2025/26. Staff is proposing that the Stadium Authority contribute an additional $1.0 million to the CapEx fund above contractual requirements to provide additional resources for unanticipated expenses. Stadium Authority will continue to provide oversight and work with ManCo to ensure the projects with the highest priority, and needs are addressed within the five-year CapEx plan. StadCo has conducted a Facilities Condition Assessment (FCA), funded at their expense, to help facilitate long-term financial planning, operational Honorable Board Chair and Stadium Authority Board
Re: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget February 25, 2025
7 efficiency, and structural integrity. The FCA identifies necessary repairs, capital improvements, and compliance requirements while optimizing maintenance costs and resource allocation.

The Stadium Authority will undertake a vetting of the FCA once complete. It is important to note that the current capital reserve balance is far below an appropriate level and increasing this balance should be a major focus of future budgetary and capital project planning.  Proposed Capital Expenditures totaling $18.6 million, including general building, security, furnishings and equipment, and public safety investments. The Authority will oversee and collaborate with ManCo to prioritize projects within the five-year CapEx plan. StadCo has funded a Facilities Condition Assessment (FCA) to aid long-term financial planning, operational efficiency, and structural integrity. Once complete, the Stadium Authority will review the FCA.

Given the low capital reserve balance, increasing reserves will be a key focus in future budget and capital planning.
 General and Administrative Budget funding 8.7 full-time equivalent positions totaling $3.3 million. This is a baseline level of support necessary for Stadium Authority operations and reflects an estimate of staff time necessary for FY 2025/26 activities. This budget also included positional changes to reflect a staff reclassification that took place during the current fiscal year, conversion of an existing Assistant to the City Manager to a Deputy City Manager position.
 Debt Service payments of $20.6 million, including debt related to the Community Facilities District (CFD) Advance ($3.6 million) and Term A Loan ($17.1 million).  Renovation/Demolition Reserve is budgeted to have a balance of $48.9 million by the end of FY 2025/26. This reserve is over half of the $70 million required, because of contributions from excess revenues that have been generated in recent years. The flow of excess revenues was revised to 50% as part of the 2024 Settlement Agreement. As a result, the flow to this reserve is reduced, and the full funding of this reserve is now forecasted for FY 2030/31.

KEY ISSUES / THEMES IN THE PROPOSED BUDGET
There are several key issues / themes highlighted below that contribute to the Proposed Budget.

Super Bowl LX & FIFA World Cup 2026 – Levi's® Stadium is scheduled to host Super Bowl LX on February 8, 2026 and six FIFA World Cup 2026 events between June 13 – July 1, 2026. These events have required significant pre-planning efforts, negotiation and execution of various agreements, and coordination with the NFL, FIFA, Bay Area Host Committee (BAHC), ManCo, and other organizations.

In February 2025, the City Council/Stadium Authority Board approved the FIFA World Cup 2026 Assignment and Assumption Agreement and Guaranty of Certain FIFA World Cup 2026 Obligations (World Cup Agreements). The World Cup Agreements assign all obligations to the BAHC with the exception of the Stadium Authority’s obligations under its Naming Rights Agreement with Levi’s ® to provide suite and tickets to the six 2026 World Cup soccer matches that will be held at Levi’s ® Stadium. The World Cup Agreements include a commitment from the BAHC to reimburse the City for all event-related security, emergency response, transportation management and related costs (collectively, “public safety costs”). A financial guaranty from the Forty Niners Football Company, LLC (TeamCo) for public safety costs, payments for field improvements, and third-party approval/buyout costs is also included in the World Cup Agreements.

Honorable Board Chair and Stadium Authority Board
Re: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget February 25, 2025 8 While the management and administrative costs and the Stadium Authority’s obligations to Levi’s® under the Naming Rights Agreement is included in this budget, it should be noted that this budget does not include the full costs to host Super Bowl LX and the six FIFA World Cup 2026 soccer matches. For example, the public safety costs and public safety reimbursements related to these events will be included in the City’s budget. In preparing for these world-class events, it is key to ensure that the City continues its compliance with Measure J, which requires that the City be reimbursed for all City-related services and event costs for Levi’s® Stadium. The World Cup Agreements are a key risk mitigating factor for the City and Stadium Authority Staff and BAHC are in the final stages of negotiating the terms of the Super Bowl LX Interim Funding Agreement, a short- term financial arrangement designed to provide temporary funding for qualified event expenses. This interim agreement ensures that necessary event-related costs are covered efficiently and without delay, maintaining operational continuity while the League Agreement—a more comprehensive financial framework between the 49ers, BAHC, and the City—is being finalized. The League Agreement will establish long-term financial responsibilities, revenue allocations, and governance structures to ensure sustainable funding and accountability for major events at Levi’s® Stadium.

2024 Settlement Agreement – In May 2024 the 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”. To implement this 2024 Settlement Agreement, amendments to the Stadium Lease between the Stadium Authority and StadCo and the Ground Lease between the Stadium Authority and the City were required.

Additionally, those lease amendments required the consent of the National Football League (NFL) and Stadium Lenders in order to become final and effective. In December 2024, the NFL and the Lenders provided their consent to the two lease amendments, which then made 2024 Settlement Agreement terms final and effective as well.

The 2024 Settlement Agreement and Lease amendments included the following terms:

 NFL Public Safety Costs (PSC) paid by StadCo to City that exceeded the threshold for FY 2017/18 through FY 2023/24 (and were therefore due and payable by Stadium Authority to StadCo) to be reduced from $15.5 million to $14.8 million (Public Safety Cost 2024 Outstanding Balance).
 Instead of offsetting Performance Rent, this PSC 2024 Outstanding Balance is to be paid down out of the Stadium Authority’s Legal Contingency Reserve, and an allocation of future Excess Revenues. It is currently estimated that the PSC 2024 Outstanding Balance will be paid off in FY 2027/28.
 NFL Public Safety Cost Threshold to be increased in FY 2024/25 from $251,000 per game to $360,000 per game, with 4% annual increases thereafter.  Non-NFL Event Ticket Surcharge to be increased from $4 per ticket to a minimum of $8 per ticket starting in FY 2025/26, with a $1 per ticket increase every four years thereafter. This incremental surcharge revenue will be used to reimburse any future Public Safety Costs that exceed the Threshold, thereby increasing Performance Based Rent.  The Performance Based Rent formula was revised to allow for a higher Performance Based Rent paid to the City even when public safety credits are due.

Honorable Board Chair and Stadium Authority Board
Re: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget February 25, 2025 9  Public Safety capital expenditure depreciation for Non-NFL events will be reimbursed to the Stadium Authority.
 The 49ers claim against the Stadium Authority for $6.8 million in accrued NFL buffet costs for certain Legacy SBL holders from the beginning of Stadium operations through FY 2023/24 was waived in its entirety.
 Starting with FY 2024/25 the NFL buffet costs will be a flat fee, which reduces the Stadium Authority’s financial liability. The Stadium Authority will pay a flat fee of $90,000 per game for the buffet in FY 2024/25 and this will increase by 3% annually. Stadium Authority is provided audit rights.
 The Senior and Youth Program Fee will increase from $0.35 per ticket with an annual cap of $250,000 to $0.40 per ticket with a $300,000 annual cap starting in FY 2024/25. This fee will increase by $0.05 per ticket every ten years and the annual cap will also increase by $50,000 every ten years. These fees support the City’s senior and youth programs provided by the Parks and Recreation Department.
 Stadium Authority Excess Revenues originally were required to fill the $70 million Renovation/Demolition Reserve Fund before they could flow to the City’s General Fund. The settlement agreement restructures the excess revenue waterfall so that 50% of the funds will continue to fill the Renovation/Demolition Reserve Fund. The remaining 50% is split evenly between repaying StadCo the PSC 2024 Outstanding Balance and releasing funds to the Stadium Authority for payment to the City’s General Fund.

All these terms have been assumed in the development of the Stadium Authority’s FY 2025/26 proposed budget.

Non-NFL Events and Marketing Plan – Over the past three years ManCo has had success in booking profitable major events such as concerts and soccer matches in addition to smaller, non- ticketed special events that have brought in net revenues for the Stadium Authority.

FY2022/23
Actual
FY2023/24
Actual
FY2024/25
Projection
FY2025/26
Budget
$8,809,167 $8,266,685 $9,250,000 $5,300,000

The Net Non-NFL Event Revenue is budgeted at $5.3 million in FY 2025/26 which assumes two (2) soccer matches, six (6) concerts and 50 non-ticketed events. This is 43% lower than the FY 2024/25 projection of $9.3 million which included five (5) soccer matches, three (3) concerts and an estimated 60 non-ticketed events. Historically, actual performance has exceeded the preliminary budget projection based on additional event bookings that may occur after the start of the fiscal year. The events in FY2024/25 also had high ticket prices which resulted in large sums of cash accruing bank interest interest leading up to the events which will not always be the case from year to year.

The Executive Director’s Office will continue to provide oversight and work with ManCo to strive to book events that maximize net revenue per event through various efforts, including refining and implementing the Marketing Plan with emphasis in the following areas:

 Enhance Levi’s® Stadium and Santa Clara’s reputation to attract ticketed and non-ticketed Non-NFL major and private events.

Honorable Board Chair and Stadium Authority Board
Re: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget February 25, 2025 10  Develop an integrated marketing plan with Discover Santa Clara to increase sales and improve organizational efficiency.
 Leverage best-in-class attribution tools that track successful outcomes to specific marketing strategies and tactics.
 Retain a consultant to conduct a Stadium Market Trend Analysis, and evaluate non-NFL event marketing, industry trends, booking strategies, and profitability models. The report will provide key performance indicators (KPIs), best practices, and expert insights to optimize event success and maximize revenue and community benefits.

The goal of the aforementioned strategies is to ensure that Levi’s® Stadium remains a top-tier venue for both NFL and Non-NFL events while maximizing revenue potential for Santa Clara.

Levi’s® Naming Rights Signage Replacement – The Stadium Authority entered into a Naming Rights Agreement with Levi Strauss & Co. (Levi’s®) in 2013. In 2024, the First Amendment to the Naming Rights Agreement extended the original agreement an additional 10 years ending on February 29, 2044. The original Naming Rights Agreement and its First Amendment provided for an annual payment to the Stadium Authority in exchange for exclusive naming rights and branding at the stadium for 30 years. Levi’s® has made annual payments to Stadium Authority that increase by 3% each year with the first year being $5.74 million. The total naming rights revenue over the 30-year term is $273.1 million.

With respect to FIFA World Cup 2026, under the terms of Stadium Authority’s Naming Rights Agreement with Levi’s® as well as the Assignment and Assumption Agreement, Stadium Authority shall be responsible for purchasing on behalf of Levi’s® for each World Cup Match, the Levi’s® suite and ticket allocation to which Levi’s® is entitled. The estimated and not to exceed costs for such purchase is approximately $1.6 million.

As part of the First Amendment to the Naming Rights Agreement, the Stadium Authority agreed to replace the existing Levi’s® Naming Rights signage. This includes the Suite Tower Marquee Sign on the West side of the stadium, the Façade Marquee Sign on the East side of the stadium and the signs above each of the two scoreboards facing the inner bowl of the stadium. The Stadium Authority also negotiated a Naming Rights Extension and Enhanced Signage Project Implementation Agreement (Implementation Agreement) with StadCo whereby the costs for this signage project will be shared with StadCo. Under this agreement the Stadium Authority will cover the first $2.0 million in costs all project costs in excess of $2.0 million will be shared seventy percent (70%) Stadium Authority and thirty percent (30%) StadCo. The preliminary estimate for the Enhanced Signage Project was $3.0 million with the Stadium Authority’s portion being $2.7 million. The FY 2024/25 Capital Expense Proposed Budget included a request for the Levi’s® Naming Rights Enhanced Signage Project in the amount of $2.7 million plus a 5% contingency (totaling $2,835,000).

In FY 2024/25, ManCo completed a competitive solicitation process for this project and the total estimate came in higher than the preliminary estimate of $3.0 million. In December 2024, the Enhanced Signage Project was approved by the Board. The updated estimated cost for this project was $4.7 million with the Stadium Authority’s portion being $3.9 million. All work associated with the North and South interior signs is scheduled to be complete by June 2025 and the East and West exterior signage is scheduled to be completed by December 2025. This Enhanced Signage Project Honorable Board Chair and Stadium Authority Board
Re: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget February 25, 2025 11 and its related costs are included in the Stadium Authority FY 2025/26 Capital Expense budget.

Capital Expense Reserve – Levi’s® Stadium continues to be a world-class sports and entertainment facility, however it is entering its 12th year of operations so various systems within the stadium are reaching end-of life and finishes are showing signs of wear. To cover CapEx costs, the Stadium lease sets forth requirements for contributions to its CapEx Reserve from Operations and from Excess Revenue each year. Staff recommends that the Stadium Authority contribute an additional $1.0 million to the CapEx fund beyond contractual requirements to cover unexpected expenses. The Authority will oversee and collaborate with ManCo to prioritize projects within the five-year CapEx plan. StadCo has funded a Facilities Condition Assessment (FCA) to aid long-term financial planning, operational efficiency, and structural integrity. Once complete, the Stadium Authority will review the FCA. Given the low capital reserve balance, increasing reserves will be a key focus in future budget and capital planning.

10-Year Forecast – In June 2024, the Santa Clara County Civil Grand Jury published a report entitled, “Outplayed: Measure J, the City of Santa Clara, and the San Francisco 49ers” (Civil Grand Jury report). This report detailed the Civil Grand Jury’s findings and, in some cases, recommendations. One of the findings was that Measure J’s promise to protect the City’s General Fund had been realized and that the funding structure from the Stadium Lease allowed the Stadium Authority to pay down debt and fund required reserves faster than originally planned.

The recommendation associated with this finding was for the City Council and Stadium Authority Board to be mindful of the long-term financial health of the Stadium Authority and for the Treasurer to prepare a long-term plan for funding the required Stadium Authority reserves, including reserves for capital improvements. In line with this recommendation, the FY 2025/26 budget includes a new 10-Year Forecast section. This section outlines a 10-year projection of:

 Operating Revenues and Expenses
 Debt Service Activity
 Use of Excess Operating Revenue
 Reserve Activity
 Overall General Fund Impact

Stadium Authority Excess Revenue is determined at the end of each FY based on cash flows.

Therefore the 10-Year Forecast is a cash-based model so there will be timing variances between the Operating, Debt Service and Capital Expense Budgets versus the 10-Year Forecast. This new long- term forecast will provide staff and City Council/Stadium Authority Board with an additional tool to inform decisions and continue to provide oversight.

STADIUM AUTHORITY FY 2025/26 WORK PLAN

General & Administrative funding in the amount of $4.7 million provides for staffing and consultant resources required to implement the Stadium Authority FY 2025/26 Work Plan. The FY 2025/26 Work Plan outlines the Stadium Authority’s priorities for the year based on previous Board direction and anticipated work efforts. Within the context of continuing to support ongoing Stadium Authority operations, the following summarizes new work efforts:

Honorable Board Chair and Stadium Authority Board
Re: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget February 25, 2025 12  Capital Projects – Continue to provide capital projects oversight and structure, including the Levi’s® Naming Rights signage enhancement and bowl modifications projects, with the goal of facilitating coordination with City staff, increasing transparency, ensuring compliance with state and local laws, and effectively managing priority project timelines and budgets.

 Levi’s® Stadium Marketing Plan - Review the Marketing Plan in collaboration with ManCo and a retained consultant to ensure alignment with the SCSA’s broader goals. This review will analyze current marketing strategies and provide strategic oversight. Key focus areas include evaluating marketing and branding consistency, assessing media plans for efficiency and Return on Investment (ROI), and interpreting performance data to identify trends and opportunities for improvement.

 Stadium Market Trend Analysis Report – The Stadium Authority has retained a consultant to complete a Stadium Market Trend Analysis that examines how large multi-purpose stadiums market and promote Non-NFL events, structure their marketing plans, and assess industry trends, profitability, and key performance metrics. This analysis will provide insights to benchmark performance.

 Super Bowl LX and FIFA World Cup 2026 - Ongoing efforts by the City and Stadium Authority to support these large events involve numerous crucial aspects such as the negotiation and implementation of agreements and documents with the Bay Area Host Committee to confirm that City costs are covered to ensure compliance with Measure J, and the City and Stadium are ready to host the events. These activities are part of a broader scope of work that includes significant stadium capital projects aimed at enhancing and maintaining the facility to meet current standards and future needs.

SUMMARY

The Proposed FY 2025/26 Operating, Debt Service, and Capital Budget is a balanced budget which provides the funding required to operate and maintain Levi’s® Stadium as well as service the Stadium Authority’s debt and build its reserves. This includes the resources needed to fully reimburse the City for the general and administrative support it provides to the Stadium Authority. Operating revenues are projected to increase by 5% overall and operating expenses are projected to decline by 10% allowing the Stadium Authority to maintain its fiscal strength.

The Stadium Authority is focused on a few key work efforts and issues in the coming years. Super Bowl LX and six FIFA World Cup 2026 soccer matches are scheduled to be played at Levi’s® Stadium in 2026. While significant work has been done to protect the City and its General Fund and prepare for these major events, both events are very much part of the Stadium Authority’s FY 2025/26 Work

Plan. The Executive Director’s Office will continue to provide oversight for the day-to-day operations of the Stadium Authority and work with ManCo to strive to maximize net revenues from Non-NFL Events. As Levi’s® Stadium ages, there will continue to be a need to manage the CapEx reserve and continually evaluate the capital projects required to maintain the Stadium. Lastly, it is great to see that the 10-Year Forecast show the Stadium Authority financial outlook to be strong, allowing for contributions to the City’s General Fund in each of the next ten years.

Honorable Board Chair and Stadium Authority Board
Re: Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget February 25, 2025
13 In closing, I want to thank Stadium Authority staff from multiple departments that worked together as a team in preparing this document. Although there are certain challenges ahead, this budget provides a financial path that will allow the Stadium Authority to successfully oversee the operation and management of Levi’s® Stadium to ensure that it continues to be a first-class sports and entertainment venue that will once again host major events of a global magnitude in the upcoming years.

Respectfully submitted,
Jōvan D. Grogan
Executive Director

14 Introduction
This Santa Clara Stadium Authority (Stadium Authority) Budget Report provides information covering the Proposed Fiscal Year 2025/26 Operating, Debt Service, and Capital Budget as well as comparative data from prior fiscal years. Estimated revenue and expense information (three quarters of actuals and one projected quarter) included in this report for FY 2024/25 is unaudited and, therefore, subject to change as a result of final results and the annual audit conducted by an external and independent auditing firm.

In addition to this report, the Stadium Authority produces annual financial statements within six months of the fiscal year-end (March 31st). These financial statements are audited by an external auditing firm and presented to the Stadium Authority’s Audit Committee and the Stadium Authority Board (Board). Once presented to the Board, the financial statements are published on the Stadium Authority’s web page. The FY 2024/25 audited financial statements will be presented to the Board by the end of September 2025.

The Stadium Authority is structured so that the City of Santa Clara (City) is not liable for the debts or obligations of the Stadium Authority.

All services provided by the City to the Forty Niners Stadium Management Company (ManCo or Stadium Manager) or the Stadium Authority are fully reimbursed. Types of services include the following:

 Administrative General Fund costs that are spent during operations are separately tracked using special account codes in the City’s financial system and all such costs are billed for reimbursement.
 General Fund public safety costs for NFL and Non-NFL events are separately tracked and all such costs are billed for reimbursement.

Methodology
Information provided in this report is based in part on documentation submitted by ManCo on January 31, 2025. The Capital Budget includes proposals by both the Stadium Authority and Stadium Manager. Per Section 4.6 of the Management Agreement, ManCo is required to submit a budget 45 days prior to the start of the fiscal year.

GE NE R AL INF O RM AT I O N

15 The seven elected members of the City Council serve as the governing Board of the Santa Clara Stadium Authority with the Mayor serving as Chairperson of the Authority.

In addition, City of Santa Clara staff serve as Officers of the Stadium Authority with the City Manager serving as the Executive Director.

OR G A NI Z ATI O N A L CH A R T

16 The San Francisco 49ers played one (1) pre-season and nine (9) regular season National Football League (NFL) games in FY 2024/25. Ticket sales resulted in approximately $14.6 million of NFL ticket surcharge revenue to the Stadium Authority (based on the 10% NFL ticket surcharge on each ticket sold) for the one (1) pre-season and nine (9) regular season games. Stadium Authority also collected $279,000 of Senior and Youth Program Fees (based on $0.40 per NFL game ticket, with a maximum of $300,000) that are collected and forwarded to the City.

To meet the contractual parking requirements for events at Levi’s® Stadium, offsite parking lots are used. These lots are above and beyond the City owned parking lots that are available. Third-party operators who wish to operate an offsite parking lot for sports or entertainment venues are required to secure approvals through the City’s permitting process. If approved, per the City’s Municipal Fee Schedule, these operators remit an offsite parking fee for each car that is parked This fee is $6.71 for the City’s FY 2024/25 (July 1, 2024 through June 30, 2025). This fee was designed to recover the public safety costs associated with these permitted offsite parking lots. Therefore, when invoicing for NFL or Non-NFL public safety costs for a particular event held at Levi’s® Stadium, the offsite parking fee that is collected for such event partly offsets the total public safety costs owed for that event. The offsite parking fees are projected at about $801,000 in FY 2024/25.

NFL EV E N T HI G HL I G H T S - YE A R I N RE V I E W

17 As of this report, there were eight (8) public Non-NFL events held at the Stadium. A total of 342,414 tickets sold in FY 2024/25 for the eight events, resulted in $1.4 million in Non-NFL event ticket surcharge revenue (from the $4 per ticket Non-NFL event surcharge).

There were also 30 smaller events held with 15,656 total attendees in the first two quarters of FY 2024/25. Examples of these special events include corporate events of various sizes, weddings, holiday parties, etc.

The table below shows the Non-NFL events, event date and tickets sold for each event.

Event Date Tickets Sold Earthquakes vs LAFC Soccer 5/4/2024 36,397 Luke Combs Concert Day 1 5/17/2024 47,453 Luke Combs Concert Day 2 5/18/2024 48,044 Ecuador vs Venzuela Soccer 6/22/2024 25,730 Brazil vs Colombia Soccer 7/2/2024 64,621 Rolling Stones Concert 7/17/2024 46,513 Chelsea vs Wrexham Soccer 7/24/2024 28,609 Earthquakes vs Chivas Soccer7/27/202445,047 Total to date 342,414 2024/25 Non-NFL Events

NO N-NFL EV E N T HI G HL I G H T S - YE A R I N RE V I E W

18 The Stadium Authority is considered to have Excess Revenues if the Stadium Authority revenues exceed expenses in a lease year. The Excess Revenues are required to be distributed in the order as set forth in Article 14 of the Stadium Lease agreement. The below Excess Revenues flow chart shows the order of distribution.

EX CE S S RE V E N UE S DI S T RI B U TI O N

1. Payoff any outstanding Management Company Revolving Loan (Section 14.1 of the Agreement)

3. Fund Stadium Capital Expenditure Reserve up to $1 million (Section 14.3 of the Agreement)

2. Fund future Stadium Authority Expenses up to $2 million (Section 14.2 of the Agreement)

4. Fund Operating Expense Reserve up to $10 million (Section 14.4 of the Agreement)

5. Repay any outstanding principal balance on the Subordinate Loan (Section 14.5 of the Agreement) Not Applicable - The Stadium Authority does not have any outstanding Revolving Loan Completed in Fiscal Year 2014/15
Annual Contribution
Completed in Fiscal Year 2014/15
Completed in Fiscal Year 2022/23
Excess Revenues Distribution Order (Per Article 14 of the Agreement)

6. Fund Operating Expense Reserve up to $20 million (Section 14.6 of the Agreement)

7. Fund Renovation/Demolition Reserve (50% of remaining revenues) if the balance is less than $70 million (Section 14.7 of the First Amendment Agreement)

8. Public Safety Cost 2024 Outstanding Balance (50% of remaining revenues) until paid off (Section 14.7 of the First Amendment Agreement) Completed $20 million contribution in Fiscal Year 2022/23. Annual 3% Contribution is Ongoing In Progress
Future Allocation - Distributions in the sections above will have to be met before using excess cash for this section.

9. Any remaining revenues can be used to pay Stadium Authority Discretionary Expense, or for any purpose including distribution to constituent partners of the Stadium Authority, including the City's general fund (Section 14.8 of the First Amendment Agreement) In Progress

19 A summary of the Stadium Authority’s FY 2025/26 Excess Revenue Cash Reserves is as follows:

EX CE S S RE V E N UE S DI S T RI B U TI O N (C O N T.) 2023/24 2024/25 2025/26Year-end Projected ProjectedBeginning BalanceCapital Expenditures Reserve (1)22,525,031$ 19,260,455$ 14,681,455$ Operating Reserve(2)25,335,402 26,095,464 26,878,464 Renovation/Demolition Reserve 5,323,390 31,440,735 43,226,735 Total Beginning Balance 53,183,823$ 76,796,654$ 84,786,654$ Transfers In from OperatingContribution to Capital Expenditures Reserve 2,609,546$ 4,263,000$ 3,769,000$ Contribution from Excess Revenue: Capital Expenditures Reserve 1,304,773 1,344,000 1,384,000 Operating Reserve 760,062 783,000 806,000 Renovation/Demolition Reserve 26,117,345 11,786,000 5,641,000 Total Transfers In 30,791,726$ 18,176,000$ 11,600,000$ ExpensesCapital Expenditures 7,178,895$ 10,186,000$ 17,061,000$ Total Expenses 7,178,895$ 10,186,000$ 17,061,000$ Ending BalanceCapital Expenditures Reserve 19,260,455$ 14,681,455$ 2,773,455$ Operating Reserve 26,095,464 26,878,464 27,684,464 Renovation/Demolition Reserve 31,440,735 43,226,735 48,867,735 Total Ending Balance 76,796,654$ 84,786,654$ 79,325,654$ (1) Capital Expenditures Reserve balance excludes the balance in the Authority Construction Account for Stadium Warranty Related Construction.(2) Beginning FY 2023/24 cash balance was adjusted to reflect actual results, which exclude interests and fees.

Santa Clara Stadium AuthorityExcess Revenue Cash Reserves Summary

20 The Stadium Authority FY 2025/26 Budget covers the Stadium Authority’s twelve-month fiscal year which runs from April 1, 2025 through March 31, 2026.

Charts are included below as a comparison of revenue and expenditure categories between the FY 2025/26 Proposed Budget and FY 2024/25 Projected Actual performance.

Revenues

 FY 2025/26 total projected revenues of $66.2 million include $24.8 million in facility rent, $5.2 million in SBL proceeds, $15.0 million in NFL ticket surcharge, $8.1 million in naming rights revenue, $5.3 million in net revenues from Non-NFL events, $3.4 million in Non-NFL events ticket surcharge, $3.4 million in interest revenue, and $1.0 million in other revenues.

 Non-NFL Events Ticket surcharge revenues are projected to increase by $2.0 million or 146%, from $1.4 million in FY 2024/25 to $3.4 million in FY 2025/26. As a part of the 2024 Settlement Agreement, non-NFL event ticket surcharge will increase from $4 per ticket to a minimum of $8 per ticket starting in FY 2025/26. This incremental surcharge revenue will be used to reimburse public safety costs that exceed the threshold.

 Net revenues from non-NFL events are projected to be $5.3 million in FY 2025/26, based on an estimate of six (6) concerts, two (2) soccer events, and non-ticketed events. Historically, actual performance has exceeded the preliminary budget projection based on additional event bookings that may occur after the start of the fiscal year.

 Interest earnings are received based on timing of cash receipts from event ticket sales and expenses. Lower interest earnings reflect fewer events projected for FY 2025/26 as of the timing of this report.

 SBL Proceeds are expected to continue to decrease from year to year. Original customers who purchased SBLs on a financing plan when the stadium first opened have completed their payments.

STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T
RevenuesFY 2024/25 Projected ActualsFY 2025/26 Proposed BudgetVariance ($)Variance (%)NFL Ticket Surcharge 14,595,000$ 15,034,000$ 439,000$ 3.0%SBL Proceeds 7,969,000 5,156,000 (2,813,000) (35.3)%Interest 5,435,000 3,421,000 (2,014,000) (37.1)%Net Revenues from Non-NFL Events 9,250,000 5,300,000 (3,950,000) (42.7)%Naming Rights 7,830,000 8,065,000 235,000 3.0%Sponsorship Revenue (STR) 837,000 722,000 (115,000) (13.7)%Rent 24,762,000 24,762,000 - 0.0%Senior & Youth Program Fees 279,000 270,000 (9,000) (3.2)%Non-NFL Events Ticket Surcharge 1,394,000 3,426,000 2,032,000 145.8%Non-NFL Events PSC Depreciation Reimbursement 291,000 89,000 (202,000) (69.4)%Total Revenues72,642,000$ 66,245,000$ (6,397,000)$ (8.8)%

21 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T (C O NT.)

Expenses

 The Operating Budget includes the Stadium Authority’s share of expenses covered under the Management Agreement in the amount of $14.0 million, along with $24.4 million for operating expenses, including funds to reimburse the City for its staff support, ground rent, performance rent, Senior and Youth Program Fees, funding for SBL sales and service, insurance, payments for public safety costs over threshold, paydown of the PSC 2024 Outstanding Balance and transfer to the City’s General Fund from excess revenues and other expenses.

As shown in the table above, $17.6 million will be transferred from the Operating Fund to the Debt Service Fund for principal and interest debt service payments. The remaining $5.2 million will be transferred to the Capital Expenditure Fund for Stadium capital improvements.

 Shared Stadium Manager Expenses is proposed to increase by $445,000 or 3% from $13.6 million in the prior year budget to $14.0 million.

 SBL Sales and Service are projected to decrease by $260,000 or 7% from the current year's actual projections. This decrease is due to decreases for Stadium Manager staff, SBL sales, and general and administrative costs.

Fund Transfers Out Transfers InOperating 22,799,000$ -$ Debt Service - 17,646,000 Capital Expenditure Fund- 5,153,000 Total22,799,000$ 22,799,000$ ExpensesFY 2024/25 Projected ActualsFY 2025/26 Proposed BudgetVariance ($)Variance (%)Shared Stadium Manager Expenses 13,363,000$ 13,999,000$ 636,000$ 4.8%SBL Sales and Service 3,511,000 3,251,000 (260,000) (7.4)%Senior & Youth Program Fees (paid to City) 279,000 270,000 (9,000) (3.2)%Ground Rent (paid to City) 1,000,000 1,000,000 - 0.0%Performance Rent (paid to City) 11,450,000 2,150,000 (9,300,000) (81.2)%Discretionary Fund Expense - 250,000 250,000 N/AUtilities 1,711,000 1,796,000 85,000 5.0%Use of StadCo Tenant Improvements 172,000 106,000 (66,000) (38.4)%Stadium Authority General & Administrative 2,682,000 4,172,000 1,490,000 55.6%Stadium Authority Legal Services 479,000 515,000 36,000 7.5%Naming Rights Expense 136,000 1,699,000 1,563,000 1149.3%Other Expenses 696,000 1,383,000 687,000 98.7%PSC Over Threshold 2,060,000 2,143,000 83,000 4.0%PSC 2024 Outstanding Balance 9,214,000 2,820,000 (6,394,000) (69.4)%Transfer to City General Fund from Excess Revenues 5,893,000 2,820,000 (3,073,000) (52.1)%Total Expenses52,646,000$ 38,374,000$ (14,272,000)$ (27.1)%

22 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T (C O NT.)  Performance Rent paid in FY 2024/25 represents three fiscal years of payments following the 2024 Settlement Agreement. The $2.2 million projected in FY 2025/26 represents the performance rent based on $5.3 million in Non-NFL Event Revenue.

 Stadium Authority General & Administrative costs total $4.7 million, an increase of $399,000 or 9% when compared to the prior year budget of $4.3 million. This increase is mainly due to an increase in staffing support. These costs are further described in detail on page 27 of this report.

 Levi’s® Naming Rights expense of $1.7 million includes the Authority’s obligations under its Naming Rights Agreement with Levi’s® to provide suites and tickets to the six 2026 World Cup soccer matches.

 Public Safety Cost reimbursements and General Fund transfers from Excess Revenue reflect the current FY 2024/25 projected actual activity and FY 2025/26 budget based on operations.

Historically, after the fiscal year begins, strong revenue performance and/or expenditure savings will result in higher Excess Revenue transfers by the end of the year.

Reserves

 The build-up of reserve balances in accordance with the First Amendment to the Amended and Restated Stadium Lease Agreement is projected to continue for FY 2025/26. Additional details can be found in the Excess Revenue Distribution section and Stadium Authority Operating Budget Glossary, and Excess Revenue, section of this document.

 This budget includes the following reserve balances projected for the end of FY 2025/26:

Operating Reserve ($27.7 million); Renovation/Demolition Reserve ($48.9 million), and Discretionary Fund Reserve ($1.4 million).

23 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T (C O NT.)

24 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T (C O NT.)

25 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T (C O NT.)

2023/24 2024/25 2024/25 2025/26Year-end Amended (5)Projected ProposedActuals Budget Actuals BudgetBeginning Fund BalanceDiscretionary Fund Reserve (2)1,667,695$ 2,464,323$ 2,464,323$ 1,101,323$ Legal Contingency Reserve - Buffet Costs 2,066,749 3,321,116 3,321,116 - Legal Contingency Reserve - Public Safety Costs 4,246,725 7,324,722 7,324,722 - Operating Reserve (2)25,335,402 26,095,478 26,095,464 26,878,464 Renovation/Demolition Reserve (2)5,323,390 31,440,735 31,440,735 43,226,735 Stadium Funding Trust Reserve 3,420,994 3,611,041 3,611,041 5,750,512 Unrestricted 13,880,278 15,915,719 15,915,732 10,134,099 Total Beginning Fund Balance 55,941,233$ 90,173,134$ 90,173,133$ 87,091,133$ RevenuesNFL Ticket Surcharge 12,716,579$ 13,700,000$ 14,595,000$ 15,034,000$ SBL Proceeds 15,424,462 5,057,000 7,969,000 5,156,000 Interest 4,845,464 3,534,000 5,435,000 3,421,000 Net Revenues from Non-NFL Events (4)8,266,685 6,000,000 9,250,000 5,300,000 Naming Rights 7,601,739 7,830,000 7,830,000 8,065,000 Sponsorship Revenue (STR) 835,452 519,000 837,000 722,000 Rent 24,762,000 24,762,000 24,762,000 24,762,000 Senior & Youth Program Fees 250,000 268,000 279,000 270,000 Non-NFL Events Ticket Surcharge 1,593,256 1,149,000 1,394,000 3,426,000 Non-NFL Events PSC Depreciation Reimbursement - - 291,000 89,000 Other Revenue 167,111 - - - Total Revenues 76,462,748$ 62,819,000$ 72,642,000$ 66,245,000$ Total Source of Funds 132,403,981$ 152,992,134$ 162,815,133$ 153,336,133$ Santa Clara Stadium AuthorityOperating Budget Summary

26 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T (C O NT.)

2023/24 2024/25 2024/25 2025/26Year-end Amended (5)Projected ProposedActuals Budget Actuals BudgetExpensesShared Stadium Manager ExpensesStadium Operations (1)3,830,372$ 3,384,000$ 3,323,000$ 3,499,000$ Engineering (1)2,793,094 3,935,000 3,743,000 3,752,000 Guest Services (1)427,205 621,000 517,000 486,000 Groundskeeping (1)465,124 316,000 284,000 550,000 Security (1)1,127,065 1,602,000 1,537,000 1,905,000 Insurance (1)3,327,172 3,427,000 3,427,000 3,530,000 Stadium Management Fee (1)690,607 269,000 532,000 277,000 Shared Stadium Manager Expenses Subtotal 12,660,639$ 13,554,000$ 13,363,000$ 13,999,000$ Other Operating ExpensesSBL Sales and Service (1)2,429,023$ 3,348,000$ 3,511,000$ 3,251,000$ Senior & Youth Program Fees (paid to City) (1)250,000 268,000 279,000 270,000 Ground Rent (paid to City) (2)495,000 1,000,000 1,000,000 1,000,000 Performance Rent (paid to City) (2)- 9,825,000 11,450,000 2,150,000 Discretionary Fund Expense (3)- 250,000 - 250,000 Utilities (1)1,472,995 1,488,000 1,711,000 1,796,000 Use of StadCo Tenant Improvements (1)138,405 151,000 172,000 106,000 Stadium Authority General & Administrative (3)3,085,799 3,793,000 2,682,000 4,172,000 Stadium Authority Legal Services (3)- 495,000 479,000 515,000 Naming Rights Expense (1)93,618 136,000 136,000 1,699,000 Other Expenses (1)393,342 748,000 696,000 1,383,000 PSC Over Threshold - - 2,060,000 2,143,000 PSC 2024 Outstanding Balance - 6,473,000 9,214,000 2,820,000 Transfer to City General Fund from Excess Revenues - 3,073,000 5,893,000 2,820,000 Other Operating Expenses Subtotal 8,358,182$ 31,048,000$ 39,283,000$ 24,375,000$ Total Expenses 21,018,821$ 44,602,000$ 52,646,000$ 38,374,000$ Transfers OutDebt Service (2)17,297,708$ 17,471,000$ 17,471,000$ 17,646,000$ Capital Expenditures Reserve (2)3,914,319 4,032,000 4,032,000 5,153,000 Capital Expenditures Reserve - Levi's Naming Rights - 1,575,000 1,575,000 - Total Transfers Out 21,212,027$ 23,078,000$ 23,078,000$ 22,799,000$ Ending Fund BalanceDiscretionary Fund Reserve (2)2,464,323$ 2,789,323$ 1,101,323$ 1,432,323$ Legal Contingency Reserve - Buffet Costs 3,321,116 - - - Legal Contingency Reserve - Public Safety Costs 7,324,722 - - - Operating Reserve (2)26,095,464 26,878,478 26,878,464 27,684,464 Renovation/Demolition Reserve (2)31,440,735 37,548,576 43,226,735 48,867,235 Stadium Funding Trust Reserve 3,611,041 4,183,645 5,750,512 9,531,000 Unrestricted 15,915,732 13,912,112 10,134,099 4,648,111 Total Ending Fund Balance 90,173,133$ 85,312,134$ 87,091,133$ 92,163,133$ Total Use of Funds 132,403,981$ 152,992,134$ 162,815,133$ 153,336,133$ (1) Recommended by ManagementCo.(2) Amounts are based on payment schedule or calculated as instructed per relevant agreements.(3) Recommended by Stadium Authority staff.(4) Net Revenues from Non-NFL Events are provided by ManCo on a cash basis, and table above reflects accrual basis; ManCo anticipating Net Revenues from Non-NFL Events to range from $4,500,000 to $5,300,000 for FY2025/26. (5) Amended Budget as of January 14, 2025.

Santa Clara Stadium AuthorityOperating Budget Summary (Cont.)

27 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T (C O NT.) Stadium Authority Board Duties and Proposed General and Administrative (G&A) Budget

The Board is a public entity responsible for governing the matters concerning Levi’s® Stadium. As such, the Board is responsible for setting policy direction, ensuring implementation of its policy direction and other due diligence requirements through Stadium Authority staff, and auditing/oversight of its policy implementation, as reasonable and necessary.

The administrative budget totals $4.7 million, or 8%, of the Fiscal Year 2025/26 Proposed Stadium Authority Operating Expense Budget of $61.2 million. With this budget, staff will support the Board with its oversight of Levi’s® Stadium per the various agreements with ManCo and StadCo, such as:

1. Uphold fiduciary responsibilities and debt obligations;

2. Maintain a productive and functional business relationship with StadCo as the Tenant of the Stadium;

3. Ensure that Levi’s® Stadium is maintained in the required condition and operated as a quality NFL and multi-purpose public sports, public assembly, exhibit, and entertainment facility;

4. Work collaboratively with the Stadium Manager to hold safe events at Levi’s® Stadium with minimal impacts to the surrounding residential and business community;

5. Continue developing Board policies as required for proper governance and transparency efforts concerning the Stadium Authority oversight efforts;

6. Continue the current noise monitoring program;

7. Implement public safety expert’s recommendations during events held at Levi’s® Stadium;

8. Develop and implement oversight initiatives consistent with public entity organizations;

Stadium Authority staff are responsible for the capital and programmatic oversight and audit of Stadium activities. As part of this budget, the oversight of Stadium activities is allocated primarily to the Executive Director, Stadium Authority Counsel, Auditor, Treasurer, and various supporting professional staff.

As such, the Stadium Authority G&A expense budget of $4.7 million provides the financial means to fulfill the Board’s policy direction and strategic initiatives and manage the day-to-day operations of the Stadium Authority. This is an increase of $399,000 from the FY 2024/25 Amended Stadium Authority General and Administrative Budget of $4.3 million. This increase reflects the latest salary and benefits information, and an updated estimate of all staff time necessary for FY 2025/26 activities.

It should be noted that the upgrade of an Assistant to the City Manager position to a Deputy City Manager position is included in this Proposed Budget.

28 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T (C O NT.)

A breakdown of the Stadium Authority’s portion of the overall operating expense budget of $61.2 million is shown below.

Expense Type Budget CommentsStaff support 3,318,000$ To support the Stadium Authority with its oversight duties of stadium activities Legal Services 515,000 As needed for outside legal servicesAudit Services 160,000 Financial and performance audits performed by external auditorsConsultants100,000 Community engagement efforts and/or Board initiatives consistent with the work plan - Noise Monitoring 87,000 Continued noise monitoring of Levi's StadiumAdministrative Services 449,000 Laserfiche Repository, Financial Management System, Peoplesoft improvement, Marketing Plan and Trend Analysis, etcOther Expenses 50,000 Routine office expenses, travel, training, conferences, banking fees, etcBoard Stipends 8,000 Stadium Authority meetingsTotal 4,687,000$ Proposed Stadium Authority FY2025/26 General and Administrative Budget - Community Outreach/Communications/Engagement

29 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T GL O S S ARY

Accrual Basis Accounting: The method of recording revenues and expenses when they are incurred, regardless of when cash is exchanged.

Contribution to Operating Reserve: The contributions to the operating reserve are funded by means of excess revenues (see Excess Revenue below). (Source: The Amended and Restated Stadium Lease Agreement).

Discretionary Fund: This is funded by $2 of the Base Non-NFL ticket surcharge (see Non-NFL Event Ticket Surcharge on Page 30) and has been used to cover NFL public safety costs above the public safety cost threshold in the first three fiscal years of operation and other items at the Stadium Authority’s discretion. It is anticipated that the discretionary fund will continue to cover NFL public safety costs above the threshold, as noted in the table below. Stadium Authority may transfer up to half of the balance of the Discretionary Fund over $1.0 million from the Discretionary Fund to the City’s General Fund if (1) adequate provision has been made for the replacement of and upgrades to capital improvements contemplated under the Public Safety Plan and (2) an equal amount is transferred from the Discretionary Fund to Stadium Authority’s operating fund to be included as Stadium Authority Revenue. (Source: First Amendment to Amended and Restated Stadium Lease Agreement).

Discretionary Fund Balance SummaryFY 2023/24 Year-end ActualFY 2024/25 Amended Budget (1)FY 2024/25 Projected ActualsFY 2025/26 Proposed BudgetBeginning Balance 1,667,695$ 2,464,323$ 2,464,323$ 1,101,323$ Contributions from Non-NFL Ticket Surcharge Revenue (2)796,628 575,000 697,000 701,000 Discretionary Fund Expenditures - (250,000) - (250,000) Public Safety Costs Over Threshold - - (2,060,000) (120,000) Ending Balance2,464,323$ 2,789,323$ 1,101,323$ 1,432,323$ (1) Amended Budget as of January 14, 2025.(2) Amounts are calculated as instructed per relevant agreements.

30 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T GL O S S ARY (C O N T.)

Excess Revenue: If Stadium Authority revenue exceeds expenses for any lease year, such excess revenues shall be distributed as described in the table on the following page. This table reflects how the excess revenues are projected to be distributed in the 2024/25 Fiscal Year. (Source: First Amendment to Amended and Restated Stadium Lease Agreement).

No.DescriptionAmount FundedNotesProjected Excess Revenues at Year-end 25,699,000.00$ 1 Payment of ManCo Revolving Loan -$ N/A2 Funding Operating Reserve up to $2 Million +3% annually -$ Funding requirement met3 Funding CapEx Reserve an Additional $1 Million +3% annually (1,344,000.00)$ Funding annual CapEx Reserve4 Funding Operating Reserve up to $10 Million +3% annually -$ Funding requirement met5 Prepayment of StadCo Subordinated Loan -$ N/A6 Funding Operating Reserve up to $20 Million +3% annually (783,000.00)$ Funding annual Op Reserve7Funding Renovation/Demolition Reserve up to $70 Million (50% of remaining Excess Revenues per 8a of First Amendment to Amended and Restated Stadium Lease)(11,786,000.00)$ Funding Reno/Demo Reserve8 Public Safety Costs 2024 Outstanding Balance (Half of remaining 50% of Excess Revenues after transfer to Demo Reserve)(5,893,000.00)$ N/A9 Available for Additional Disbursements as described in the Stadium Lease (5,893,000.00)$ N/ABalance of Excess Revenues at Year-end -$ 2024/25 Projected Result - Use of Excess Revenues

31 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T GL O S S ARY (C O N T.)

Ground Rent: The City has agreed to lease the land under Levi’s® Stadium to Stadium Authority for an initial term of 40 years. The fixed ground rent schedule is noted below for the 40-year initial term. (Source: Ground Lease Agreement)

Lease Year Fiscal YearAnnual Fixed Ground RentCumulative Total1 2014/15 180,000$ 180,000$ 2 2015/16 215,000$ 395,000$ 3 2016/17 250,000$ 645,000$ 4 2017/18 285,000$ 930,000$ 5 2018/19 320,000$ 1,250,000$ 6 2019/20 355,000$ 1,605,000$ 7 2020/21 390,000$ 1,995,000$ 8 2021/22 425,000$ 2,420,000$ 9 2022/23 460,000$ 2,880,000$ 10 2023/24 495,000$ 3,375,000$ 11 2024/25 1,000,000$ 4,375,000$ 12 2025/26 1,000,000$ 5,375,000$ 13 2026/27 1,000,000$ 6,375,000$ 14 2027/28 1,000,000$ 7,375,000$ 15 2028/29 1,000,000$ 8,375,000$ 16 2029/30 1,100,000$ 9,475,000$ 17 2030/31 1,100,000$ 10,575,000$ 18 2031/32 1,100,000$ 11,675,000$ 19 2032/33 1,100,000$ 12,775,000$ 20 2033/34 1,100,000$ 13,875,000$ 21 2034/35 1,200,000$ 15,075,000$ 22 2035/36 1,200,000$ 16,275,000$ 23 2036/37 1,200,000$ 17,475,000$ 24 2037/38 1,200,000$ 18,675,000$ 25 2038/39 1,200,000$ 19,875,000$ 26 2039/40 1,300,000$ 21,175,000$ 27 2040/41 1,300,000$ 22,475,000$ 28 2041/42 1,300,000$ 23,775,000$ 29 2042/43 1,300,000$ 25,075,000$ 30 2043/44 1,300,000$ 26,375,000$ 31 2044/45 1,400,000$ 27,775,000$ 32 2045/46 1,400,000$ 29,175,000$ 33 2046/47 1,400,000$ 30,575,000$ 34 2047/48 1,400,000$ 31,975,000$ 35 2048/49 1,400,000$ 33,375,000$ 36 2049/50 1,500,000$ 34,875,000$ 37 2050/51 1,500,000$ 36,375,000$ 38 2051/52 1,500,000$ 37,875,000$ 39 2052/53 1,500,000$ 39,375,000$ 40 2053/54 1,500,000$ 40,875,000$

32 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T GL O S S ARY (C O N T.)

Insurance: ManCo procures insurance for Levi’s® Stadium for the entire year and the cost is split between Stadium Authority and StadCo (see Shared Stadium Manager Expenses on Page 31). The Stadium Lease sets the Stadium Authority’s share of insurance expense at $2,550,000 for the first lease year with each succeeding lease year’s insurance expense increasing by 3%. (Source: Stadium Management Agreement & The Amended and Restated Lease Agreement)

Interest: This is interest earned from cash on hand.

Naming Rights: Levi Strauss & Co (Levi’s®) pays an annual naming rights fee to Stadium Authority that increases by 3% each contract year. The initial Naming Rights Agreement covered a 20-year term, however in January 2024 the First Amendment to the Naming Rights Agreement extended the term an additional 10 years. This annual fee is paid in two equal semi-annual installments on or before March 1st and October 1st. (Source: Naming Rights Agreement & The First Amendment to the Naming Rights Agreement)

The Naming Rights Agreement with Levi’s® requires the Stadium Authority to hold at least 36 “Major Events” (with 25,000+ attendees) every three contract years. However, the Second Amendment to the Stadium Management Agreement states that ManCo would pay the Stadium Authority the amount owed by the Stadium Authority to Levi’s®, as liquidated damages. ManCo has acknowledged responsibility for liquidated damages which are paid by ManCo outside the Stadium Authority’s share of Shared Stadium Manager Expenses. During prior discussions between the Stadium Manager and Levi’s®, it was determined based on the contract language that the first contract year began March 1, 2015. As of this report, the current number of Major Events held at Levi’s® Stadium was fourteen (14) through the current three-year period. It should be noted that the periods from March 1, 2018 to February 28, 2021 and March 1, 2021 to February 28, 2024 were both impacted by the COVID pandemic. Stadium Authority will continue to work with ManCo and provide oversight during the period between March 1, 2024 to February 28, 2027 to strive to meet the required 36 “Major Events”. The below table reflects the number of major events from March 1, 2015 to date:

Net Revenues from Non-NFL Events: ManCo provides management services for Levi’s® Stadium year-round. Additionally, ManCo is responsible for booking and scheduling all non-NFL events on behalf of Stadium Authority. ManCo is required by the Stadium Management Agreement to maintain complete and accurate books and records relating to the net income from the non-NFL events. Those records are reviewed by Stadium Authority staff and/or outside consultants and audited by an independent auditor. After the completion of the fiscal year, the net revenues are paid to Stadium Authority by ManCo. (Source: Stadium Management Agreement)

Number of Major EventsMarch 1, 2015toFebruary 28, 201840March 1, 2018toFebruary 28, 202112March 1, 2021toFebruary 29, 202414March 1, 2024toFebruary 28, 20277Naming Rights AgreementThree-Year Periods

33 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T GL O S S ARY (C O N T.)

NFL Ticket Surcharge: The Forty Niners Football Company, LLC (the Team) collects a 10% NFL ticket surcharge on the price of admission to all NFL games occurring in Levi’s® Stadium on behalf of Stadium Authority. (Source: Amended and Restated Non-Relocation Agreement)

Non-NFL Event Public Safety Cost Depreciation: Capital expenditure assets used for public safety at Levi’s® Stadium are depreciated quarterly and recognized as a Stadium Authority expense. The depreciation expense has also historically been deducted from non-NFL event revenue provided by ManCo resulting in a double charge. As a part of the 2024 Settlement Agreement, capital expenditure depreciation expenses on Non-NFL events will no longer be deducted from non-NFL event revenue.

Non-NFL Event Ticket Surcharge: Promoters or sponsors of any ticketed non-NFL event that is held at Levi’s® Stadium are required to collect at least a $8 per ticket surcharge with a $1 escalator in FY 2028/29 and every four years thereafter on behalf of Stadium Authority. One-half of the $4 base surcharge that is paid to Stadium Authority covers general stadium operations and the other half funds the Stadium Authority Discretionary Fund. The additional proceeds exceeding the $4 base surcharge will be deposited to the Public Safety Cost Reserve to be used to pay public safety costs exceeding the threshold. (Source: First Amendment to Amended and Restated Stadium Lease Agreement).

Other Expenses: Miscellaneous Stadium Authority expenses such as bank fees.

Other Revenue: Miscellaneous Stadium Authority revenues.

Performance-Based Rent: Stadium Authority pays the City performance-based rent on top of the fixed ground rent. After the completion of the fiscal year, net income from non-NFL events are calculated and reported to Stadium Authority by ManCo. With the finalized non-NFL events report, Stadium Authority calculates the performance-based rent to be remitted to the City during July following the Stadium Authority’s fiscal year-end. The basic calculation for the performance-based rent is 50% of the net income from non-NFL events for any given lease year less the sum of Performance-Based Rent Credits. The Performance-Based Rent Credits include (1) 50% of the fixed ground rent for the current lease year, (2) the amount, if any, that the Public Safety Costs exceed the Public Safety Cost Threshold for the current lease year, (3) following the Tax Allocation Termination Date, the amount of Received Possessory Interest Tax (PIT), and (4) the amount of any credit for Disproportionate Taxes for the current lease year. The table below represents a projection of the 2024/25 and 2025/26 fiscal years’ performance-based rent. (Source: Ground Lease Agreement & First Amendment to Amended and Restated Stadium Lease Agreement)

Performance Rent CalculationFiscal Year 2024/25 ProjectionFiscal Year 2025/26 BudgetGround Rent 1,000,000$ 1,000,000$ Net Non-NFL Event Revenue (Expense) 9,250,000 5,300,000 50% of Net Non-NFL Event Revenue (Expense) 4,625,000$ 2,650,000$ Performance Rent Credit from Ground Rent (50% of Ground Rent)(500,000) (500,000) Subtotal4,125,000$ 2,150,000$ Public Safety Credits -$ -$ Other Credits N/A N/A2024 Settlement Agreement Payout for Performance Rent 7,325,000$ 0$ Net Performance Rent paid to the City of Santa Clara11,450,000$ 2,150,000$

34 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T GL O S S ARY (C O N T.)

Public Safety Costs (PSC) 2024 Outstanding Balance: As part of the 2024 Settlement Agreement, public safety costs over the threshold for FY 2017/18 to FY 2023/24 would not be treated as Credited Public Safety Costs and therefore would not affect the calculation of Performance Based Rent.

Instead, these costs amounting to approximately $14.8 million havebeen redefined as “PSC 2024 Outstanding Balance” which would be paid from a legal contingency reserve and future excess revenues until paid off. (Source: Settlement Agreement and Mutual Release (Buffet and PSC Arbitration) and First Amendment to Amended and Restated Stadium Lease Agreement).

Public Safety Costs Over Threshold: As of the 2024/25 lease year, the public safety cost threshold will equal $360,000 per game. For lease year 2025/26 and each lease year thereafter the threshold will increase by 4%. Public safety costs incurred above the annual threshold will be repaid over time with additional proceeds from the Non-NFL event ticket surcharge and the discretionary fund. (Source: First Amendment to Amended and Restated Stadium Lease Agreement).

Public Safety Costs Reserve: This is funded by the additional Non-NFL ticket surcharge proceeds which is the amount exceeding the $4 base Non-NFL ticket surcharge (see Non-NFL Event Ticket Surcharge). The additional Non-NFL ticket surcharge proceeds will be used to cover public safety costs that exceed the threshold. The table below reflects how the public safety cost reserve is projected to be distributed in the 2025/26 Fiscal Year. (Source: First Amendment to Amended and Restated Stadium Lease Agreement).

Rent: The facility rent was originally set at $24.5 million for StadCo to lease the Stadium for their half of the year. As a result of the rent reset arbitration award in favor of Stadium Authority, the facility rent was reset to $24.8 million retro-active to the first lease year. The rent adjustment process is outlined in the Amended and Restated Stadium Lease. (Source: Amended and Restated Stadium Lease Agreement)

Senior and Youth Program Fees: During the lease terms, StadCo collects City of Santa Clara Senior and Youth Program Fees on behalf of Stadium Authority. The fee was originally $0.35 per NFL game ticket up to a maximum of $250,000 per lease year. As a result of the 2024 Settlement Agreement, beginning FY 2024/25 the fee will increase to $0.40 per NFL game ticket up to a maximum of $300,000 per lease year. Every ten lease years thereafter the fee will increase by $0.05 in conjunction with the maximum amount increased by an additional $50,000. (Source: First Amendment to Amended and Restated Stadium Lease Agreement)

Shared Stadium Manager Expenses: ManCo oversees the day-to-day operations of Levi’s® Stadium year-round. Since StadCo leases the Stadium from Stadium Authority for half of each fiscal Public Safety Cost Reserve Balance SummaryFY 2025/26 Proposed BudgetBeginning Balance -$ Contributions from Non-NFL Ticket Surcharge Revenue (1)2,023,000 Public Safety Costs Over Threshold (2,023,000) Ending Balance-$ (1) Amounts are calculated as instructed per relevant agreements.

35 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T GL O S S ARY (C O N T.)

year, expenses incurred by the Stadium Manager are shared between StadCo and Stadium Authority.

Most Shared Stadium Manager Expenses are split 50/50 between StadCo and Stadium Authority; grounds-keeping is the exception with a 70/30 split, with StadCo responsible for the larger share. In addition, ManCo procures insurance for Levi’s® Stadium that is shared between StadCo and Stadium Authority (see Insurance). (Source: Stadium Management Agreement & The Amended and Restated Stadium Lease Agreement)

Sponsorship Revenue (STR): STR Marketplace, LLC (STR) established a secondary market website to facilitate the transfer and resale of SBLs. In exchange for the use of the Levi’s® Stadium trademarks and links on the website (hence the title Sponsorship Revenue), STR pays Stadium Authority a minimum annual fee of $325,000 based on the commissions that are collected by STR.

In addition to the minimum annual fee, Stadium Authority also receives 50% of any commissions in excess of $650,000. The agreement with STR expires on May 31, 2027. (Source: SBL Website Marketing Agreement & Subsequent Amendments)

Stadium Authority General & Administrative: As an independent public entity, Stadium Authority incurs its own expenses in relation to Board governance, fiduciary responsibilities, oversight, and operations of Levi’s® Stadium. These include but are not limited to Stadium Authority staff time and various outside contractors and consultants who are hired to support staff with administering the necessary requirements for owning and operating Levi’s® Stadium and the day-to-day operations of the Stadium Authority. Also included are various administrative type costs such as bank fees, phone charges, IT equipment maintenance, etc.

Stadium Builder License (SBL) Proceeds: SBL holders who are on a payment plan make annual payments. Additionally, some SBL holders make payments above and beyond their annual scheduled payment plan. There are also sales of new SBLs and/or SBLs that were defaulted and resold. SBL cash collections from all these sources make up SBL proceeds.

Stadium Builder License (SBL) Sales and Service: ManCo provides sales and service to SBL holders on behalf of Stadium Authority. This includes all SBL collection efforts and customer service support. (Source: Agreement for Stadium Builder License Sales & Fourth Amendment to the Stadium Management Agreement)

36 STA DI U M AUT H O RI T Y OP E R AT I NG BU DG E T GL O S S ARY (C O N T.)

Stadium Management Fee: ManCo receives an annual base management fee to manage Levi’s® Stadium. The fee was $400,000 in the first lease year and increases by 3% annually. This annual base management fee is split 50/50 between StadCo and Stadium Authority since ManCo manages the Stadium year-round for both entities. In addition to the base management fee, ManCo receives a stadium marketing and booking fee (incentive fee) which is based on a percentage of the amount that the net income from Non-NFL events exceeds the marketing and booking fee benchmark. The table below shows the first 12 years of the base management fee and the stadium marketing and booking fee benchmark. It also shows the first ten (10) years of net income from Non-NFL events and a projection of the eleventh year as well as the applicable marketing and booking fee. (Source: The Stadium Management Agreement)

Transfers Out: Transfers from the Stadium Authority Operating Fund to fund Debt Service and Capital Expenditure Projects.

Utilities: StadCo leases the Stadium from Stadium Authority for six months of each fiscal year from August through January. StadCo is therefore responsible for the day-to-day utilities during that period.

Stadium Authority pays for the day-to-day utilities from February through July. Utilities associated with large ticketed non-NFL events are charged as an expense to the event which is included in the non- NFL events expense.

Use of StadCo Tenant Improvements: StadCo charges Stadium Authority for use of various StadCo tenant improvements (such as the use of the scoreboard) during Non-NFL events. (Source: Amended and Restated Lease Agreement)
Fiscal YearLease Year Annual Base Stadium Management Fee (SCSA Share) Stadium Marketing and Booking Fee Benchmark Actual/ Projected Net Income from Non-NFL Events 1st Tier -paid at 10% Fee Additional Stadium Marketing and Booking Fee10% 1st Tier 2nd Tier -paid at 15% Fee Additional Stadium Marketing and Booking Fee15% 2nd Tier Total Stadium Management Fee 2014/15 1 200,000$ 5,000,000$ 5,207,553$ 10,378$ -$ 210,378$ 2015/16 2 206,000$ 5,150,000$ 6,079,016$ 46,451$ -$ 252,451$ 2016/17 3 212,180$ 5,304,500$ 5,316,894$ 620$ -$ 212,800$ 2017/18 4 218,545$ 5,463,635$ 5,163,329$ 2,000,000$ -$ 4,000,000$ -$ 218,545$ 2018/19 5 225,102$ 5,627,544$ 18,591$ 2,060,000$ -$ 4,120,000$ -$ 225,102$ 2019/20 6 231,855$ 5,796,370$ (2,741,014)$ 2,121,800$ -$ 4,243,600$ -$ 231,855$ 2020/21 7 238,810$ 5,970,261$ (476,960)$ 2,185,454$ -$ 4,370,908$ -$ 238,810$ 2021/22 8 245,975$ 6,149,369$ (288,741)$ 2,251,018$ -$ 4,502,035$ -$ 245,975$ 2022/23 9 253,354$ 6,333,850$ 8,809,167$ 2,318,548$ 231,855$ 4,637,096$ 23,515$ 508,724$ 2023/24 10 260,955$ 6,523,866$ 8,266,685$ 2,388,105$ 174,282$ 4,776,209$ -$ 435,237$ 2024/25(1)11268,783$ 6,719,582$ 9,250,000$ 2,459,748$ 253,042$ 4,919,495$ 10,601$ 532,425$ 2025/26 12 276,847$ 6,921,169$ (1) Net income from Non-NFL events for FY2024/25 is projected.To be determined

37 The Stadium Management Agreement between
the Stadium Authority, StadCo and ManCo and
was entered into as of March 28, 2012. This
agreement was developed to provide the Stadium
Authority with the expertise of an outside manager
to oversee the day-to-day operations of Levi’s®
Stadium. Additionally, the Amended and Restated
Stadium Lease Agreement between the Stadium
Authority and StadCo was made and entered into
as of June 19, 2013.

This agreement amended the original stadium
lease to set the initial rent, to allow StadCo to enter into agreements with alternative energy providers,
to cap Stadium Authority’s share of the insurance
costs at a fixed amount each year, and to require
Stadium Authority to fund various reserves.

Per the terms of the Stadium Lease
Agreement, StadCo leases the Stadium
from the Stadium Authority for half of each
fiscal year and is responsible for the
Stadium Manager’s operating expenses
during that period. The Stadium Manager’s
operating expenses for the other half of the
year are the responsibility of the Stadium
Authority. Section 8.3.1 describes the
proportionate share of Stadium Manager
expenses that are owed by the Stadium
Authority and StadCo. Namely that most
Stadium Manager’s operating expenses are
split 50/50 with grounds-keeping being the
exception with a 70/30 split, StadCo being
responsible for the larger share.

ManCo procures insurance for Levi’s®
Stadium for the entire year and the cost is
shared between Stadium Authority and
StadCo.

Section 4.7 of the Management Agreement
notes that ManCo will provide an Annual
Shared Stadium Expense Budget to be
Proposed annually by Stadium Authority
and StadCo. Once the budget has been
Proposed, ManCo invoices Stadium
Authority monthly for its budgeted portion of
shared expenses which include Stadium
Manager’s operating expenses. As part of
the year-end work, the budgeted amounts
that were paid are to be trued up with actual
expenditures.

SH A R E D STAD I UM MA N A G E R EX P E NS E S

38 SH A R E D STAD I UM MA N A G E R EX P E NS E S (CO NT.)

SecurityStadium Operations Engineering Guest Services Groundskeeping TotalTotal Compensation 2,748,472$ 5,684,694$ 4,200,478$ 602,464$ 344,750$ 13,580,858$ Travel, Meals & Entertainment 32,590 324,762 22,600 93,750 10,870 484,572 Outside Services 516,878 45,536 3,143,088 - 1,278,897 4,984,399 General Supplies 9,208 46,736 20,926 139,278 182,780 398,928 Telephone 44,642 562,466 19,688 3,572 1,657 632,025 Equipment 353,742 284,032 67,756 8,416 10,347 724,293 Uniforms 55,804 - 20,648 83,426 3,450 163,328 Other 48,548 49,448 8,360 40,346 - 146,702 Subtotal3,809,884$ 6,997,674$ 7,503,544$ 971,252$ 1,832,750$ 21,115,104$ SecurityStadium Operations Engineering Guest Services Groundskeeping TotalTotal Compensation (2)1,374,236$ 2,842,347$ 2,100,239$ 301,232$ 103,425$ 6,721,479$ Travel, Meals & Entertainment 16,295 162,381 11,300 46,875 3,261 240,112 Outside Services 258,439 22,768 1,571,544 - 383,669 2,236,420 General Supplies 4,604 23,368 10,463 69,639 54,834 162,908 Telephone 22,321 281,233 9,844 1,786 497 315,681 Equipment 176,871 142,016 33,878 4,208 3,104 360,077 Uniforms 27,902 - 10,324 41,713 1,035 80,974 Other 24,274 24,724 4,180 20,173 - 73,351 Subtotal 1,904,942$ 3,498,837$ 3,751,772$ 485,626$ 549,825$ 10,191,002$ Insurance (3) 3,427,000 Management Fee (4)277,000 Total 13,895,002$ (3) The stadium lease sets Stadium Authority's share of insurance expense at $2,550,000 for the first lease year with each succeeding lease year's expense increasing 3%.

Stadium Manager2025/26 Total Shared Stadium ExpensesBetween the Santa Clara Stadium Authority and Forty Niners SC Stadium Company (StadCo)Santa Clara Stadium Authority Proportionate Share of Stadium Expenses (1)(1) The Santa Clara Stadium Authority proportionate share of stadium expenses is rounded to the nearest $1,000 in the operating budget.(4) The stadium management agreement sets the base management fee at $400,000 for the first lease year with each succeeding lease year's management fee increasing 3%. This base management fee is split 50/50 between Stadium Authority and StadCo.(2) Total compensation is based on a total of 72 full time equivalent positions.

39 TE N-YE A R FO R E C AS T (C O N T.)

Total Compensation: This cost includes full-time staff (72 employees), part-time staff, and benefits.

Stadium Authority pays for 50% of these costs except for Groundskeeping which is set at 30%.

 Full-time wages are costs for all management company full-time employees.

 Part-time wages are costs for all management company part-time employees. Wages include annual training for all Guest Services Representatives.

 Benefits are costs of employees’ health insurance, pension, vacation time, and all employer taxes.

Travel, Meals & Entertainment: These are costs for employee travel (airfare, ground, lodging, and meals) to stadium management conferences. In addition, this category includes costs for staff meals for general food and beverage, vendor engagement, and the year-end guest service employee appreciation banquet.

Outside Services: Costs for outside service providers, which include the following:

 Janitorial costs related to the janitorial, cleaning, landscaping, and trash services of the interior and exterior of the Stadium during non-event, regular business hours.

 Stadium Security costs for staffing 24/7 security guards in and around the Stadium and explosive detection canines.

 Engineering & Maintenance for mandatory safety and general maintenance costs associated with fire sprinklers, fire alarms, elevators, and backflows. Also includes outside sub-contracted calls for services for windows, signage and roof repair, HVAC & electrical, carpet, concrete or other miscellaneous repairs.

General Supplies: Supplies for stadium operations, janitorial, engineering, and Guest Services (For example: janitorial supplies, general printing costs for stadium signage, deployment sheet, notes, handbooks etc.).

Telephone: These are costs for landlines and internet/data service for the Stadium, net of the costs for the Team’s business offices, and cell service for Stadium Manager’s Stadium Operations and Security Department personnel.

Equipment: Costs associated with stadium operations and security software, including mobile safety application, stadium staff scheduling/event calendar software, surveillance licensing software, and monthly cost for off-site equipment storage.

Uniforms: Guest Services Department’s replacement and replenishment of uniforms.

SH A R E D STAD I UM MA N A G E R EX P E NS E S GL O S S A RY

40 STA D I U M MA N A G E R SH A R E D EX P E N S E S GL O S S A RY (C O N T.) Other Costs: Costs associated with Stadium Operations (For example: specialized training, command post, CPR first aid, background checks, recruiting, marketing/advertising, and employee retention program).

Tenant Improvements: Interior improvements within Tenant's exclusive facilities and any other improvements within the Stadium that are to be owned by, and constructed at the cost of, Tenant or any Tenant transferee as may be agreed by the Parties (Stadium Authority and StadCo). (Source:

Stadium Lease Agreement).

2026/272027/282028/292029/302030/31Total Compensation 6,923,123$ 7,130,817$ 7,344,741$ 7,565,083$ 7,792,036$ Travel, Meals & Entertainment 247,315 254,734 262,376 270,247 278,355 Outside Services 2,303,512 2,372,618 2,443,796 2,517,110 2,592,624 General Supplies 167,795 172,829 178,014 183,354 188,855 Telephone 325,151 334,905 344,953 355,301 365,960 Equipment 370,879 382,006 393,466 405,270 417,428 Uniforms 83,402 85,904 88,481 91,136 93,870 Other 75,552 77,818 80,153 82,558 85,034 Total 10,496,729$ 10,811,631$ 11,135,980$ 11,470,059$ 11,814,162$ Insurance (1)3,636,000 3,745,000 3,857,000 3,973,000 4,092,000 Management Fee (2)285,000 294,000 303,000 312,000 321,000 Total 14,417,729$ 14,850,631$ 15,295,980$ 15,755,059$ 16,227,162$ Stadium ManagerSanta Clara Stadium Authority Proportionate Share of Stadium Expenses - Five Year Forecast(1) The stadium lease sets SCSA's share of insurance expense at $2,550,000 for the first lease year with each succeeding lease year's expense increasing 3%.(2) The stadium management agreement sets the base management fee at $400,000 for the first lease year with each succeeding lease year's management fee increasing 3%. This base management fee is split 50/50 between SCSA and StadCo.

41 TE N-YE A R FO R E C AS T (C O N T.)
The Ten-Year Stadium Authority Financial Forecast (Forecast) provides policy makers and the public an updated assessment of the Stadium Authority’s fiscal health. The Forecast includes projections for Fiscal Year 2025/26 and the following nine years. The Forecast serves as a strategic planning tool to assist the City Council and Stadium Authority Board, staff and the public with decision-making as they work to adopt the budget and consider long-term financial strategies for the City and Stadium Authority.

The Stadium Lease Agreements describe how Excess Revenues are calculated at the end of each Fiscal Year resulting from revenue and expense cash flows, therefore, the Forecast is prepared on a cash basis. Since the Operating, Debt Service and Capital Expense Budgets are prepared on an accrual basis, there will be timing variances between the budgets included in this report and the Forecast.

In developing the Forecast, different methodologies were used depending on the type of revenue and expense. For example, Naming Rights revenue, Senior and Youth Fees, buffet expenses, insurance expenses, ground rent, base management fees, debt service, etc., are all determined contractually.

Regarding SBL Proceeds, ManCo provided guidance that SBL re-sale activity would level off for the next five years and then begin deflating by 10% each year thereafter. ManCo’s projections for non- NFL Event net revenue were used for FY2025/26 and 2026/27, and future years assumed three concerts, two soccer matches, and 50 private events each year. Lastly, other revenues and expenses were increased annually with inflation.

There are risks inherent in all long-term forecasts. While some of the risks to this Forecast are mitigated by means of the revenues and expenses that are fixed due to contractual agreements, others are not. One risk to this forecast is how the success or failure of the Forty Niners Football Team on the field affects SBL revenue. The team’s success in recent years has driven up SBL revenue, however the converse is also possible. The booking and performance of non-NFL events is another risk. ManCo has been successful in booking a number of events in the past three years and there are currently six (6) concerts and one (1) soccer match scheduled in the coming fiscal year.

However, future events are dependent on if and when music artists are touring each year and if there are sporting matches that can be hosted in Levi’s® Stadium.

This Forecast shows net Excess Operating Revenue in each fiscal year with a high of $13.46 million in FY2025/26 and a low of $8.20 million in FY2034/35. This projected excess revenue allows the Stadium Authority to pay off the Public Safety Cost 2024 Outstanding Balance in the next three years and fill the Renovation/Demolition Reserve of $70 million by FY2030/31. The excess revenue also allows for direct transfers from excess revenue to the City’s General Fund each year with a high of $6.27 million in FY2031/32 and a low of $2.26 million in FY2026/27.

Overall Stadium Authority Reserves are projected to increase from $96.21 million in FY2025/26 to $122.34 million in FY2034/35. Lastly, the direct impact to the City’s General Fund from Stadium Authority activities is positive every fiscal year in the Forecast with the amount fluctuating from $5.68 million in FY2026/27 to $10.08 million in FY2031/32. This is made up of a combination of Ground Rent (Base and Performance), Senior Youth Fees and Stadium Authority Excess Revenue.

TE N-YE A R FO R E C A S T

42 TE N-YE A R FO R E C AS T (C O N T.)

Santa Clara Stadium Authority10-Year Forecast(in millions)Fiscal Year 2025/26 2026/27 2027/28 2028/29 2029/30Levi's® Stadium Year of Operations 12 13 14 15 16Operating ActivityOperating Revenue 70.17$ 63.40$ 65.82$ 66.42$ 67.48$ Operating Expenses (32.57) (29.43) (30.98) (31.47) (32.18) Transfer to CapEx (3.77) (3.85) (3.94) (4.03) (4.12) Transfer to Discretionary Fund (0.70) (0.33) (0.42) (0.42) (0.42) Transfer to PSC Reserve (2.02) (0.66) (0.84) (0.84) (1.05) Net Cash Flow Available for Debt 31.11 29.13 29.64 29.66 29.71 Debt Service ActivityTerm A Debt Service (17.65) (17.82) (18.00) (18.18) (18.36) Net Excess Revenue 13.46 11.31 11.64 11.48 11.35 Use of Excess RevenueAdditional Transfer to CapEx (1.38) (1.43) (1.47) (1.51) (1.56) Transfer to Operating Reserve (0.80) (0.84) (0.85) (0.88) (0.91) Transfer to Reno/Demo Reserve (5.64) (4.52) (4.66) (4.54) (4.44) Paydown PSC 2024 Outstanding Balance (2.82) (2.26) (0.50) - - PSC Over Threshold - - (0.62) (1.60) (1.04) Transfer to City General Fund (2.82) (2.26) (3.54) (2.95) (3.40) Net Operating Cash Flow-$ -$ -$ -$ -$ CapEx ActivityBeginning Balance 16.21$ 4.30$ 5.17$ 6.40$ 7.89$ Transfer from Operating 5.15 5.28 5.41 5.54 5.67 CapEx Expenses (17.06) (4.41) (4.18) (4.05) (5.40) CapEx End Balance4.30$ 5.17$ 6.40$ 7.89$ 8.16$ Public Safety Cost Reserve ActivityBeginning Balance -$ 2.02$ 0.66$ 0.84$ 0.84$ Transfer from Operating 2.02 0.66 0.84 0.84 1.05 PSC Over Threshold Expense - (2.02) (0.66) (0.84) (0.84) PSC Cost Reserve End Balance2.02$ 0.66$ 0.84$ 0.84$ 1.05$ Discretionary Fund ActivityBeginning Balance 3.16$ 1.80$ 2.01$ 0.86$ 0.42$ Transfer from Operating 0.70 0.33 0.42 0.42 0.42 PSC Over Threshold Expense (2.06) (0.12) (1.57) (0.86) (0.42) Discretionary Fund End Balance1.80$ 2.01$ 0.86$ 0.42$ 0.42$ Reserve BalancesDiscretionary Fund Reserve 1.80$ 2.01$ 0.86$ 0.42$ 0.42$ Public Safety Cost Reserve 2.02 0.66 0.84 0.84 1.05 Operating Reserve 27.68 28.52 29.37 30.25 31.16 Renovation/Demolition Reserve 48.87 53.39 58.05 62.59 67.03 CapEx Reserve 4.30 5.17 6.40 7.89 8.16 Debt Service Reserve 11.54 11.54 11.54 11.54 11.54 Total Reserve Balances96.21$ 101.29$ 107.06$ 113.53$ 119.36$ Public Safety Cost 2024 Outstanding BalanceBeginning Balance 5.58$ 2.76$ 0.50$ Paydown with Excess Revenue (2.82) (2.26) (0.50) PSC 2024 End Balance2.76$ 0.50$ -$ City of Santa Clara General Fund ImpactGround Rent - Base 1.00$ 1.00$ 1.00$ 1.00$ 1.10$ Ground Rent - Performance 4.13 2.15 2.85 2.53 2.31 Senior Youth Fee 0.27 0.27 0.27 0.27 0.27 Excess Revenue 2.82 2.26 3.54 2.95 3.40 Total City of Santa Clara GF Impact8.22$ 5.68$ 7.66$ 6.75$ 7.08$

43 TE N-YE A R FO R E C AS T (C O N T.)
Santa Clara Stadium Authority10-Year Forecast(in millions)Fiscal Year 2030/31 2031/32 2032/33 2033/34 2034/35Levi's® Stadium Year of Operations 17 18 19 20 21Operating ActivityOperating Revenue 68.06$ 68.69$ 69.32$ 70.25$ 71.07$ Operating Expenses (33.07) (34.04) (35.05) (36.08) (37.28) Transfer to CapEx (4.21) (4.31) (4.40) (4.51) (4.61) Transfer to Discretionary Fund (0.42) (0.42) (0.42) (0.42) (0.42) Transfer to PSC Reserve (1.05) (1.05) (1.05) (1.26) (1.26) Net Cash Flow Available for Debt 29.31 28.87 28.40 27.98 27.50 Debt Service ActivityTerm A Debt Service (18.55) (18.73) (18.92) (19.11) (19.30) Net Excess Revenue 10.76 10.14 9.48 8.87 8.20 Use of Excess RevenueAdditional Transfer to CapEx (1.60) (1.65) (1.70) (1.75) (1.81) Transfer to Operating Reserve (0.93) (0.97) (0.99) (1.02) (1.05) Transfer to Reno/Demo Reserve (2.97) - - - - PSC Over Threshold (1.14) (1.25) (1.35) (1.80) (1.38) Transfer to City General Fund (4.12) (6.27) (5.44) (4.30) (3.96) Net Operating Cash Flow-$ -$ -$ -$ -$ CapEx ActivityBeginning Balance 8.16$ 7.00$ 6.00$ 5.00$ 4.00$ Transfer from Operating 5.81 5.96 6.11 6.26 6.42 CapEx Expenses (6.97) (6.96) (7.11) (7.26) (7.42) CapEx End Balance7.00$ 6.00$ 5.00$ 4.00$ 3.00$ Public Safety Cost Reserve ActivityBeginning Balance 1.05$ 1.05$ 1.05$ 1.05$ 1.26$ Transfer from Operating 1.05 1.05 1.05 1.26 1.26 PSC Over Threshold Expense (1.05) (1.05) (1.05) (1.05) (1.26) PSC Cost Reserve End Balance1.05$ 1.05$ 1.05$ 1.26$ 1.26$ Discretionary Fund ActivityBeginning Balance 0.42$ 0.42$ 0.42$ 0.42$ 0.42$ Transfer from Operating 0.42 0.42 0.42 0.42 0.42 PSC Over Threshold Expense (0.42) (0.42) (0.42) (0.42) (0.42) Discretionary Fund End Balance0.42$ 0.42$ 0.42$ 0.42$ 0.42$ Reserve BalancesDiscretionary Fund Reserve 0.42$ 0.42$ 0.42$ 0.42$ 0.42$ Public Safety Cost Reserve 1.05 1.05 1.05 1.26 1.26 Operating Reserve 32.09 33.06 34.05 35.07 36.12 Renovation/Demolition Reserve 70.00 70.00 70.00 70.00 70.00 CapEx Reserve 7.00 6.00 5.00 4.00 3.00 Debt Service Reserve 11.54 11.54 11.54 11.54 11.54 Total Reserve Balances122.10$ 122.07$ 122.06$ 122.29$ 122.34$ City of Santa Clara General Fund ImpactGround Rent - Base 1.10$ 1.10$ 1.10$ 1.10$ 1.20$ Ground Rent - Performance 2.35 2.44 2.54 2.64 2.74 Senior Youth Fee 0.27 0.27 0.27 0.27 0.30 Excess Revenue 4.12 6.27 5.44 4.30 3.96 Total City of Santa Clara GF Impact7.84$ 10.08$ 9.35$ 8.31$ 8.20$

44 STA DI U M DE B T SE RV I C E BU D G E T (C O N T.)

2023/24 2024/25 2024/25 2025/26Year-end (2)Amended (1)Projected ProposedActuals Budget Actuals BudgetBeginning Fund BalanceRequired Debt Service Reserve 11,536,235$ 11,536,235$ 11,536,235$ 11,536,235$ Debt Service Reserve 15,663,801 8,122,980 8,122,980 8,820,980 Total Beginning Fund Balance 27,200,036$ 19,659,215$ 19,659,215$ 20,357,215$ RevenuesContribution from CFD 3,467,626$ 2,782,000$ 3,466,000$ 3,605,000$ Total Revenues 3,467,626$ 2,782,000$ 3,466,000$ 3,605,000$ Transfers InTransfers In from Operating 17,297,708$ 17,471,000$ 17,471,000$ 17,646,000$ Total Transfers In 17,297,708$ 17,471,000$ 17,471,000$ 17,646,000$ Total Source of Funds 47,965,370$ 39,912,215$ 40,596,215$ 41,608,215$ 2023/24 2024/25 2024/25 2025/26Year-end (2)Amended (1)Projected ProposedActuals Budget Actuals BudgetExpensesCFD Advance 2,849,343$ 2,754,000$ 3,306,000$ 3,565,000$ Term A Loan 25,456,812 16,933,000 16,933,000 17,080,000 Total Expenses 28,306,155$ 19,687,000$ 20,239,000$ 20,645,000$ Ending Fund BalanceRequired Debt Service Reserve 11,536,235$ 11,536,235$ 11,536,235$ 11,536,235$ Debt Service Reserve 8,122,980 8,688,980 8,820,980 9,426,980 Total Ending Fund Balance 19,659,215$ 20,225,215$ 20,357,215$ 20,963,215$ Total Use of Funds 47,965,370$ 39,912,215$ 40,596,215$ 41,608,215$ (1) Amended Budget as of January 14, 2025.(2) Beginning Fund Balance was adjusted to reflect actual results, which included accruals.

Santa Clara Stadium AuthorityDebt Service Budget Summary

STA DI U M DE B T SE RV I C E BU D G E T

45 STA DI U M DE B T SE RV I C E BU D G E T (C O N T.)

Debt Service Payment: The FY 2025/26 Debt Service Budget of $20.6 million is based on the required and additional principal and interest debt service payments. A glossary is included at the end of this section that describes the type of debt and the applicable source documents for each loan. Of the $20.6 million budget, $3.6 million represents anticipated contributions from the Community Facilities District (CFD). The total Debt Service Reserves are projected at $21.0 million.

The following schedule on provides a breakdown of the principal and interest payments budgeted in FY 2025/26 for each loan as well as the beginning and ending balances. The total outstanding debt is projected to decrease by $9.9 million in FY 2025/26 from $219.7 million to $209.8 million.

46 STA DI U M DE B T SE RV I C E BU D G E T (C O N T.)

STA DI U M DE B T SE RV I C E BU D G E T (C O N T.)

2025/26 2025/26 2025/26Debt Interest 2025/26 Beginning Principal EndingObligations rates InterestBalancePayments BalanceStadium Funding Trust Term A Loan 5.00% 9,241,000$ 192,656,344$ (7,838,095)$ 184,818,249$ StadCo CFD Advance(1)5.73%1,496,000 27,010,621 (2,069,350) 24,941,271 Total 10,737,000$ 219,666,965$ (9,907,445)$ 209,759,520$ Santa Clara Stadium AuthorityDebt Service Payment Schedule (1)Community Facilities District (CFD) principal payment is an estimate based on anticipated contributions from the CFD. Any increase in principal for the year is due to adding unpaid interest to the principal. $- $100 $200 $300 $400 $500 $600 $700March2012March2013March2014March2015March2016March2017March2018March2019March2020March2021March2022March2023March2024March2025(forecast)March2026(budget)Total Outstanding Debt (in millions) Construction LoanStadCo Agency AdvanceTerm B LoanTerm A LoanStadCo CFD AdvanceStadCo Subordinated Loan$41.1$396.1$653.4$561.6$464.7$429.8$382.7$340.2$325.3$296.8$245.3$228.7$280.3$219.7$209.8

47 Contribution from the Community Facilities District (CFD): The CFD was established for the purpose of financing and constructing publicly owned facilities. To support that, the CFD levies and collects a special hotel tax of 2% on hotel rooms within the CFD. During the construction of Levi’s® Stadium, Stadium Authority spent $35.0 million on CFD infrastructure. All collections from the special CFD hotel taxes are contributed to Stadium Authority to pay down the CFD Advance which was used to fund the construction of the CFD publicly owned facilities. (Source: The Reimbursement Agreement Relating to the CFD)

CFD Advance: StadCo agreed to loan Stadium Authority a not to exceed amount of $35.0 million for CFD infrastructure and with a maximum principal amount of $38.0 million including capitalized interest. This loan bears interest at a fixed rate of 5.73% and the loan is payable solely from amounts received by Stadium Authority from the CFD. (Source: The Authority Promissory Note in Respect of StadCo CFD Advance)

Debt Service Reserve: The required Term A Loan principal payments are due on April 1st each year.

However, the cash transfer from the Operating Fund is made in the prior Fiscal Year, this transfer is the main component of the Debt Service Reserve. The other component is the accrued interest on the CFD Advance and the Term A Loan that is recorded at the end of each Fiscal Year.

Term A Loan: The Stadium Funding Trust (FinanceCo) agreed to loan Stadium Authority $282.8 million to fund construction of Levi’s® Stadium. This loan bears interest at a fixed rate of 5% payable semi-annually, with annual principal payments due beginning in April 2018. It has a maturity date in 2039 and is subject to certain prepayment premiums. The principal payment schedule is noted below. (Source: The Restated Credit Agreement)

StadCo Subordinated Loan: StadCo agreed to loan Stadium Authority an amount not to exceed $500 million to fund construction of Levi’s® Stadium. The actual amount loaned to the Stadium Authority was $236.9 million. This loan bears a fixed interest rate of 5.5% with annual principal payments due beginning in March 2016 and it may be prepaid at any time without penalties. The Stadium Authority had fully paid off this loan in FY 2022/23. (Source: The Restated StadCo Obligations Agreement)

Date Annual Principal Payment Date Annual Principal Payment Date Annual Principal Payment April 1, 2018 12,110,000$ April 1, 2026 8,404,934$ April 1, 2033 13,306,164$ April 1, 2019 12,718,000$ April 1, 2027 9,001,865$ April 1, 2034 14,160,901$ April 1, 2020 13,354,000$ April 1, 2028 9,630,410$ April 1, 2035 15,060,270$ April 1, 2021 14,022,000$ April 1, 2029 10,292,166$ April 1, 2036 16,006,521$ April 1, 2022 14,723,000$ April 1, 2030 10,988,812$ April 1, 2037 17,002,017$ April 1, 2023 15,459,000$ April 1, 2031 11,722,111$ April 1, 2038 18,049,239$ April 1, 2024 7,299,896$ April 1, 2032 12,493,914$ April 1, 2039 19,150,793$ April 1, 2025 7,838,094$ Term A Loan Amortization (Required Principal Payment Schedule)

STA DI U M DE B T SE RV I C E BU D G E T GL O S S A RY

48 Required Debt Service Reserve: Stadium Authority agreed to deposit $11,536,235.33 (the Debt Service Reserve Required Amount) into a Debt Service Reserve Account. This amount will remain in the reserve account until the Term A Loan has been fully repaid. (Source: Restated Credit Agreement & Restated Deposit and Disbursement Agreement)

STA DI U M DE B T SE RV I C E BU D G E T GL O S S A RY (CO N T.) 49 The Capital Expense (CapEx) Budget is used to fund the purchase or upgrade of fixed assets for the Stadium. While the funding for appropriations occur on an annual basis, the Capital Expense Plan extends for a five-year period (shown on Page 59 of this report). Changes to existing projects, as well as the addition of new projects, may occur during the five-year planning period as new needs are identified. The appropriations for capital projects do not lapse at year-end but carryover into future years until the project is complete.

The FY 2025/26 CapEx Budget totals $18.6 million. Of this total, $13.4 million of prior year appropriations are projected to be carried over from FY 2024/25 ($1.5 million of the projected carryover amount is for warranty-related construction, and the other $11.9 million is for prior year CapEx projects). New capital improvement appropriations equal $5.2 million.

A detailed listing of Proposed FY 2025/26 projects is provided starting on Page 51 of this report.

Stadium Authority is submitting it as transmitted by the Stadium Manager. The description of specific projects have been excluded to protect sensitive information related to security.

S TA DI U M A UT H O RI T Y C AP I TAL EX P E NS E BU D G E T

50 2023/24 2024/25 2024/25 2025/26 2025/26 2025/26TotalYear-end (2)Amended (1)Projected Projected Proposed ProposedActualsBudgetActualsCarryoverBudgetBudgetBeginning Fund Balance 22,977,809$ 19,862,834$ 19,862,834$ 16,072,834$ 16,072,834$ Revenue-$ -$ -$ -$ -$ -$ Total Revenue -$ -$ -$ -$ -$ -$ Transfers In3,914,319$ 4,032,000$ 4,032,000$ -$ 5,153,000$ 5,153,000$ - 1,575,000 1,575,000 - - - Total Transfers In 3,914,319$ 5,607,000$ 5,607,000$ -$ 5,153,000$ 5,153,000$ Total Source of Funds 26,892,128$ 25,469,834$ 25,469,834$ 16,072,834$ 5,153,000$ 21,225,834$ 2023/24 2024/25 2024/25 2025/26 2025/26 2025/26TotalYear-end (2)Amended (1)Projected Projected Proposed ProposedActualsBudgetActuals Carryover Budget BudgetExpensesConstruction 5,621,274$ 15,667,725$ 6,283,000$ 8,472,000$ 4,045,000$ 12,517,000$ Equipment 1,408,020 5,908,000 3,114,000 2,824,000 907,000 3,731,000 Contingency - 973,000 - 565,000 248,000 813,000 Stadium Warranty Related Construction - 1,528,000 - 1,528,000 - 1,528,000 Total Expenses 7,029,294$ 24,076,725$ 9,397,000$ 13,389,000$ 5,200,000$ 18,589,000$ Ending Fund Balance19,862,834$ 1,393,109$ 16,072,834$ 2,683,834$ (47,000)$ 2,636,834$ Total Use of Funds 26,892,128$ 25,469,834$ 25,469,834$ 16,072,834$ 5,153,000$ 21,225,834$ (1) Amended Budget as of January 14, 2025.(2) Beginning Fund Balance was adjusted to reflect actual results, which included accruals.(3) Capital projects are rounded to the nearest $1,000 for FY 2025/26.

Santa Clara Stadium AuthorityCapital Expense Budget Summary (3)Transfers In from OperatingTransfers In from Operating - Levi's Naming RightsInterest STA DI U M AUT H O RI T Y CAP I TAL EX P E NS E BU D G E T (CO N T. )

51 Item TypeSCSA RequestedDescription CostContingency (5%)Total CostAudio/Visual Fiber & Low Voltage Cabling Backbone into Radio Booths - Phase 2250,000$ 12,500$ 262,500$ Installation of fiber optic and low voltage cabling from camera positions to radio booths for event productions. The project will install fiber optic cabling to increase the low voltage cabling backbone. This installation will accommodate the expanding requests received for booth usage during stadium events and will help the stadium keep up with emerging trends. The project expands on the Phase 1 fiber optic installation between multiple booths located on the 800 level suite tower location and the broadcast patch panel (Room 01.69.08) near the loading dock on the exterior south end of the stadium. Fiber design shall include TAC-12 and DT-12, or better. Design will consider new fiber termination panels, additional conduit, and raceway.Electrical Distribution - High Voltage (PSG 12 KV Electrical Power Study, Assessment and Replacement at Quad Substations)500,000 25,000 525,000 Completes the Primary Switch Gear 12KV electrical power study and assessment while replacing any compromised or failed equipment to ensure operational reliability. This assessment phase and replacements will address the Primary Switch Gear and four (4) quad substations.Electrical LED Retrofit Project - Phase 21,000,000 50,000 1,050,000 Project will replace existing fixtures that are no longer manufactured and/or inefficient lighting fixtures. Facility staff is unable to procure existing fixture parts and lamps due to new California Title 24 requirements. This project will start phasing out the existing / outdated fixtures with new energy efficient Title 24 compliance fixtures.General Building Coating (Structural Steel, Concrete Walls, etc.)White steel - Phase 2250,000 12,500 262,500 This project applies steel coatings to exterior structural steel of the building structure. The structural steel coatings are exposed to sun, rain and other outdoor elements. This project will continue the multi-year process of recoating the structural steel.General Building Escalator Canopies - Bird proofing200,000 10,000 210,000 Bird proofing of escalator canopies due to bird droppings to avoid health & safety due to damage of escalator equipment. Installation of materials to prevent birds from sitting above escalators will help keep the stadium clean, reduce cleaning costs, and extend the life of the equipment.General Building Project and Construction Management Firm195,000 9,750 204,750 This budget line item is intended to be used for the two (2) Construction Management / Project Management firms.General Building Slip and Fall Protection - South, Northeast, and Northwest Field Tunnels50,000 2,500 52,500 The project will purchase and install synthetic turf flooring for NW, NE and South field level tunnels. The synthetic turf materials provide a walkable surface with appropriate coefficient of friction for foot traffic through tunnels.General Building Trash Compactor Units400,000 20,000 420,000 This is the second phase of the project, which will replace the remaining two (2) of four (4) waste compactors at the stadium loading dock and accessory equipment. The units have reached end of life and are in need of replacement. This equipment is critical to the operation of the stadium. The project will furnish, deliver and install the new equipment.General Building Walking Route Matting150,000 7,500 157,500 Installation of resilient flooring walking surface in the service tunnel, which provides a safe and clean delineated walking surface for all events. Installation of flooring will extend walking surface at 100 service corridor near the Auxiliary Locker Rooms and Visitor Locker Room, which are used for all types of events by teams, officials, and other event performers.HVAC/Mechanical Boilers500,000 25,000 525,000 Project replaces boiler and/or critical boiler support components to ensure reliable operations of equipment necessary to support events. The boiler systems generate hot water that is used to maintain comfortable indoor temperatures. The stadium spaces require powerful heating and cooling solutions. Some of these system components are reaching end of life and require replacement.HVAC/Mechanical HVAC250,000 12,500 262,500 Project addresses general renewal and replacement of necessary HVAC equipment in the stadium to include, but not limited to, cooling tower, pumps, motors, heat pumps, dampers, valves, VFDs, boilers, and/or general mechanical systems.

Santa Clara Stadium Authority2025/26 CapEx Budget

52 Item TypeSCSA RequestedDescription CostContingency (5%)Total CostPlumbing Plumbing Fixtures urinals/sinks/water closets/hose bibs etc.250,000$ 12,500$ 262,500$ The project includes the purchase of plumbing fixtures needed to replace existing end of life components. Labor for this project will be performed by stadium Engineering staff. Components that will be purchased as part of this project include, but is not limited to, toilet, urinal and sink components. The project will start a phased replacement program of existing fixtures in stadium restrooms, excluding tenant exclusive facilities. This is the first of several phases to replace aging plumbing fixtures and components.Site GA Lot Substation Fence50,000 2,500 52,500 Replace existing damaged fencing and gates due to failed concrete foundation. The fence provides a secure perimeter around the electronic substation equipment in Great America Parking Lot. Securing this ensures the safe and secure experience for the stadium guests.Subtotal New CapEx Construction Costs 4,045,000$ 202,250$ 4,247,250$ Furniture, Fixtures & EquipmentMedical Equipment - General Allowance150,000 7,500 157,500 A number of pieces of medical equipment in service at the venue for patrons, workers, and performers is at end of life and needs to be replaced, including gurneys, AEDs, EKG Machine, X-ray Flatbed, and other general medical equipment. This general allowance will be used to acquire replacement units during FY 2025/26.Public Safety - IT Replacement of end of life End User equipment17,500 875 18,375 xThis project replaces 5 Desktops, 2 Printers, 1 Precision Desktop and 3 Laptops that are end of life. Costs include equipment, taxes, shipping and deployment costs.Public Safety - IT Touchscreen Dispatch Monitors2,850 143 2,993 xPublic safety dispatchers utilize several screens at their workstations in order to facilitate their duties. Incorporating one touch screen monitor (and mounting hardware) at each workstation would improve efficiencies and public safetyresponses.Public Safety - IT Temporary Holding Facility (THF) Computer Work Stations5,000 250 5,250 xThis project is to purchase two computer stations, including two monitors for each that are needed within the stadium THF for information sharing and regulatory-mandated entries. This will increase communication ability and access to information. It will also improve efficiency as Officers can complete their own information during the booking process.Public Safety - Fire Kawasaki ATVs and Kimtek Pump Module70,000 3,500 73,500 xThis project replaces 2 John Deere Gators (utility vehicles) purchased in 2015 that are at the end of the 10-year useful life. The fire pump module will provide fire suppression capabilities for parking lot vehicles.Public Safety - Fire Kawasaki ATV30,000 1,500 31,500 xThis project is to purchase a new Kawasaki ATV for transporting personnel to the stadium from staging location at Fire Station 8. Currently the personnel are transported using the Fire Department's creek response vehicle, which leaves that resource unavailable during stadium events. The cart can be used by the Exterior Supervisor once it has transported personnel to the stadium.Public Safety - Fire Kubota Storage Box7,000 350 7,350 xThis project is to purchase a storage box fitted to the Joint Hazards Assessment Team (JHAT) vehicle to store personal protective equipment (PPE) and various equipment used by JHAT.Public Safety - Fire Lightweight Chemical Detector (LCD) 4.020,000 1,000 21,000 Public Safety - Police Secure Law Enforcement Resource Area35,000 1,750 36,750 xA secure resource placement area will provide a location that is protected from the elements for specialty, law enforcement personnel and equipment. This will allow for enhanced operational conditions and improved communication with the Command Post, increasing situational awareness for Incident Commanders.

Santa Clara Stadium Authority2025/26 CapEx Budget (Cont.)

53 Item TypeSCSA RequestedDescription CostContingency (5%)Total CostPublic Safety - Police E-Bikes28,000$ 1,400$ 29,400$ xIncorporating e-bikes into public safety operations will increase response time efficiencies and promote improved response readiness for personnel. Bike patrol teams are one of the most important contingents of the public safety deployment, and the bike teams often respond to incidents over the distance of several miles through operational areas of responsibility. With an increase in satellite lots being permitted, the area of public safety coverage has grown. E-bikes will foster expedient response times, while requiring less exertion from personnel, allowing them to be physically ready for a possible emergency engagement. 8 e-bikes would allow two teams to operate in an enhanced manner.Public Safety - Police Staff Scheduling Software17,100 855 17,955 xTo implement effective and efficient public safety operational plans at the Stadium, staffing support from FTE and per diem employees is necessary. PD currently uses an out of date scheduling software platform that is limited in functionality. Securing and utilizing a more robust technology platform will improve scheduling and staff management abilities, including possible check-in/check-out functionality during events.Security Security - General Allowance 275,000 13,750 288,750 Security Surveillance - Cameras 250,000 12,500 262,500 Subtotal New CapEx Equipment Costs907,450$ 45,373$ 952,823$ Total New CapEx Project Costs 4,952,450$ 247,623$ 5,200,073$ 2025/26 CapEx Budget (Cont.)Santa Clara Stadium Authority

54 Item TypeSCSA RequestedDescription CostRemaining ContingencyTotal CostElectricalDistribution - High Voltage Assessment and Replacement - Automatic Transfer Switches (ATS) & Electrical Grids400,000$ 20,000$ 420,000$ The project will test, inspect and assess the seven (7) stadium Automatic Transfer Switches ("ATS") and supporting electrical switchgear for the three (3) emergency grids. Assessment will inspect equipment and replace faulty equipment. The assessment will provide a report and recommendation for necessary replacement and modifications necessary to maintain full and safe electrical operation at the stadium. The project includes an allowance for any necessary replacements and / or enhancements identified during the assessment. Replacements and / or modifications are dependent upon the results of the assessment. Additionally, the project will establish a baseline for this electrical equipment and may determine the need and frequency of future test and inspection of electrical equipment. This is a FY 2024/25 carryover project.Electrical LED Retrofit Project - Phase 1125,000 6,250 131,250 Project will replace existing fixtures that are no longer manufactured and/or inefficient lighting fixtures. Facility staff is unable to procure existing fixture parts and lamps due to new California Title 24 requirements. This project will start phasing out the existing / outdated fixtures with new energy efficient Title 24 compliance fixtures. This is a FY 2024/25 carryover project.Electrical Lighting System - Controls System75,000 3,750 78,750 The current stadium lighting control system server must be replaced. The current server has reached its end of useful life and is not compatible with future software upgrades. Upgrading the lighting control system server ensures the lighting control system maintains supported and operational. Project originally approved in FY 2023/24. Technical specifications bid documents are developed, but work will carryover into FY 2025/26.Electrical Lighting Systems - Fixture Replacement of Major Outdoor Lighting / LED Retrofit / Sports Lighting2,538,719 126,936 2,665,655 This project replaces the current metal halide stadium field / sport lights ("field lights") with an outdoor LED retrofit. LED field lights will dramatically reduce the carbon footprint, lower the number of mercury containing fixtures and cut energy consumption caused by the field lights by up to as much as 40%, which is one of the largest energy consuming systems in the stadium. LED field lights provide an energy efficient solution to upgrade a product that may soon be phased out. LED lights tend to last much longer and require less maintenance than metal halide lights. The design phase for this project was initiated in FY 2023/24. This project was bid and awarded during FY 2024/25. The project is in progress and a portion of the original budget will be carried over in order to complete the project.General Building Aesthetic Improvements - Premium Areas / Special Event Spaces182,962 9,148 192,110 This project will renovate and refresh the premium club spaces in the stadium by replacing carpet and paint in the BNY Clubs, Fii Club, United Club, Yahoo Club and special event spaces. These club spaces are used for numerous events throughout the year. The high traffic experienced in these spaces have worn on finishes and caused the carpet to near the end of life. This project will enhance these premium spaces and ensure Levi's Stadium remains an attractive destination for any and all events. This project was originally approved in FY 2022/23. The project is contracted, but this project will carry over into FY 2025/26 due to supply chain issues and long material lead times.General Building Automatic Logic Control Building Engineering System54,999 2,750 57,749 Install an automatic logic controller system upgrade to monitor the building's HVAC in all quadrants simultaneously. This updated system will enable graphic interface and help the system to operate more efficiently with time clock management and assisting in potential lighting control energy savings. Increased budget amount due to anticipated additional cost.General Building Broadcast Booth Window System Replacement150,000 7,500 157,500 The retractable window system in the 400 Level broadcast booth opens for all events. The window system casters and rails system has reached end of life due to frequent use, weather and environmental exposure. This project will replace the wall system to provide reliability of the system and successful operations during events. This is a FY 2024/25 carryover project.

Santa Clara Stadium Authority2025/26 CapEx Budget Carryover

55 Item TypeSCSA RequestedDescription CostRemaining ContingencyTotal CostGeneral Building Coating (Structural Steel, Concrete Walls, etc.) White steel - Phase 1250,000$ 12,500$ 262,500$ This project begins to recoat the exterior structural steel of the building structure. The structural steel coat is exposed to sun, rain and other outdoor elements. This project will start the multi-year process of recoating the structural steel. This is a FY 2024/25 carryover project.General Building Engineering Shop Enhancements50,000 2,500 52,500 The project invests into the stadium Engineering shop by providing improvements to shop work stations and key shop facilities. It provides necessary resources for stadium Engineering staff to perform maintenance and repair activities. Work station enhancements will improve shop work and storage capabilities. The key shop enhancements provide necessary programming for inventory and key tracking capabilities. This is a FY 2023/24 carryover project.General Building Expansion / Waterproofing / Caulk Joint Replacements - Phase 21,262,500 63,125 1,325,625 This is the second phase of the traffic deck recoating with the seating bowl and concourse areas, which are currently showing signs of wear. Phase 1 completed the lower seating bowl and main concourse. The deck coating serves as a secondary waterproofing system for the occupied spaces below these areas and also protects and extends the life of the concrete. Periodic replacement and recoating of this system is necessary to maintain current waterproofing system and maintain the expected life of the structure . This is a FY 2024/25 carryover project.General Building Exterior Stairwell Traffic Coating Refurbishment50,000 2,500 52,500 The project removes and reinstalls traffic coating material on the exterior stadium emergency and exit staircases in areas where the traffic coating is compromised. The traffic coating replacement at the staircase landings will prevent trip and fall hazards, as well as protect the staircase structures from rust and corrosion. This project will extend the life of the staircases. This project was not part of the 5-year Capex project list in previous years, but was determined that this project is necessary due to the unanticipated spalling of the traffic coating materials in specific areas on the staircases. Project originally approved in FY 2023/24. Technical specifications bid documents are developed, but work will carryover into FY 2025/26.General Building Levi's Naming Rights Signage Refurbishment1,547,191 77,360 1,624,551 The project refurbishes the current four (4) Levi's Naming Rights signs located above the North and South Scoreboards, west side of the suite tower, and on the east side of the grandstands. The current signs have experienced lighting failures despite repeated attempts to repair the signs. We will await guidance from the Board on this subject. This project was awarded in FY 2024/25. Project has started, but the remaining budget is carried over into FY 2025/26 for project completion.General Building Miscellaneous100,000 5,000 105,000 Renewal and replacement of general building items to include, but not limited to, architectural finishes, fixtures, coatings, equipment, etc. This project was originally approved in FY 2022/23.General Building Miscellaneous100,000 5,000 105,000 General renewal and replacement of flooring, carpeting, millwork, tiles, masonry, granite counters, Stainless steel panels and counters, cladding, wall acoustic panels etc. throughout the building as items reach their end of life. Project originally approved in FY 2016/17 but was not completed.General Building Project and Construction Management Firm152,876 7,644 160,520 This budget line item is intended to be used for the two (2) Construction Management / Project Management firms selected to assist in managing various SCSA Capex projects. This carryover amount is the remaining funding available for this work from the $180,600 approved in the FY 2023/24 budget.

Santa Clara Stadium Authority2025/26 CapEx Budget Carryover (Cont.)

56 Item TypeSCSA RequestedDescription CostRemaining ContingencyTotal CostGeneral Building Stormwater System Assessment and Replacements200,000$ 10,000$ 210,000$ The project will provide an assessment and servicing of the Levi's Stadium stormwater system. The contractor will inspect, service and replace equipment as necessary. This equipment is necessary for local and state environmental regulations. This is a FY 2024/25 carryover project.General Building Trash Compactor Replacement330,000 16,500 346,500 This project will replace two (2) waste compactors at the stadium loading dock. The units have reached end of life and are in need of replacement. This equipment is critical to the operation of the stadium. The project will furnish, deliver and install the new equipment. This is a FY 2024/25 carryover project.Plumbing Plumbing - Boilers 617,870 30,894 648,764 Project addresses general renewal and replacement of necessary plumbing equipment in the stadium to include, but not limited to, replacement of piping, fittings, vents, joints, switches, cleanouts, valves, drains, traps, primers, strainers, pumps, water heaters, interceptors, filters and/or water softener systems. This is a FY 2023/24 carryover project.Site Asphalt158,095 7,905 166,000 The project will evaluate the current pavement status and provide asphalt overlay and/or seal coat at the visitor parking on Tasman, Gold 4 & 5 parking lots and South Access Road. Design services will be engaged to evaluate the current condition of pavement and recommend the correct application. Proper overlay and crack fill seals the pavement and prevents the infiltration of water which prevents pavement failure. This is a FY 2018/19 carryover project.Site Concrete Replacements127,000 6,350 133,350 The Project will address the concrete at the Northwest stairwell landing on the 700 Level North Plaza area. The railing at the stairwell has been compromised in the past. This project will restore the handrail and concrete at the stairwell, as well as improve the condition by strengthening the reinforcing at the stairwell railing. The project will require demolition of the existing concrete, potentially patch the waterproofing layer of the structural slab, add reinforcing steel, pour concrete, apply traffic coating and re-install the existing handrail at the stairwell. The improved and additionally reinforced slab will improve safety and prevent future damage from carts and other equipment that are used in the nearby area. This project was originally approved in FY 2022/23.Subtotal Carryover CapEx Construction Costs 8,472,212$ 423,612$ 8,895,824$ Audio/Visual A/V - Renewal and Replacements75,000 3,750 78,750 This project improves Audio and Visual ("A/V") infrastructure by replacing broadcast patch panel equipment and other A/V equipment that is used by all events. Existing A/V equipment is worn and/or partially damaged due to regular wear and tear on equipment from typical use during events. The existing equipment is original to the building and is in need of replacement. The project was originally approved in FY 2023/24. Technical specifications bid documents are developed, but work will carryover into FY 2025/26.Audio/Visual Crestron Control & Building Operating System Upgrades - Phase 230,000 1,500 31,500 The project provides an upgrade to the existing Crestron Control system. The proposed upgrade allows the stadium Engineers to utilize the Crestron system to monitor HVAC, Lighting, Electrical, and Fire Alarms. The comprehensive system shall enable these items to interface with one another for stadium Engineers to see a real time view of the building's systems. This project is phase 2 to a project that was completed in FY 2022/23 which evaluated the project and provided direction for phase 2. This is a FY 2023/24 carryover project.

Santa Clara Stadium Authority2025/26 CapEx Budget Carryover (Cont.)

57 Item TypeSCSA RequestedDescription CostRemaining ContingencyTotal CostAudio/Visual Radio Booth Cabling - Phase I523,708$ 26,185$ 549,893$ The project will install fiber optic cabling to increase the low voltage cabling backbone. This installation will accommodate the expanding requests received for booth usage during stadium events and will help the stadium keep up with emerging trends. The project will install fiber optic cabling between multiple booths located on the 800 level suite tower location and the broadcast patch panel (Room 01.69.08) near the loading dock on the exterior south end of the stadium. Fiber design shall include TAC-12 and DT-12, or better. New fiber termination panels in each booth, along with additional conduit and raceway is considered. This is a FY 2019/20 carryover project.Furniture, Fixtures & EquipmentReplace furniture for BNY Field Clubs, United, Levi's 501 & Yahoo clubs and Special Event spaces76,420 3,821 80,241 Purchase replacement furniture for clubs and special event spaces to enhance areas and meet client expectations. These spaces are amongst the most utilized in the entire stadium. The current furniture has been in place since the building opened in 2014 and is aging due to normal wear and tear as a result of numerous events in the stadium over the first ten years of operation. The furniture specifications are developed and the RFP is complete. This project was originally approved in FY 2019/20 but was not completed. The purchase and delivery of the furniture will carryover into FY 2025/26.Food and Beverage CO2 Monitoring & Sensors for Code Compliance178,000 8,900 186,900 The project will design and install remote CO2 monitoring equipment utilizing the existing Automatic Logic Controller (ALC) system. The current CO2 monitoring has local alarm three stage alarm, but is not connected to any Building Management System for remote monitoring. A recent CO2 assessment was performed that found the current monitoring system is compliant with all requirements, but the assessment recommended this remote monitoring upgrade as a best practice for safety. This project will evaluate, recommend and design remote CO2 monitoring system for enhanced safety for stadium staff per Authorities Having Jurisdiction. All Beer Cooler locations and Concession Soda Box Locations shall be monitored by the remote monitoring system. This is a FY 2023/24 carryover project.Food and Beverage Main Kitchen Equipment262,308 13,115 275,423 General renewal and replacement of kitchen service equipment in the Main Kitchen. Project will include any necessary design, permit, purchase and installation of aging kitchen equipment that is near or at the end of life. Project originally approved in FY 2016/17 but was not completed.HVAC/Mechanical Install New Kitchen Exhaust Fans throughout the building230,770 11,539 242,309 Install variable frequency drive (VFD) Units on kitchen exhaust fans for soft start (slow ramp up) capabilities. Kitchen exhaust fans currently operate 100 percent of the time. Installing VFD units will modulate the power and save energy whenever the fan is in use. Soft start extends the life of the equipment and saves energy. (Pilot Project option) This is a FY 2019/20 carryover project.Public Safety - IT Replacement of end of life Network equipment 25,000 1,250 26,250 This project replaces network equipment that was originally installed several years ago and is now end of life and not supported. This replacement cost includes equipment, shipping/tax and installation. This is a FY 2022/23 carryover project.Public Safety - Police Communication Equipment - Console 316,000 15,800 331,800 Acquisition of two additional Motorola Radio Consoles to replace the existing Motorola Consolettes, which are approaching the end of life. Unlike consolettes, full consoles provide enhanced audio clarity, expanded communication capabilities, and improved functionality through better integration and customizable settings. Additionally, these consoles are built with robust durability, reducing the likelihood of malfunctions and minimizing downtime. This investment represents a long-term solution that offers greater scalability to meet our evolving communication and safety needs. By enhancing reliability, operational efficiency, and adaptability, these consoles will provide substantial long-term value and improve overall communication effectiveness. This is a FY 2023/24 carryover project.

Santa Clara Stadium Authority2025/26 CapEx Budget Carryover (Cont.)

58 Item TypeSCSA RequestedDescription CostRemaining ContingencyTotal CostSecurity Enhance Stadium Security Access Control235,000$ 11,750$ 246,750$ Security Install Stadium Camera Booths Card Readers 84,000 4,200 88,200 Security Security General Allowance 287,964 14,398 302,362 Security Stadium Camera Coverage Upgrade 500,000 25,000 525,000 Subtotal Carryover CapEx Equipment Costs 2,824,170$ 141,208$ 2,965,378$ Total Carryover CapEx Project Costs 11,296,382$ 564,820$ 11,861,202$ Santa Clara Stadium Authority2025/26 CapEx Budget Carryover (Cont.)

59 STA DI U M AUT H O RI T Y CAP I TAL EX P E NS E BU D G E T (CO N T. )

2025/26 2026/27 2027/28 2028/29 2029/30Budget Budget Budget Budget BudgetElectrical 4,638,719$ 1,525,000$ 400,000$ 1,025,000$ -$ General Building 5,675,528 770,000 475,000 1,920,000 1,100,000 Plumbing 867,870 35,000 70,000 150,000 75,000 Site 335,095 - 625,000 - 600,000 Subtotal CapEx Construction Costs 11,517,212$ 2,330,000$ 1,570,000$ 3,095,000$ 1,775,000$ Audio/Visual 878,708$ -$ -$ -$ 400,000$ FF&E 226,420 - 110,000 - - Food & Beverage 440,308 750,000 750,000 - 200,000 HVAC/Mechanical 980,770 225,000 800,000 275,000 250,000 Life Safety/Fire - 225,000 150,000 110,000 - Security 1,631,964 250,000 350,000 - - Public Safety Equipment 573,450 15,500 - 30,000 2,514,765 Vertical Transport - 400,000 250,000 350,000 - Subtotal CapEx Equipment Costs 4,731,620$ 1,865,500$ 2,410,000$ 765,000$ 3,364,765$ Contingency (5%) 812,443 209,775 199,000 193,000 256,988 Total CapEx Project Costs(1)17,061,275$ 4,405,275$ 4,179,000$ 4,053,000$ 5,396,753$ (1) Total CapEx Project Costs in table above do not include budget requested for Stadium Warranty Related Construction.

Santa Clara Stadium AuthorityCapital Expense Plan Summary - 5 Year Forecast

60 This page is intentionally left blank

Stadium Authority Work Plan

61 S TA DI U M A UT H O RI T Y W O R K PL A N
Staff is responsible for supporting the Stadium Authority Board with its contractual oversight of Levi’s® Stadium, managing the day-to-day operations of the Stadium Authority, and ensuring the stadium is prepared to host major global events such as Super Bowl LX and FIFA World Cup 2026.

These responsibilities include, but are not limited to:
 Stadium Operations & Financial Oversight: Supporting Non-NFL event operations through the Stadium Manager, payment of debt service obligations, maintaining a five-year capital plan, accounting and financial management, updating cost estimates and monthly accounting of Super Bowl LX and FIFA World Cup staff time and outside vendor costs to ensure proper cost reimbursement per the Assignment and Assumption Agreement with the Bay Area Host Committee (BAHC), preparation of the annual financial statement and quarterly financial updates, review and recommendation of procurement requests for Board approval, and implementation of the Financial Management System.
 Operational Management & Compliance: Coordinating with the Stadium Manager and City departments to resolve complaints and inquiries related to Levi’s ® Stadium, execution of Stadium Builder Licenses, processing Public Records Act requests, and ensuring transparency through reporting of Stadium Authority and Stadium Manager staff meetings and annual reporting of contracts, and oversight of the noise monitoring program.  Public Safety & Emergency Preparedness: Coordinating with the City’s Police and Fire Departments and Office of Emergency Management to enhance security measures, conduct emergency preparedness drills, ensure public safety protocols are up to date, and implement best practices for major event security, emergency and medical services, and emergency preparedness and response.
 Community Benefits & Engagement: Enhancing community outreach initiatives, supporting job creation and vendor opportunities for local businesses, and implementing programs that ensure community participation in the economic benefits of major events.

Work Effort Work Plan Planned Outcome
Capital Projects  Align on timing, rationale, and costs of proposed capital projects.
 Review, track, and coordinate the
scheduling and implementation of capital
projects and corresponding procurement
requests with the Stadium Manager.
 Provide oversight of the Levi’s® Naming
Rights Enhanced Signage Project to
ensure completion before December 31,
2025.

Ensure Stadium is maintained in
the required condition and
operated as a quality NFL and
multi-
purpose public sports, public
assembly, exhibit, and
entertainment facility.

Compliance with Naming Rights
Agreement requirements.

Stadium Authority Work Plan

62  Provide oversight of bowl modifications
in compliance with the World Cup
Agreements with BAHC.
 Develop a long-term capital
improvement strategy that provides
oversight on the Facilities Condition
Assessment to guide CapEx budget
priorities, ensuring strategic investment
in stadium infrastructure.

Compliance regarding accessible
parking spaces at Stadium Main
Lot and Stadium.

Public Records
Act Requests
 Continue to streamline the Public
Records Act Request process.
 Continue to respond to records
requests in compliance with the
California Public Records Act.

Ensure public transparency while
balancing Stadium Authority
resources.

San Tomas
Aquino Creek
Trail
 By review of other venues with shallow
security perimeters and legal
documents that relate to accessing the
area, and consultation with Homeland
Security and other stakeholders,
evaluate options for keeping trail open
during events and/or providing
alternate routes if trail is closed.

Balance Creek trail access and/or
safe and/or accessible alternate
routes during NFL games and
major Non-NFL events with
Stadium-related safety and risk.

SCSA Board
Policy Manual
 Continue to create manual, beginning
with Governance and Budget policies.
 Identify areas where policies are
appropriate and propose drafts for the
Board’s approval.

Develop additional policies and
present to Board for inclusion in
manual.

SCSA Auditor
Annual Audit
Work Plan
 Review the Stadium Authority Financial
Reporting Policy with staff and external
auditors and provide feedback on best
practices.
 Provide oversight of Non-NFL Events audit
(contracted service).
 Retain consultants to perform the annual
financial audit for the Stadium Authority
(contracted service).

Promote honest, efficient,
effective and fully accountable
public agency through accurate,
independent and objective
audits.

Stadium Authority Work Plan

63 Levi’s® Stadium
Marketing Plan
Review and
Oversight
 Review the Marketing Plan in collaboration
with ManCo and a consultant to align with
SCSA’s goals.
 Analyze current marketing strategies to
ensure effectiveness.
 Provide strategic oversight to enhance
marketing efforts.
 Evaluate branding consistency for a
cohesive market presence.

Assess media plans for efficiency and return
on investment (ROI). Interpret performance
data to identify trends and areas for
improvement.

Provide strategic oversight;
manage the review process and
deliver actionable
recommendations; evaluate
marketing and branding elements
for consistency and impact;
review
media plans identifying trends and
areas for improvement.

Stadium Market
Trend Analysis
Report
 Stadium Market Trend Analysis
commissioned by the Stadium Authority.
 Examine marketing strategies for large
multi-purpose stadiums.
 Evaluate promotion methods for Non-NFL
events.
 Assess marketing plan structures used by
similar venues.
 Analyze industry trends, profitability, and
key performance metrics.
 Provide insights to benchmark stadium
performance.

Conduct a comprehensive market
analysis of Non-NFL events in
large NFL-hosting stadiums to
benchmark performance,
enhancing the Stadium Authority’s
oversight of Levi’s® Stadium.

Stadium
Authority
Procurement
Policy
 Update components of the Stadium
Authority Procurement Policy.

Ensure alignment with public
procurement best practices.

Stadium Builder
Licenses
 Continue to review and execute
Stadium Builder Licenses.
 Continue ongoing efforts to integrate
Stadium Builder Licenses into
Laserfiche records system.

Generate funds for debt
repayment.

Ensure effective recordkeeping for
audits and reference.

Stadium Authority Work Plan

64 Super Bowl LX  Provide updates to the Board and
community about the Stadium Authority
and City’s planning efforts and general
information related to Levi’s® Stadium
hosting Super Bowl LX on February 8,
2026.
 Negotiate and execute Interim Funding
and League agreement with the Bay
Area Host Committee to ensure
responsibility of City/Stadium Authority
costs.
 Continue planning efforts and
coordination with key partners including
the Bay Area Host Committee and NFL.

Provide transparency on the
Stadium Authority and City’s
planning efforts for Super Bowl
LX.

Ensure compliance with Measure
J.

Mitigate the Stadium Authority and
City’s risks and liabilities.

World Cup 2026  Provide updates to the Board and
Santa Clara community about the
Stadium Authority and City’s
obligations, planning efforts, and
general information related to Levi’s®
Stadium hosting six World Cup 2026
event from June 13 – July 1, 2026.
 Implement Assignment and
Assumption Agreement(s) with the
City, Bay Area Host Committee, and
Forty Niners Stadium Management
Company to assign responsibility of
City/Stadium Authority costs.
 Continue planning efforts and
coordination with key partners
including the Bay Area Host Committee
and FIFA.

Provide transparency on the
Stadium Authority and City’s
planning efforts for World Cup
2026.

Ensure compliance with Measure
J.

Mitigate the Stadium Authority and
City’s risks and liabilities.