City Council and Authorities Concurrent
March 4, 2025

City of Santa Clara
Meeting Agenda
Call and Notice of Special Meeting of the
City Council and
Santa Clara Stadium Authority Board
Hybrid Meeting
City Hall Council Chambers/Virtual
1500 Warburton Avenue
Santa Clara, CA 95050
5:30 PMTuesday, March 4, 2025
The City of Santa Clara is conducting City Council meetings in a hybrid manner (in-person and continues to have methods for the public to participate remotely). • Via Zoom:
o https://santaclaraca.zoom.us/j/99706759306
Meeting ID: 997-0675-9306
o Phone 1(669) 900-6833
How to Submit Written Public Comment Before City Council Meeting:

1. Use the eComment tab located on the City Council Agenda page https://santaclara.legistar.com/Calendar.aspx). eComments are directly sent to the iLegislate application used by City Council and staff, and become part of the public record. eComment closes 15 minutes before the start of a meeting.

2. By email to [email protected] by 12 p.m. the day of the meeting. Those emails will be forwarded to the Council and will be uploaded to the City Council Agenda as supplemental meeting material. Emails received after the 12 p.m. cutoff time up through the end of the meeting will form part of the meeting record. Please identify the Agenda Item Number in the subject line of your email.

NOTE: Please note eComments and Emails received as public comment will not be read aloud during the meeting.

Agendas, Staff Reports and some associated documents for City Council items may be viewed on the Internet at https://santaclara.legistar.com/Calendar.aspx All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, that are distributed to a majority of the legislative body will be available for public inspection at the Office of the City Clerk at Santa Clara City Hall, 1500 Warburton Avenue, Santa Clara, CA 95050 at the same time that the public records are distributed or made available to the legislative body. Any draft contracts, ordinances and resolutions posted on the Internet site or distributed in advance of the Council meeting may not be the final documents approved by the City Council. For the final document, you may contact the Office of the City Clerk at (408) 615-2220 or [email protected].

Meeting Agenda March 4, 2025
NOTICE IS HEREBY GIVEN that, pursuant to the provisions of California Government Code §54956 (“The Brown Act”) and Section 708 of the Santa Clara City Charter, the Mayor calls for a Special Meeting of the City Council of the City of Santa Clara, to commence and convene on March 4, 2025, at 5:30 pm for a Special Meeting to be held virtually and in the City Hall Council Chambers located in the East Wing of City Hall at 1500 Warburton Avenue, Santa Clara, California, to consider the following matter(s) and to potentially take action with respect to them.

Closed Session - 5:30 PM | Special Council Meeting (No earlier than 6:30 p.m.) 5:30 PM CLOSED SESSION
Call to Order in the Council Chambers
Roll Call

1.A 25-310

1.B 25-129
Public Comment
The public may provide comments regarding the Closed Session item(s) just prior to the Council beginning the Closed Session. Closed Sessions are not open to the public.

Convene to Closed Session (Council Conference Room)
SPECIAL CITY COUNCIL MEETING (NO EARLIER THAN 6:30 P.M.)

Call and Notice of Special Meeting of the City
Council and Stadium Authority Board
Conference with Legal Counsel-Anticipated Litigation (CC) Pursuant to Gov. Code § 54956.9(e)(3) - Exposure to litigation Number of potential cases: 1
Facts and Circumstances: Claim of Deanna J. Santana
(attached)
Conference with Legal Counsel - Anticipated Litigation (CC) Pursuant to Gov’t Code § 54956.9(d)(2),(e)(3) - Exposure to litigation
Number of potential cases: 1
Facts and Circumstances:

March 8, 2024 letter from Thomas Mayhew, Esq. of Farella Braun & Martel, concerning the City’s Housing Element
(attached)
Meeting Agenda March 4, 2025
Call to Order in the Council Chambers
Pledge of Allegiance and Statement of Values
Roll Call

REPORTS OF ACTION TAKEN IN CLOSED SESSION MATTERS

CONTINUANCES/EXCEPTIONS/RECONSIDERATIONS

STUDY SESSION

2.A Study Session: Discussion of the Proposed Santa Clara Stadium
Authority Fiscal Year 2025/26 Operating, Debt Service
and Capital Budget and Stadium Authority Budget, Compliance and Management Policies, and Marketing Plan (Continued from February 25, 2025)
25-263
Review and provide input, or possible Board action,
on the Proposed Santa Clara Stadium Authority
Fiscal Year 2025/26 Operating, Debt Service, and
Capital Budget, Proposed Stadium Authority Budget,
Compliance and Management Policies, and 2025
Levi’s Stadium Events Marketing Plan.

Recommendation:

2.B Study Session and Update on the Stevens Creek Boulevard Vision Study
25-132
Note and File Study Session Report and provide any
feedback on the draft Stevens Creek Boulevard
Vision Study.

Recommendation:

GENERAL BUSINESS

Call and Notice of Special Meeting of the City
Council and Stadium Authority Board
Meeting Agenda March 4, 2025

3. Action on Resolutions Accepting the De La Cruz Boulevard, Lick Mill
Boulevard, and Scott Boulevard Bikeway Planning Study,
Selecting Preferred Design Concepts and, as Appropriate, Taking Related Actions Regarding Parking and Curb
Modifications
25-1230
Alternative 1, 2c, 3b, 4b, 5b, 6e, and 7

1. Adopt
a resolution accepting the De La Cruz
Boulevard, Lick Mill Boulevard, and Scott
Boulevard Bikeway Improvements Planning Study;
2c. Approve Corridor Concept - Two Lanes, Buffered
and Parking Protected Bike Lanes, Center Turn
Lane, Parking on Both Sides for De La Cruz
Boulevard between Montague Expressway and W.

Trimble Road;
3b. Approve Corridor Concept - Two Lanes, Buffered
Bike Lanes, Parking on Both Sides for Lick Mill
Boulevard between Tasman Drive and Montague
Expressway;
4b. Approve Corridor Concept - Four/Five Lanes,
Buffered Bike Lanes for Scott Boulevard between
Arques Avenue and Martin Avenue;
5b. Approve Corridor Concept - Four Lanes, Buffered
Bike Lanes for Scott Boulevard between Martin
Avenue and Monroe Street;
6e. Approve Corridor Concept - Two Lanes, Buffered
Bike Lanes, Parking on Both Sides for Scott
Boulevard between Monroe Street and Saratoga
Avenue;

7. Adopt a resolution establishing no parking zones
on De La Cruz Boulevard between Montague
Expressway and West Trimble Road, Lick Mill
Boulevard between Tasman Drive and Montague
Expressway, and Scott Boulevard between
Monroe Street and Saratoga Avenue as
necessary to implement the approved plans.

Recommendation:

ADJOURNMENT
The next regular scheduled meeting is on Tuesday, March 11, 2025 in the City Hall Council Chambers.

Call and Notice of Special Meeting of the City
Council and
Stadium Authority Board
Meeting Agenda March 4, 2025

MEETING DISCLOSURES
The time limit within which to commence any lawsuit or legal challenge to any quasi-adjudicative decision made by the City is governed by Section 1094.6 of the Code of Civil Procedure, unless a shorter limitation period is specified by any other provision. Under Section 1094.6, any lawsuit or legal challenge to any quasi-adjudicative decision made by the City must be filed no later than the 90th day following the date on which such decision becomes final. Any lawsuit or legal challenge, which is not filed within that 90-day period, will be barred. If a person wishes to challenge the nature of the above section in court, they may be limited to raising only those issues they or someone else raised at the meeting described in this notice, or in written correspondence delivered to the City of Santa Clara, at or prior to the meeting. In addition, judicial challenge may be limited or barred where the interested party has not sought and exhausted all available administrative remedies.

STREAMING SERVICES: As always, the public may view the meetings on SantaClaraCA.gov, Santa Clara City Television (Comcast cable channel 15 or AT&T U-verse channel 99), or the livestream on the City’s YouTube channel or Facebook page.

Note: The public cannot participate in the meeting through these livestreaming methods; livestreaming capabilities may be disrupted at times, viewers may always view and participate in meetings in-person and via Zoom as noted on the agenda.

Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected] <mailto:[email protected]> or at the public information desk at any City of Santa Clara public library.

If a member of the public submits a speaker card for any agenda items, their name will appear in the Minutes. If no speaker card is submitted, the Minutes will reflect "Public Speaker." In accordance with the requirements of Title II of the Americans with Disabilities Act of 1990 ("ADA"), the City of Santa Clara will not discriminate against qualified individuals with disabilities on the basis of disability in its services, programs, or activities, and will ensure that all existing facilities will be made accessible to the maximum extent feasible. The City of Santa Clara will generally, upon request, provide appropriate aids and services leading to effective communication for qualified persons with disabilities including those with speech, hearing, or vision impairments so they can participate equally in the City’s programs, services, and activities. The City of Santa Clara will make all reasonable modifications to policies and programs to ensure that people with disabilities have an equal opportunity to enjoy all of its programs, services, and activities.

Agendas and other written materials distributed during a public meeting that are public record will be made available by the City in an appropriate alternative format. Contact the City Clerk’s Office at 1 408-615-2220 with your request for an alternative format copy of the agenda or other written materials.

Individuals who require an auxiliary aid or service for effective communication, or any other disability-related modification of policies or procedures, or other accommodation, in order to participate in a program, service, or activity of the City of Santa Clara, should contact the City’s ADA Coordinator at 408-615-3000 as soon as possible but no later than 48 hours before the scheduled event.

Call and Notice of Special Meeting of the City
Council and Stadium Authority Board
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-310 Agenda Date: 3/4/2025

SUBJECT
Conference with Legal Counsel-Anticipated Litigation (CC) Pursuant to Gov. Code § 54956.9(e)(3) - Exposure to litigation Number of potential cases: 1
Facts and Circumstances: Claim of Deanna J. Santana (attached) City of Santa Clara Printed on 2/28/2025Page 1 of 1
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Cityof
Santa Clara
lhet Cetnleral Whllll Poulb lt
20''? " I S P 1 I :

CLAIM AGAINST THE CITY OF SANTA CLARA
(For Damages to Persons or Personal Property)
City Clerk's Office Date Stamp
Received By: /J(: ~4
Via: U.S. Mall ~
Interoffice Mail
Over the Counter __ _
Other
(Please do not write above this llne - for City use only) A claim must be filed with the City Clerk of the City of Santa Clara wl1hin six months* after which the incident or event occurred. Be sure your claim is against the City of Santa Clara not some other public entity. Where space is Insufficient, please use additional paper and Identify the information by paragraph number. Your completed claim (original) must be mailed or delivered to: City Clerk, City of Santa Clara, 1500 Warburton Avenue, Santa Clara, California 96060.

TO THE HONORABLE MAYOR AND CITY COUNCIL OF THE CITY OF SANTA CLARA:

The undersigned respectfully submits the following claim and information relative to damage to persons and/or ersonal ro art :
3 4
6 NAMEOF ",,....

CLAIMANT ..ue£< hVlO\

DATE AND TIME

OF INCIDENT

SPECIFIC ADDRESS
OF INCIDENT (Address)
BASIS OF CLAIM (Specify the occurrence, event, act, or omission which you claim caused the Injury or damage forw lch you are submitting this claim.)
CITY'S ACTION (Specify action by City or Its employees which caused alleged damage or Injury.) """One year for a claim relating to any cause of action for other than d ath, lnfury to person or to personal property, or growing crops." Government Code §911.2
6 NAME OF CITY EMPLOYEE WHO CAJ11 U1U • / /HfwM enf-
ALLEGEDLY CAUSED INJURY OR LOSS V\U-l 5-,e,e vVI
DESCRIPTION OF CLAIMANT'S INJURY, PROPERTY DAMAGE, OR LOSS (If there were no injuries. state 11 NO INJURIES".)
7 &e ~~
OTHER INJURED PERSONS (List names and addresses.)
8 Y\}A
DAMAGES CLAIMED: Amount of Claimant's damage or loss and method of computation. Include copies of bills, invoices, estimates, etc. Note: If your claim is for more than $1010001 you need not fill in an amount but you must state whether jurisdiction for the claim would be in the Limited jurisdiction (up to $25,000) or Unlimited jurisdiction of the Superior Court.

ITEMS
~~uJ'l ~7"51 Oo o $
9 $
$
TOTAL AMOUNT: $
Court Jurisdiction: (Check one)
Limited Civil: □ Unlimited Civil: Ii]
WITNESSES, HOSPITALS, DOCTORS, ETC. (List names and addresses.) 10 See A~~A
WARNING! IT IS A CRIMINAL OFFENSE TO FILE A FALSE CLAIM (Penal Code §72).

I have read the matters and statements made in the above claim and I know the same to be true of my own knowledge, except as to those matters stated upon information or belief and as to such matters I believe the same to be true. I certify under penalty of perjury that the foregoing is TRUE and CORRECT.

Signed this __ I""""'\ _____ day of _ ...... 'Se _____ p1--· ~ __ /o&r--_____ -=--========' 20 2-.2 at ·~J)L Claimant's Sign •
l:\CLAIMS\Clalm Form March 2022 EDITS WITH CAO, CW, BYCH APPROVAL.doc I. The Dispute
Deanna Santana adv. City of Santa Clara
Tort Claim
Attachment A
A. Breach of Contract:

Deanna J. Santana ("Ms. Santana") is the former City Manager for the City of Santa Clara (City). The dispute involves implementation of an employment agreement ("Agreement") between Ms. Santana and the City. The Agreement for the Santa Clara City Manager position, dated October 2, 2017, included the terms of separation which became operative on March 8, 2022. The Agreement was unanimously approved by the City Council, available to the public for review since August 2017, and City's actions and intentions to implement the terms of the Agreement are reflecting in the City's public records.

The employment agreement permitted, and Ms. Santana did, elect the severance package under option "(b)", which provides in part:

6. Termination. Resignation. and Severance Pay .... In the event the City Council terminates Employee's employment as City Manager for no reason or for any reason other than as set forth in Subsection 6.3 below and Employee agrees to sign and deliver to the City Council a general and full release of all claims with the provisions contained in Exhibit C (Severance and Release Agreement) attached hereto ... Employee shall receive severance pay in accordance with Sec.

6.2 below.
* * *

6.2 If the City Council terminates Employee while employee is still willing and able to perform the duties of City Manager, the City Council agrees to pay Employee by either (a) a single lump sum payment ... ; or (b) allow her to continue to receive her usual compensation and benefits specified in Sec. 3, supra, through payroll for twelve {12) months, whichever is preferable to the Employee The City breached the Agreement by not completing its contractual obligations to pay for Ms. Santana's "usual compensation and benefits" benefits through March 31, 2023, as required under the Agreement. The term "B:nefits" under sectio~ 6.2(~) _means t~e aggregate of total compensation provision including all insurances (e.g., medical, vrsron, dentist, etc.), housing stipend wage (salary and deferred compensation), pension contributions, and the value of all oth;r benefits). The following are specific Instances of the breach of the Agreement:
1) Ms. Santana remained on City paid administrative leave and payroll until March 31, 2023. While on paid administrative leave and payroll, Ms. Santana was entitled to, and did, accrue leaves (e.g., vacation, sick, and management leaves), holidays (including floating holidays), deferred compensation, Cal PERS service credit, among other benefits from April 1, 2022 through March 18, 2023. The City breached the Agreement when it did not provide the contractually required accruals and benefits through March 31, 2023 and, in addition, clawed back all of the accrued leaves during that term on the pay period beginning of March 19, 2023.
2) Having elected the option under 6.2(b), the City publicly reported its approval in Closed Session and, as such, Ms. Santana was to be afforded all benefits provided to Unit 9 management employees, including COLAs and other provisions. While on paid administrative leave and payroll, Ms. Santana appropriately received COLAs. The Council's approval of a COLA was unanimously approved on a publicly noticed and available City Council agenda and recorded appropriately in the City's legal records. Additionally, in December 2022, the required annual approval of the City's Salary Schedule to submit to CalPERS, included reference to Ms. Santana's COLA approval and, again, was unanimously approved by the City Council on a Council agenda and recorded appropriately in the City's legal records. The City breached the Agreement by clawing back COLA on or about March 19, 2023, despite the Council's unanimous approval and acknowledgment of this contractual obligation in December 2022.
3) Ms. Santana has accrued sizable leave balances (e.g., vacation, management leave, etc.) while an employee from October 2017 through March 31, 2023.

The City breached the Agreement, and violated employment and labor laws, when it refused to pay Ms. Santana the sum of all of those accrued balances, including the accrued leaves as noted above.
4) Ms. Santana was placed on paid administrative leave by the City and appropriately accrued Cal PERS credit, as required while an employee is on City approved paid administrative leave. During the paid administrative leave term, the City continued the practice of processing Ms. Santana's payment of 8% of her salary for CalPERS service credit. The City breached the Agreement when it clawed back the accrued service credit. Additionally, the City has withheld the 8% annual CalPERS contribution that It processed on behalf of Ms. Santana while on paid administrative leave, which amounts to payment for a benefit that the City clawed back in violation of the Council approved Agreement.
-
B. Violations of Labor Laws, Discrimination and Whi~tleblower Retaliation:

On or about February 22 and 23, 2022, Ms. Santana disclosed information to the City Council and others concerning violations of law and local ordinances (both at a public session and in a formal personnel complaint). Ms. Santana was also subjected to racial slurs by at least one City Council member. Ms. Santana was thereafter placed on paid administrative leave from her duties as City Manager, and all terms of the severance agreement were unanimously approved by the City Council.

Over the course of the next year, certain city councilmembers have been the subject of investigations for public corruption on matters raised by Ms. Santana (e.g., City's lack of ability to obtain certain FIFA documents, for which over a year later, the City still does not fully possess). As of today, one councilmember has been criminally indicted.

Ms. Santana is aware that certain members of the City Council continue to press for retaliatory action against Ms. Santana, including but not limited to directing City employees and/or agents of the City to delay and ultimately fail to perform the City's lawful obligations to perform its contractual obligations owed to Ms. Santana and to unlawfully withhold earned wages and benefits.

This matter was the subject of review by the Civil Grand Jury in its report titled "Unsportmanlike Conduct: Santa Clara City Council," which made the following findings in its publicly issued report that the City was hostile toward Ms. Santana, her termination was linked to the February 22 public disclosure of FIFA details, and, in particular, opined that the City did indeed approve a "contractually obligated severance package" and the report stated as follows:
(1) Another behavioral standard the City Council has adopted is "[t]reating the public and City Staff, at all times, the way I treat highly regarded colleagues in businesses or professions." And a behavior to be avoided is "criticizing or embarrassing the City Manager or City Staff in public." Throughout its investigation the Civil Grand Jury uncovered evidence of disrespect toward staff by members of the City Council Voting Bloc.

Members of the City Council Voting Bloc doubted the accuracy of City staffs work and favored the 49ers' interpretation on a variety of subjects. The Civil Grand Jury saw no evidence that this doubt was warranted. As mentioned previously, the Civil Grand Jury viewed documents showing members of the City Council Voting Bio~ advocating on behalf of the 49ers and arguing with staff about state safety codes and established norms.
(2) Overall, the Civil Grand Jury saw a hostile environment for City staff, Illustrated by a text conversation between two members of the City Council Voting Bloc remarking that a member of the City staff was not afraid of them.
(3) A violation is a misdemeanor. Under the City Code, the City Manager is tasked as the chief administrative officer with responsibility for the administration of all affairs of the City. (Santa Clara City Code§§ 2.15.020(a) & (c).) The Civil Grand Jury learned that the then-City Manager made a complaint that, among other things, a councilmember was directing City staff. An outside investigator was hired to investigate the complaint. If true, the allegations in that complaint may have violated the Charter. On August 23, 2022, the City noticed a closed session meeting under the exception for "public employment appointment" for the City Manager. At that meeting, the City Council Voting Bloc voted to stop the investigation made from that complaint.
(4) As ~etailed above, the former City Manager defended her staff against inappropriate behavior from the City Council Voting Bloc. She opened investigations. She raised concerns about ManCo's compliance with contractual agreements. She has had to defend herself from personal attacks by 49ers lobbyists, who told the City Council Voting Bloc that they wanted the City Manager/Stadium Authority Executive Director gone. On February 22, 2022, she spoke out about concerns related to the FIFA event, urging caution and the need for more information. She also raised the issue of potential conflicts of interest related to the 49ers. Two days later, the City Council fired the City Manager with a contractually obligated severance package ...

Lastly, in its most recent act of retaliation, the City has now interposed an after-the-fact, pretextual claim that it had no obligation to pay such earned wages and benefits, required in the agreement and that the Council unanimously approved and implemented, from March 31, 2022 through pay period ending in March 18, 2023. Ultimately, on April 4, 2023, the City, through its outside counsel, informed Ms. Santana that the earned wages and benefits, including accrued leaves, would not be paid and that, further, the City unilaterally -- without the required notice and consent by Ms. Santana- had unlawfully clawed back accrued leave accruals and Cal PERS payments made by the City for service credit while Ms. Santana was on paid administrative leave.

Based on the foregoing, the City has violated the following California laws, including, inter alia, Government Code section 12940(a), Labor Code section 1102.S, 201, and 227.3 Ms. Santana has suffered monetary damages and ·emotional distress as a result of the foregoing wrongful conduct by the City.

II. Witnesses
Lisa M. Gillmor - Mayor
Suds Jain - Vice Mayor
Kathy Watanabe - Councilmember
Raj Chahal - Councilmember
Karen Hardy- Council member
Kevin Park-Councilmember
Anthony Becker - Council member
Brian Doyle - City Attorney
Steven Ngo - Interim City Attorney
Gary Baum - Outside City Attorney
Rod Diridon, Jr. City Clerk
Sujata Reuter, Assistant City Attorney
Nadine Nader, Assistant City Manager
Aracely Azevedo, Director of Human Resources
Teri Black- Brann, Executive Recruiter/City Liaison for Employment Agreement negotiations Charles Sakai, Esq.

I 00 Pine Street, Suite 350
San Francisco California 94111
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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-129 Agenda Date: 3/4/2025

SUBJECT
Conference with Legal Counsel - Anticipated Litigation (CC) Pursuant to Gov’t Code § 54956.9(d)(2),(e)(3) - Exposure to litigation Number of potential cases: 1
Facts and Circumstances:

March 8, 2024 letter from Thomas Mayhew, Esq. of Farella Braun & Martel, concerning the City’s Housing Element (attached)
City of Santa Clara Printed on 2/28/2025Page 1 of 1
powered by Legistar™
THOMAS B. MAYHEW
[email protected]
D 415.954.4948
CHARLES J. HIGLEY
[email protected]
D 415.954.4942
March 8, 2024
Via E-Mail
John Davidson
Reena Brillot
City of Santa Clara
1500 Warburton Avenue
Santa Clara, CA 95050
E-Mails:

[email protected]
[email protected]
Re: City of Santa Clara Revised Draft Housing Element (March 1, 2024 draft) Comments of Housing Action Coalition
Dear Mr. Davidson and Ms. Brillot:

On behalf of the Housing Action Coalition,1 we write to provide comments on the draft of the 2023-2031 Housing Element for the City of Santa Clara that was posted for public comment on March 1, 2024.

The revised draft overstates the site inventory that is realistic and available to meet Santa Clara’s fair share of the regional need, particularly for lower income units, in two ways. First, the draft continues to include non-vacant sites without substantial evidence that the existing use is likely to discontinue during the next eight years. Second, the draft overestimates the development potential of its sites, due to Santa Clara’s flawed approach to calculating the realistic capacity of sites to meet the regional need for housing. Additionally, as previously noted, Santa Clara failed to implement its Fifth Cycle Housing Element by failing to rezone 158 parcels that it had committed to rezoning, and is therefore required by state law to address the shortfall from that prior period in the lower and moderate income categories. 1 The Housing Action Coalition is a nonprofit that advocates for building more homes at all levels of affordability to alleviate the Bay Area and California’s housing shortage, displacement, and affordability crisis.

Farella
Braun+ Martel
One Bush Street, Suite 900 • San Francisco, CA 94104 • P: 415.954.4400 • F: 415.954.4480 SAN FRANCISCO • ST. HELENA • fbm.com
City of Santa Clara
March 8, 2024

1. The Site Inventory Continues To Include Sites Designated For Lower Income Without Evidence That Existing Uses Are Likely To Discontinue During The Period.

As we have done previously, we comment on whether sites on the inventory are realistic and likely to develop during the planning period. See Government Code §§ 65583.2(g)(1) and (2). While we appreciate the City’s progress in deleting some of the sites identified in our prior comment letter, other sites remain unlikely and the City should commit to additional rezoning to address the shortfall.
4701 Patrick Henry, “Marriott Center.” We’ve previously commented to you about the largest unrealistic site on the inventory: 4701 Patrick Henry, a 27-parcel site with APN 104- 53-001 through -027. Santa Clara calls this the “Marriott Center” site; the parking lot entrance has a sign for “Great America Technology Park.” The parcels are not under common ownership:
26 parcels, each smaller than 0.5 acres (they range from 3,408-4,981 square feet, or 0.09 to 0.11 acres) are owned by 11 separate owners2 and used by a variety of businesses. The parking lot/common area parcel – APN 104-53-027 – is owned by the association for the benefit of all of the members.3 The parcels collectively are claimed to meet the need for 681 very-low and low- income units, and 291 moderate.

Six of the eleven owners wanted to explore residential development of their property and voted to have the expenses of exploring it paid by the condo association. However, these six own only some of the small, isolated 0.09-0.11 acre properties; their properties are presumed not to be realistic for lower income housing because they are less than 0.5 acres. The properties can 2 The buildings adjoin in pairs, and in a number of cases, even the pairs do not have common ownership:

Building 1 Gu-Guide Building 13 Snaaz Office
Building 2 IYKP Building 14 Bedrock Ventures
Building 3 Gu-Guide Building 15 Benson Yeung
Building 4 IYKP Building 16 IYKP
Buildings 5 and 6 Gu-Guide Building 17 Chew Family
Building 7 IYKP Building 18 IYKP
Building 8 Gu-Guide Building 19 Arhant
Building 9 and 10 Kenneth Ngai Building 20 Sai Gundavelli Building 11 Cityland Building 21 Mileweb
Building 12 IYKP Building 22 IYKP
Buildings 23 and 24,
25 and 26
IYKP
3 The site inventory incorrectly states that the property does not have an assigned APN, and incorrectly states that it is 6.814311 acres. The parcel map, previously provided to HCD and the City in February 2023, shows it as being assigned APN 104-53-027, and comprising 6.787 acres.

Farella
Braun+ Martel
City of Santa Clara
March 8, 2024

be realistically developed if, and only if, the parking area/common area parcel APN 104-53-027 is also developed. Each of the members/owners has been granted a non-exclusive easement over the entire common area and parking lot, so that customers and employees can visit the businesses. See 20-1051 CC&R Staff Report at pdf page 46 of 92 (CC&R document, section

5.1) granting easements to all owners). In addition, the CC&Rs directly state that “residential use of any type” is specifically prohibited. Id. at 55 (section 8.2(a)). So as things stand today, unless all eleven owners agree, the property will not be redeveloped, both because it would violate the CC&Rs and because it would violate the easement rights of any objecting owners.

Given the express opposition of some owners to paying for exploratory expenses back in 2020, and no more recent information, there is no current evidentiary basis for concluding that all eleven owners will band together and redevelop their common property, and there is no substantial evidence that this is likely to occur during the planning period. 2900 Patrick Henry, New Hope Christian Reformed Church. New Hope Church owns the building at 2900 Patrick Henry, and after an extensive remodel in 2006, holds three regular Sunday services in its sanctuary there. The parcel is claimed to meet the need for 149 lower income, and 63 moderate income units.

The City claims that the church property is a realistic site for redevelopment based on three “factors”: 4, 5, and 8. Factor 4 is that “uses similar to those that have been previously recycled in Santa Clara.” Draft at p. C-5. However, the City identifies no church or religious buildings that have been demolished recently to create housing. Factor 5 is whether the property is located in a specific plan area or the property owner participated in the specific plan process.

Id. Given that the site inventory consists entirely of sites in specific plan areas, this factor does not help distinguish between sites that are likely to redevelop and those that are not. The data centers that Santa Clara listed are all in specific plan areas, yet the draft now acknowledges that they are unlikely to develop because of its existing use. The Santa Clara fire station on Corvin Road is in a specific plan area, yet unlikely to develop because of its existing use. This factor does not provide substantial evidence of whether a site is likely to develop during the planning period. Factor 8 is the year built (id.); the draft now claims that if a structure is over 36 years old (built before 1987), then it “may” need substantial improvements based solely on its age. This factor is weak and does not provide substantial evidence of likely redevelopment in the planning period; most of the buildings in Santa Clara are older than 36 years old, yet have many more years of productive use. The City provides no basis for concluding that properties older than 36 years, or even as old as 50 years, are likely to be redeveloped.

Moreover, for this property in particular, the City is aware from its own records that the church has in fact had substantial improvements. While the building was initially built in 1978, the interior was completely remodeled in 2005-2006, at a cost of over $850,000, when the church built the new sanctuary, offices, restrooms, youth classroom, and kitchen, along with new lighting and a new heating, ventilation and cooling system. See Building Permit Record BLD2005-08407. The building was also re-roofed in 2016 at an additional expense of nearly $100,000. BLD2016-43602. The City’s assumption that the property needs substantial City of Santa Clara
March 8, 2024

improvements based on its age is incorrect given the City’s records showing that it has indeed had substantial improvements designed for its religious use. 2950 Patrick Henry, Rocket EMS. Claimed as meeting the need for 189 lower income and 81 moderate income units, the light industrial facility at 2950 Patrick Henry has been occupied since 2011 by Rocket EMS [Electronic Manufacturing Services]. Rocket EMS manufactures prototypes, circuit boards, and other electronic equipment, reworks boards, assists with PCB (printed circuit board) layout, and offers other related services for other technology companies. The company has installed full production lines into the space at 2950 Patrick Henry. The facility includes a 36,000 square foot “clean room” for circuit board manufacturing and testing.4 In 2014, for example, a building permit with an estimated job value of $1,000,000 installed custom tool machinery in the facility. BLD2014-34011.

Photo of circuit board manufacturing room at
Rocket EMS Santa Clara facility in 2950
Patrick Henry.

See “Rocket Men: Silicon Valley’s fastest-
growing EMS is taking flight,”
https://www.circuitsassembly.com/ca/editorial/
menu-features/32661-rocket-men.html (last
visited March 5, 2024).

The Santa Clara facility employs 230 employees, and includes a custom-built robotics booth for PCB imaging. As of an article published in late 2019, demand was strong: the company reportedly had $60 million in annual sales, and the Santa Clara facility was running 2.5 shifts per day.

Given the heavy capital investments in the site, and the continuing demand for high tech services in Santa Clara, Rocket EMS is unlikely to move during the next seven years. The City’s site inventory makes clear that it lacks substantial evidence that the existing use will discontinue.

The inventory lists factors 4, 5, 7, and 8. As with the church, factor 4 is unconvincing: while some light industrial uses have been discontinued, none are described as having the level of capital investment and specialization that Rocket EMS has. Factor 5 – location in a specific plan area – does not distinguish Rocket EMS from other businesses that are unlikely to discontinue.

Factor 8 is inapplicable given the substantial improvements since initial construction in 1977, including an extension of the exterior walls and the roof in 1994. See, e.g., BLD1994-099898, - 4 See description at https://www.rocketems.com/facilities/; https://www.us- tech.com/RelId/2231963/ISvars/default/It-Actually-%3CI%3Eis%3C-I.htm; and https://www.circuitsassembly.com/ca/editorial/menu-features/32661-rocket-men.html. (All sites visited as of March 5, 2024).

Farella
Braun+ Martel
City of Santa Clara
March 8, 2024

099585. Factor 7, claiming that there is “substantial underinvestment” at the site, is likewise inapplicable to this specific site, regardless of the calculated ratio, including because the City did not take into account the extension of the building footprint shown in its own records. 3100 (also known as 3118) Patrick Henry, O2Micro Global. This property is the headquarters for O2 Micro Global, which leases a portion of its space to other technology industry tenants. O2Micro owns the property; it does not lease it. O2Micro Global was founded in Silicon Valley in 1995, and is a fabless semiconductor company: it designs, develops, and markets integrated semiconductor chips, primarily to manage power usage/flows for the computer, consumer, automotive, and industrial markets. It is thus part of the core industry that powers Santa Clara’s economy. See Draft at 13.1-1 (“The historic agricultural nature of Santa Clara was forever changed with the invention of the semiconductor chip in the 1950’s. Since then, the growth of the technology industry has fueled job growth and propelled Santa Clara to the current population of about 127,000 residents.”). Before going private in 2022, SEC filings reported income of roughly $100 million per year.

The draft Housing Element does not suggest that O2Micro has shown any interest in developing its headquarters as an apartment complex, which would be a substantial departure from its business, or in selling the property to someone who would do so. This existing use is presumed to be an obstacle to residential use, and absent substantial evidence that O2Micro will discontinue its decades-long occupancy and use of its building, the site is not appropriately listed as meeting the need for 189 lower income and 89 moderate income units.

Consolidated site “R” (2322, 2330, and 2338 Calle Del Mundo), added back to the inventory in this draft (previously removed because each of the parcels was less than 0.5 acres) is three parcels owned by Leopold Pivk. His custom glass manufacturing business has made fine semiconductor quartzware products for the technology industry in Silicon Valley for 33 years from the same building. While some of his neighbors in the Tasman East industrial park sold their properties to developers, Mr. Pivk has so far consistently declined: he continues to run his longstanding business here with his family, and has not sold any of his three parcels. The City’s site inventory, which claims that the three parcels meet the need for 124 lower income and 53 moderate income units, implicitly acknowledges that he has expressed no interest in redevelopment. General economic conditions are no substitute for site-specific analysis of whether the existing use will likely discontinue during the planning period. See HCD Site Inventory Guidebook at p. 28 (“[N]onvacant sites with differing existing uses and lacking in common ownership, whether contiguous or located in the same general area, may not rely on a generalized analysis. While the sites may be located in an area with common economic issues, individual owners may not wish to sell their property or redevelop their site with residential uses.”). In the case of Mr. Pivk’s properties, the City does exactly what HCD said not to:
relying too heavily on a generalized approach (old buildings with fewer improvements in specific plan areas may develop) and has not attempted to figure out whether the Pivk family is likely to discontinue its glass business in the next seven years and redevelop.

City of Santa Clara
March 8, 2024

Consolidated site “P” (3705/3735 El Camino Real), Lucky Grocery Store/Big Lots.

This site, claimed to meet the need for 163 lower income and 71 moderate income units, is occupied by two national retailers: Lucky’s and Big Lots.

The City does not analyze whether the existing uses on Consolidated Site P – two national retailers, including the only mainstream grocery in this part of the city, and some smaller businesses – are likely to discontinue. Instead it applies simplistic assertions that do not provide substantial evidence that the existing use will discontinue. The City makes a simplistic assertion that because the buildings’ exterior walls were constructed in 1972, and that a grocery store has a large parking lot (and therefore low FAR and improvement ratio), housing might be built here. Draft at C-40. However, most grocery stores and discount retailers have large surface parking lots, and yet most grocery stores and discount retailers are unlikely to close or relocate during the next seven years so that housing can be built. As we noted in our June 2023 letter to HCD, the Lucky grocery store is also particularly well located, both in its convenience to a major crossroads within the city, and relative to other grocery stores.

Another reason why Consolidated P is not likely to develop during the next seven years is that it is only a portion of the Lawrence Expressway Plaza shopping center. The City now acknowledges that the recently remodeled 24 Hour Fitness in the same shopping center is not likely to redevelop. See Draft at C-54 to 55 (“the following sites have been excluded from the Sites Inventory since they are unlikely to redevelop with residential uses during the timeframe of the Housing Element: . . . 3615 El Camino Real (24 Hour Fitness).” ///
///
City of Santa Clara
March 8, 2024

The 24 Hour Fitness building is immediately next door to the Lucky grocery store building, and uses the same parking lot:

The photo on the left has labels from Google Maps: the Lucky store is the large square building in the upper center; Big Lots is the smaller square to the left of it; 24 Hour Fitness is the building in the upper left hand corner. The photo on the left, with blue shading, shows the parcel that 24 Hour Fitness is on; Consolidated Site P is the rest of the shopping center to the left of the blue shading.

The physical relationship between the admittedly unlikely 24 Hour Fitness site and Consolidated Site P reinforces why Site P, with Lucky and Big Lots is unlikely to develop during the planning period. The street access for the 24 Hour Fitness is on Site P; indeed, the entrance on El Camino Real could not be moved closer to a freeway offramp for safety reasons. Much of the parking for the gym is also on Consolidated Site P. The site inventory does not claim that the owners have indicated an interest in redeveloping Site P during the planning period, and the City does not say that it has analyzed whether the 24 Hour Fitness lease assures that 24 Hour Fitness customers and employees will be able to use the parking lot exit and portion of the parking lot that are on Site P. Similarly, the City has not analyzed whether Starbucks – located at 3605 El Camino Real, on the small parcel surrounded by the blue shading and adjacent to the freeway off-ramp, likewise has parking or ingress/egress rights over the parcels that comprise Site P.

The City continues not to engage in the required analysis for this site to assert that the existing use is not an obstacle to residential development, as required by 65583.2(g)(1) and (2).

City of Santa Clara
March 8, 2024

2. The City’s Realistic Capacity Calculations Are Flawed The draft’s methodology for estimating the RHNA capacity of eleven sites in the Patrick Henry Drive Specific Plan Area is flawed. Unlike its approach with other sites on the site inventory (which uses a percentage-of-minimum approach), for the twelve sites in the Patrick Henry Drive Focus Area, the draft estimates the realistic capacity to meet the RHNA by multiplying the maximum zoned density by 72%.

The 72% of maximum approach violates Government Code section 65583.2(c) concerning estimating realistic capacity. Because we have previously commented on this issue and the City has not substantively addressed this point, we will keep this short:
 The 72% number is not based on any of the statutory factors. It does not take into account what the statute says “shall” be used in determining the capacity of the sites to accommodate the RHNA: typical densities of approved or constructed projects with a similar level of affordability, the realistic development capacity of each site, site improvement requirements, or anything other than the “land use control” of maximum zoned density.
 The 72% is instead an estimate based on an estimate about the expected pace of development of the entire area: the “buildout” projections made when the Patrick Henry plan was adopted. The projections estimated that 72% of the units for the area as a whole would be built from 2025-2034. See Draft at 13.6-15 (calculating the 72% by dividing the total of phases 1 and 2 (2025-2029 and 20230-2034) by the total approved capacity for the area. The draft does not explain why Santa Clara now projects that the sites on the inventory will result in 72% of the total three years earlier than previously estimated, or why an estimate about the timing of development (how many units per year) provides useful information to estimate the density of development (number of units per acre).5  Even if the 72% was a useful statistic, it is miscalculated in two ways. First, the numerator is wrong because it includes units that will be built outside the planning period: from 2031-2034. Adjusting the number downward to take this into account, the 2025-2030 projection is only 6,286. (See HAC’s earlier comment letters). The denominator is also wrong. It was based on dividing the 2025-2034 total by 11,150 units, the midpoint between an estimate if the Pearlman office buildings pursued office construction (10,300) or residential 5 The approach doesn’t even work as applied to specific properties. The buildout estimate projected 1700 units to be built on the four Pearlman sites: 10,300 units for the area if Pearlman built offices, but 12,000 units if Pearlman built residential. But using the 72% estimate as a capacity number, Santa Clara now projects that the Pearlman sites (4633, 4655, 4677, and 4699 Old Ironsides) will accommodate only 1,045 units. An estimate about time can’t be transplanted to an estimate about space.

Farella
Braun+ Martel
City of Santa Clara
March 8, 2024

(12,000). See Draft at 13.6-15. But the draft now assumes that the Pearlman properties (4633, 4655, 4577, and 4699 Old Ironsides) will all develop as residential. The larger total should thus be used: 12,000 not 11,150. Each of these mistakes means that 72% is higher than it should be, even if Santa Clara’s logic is accepted.
 A “percentage of maximum” is not a rational approach. When a developer does not build to the maximum density permitted, it is because of other constraints on development (economic, structural), rather than a decision related to the maximum density permitted. The maximum density could be set at any arbitrary number – e.g., 3,500 instead of 350 units/acre – but the developer is unlikely to scale up the project in proportion to the maximum just because the maximum is higher. A methodology based on percentage of maximum fails to address the statutory requirements of realistic development capacity, typical densities, or accessibility of utilities.
 The 72% of maximum approach overestimates the capacity to accommodate below market rate (lower and moderate income) housing. By multiplying the very high density maximums of the Patrick Henry area times the very large acreages of the parcels there, the inventory projects that subsidized housing projects of 500-1,000 units could be built.
 The City ignores this, claiming that “default” density rules require HCD to accept the sites for lower income without considering affordability in setting the capacity estimate, as long as the site is zoned for more than 30 units/acre. Draft at p. 13.6-17. This approach to realistic capacity is contrary to AB 1397 which directs the City to analyze typical densities at similar levels of affordability, and the data confirming that no 100% affordable development has ever been built at the scale projected for the Patrick Henry sites.
 The City also fails to take into account the land use controls that require parkland on a portion of certain sites. While the City Attorney’s office has argued that the gross acreage of the site can be used in calculating the minimum/maximum density (ignoring that a portion is to be dedicated to parks), a realistic capacity analysis requires that the city analyze how the parkland dedication requirement would make it much more expensive to achieve the same density (because more units would have to be built on a more limited footprint), particularly for a 100% affordable project. In continuing to ignore this issue and pointing only to the “default density” rule, the City violates Government Code section 65583.2(c), which requires this analysis.

City of Santa Clara
March 8, 2024

3. The City Must Address the Unaccommodated Need from the 2015 Regional Housing Needs Allocation
We have previously explained why the City is required to address a shortfall from the fifth cycle: the City promised in its Fifth Cycle Housing Element to rezone 158 sites on the El Camino Real, but then delayed – and still hasn’t rezoned most of them – leaving the need for lower income housing unaccommodated during 2015-2022. Housing Element promises to rezone are supposed to matter, under Government Code section 65584.09(a).

While rezoning some of those sites now will help, under 65584.09 the City is required to meet not just the sixth cycle RHNA numbers, but also calculate and address the unaccommodated need from the prior planning period, as explained at greater length in our November 30, 2022 letter.

4. Conclusion: The Draft Housing Element Should be Revised The issues identified in this letter show that the Revised Draft does not substantially comply with state law. It contains unrealistic sites and unsupported projections, and does not address the unaccommodated need from the City’s failure to implement its 2015-2022 rezoning promises. The City should revise this draft by identifying additional realistic and available sites to include in the inventory, rezoning additional properties geographically dispersed throughout the City, and using a reasoned approach to calculate the realistic capacity of its proposed sites in a manner consistent with state law.

Respectfully submitted,
Thomas B. Mayhew
Charles J. Higley
CC: [email protected]; [email protected] TBM:tm
36615\16697785.1
Farella
Braun+ Martel
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-263 Agenda Date: 3/4/2025

REPORT TO STADIUM AUTHORITY BOARD

SUBJECT
Study Session: Discussion of the Proposed Santa Clara Stadium Authority Fiscal Year 2025/26 Operating, Debt Service and Capital Budget and Stadium Authority Budget, Compliance and Management Policies, and Marketing Plan (Continued from February 25, 2025)

BOARD PILLAR
Ensure Compliance with Measure J and Manage Levi’s Stadium

DISCUSSION
At the February 25, 2025 Stadium Authority and Special City Council Meeting, the Stadium Authority Board took action to continue the following item to March 4, 2025 due to the limited time available to respond to questions posed by the Board.

Staff has included an additional attachment (Responses to February 25, 2025 Stadium Authority Budget Study Session) to provide responses to the Stadium Authority Board’s questions. There are pending questions and ongoing discussions regarding several budget items that remain open at the time of this report that will be addressed during the Study Session and prior to the next Board meeting on March 11, 2025.

ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of a California Environmental Quality Act (“CEQA”) pursuant to the CEQA Guidelines section 15378(a) as it has no potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. Furthermore, the action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(b)(5) in that it is a governmental organizational or administrative activity that will not result in direct or indirect changes in the environment.

FISCAL IMPACT
The Proposed FY 2025/26 Budget includes $61.2 million for operating costs (includes transfers out to Debt Service and Capital Funds), $20.6 million for debt service, and $18.6 million for capital (includes a $13.4 million carryover from the prior year).

COORDINATION
This report has been coordinated with the Executive Director and Stadium Authority Counsel Offices.

PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City’s official-notice bulletin board City of Santa Clara Printed on 2/28/2025Page 1 of 2
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25-263 Agenda Date: 3/4/2025
outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected], or at the public information desk at any City of Santa Clara public library.

RECOMMENDATION
Review and provide input, or possible Board action, on the Proposed Santa Clara Stadium Authority Fiscal Year 2025/26 Operating, Debt Service, and Capital Budget, Proposed Stadium Authority Budget, Compliance and Management Policies, and 2025 Levi’s Stadium Events Marketing Plan.

Reviewed by: Kenn Lee, Treasurer
Approved by: Jovan Grogan, Executive Director

ATTACHMENTS

1. Santa Clara Stadium Authority Proposed Fiscal Year 2025/26 Operating, Debt Service, and Capital Budget

2. Fiscal Year 2025/26 Annual Public Safety Budget

3. 2025 Levi’s Stadium Events Marketing Plan

4. Stadium Authority Board Budget Policy

5. Stadium Authority Board Compliance and Management Policy

6. RTC 25-102 from February 25, 2025 Stadium Authority Meeting

7. RTC 25-102 from February 25, 2025 Stadium Authority Meeting Presentation

8. Responses to February 25, 2025 Stadium Authority Budget Study Session City of Santa Clara Printed on 2/28/2025Page 2 of 2
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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.

SCSA

SANTA CLARA STADIUM AUTHORITY
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.

SCSA

SANTA CLARA STADIUM AUTHORITY
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 SCSA

SANTA CLARA STADIUM AUTHORITY
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.

SCSA

SANTA CLARA STADIUM AUTHORITY
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.

SCSA

SANTA CLARA STADIUM AUTHORITY
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.

O R G A NI Z ATI O N A L C H A R T
Stadium Authority Board
Stadium Authority Counsel
City Attorney's Office

0.55 FTE

0.30 City Attorney

0.20 Chief Assistant City Attorney

0.05 Risk Manager
Auditor

0.05 FTE
Executive Director
Executive Director's Office

4.15 FTE

0.20 Executive Director

0.01 Chief Operating Officer

0.80 Assistant City Manager (2)

0.70 Deputy City Manager

0.13 Public Information Officer

0.05 Comm & Outreach Manager

1.73 Management Analyst (3)

0.05 Executive Assistant

0.05 Emergency Services Officer

0.30 Development Project Manager

0.03 Deputy City Manager/ Director of
Economic Development & Sustainability

0.10 Other CMO Admin & Comm
Human Resources

0.06 FTE

0.02 Director of Human Resources

0.02 Assistant Director of Human
Resources

0.02 Human Resources Division Manager
Public Works

0.06 FTE

0.03 Dir. of Public Works/City Eng.

0.03 Other Public Works Administration
Community Development

0.04FTE

0.03 Dir. of Community Development

0.01 Other Public Works Administration
Treasurer
Finance

3.23 FTE

0.20 Director of Finance

0.20 Assistant Director of Finance

0.10 Purchasing Division Manager

0.05 Contracts Manager

0.02 Principal Accountant/Financial
Analyst

0.65 Accounting Division Manager

1.00 Management Analyst

1.00 Accounting Tech II

0.01 Other Finance Admin
Secretary
Assistant City Clerk's Office

0.50 FTE

0.20 Assistant City Clerk

0.15 Deputy City Clerk

0.10 Deputy City Clerk/Records Manager

0.05 Other CC Admin
Information Technology

0.06 FTE

0.01 Director of Information Technology/
CIO

0.02 Sr. Information Tech Svs Manager

0.02 Information Technology Svc Mgr

0.01 Other IT Admin

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.

E X 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
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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 S TA DI U M A UT H O RI T Y O P E R AT I NG B U DG E T ( C O NT.)

OPERATING REVENUES
$0.7 $0.3
$3.4 I $0.1
$66.2 Million
■ Rent - $24.SM, 38%
■ NFL Ticket Surcharge - $15M, 23%
■ Naming Rights - $8.1 M, 12%
■ SBL Proceeds - $5.1 M, 8%
■ Non-NFL Events Revenue - $5.3M, 8%
■ Non-NFL Event Ticket Surcharge - $3.4M,
5%
■ Interest - $3.4M, 5%
■ Sponsorship Revenue (STR) - $0. 7M, 1 %
■ Senior & Youth Program Fees -$0.3M, <1%
■ Non-NFL Events PSC Depreciation - $0.1 M,
<1%

24 S TA DI U M A UT H O RI T Y O P E R AT I NG B U DG E T ( C O NT.)

$2.2
$2.8
$1.8

OPERATING EXPENSES
$1.0 $0.3
$0.3 $0.1
$61.2 Million
■ Transfers Out - $22.SM, 37%
■ Shared Stadium Manager Expenses - $14M, 23%
■ Stadium Authority General & Administrative - $4.7M,
8%
■ SBL Sales and Service - $3.3M, 5%
■ PSC 2024 Outstanding Balance - $2.SM, 5%
Transfer to City General Fund from Excess Revenues -
$2.SM, 5%
■ Performance Rent (paid to City) - $2.2M, 4%
■ PSC Over Threshold - $2.1 M, 3%
■ Utilities - $1.SM, 3%
■ Naming Rights -$1.7M, 3%
■ Other Expenses -$1.3M, 2%
■ Ground Rent (paid to City) - $1 M, 2%
■ Discretionary Fund Expense - $0.3M, 1%
■ Senior & Youth Program Fees (paid to City) - $0.3M, 1% Use of StadCo Tenant Improvements - $0.1 M, <1%

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 S TA DI U M A UT H O RI T Y O P E R AT I NG B U 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 Comments
Staff 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 services Audit Services 160,000 Financial and performance audits performed by external auditors Consultants
100,000 Community engagement efforts and/or Board initiatives consistent with the work plan - Noise Monitoring 87,000 Continued noise monitoring of Levi's Stadium Administrative Services 449,000
Laserfiche Repository, Financial Management System, Peoplesoft improvement, Marketing Plan and Trend Analysis, etc
Other Expenses 50,000 Routine office expenses, travel, training, conferences, banking fees, etc Board Stipends 8,000 Stadium Authority meetings Total 4,687,000$
Proposed Stadium Authority FY2025/26 General and Administrative Budget - Community Outreach/Communications/Engagement
Stadium Authority FY2025/26 General and Administrative Budget and Legal Services Budget
■ Staff Support ■ Legal Services ■ Administrative Services ■ Audit Services ■ Community Outreach ■ Noise Monitoring ■ Other expenses ■ Board stipends

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 S TA DI U M DE B T S E RV I C E B U D G E T ( C O N T.)

S TA DI U M DE B T S E RV I C E B U D G E T ( C O N T.)

2025/26 2025/26 2025/26
Debt Interest 2025/26 Beginning Principal Ending
Obligations rates Interest Balance Payments Balance
Stadium 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 Authority
Debt 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
$700
March
2012
March
2013
March
2014
March
2015
March
2016
March
2017
March
2018
March
2019
March
2020
March
2021
March
2022
March
2023
March
2024
March
2025
(forecast)
March
2026
(budget)
Total Outstanding Debt (in millions)
Construction Loan StadCo Agency Advance Term B Loan Term A Loan StadCo CFD Advance StadCo 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.

SCSA

SANTA CLARA STADIUM AUTHORITY
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.

FY2025 Annual Public Safety Budget (CONFIDENTIAL)
DRAFT
Amount Footnote
Public Safety Costs - Tenant (NFL Events) 3,744,000$ 1 Public Safety Costs - Authority (Non-NFL Events) 2,995,200$ 2 Public Safety Capital Expenditures (2025/26 Budget) 573,450$ 3 Amortization of 2025/26 Budgeted Public Safety Capital Expenditures 32,031$ 4 Amortization of Prior Years Public Safety Capital Expenditures included in 2025/26 Budget 241,061$ 4 Public Safety Capital Expenditure Amortization in 2025/26 Budget 273,091$ 4 Tenant's Estimated Public Safety Share 151,717$ 4 Stadium Authority's Estimated Public Safety Share 121,374$ 4 Footnotes to Schedule:
1 2
3 4
Assumes 10 home games, and that Public Safety Costs above the threshold will be paid from the Public Safety Cost Reserve .

The proposed Non-NFL Event Public Safety Cost budget is based on eight (8) events, assumed to be six (6) concerts and two (2) soccer events, for the 2025-26 fiscal year.

The Stadium Manager has received Public Safety Capital Expenditure requests from the SCSA Finance Director in December 2024 for the 2025-26 fiscal year totaling $573,450. This includes $341,000 of carryover requests for items approved in prior Capital Expenditure Plans.

Please see the 2025-26 Capital Expenditure Plan for more detail.

Public Safety Capital Expenditure amortization for the current lease year is $273,091 which includes $241,061 of amortization from prior year Capital Expenditure purchases. The Tenant's estimated Public Safety Share is $151,717 and the Stadium Authority's estimated Public Safety Share is $121,374.

DRAFT 1/31/2025
FY2025 Public Safety Capital Expenditures (CONFIDENTIAL) DRAFT
Equipment Dept Quantity Useful Life FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 Totals Kubota (4x4 gas powered UTV ambulance) Fire 1 10 15,922 - - - - - - - - 15,922 Kimtech MTD‐103 Advanced (med cart upgrade) Fire 1 10 - 8,382 - - - - - - - 8,382 Kawasaki Pro-FXT LE Black Mule (1) Police 1 10 - 17,209 - - - - - - - 17,209 Kawasaki Pro-FXT LE Black Mule (2) Police 1 10 - 17,209 - - - - - - - 17,209 Kawasaki Pro-FXT LE Black Mule (3) Police 1 10 - - 15,738 - - - - - - 15,738 Portable Radios Police 20 5 - 50,980 - - - - - - - 50,980 Automatic Chest Compressor Fire 2 5 - - 31,102 - - - - - - 31,102 Advanced Life Support Monitor Fire 1 5 - - 30,810 - - - - - - 30,810 Public Safety Command Post Dispatch System Police 1 5 179,966 179,966 CAD Replacement Police 1 5 - - 102,181 102,181 Diesel Particulate Filter for Stadium Authority Fire Truck Fire 1 10 - - 9,392 - - - - - - 9,392 APX 8500 Mobile Radio for Stadium Authority Fire Truck Fire 1 10 - - 7,150 - - - - - - 7,150 LCD3-3 Chemical Warfare Detector Fire 1 10 - - 13,734 - - - - - - 13,734 Up-Fitting Kawasaki Mules Police 3 10 - - 26,451 - - - - - - 26,451 Radio Batteries Police 1 3 - - - 19,574 19,574 Safety Gear for Special Event Officers & Traffic Control Personnel Police 1 2 5,892 5,892 Stadium Vehicles (Gator & Kubota) Upfits Fire 1 10 - - - 8,832 - - - - - 8,832 Storage Conex Garage for Apparatus Fire 1 10 - - - 12,416 - - - - - 12,416 Stadium Personal Protective Equipment Fire 1 3 45,238 45,238 Stadium Personal Protective Equipment - FY20 Rollover Fire 1 5 - - - - 14,886 - - - - 14,886 Heavy Lift Kit Fire 1 10 - - - 51,914 - - - - - 51,914 Radiation Detector Fire 1 10 - - 17,910 - - - - - 17,910 Rope Rescue Gear Kit Fire 1 10 - - - - 31,500 - - - - 31,500 Motorola APX 6000 Radio/Charger/Battery Fire 1 5 - - - 4,517 - - - - - 4,517 Motorola Earpieces Fire 25 5 - - - 952 - - - - - 952 Battery Charging Pack for JHAT Crew Fire 1 5 - - - 72 - - - - - 72 Small Cooler and Ice Pack Fire 1 5 - - - 305 - - - - - 305 Mass Contamination Hydrant Nozzles Fire 4 5 - - - 1,649 - - - - - 1,649 Motor Vehicle Barricades Police 8 10 - - - 360,892 - - - - - 360,892 EOD Blankets/Water Barrier Police 1 5 - - 13,743 - - - - - 13,743 Bicycles Police 10 5 - - - 22,734 - - - - - 22,734 Body Worn Cameras (BWCs) for Stadium Events Police 150 5 - - - 149,462 - - - - - 149,462 Permanent Changeable Signage Public Works 1 10 - - - - - - 1,000,000 1,000,000 Staff Scheduling Software Police 1 5 - - 23,750 - - - - 23,750 MCI Trailer Fire 1 10 - - - - 108,307 - - - - 108,307 Dispatch Monitors Police 16 5 - - - - 7,582 - - - - 7,582 RadHalo Remote Radiation Monitors Fire 4 10 - - - - 189,729 - - - - 189,729 PPE Replacement (Nomex Tops) - FY21 Fire 15 5 - - - - 5,759 - - - - 5,759 PPE Replacement (Nomex Bottoms) - FY21 Fire 15 5 - - - - 3,287 - - - - 3,287 Rigaku CQL 1064nm Handheld Raman Chemical Detector Fire 1 10 - - - - 50,348 - - - - 50,348 Tru Defender FTX S1 WMD Chemical Detector Fire 1 10 - - - - 61,514 - - - - 61,514 Vehicle Upfits for John Deere Gator Fire 1 10 - - - - 7,729 - - - - 7,729 Levi's Stadium Blast Analysis Police 1 1 - - - - - 119,750 - - - 119,750 PPE Replacement (Nomex Bottoms) - FY22 Fire 15 5 - - - - - - - - PPE Replacement (Nomex Tops) - FY22 Fire 15 5 - - - - - - - - Lifepak CR2 AEDs Fire 10 7 - - - - 18,464 - - - 18,464 PPE Replacement (Nomex Bottoms) Fire 5 3,381 3,381 Communication Equipment - Console (2023/24 Carryover) Police 1 10 - - - - - - - 316,000 316,000 Replace End of Life Network Equipment 2022 IT 1 7 - - - - - - 25,000 25,000 Medixsafe Narcotics Safe Fire 1 5 - - - - - - 1,675 - - 1,675 Blackline Combustible Gas Indicators Fire 1 5 - - - - - - 4,183 - - 4,183 Enclosed Trailer Police 1 10 15,283 15,283
Kawasaki Mules Police 5 10 - - - - - - - 112,596 112,596 Blackline Combustible Gas Indicator - FY24 Fire 1 5 - - - - - - - 2,727 2,727 D7 Tactical Decon Spray Fire 6 5 - - - - - - - 524 524 RAID 8 Multi Agent Detection Kit Fire 1 5 - - - - - - - 1,814 1,814 Fire Station 9 Storage Cabinets Fire 2 20 - - - - - - - 2,793 2,793 Replace End of Life End User Equipment (FY25/26) IT 11 5 - - - - - - - - 17,500 17,500 Touchscreen Dispatch Monitors Police 4 5 - - - - - - - - 2,850 2,850 Temporary Holding Facility (THF) Computer Work Stations Police 2 5 - - - - - - - - 5,000 5,000 Kawasaki ATVs and Kimtek Pump Module Fire 2 10 - - - - - - - - 70,000 70,000 Kawasaki ATV (FY25/26) Fire 1 10 - - - - - - - - 30,000 30,000 Kubota Storage Box Fire 1 15 - - - - - - - - 7,000 7,000 Lightweight Chemical Detector (LCD) 4.0 Fire 1 10 - - - - - - - - 20,000 20,000 Secure Law Enforcement Resource Area Police 1 15 - - - - - - - - 35,000 35,000 E-Bikes (FY25/26) Police 8 5 - - - - - - - - 28,000 28,000 Staff Scheduling Software (FY25/26) Police 1 5 - - - - - - - - 17,100 17,100 Totals 15,922$ 273,746$ 236,558$ 739,852$ 480,641$ 138,214$ 24,522$ 1,120,454$ 573,450$ 3,603,358$ DRAFT 1/31/2025
-------- -
FY2025 Public Safety Capital Expenditures (CONFIDENTIAL) DRAFT
Equipment In Svc Date Estimate Useful Life FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 Totals Kubota (4x4 gas powered UTV ambulance) Mar-18 10 - 1,592 1,592 1,592 1,592 1,592 1,592 1,592 1,592 12,738 Kimtech MTD‐103 Advanced (med cart upgrade) Mar-19 10 - - 838 838 838 838 838 838 838 5,867 Kawasaki Pro-FXT LE Black Mule (1) Mar-19 10 - - 1,721 1,721 1,721 1,721 1,721 1,721 1,721 12,046 Kawasaki Pro-FXT LE Black Mule (2) Mar-19 10 - - 1,721 1,721 1,721 1,721 1,721 1,721 1,721 12,046 Kawasaki Pro-FXT LE Black Mule (3) Jul-19 10 - - 1,180 1,574 1,574 1,574 1,574 1,574 1,574 10,623 Portable Radios Mar-19 5 - - 10,196 10,196 10,196 10,196 10,196 - - 50,980 Automatic Chest Compressor Jul-19 5 - - 4,665 6,220 6,220 6,220 6,220 1,555 - 31,102 Advanced Life Support Monitor Jul-19 5 - - 4,622 6,162 6,162 6,162 6,162 1,541 - 30,810 Public Safety Command Post Dispatch System Mar-19 5 - - 35,993 35,993 35,993 35,993 35,993 - - 179,966 CAD Replacement Mar-19 5 - - 20,436 20,436 20,436 20,436 20,436 - - 102,181 Diesel Particulate Filter for Stadium Authority Fire Truck Jul-19 10 - - 704 939 939 939 939 939 939 6,340 APX 8500 Mobile Radio for Stadium Authority Fire Truck Jan-20 10 - - 179 715 715 715 715 715 715 4,469 LCD3-3 Chemical Warfare Detector Oct-19 10 - - 687 1,373 1,373 1,373 1,373 1,373 1,373 8,927 Up-Fitting Kawasaki Mules Jul-19 10 - - 1,984 2,645 2,645 2,645 2,645 2,645 2,645 17,854 Radio Batteries Mar-21 3 - - - - 6,525 6,525 6,525 - - 19,574 Safety Gear for Special Event Officers & Traffic Control Personnel Mar-21 2 - - - - 2,946 2,946 - - - 5,892 Stadium Vehicles (Gator & Kubota) Upfits Mar-21 10 - - - - 883 883 883 883 883 4,416 Storage Conex Garage for Apparatus Sep-20 10 - - - 1,242 1,242 1,242 1,242 1,242 1,242 7,450 Stadium Personal Protective Equipment Mar-21 3 - - - - 15,079 15,079 15,079 - - 45,238 Stadium Personal Protective Equipment - FY20 Rollover Mar-22 5 - - - - - 2,977 2,977 2,977 2,977 11,909 Heavy Lift Kit Oct-20 10 - - - 2,596 5,191 5,191 5,191 5,191 5,191 28,553 Radiation Detector Jan-21 10 - - - 448 1,791 1,791 1,791 1,791 1,791 9,403 Rope Rescue Gear Kit Dec-21 10 - - - - 788 3,150 3,150 3,150 3,150 13,388 Motorola APX 6000 Radio/Charger/Battery Mar-21 5 - - - - 903 903 903 903 903 4,517 Motorola Earpieces Mar-21 5 - - - - 190 190 190 190 190 952 Battery Charging Pack for JHAT Crew Mar-21 5 - - - - 14 14 14 14 14 72 Small Cooler and Ice Pack Mar-21 5 - - - - 61 61 61 61 61 305 Mass Contamination Hydrant Nozzles Mar-21 5 - - - - 330 330 330 330 330 1,649 Motor Vehicle Barricades Jan-21 10 - - - 9,022 36,089 36,089 36,089 36,089 36,089 189,468 EOD Blankets/Water Barrier Jan-21 5 - - - 687 2,749 2,749 2,749 2,749 2,061 13,743 Bicycles Dec-20 5 - - - 1,137 4,547 4,547 4,547 4,547 3,410 22,734 Body Worn Cameras (BWCs) for Stadium Events Oct-20 5 - - - 14,946 29,892 29,892 29,892 29,892 14,946 149,462 Permanent Changeable Signage Mar-25 Est 10 - - - - - - - - 90,000 90,000 Staff Scheduling Software Jun-20 5 - - - 3,563 4,750 4,750 4,750 4,750 1,188 23,750 MCI Trailer Mar-22 10 - - - - - 10,831 10,831 10,831 10,831 43,323 Dispatch Monitors Mar-22 5 - - - - - 1,516 1,516 1,516 1,516 6,065 RadHalo Remote Radiation Monitors Mar-22 10 - - - - - 18,973 18,973 18,973 18,973 75,892 PPE Replacement (Nomex Tops) - FY21 Mar-22 5 - - - - - 1,152 1,152 1,152 1,152 4,607 PPE Replacement (Nomex Bottoms) - FY21 Mar-22 5 - - - - - 657 657 657 657 2,630 Rigaku CQL 1064nm Handheld Raman Chemical Detector Dec-21 10 - - - - 1,259 5,035 5,035 5,035 5,035 21,398 Tru Defender FTX S1 WMD Chemical Detector Dec-21 10 - - - - 1,538 6,151 6,151 6,151 6,151 26,143 Vehicle Upfits for John Deere Gator Sep-21 10 - - - - 386 773 773 773 773 3,478 Levi's Stadium Blast Analysis Mar-23 1 - - - - - - - - - - PPE Replacement (Nomex Bottoms) - FY22 Mar-23 5 - - - - - - - - - - PPE Replacement (Nomex Tops) - FY22 Mar-23 5 - - - - - - - - - - Lifepak CR2 AEDs Mar-22 7 - - - - - - 3,297 2,638 2,638 8,573 PPE Replacement (Nomex Bottoms) Sep-23 5 - - - - - - 338 676 676 1,691 Communication Equipment - Console (2023/24 Carryover) Oct-25 Est 10 - - - - - - - - 15,800 15,800 Replace End of Life Network Equipment 2022 Oct-25 Est 7 - - - - - - - - 1,786 1,786 Medixsafe Narcotics Safe Dec-23 5 - - - - - - 84 335 335 754 Blackline Combustible Gas Indicators Dec-23 5 - - - - - - 209 837 837 1,882 Enclosed Trailer Dec-22 6 - - - - - - 1,910 1,528 1,528 4,967 Kawasaki Mules Sep-24 10 - - - - - - - 6,568 11,260 17,828 Blackline Combustible Gas Indicator - FY24 Jun-24 5 - - - - - - - 455 545 1,000 D7 Tactical Decon Spray Jun-24 5 - - - - - - - 87 105 192 RAID 8 Multi Agent Detection Kit Jun-24 5 - - - - - - - 302 363 665 Fire Station 9 Storage Cabinets Sep-24 20 - - - - - - - 81 140 221 Replace End of Life End User Equipment (FY25/26) Oct-25 Est 5 - - - - - - - - 1,750 1,750 Touchscreen Dispatch Monitors Oct-25 Est 5 - - - - - - - - 285 285 Temporary Holding Facility (THF) Computer Work Stations Oct-25 Est 5 - - - - - - - - 500 500 Kawasaki ATVs and Kimtek Pump Module Oct-25 Est 10 - - - - - - - - 3,500 3,500 Kawasaki ATV (FY25/26) Oct-25 Est 10 - - - - - - - - 1,500 1,500 Kubota Storage Box Oct-25 Est 15 - - - - - - - - 233 233 Lightweight Chemical Detector (LCD) 4.0 Oct-25 Est 10 - - - - - - - - 1,000 1,000 Secure Law Enforcement Resource Area Oct-25 Est 15 - - - - - - - - 1,167 1,167 E-Bikes (FY25/26) Oct-25 Est 5 - - - - - - - - 2,800 2,800 Staff Scheduling Software (FY25/26) Oct-25 Est 5 - - - - - - - - 1,710 1,710 Totals -$ 1,592$ 86,518$ 125,766$ 209,280$ 256,525$ 259,418$ 169,570$ 273,091$ 1,381,762$ Events with tickets sold or available for sale > 20k FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 Totals NFL (StadCo) Events 10 10 12 10 10 12 12 10 10 96
SCSA Events 10 9 5 0 0 7 7 8 8 54
Total Events 20 19 17 10 10 19 19 18 18 150
StadCo Proportion 50% 53% 71% 100% 100% 63% 63% 56% 56% 64% SCSA Proportion 50% 47% 29% 0% 0% 37% 37% 44% 44% 36%
Depreciation Split FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY24/25 Totals StadCo Depreciation - 838 61,072 125,766 209,280 162,016 163,843 94,206 151,717 817,021 SCSA Depreciation - 754 25,447 - - 94,509 95,575 75,365 121,374 291,650 Totals -$ 1,592$ 86,518$ 125,766$ 209,280$ 256,525$ 259,418$ 169,570$ 273,091$ 1,108,670$ DRAFT 1/31/2025
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2025 Levi’s Stadium Events
Marketing Plan

January 31, 2025

STADIUM

DRAFT VERSION
1 Table of Contents

Levi’s Stadium Events Definitions and Profiles……………………………………………………………………………………….2

Levi’s Stadium Private Events………………………………………………………………………………………………………………...3 Looking Back……………………………………………………………………………………………………………………………….3 Looking Forward……………………………………………………………………………………………………………………….13

Levi’s Stadium Public Events…………………………………………………………………………………………………………………15 Looking Back……………………………………………………………………………………………………………………………..15 Looking Forward……………………………………………………………………………………………………………………….18

Conclusion…………………………………………………………………………………………………………………………………………….22

DRAFT VERSION
2 Levi’s Stadium Events Definitions and Profiles

The Levi’s Stadium Events business comprises two overarching event categories: Public Events and Private Events.

Public Events at Levi’s Stadium are large-scale, ticketed experiences open to the public, showcasing the stadium’s versatility and appeal. These events have successfully driven local economic growth, heightened brand recognition, and solidified Levi’s Stadium’s reputation as a world-class venue. From hosting diverse leagues, artists, sports, and attractions, Public Events have positioned the stadium as an iconic destination for high-profile gatherings. This consistent prominence not only sustains Levi’s Stadium’s status in the public eye but also contributes to the growth of its Private Events sector within the Non-NFL Event business, while attracting even more marquee events to the venue.

Private Events are typically catered, non-ticketed, and exclusive, tailored to the nature of the occasion and the client’s goals. These events cover a broad spectrum, including weddings, corporate anniversaries, charitable fundraisers, and conferences, and constitute the majority of the venue’s event calendar. The Private Events sales pipeline thrives on strong relationships with local businesses, bolstered by our reputation and extensive experience in hosting diverse events. Additionally, the prestige of our venue - renowned for hosting high-profile events like 49ers games, the Super Bowl, COPA America, College Football Playoff National Championship, WrestleMania, and concerts by renowned artists adds to its appeal. Our focus extends beyond the immediate profitability of our business to fostering meaningful client relationships and finding innovative ways to enhance the guest experience.

DRAFT VERSION
3 Levi’s Stadium Private Events

Looking Back

At the beginning of 2024, the Levi’s Stadium Events team was filled with excitement for the year ahead.

Amid the celebration of the significant economic impact of Levi’s Stadium’s 10-year anniversary and the anticipation of hosting prestigious events like Super Bowl 60 and the FIFA World Cup on a global stage, the team was motivated to embrace the journey as Levi’s Stadium solidified its position as a premier destination for world-class events.

This past year marked another successful chapter in managing a wide variety of events, including public and private. With a fully equipped sales and service team prepared to tackle any challenge, the team fostered stronger relationships with internal stakeholders, capitalized on revenue opportunities through participation in industry marketing events, and effectively managed the increasing client interest in events connected to the stadium’s legacy.

While navigating plans for stadium upgrades in 2025, the team effectively utilized internal communication and efficient calendar management to execute another year of high-volume quick-turn events, managed the return of large-scale private events, and met the growing demand for unique experiences. Reflecting on the year, there is much to celebrate: exceeding sales goals with five months remaining in the fiscal year, outstanding client survey results, and a strong pipeline of event opportunities.

Focus on Large-Scale Private Event Prospecting

The demand for large-scale events reached an all-time high this year, with clients showing renewed interest in hosting major employee celebrations at unique venues like Levi's Stadium. For the first time since pre-COVID, there was a significant uptick in requests for large-scale events, and the Private Event Sales team took a proactive and strategic approach to securing these opportunities. This included participating in networking events to foster relationships with clients and third-party planners representing major Silicon Valley corporations, organizing tailored client site visits to highlight the stadium's spaces, and working closely with internal stakeholders to create competitive proposals, all while maintaining clear and transparent communication throughout the multi-month contracting process.

In March, the team was challenged to think beyond standard receptions, successfully securing the stadium’s largest private event since 2015, which hosted 6,000 guests. This milestone marked the beginning of a busy season, with the team receiving an overwhelming amount of interest for summer and holiday events, many requiring the activation of additional club spaces for 2,000+ guests.

Understanding that clients seeking large-scale events require trusted relationships with venues, both sales and service teams worked together to leverage the stadium’s identity, providing exceptional

DRAFT VERSION
4 service from start to finish. This commitment to client satisfaction was key to securing and delivering on these significant events.

Develop Local Partnerships to Drive Event Opportunities

In 2024, the events team leaned into strategic partnerships with the Admin Awards and Unique Venues to get in front of key decision-makers to keep Levi’s Stadium top of mind. Our partnerships showcased the stadium to a local audience of SF Bay Area and Silicon Valley organizations to push beyond brand awareness and exposure to drive revenue through booked events.

Admin Awards

The Levi’s Stadium Events team renewed its partnership with the Admin Awards as a premier award presenter sponsor for the Silicon Valley and San Francisco Admin Awards, honoring administrative professionals in the Bay Area at their annual event.

This sponsorship positioned Levi’s Stadium Events prominently on the Admin Awards’ website, as well as across all digital marketing, promotional materials, and communications. The sales team was invited to join the Admin Awards’ Advisory Board for monthly preparation meetings, gaining additional exposure to over 40 administrative professionals from across the Bay Area. These relationships were nurtured through curated site visits with full administrative teams and participation in Admin Awards’ two promotional events, Admins Around the World, offering in-person opportunities to showcase the stadium as a venue for private events. At the Awards event, the sales team volunteered at the registration desk, engaging directly with attendees, and presented the Loyalty Award, receiving sponsor recognition during the program. After the event, the sales team was provided with a list of over 200 attendees, including nominees and winners, which became a valuable resource for outbound selling opportunities throughout the year.

The Admin Awards proved to be an essential resource for the sales team, who utilized the attendee list for internal email campaigns and invitations to the return of the Levi’s Stadium Events client showcase in September. Additionally, the Admin Awards team personally invited their full database of Silicon Valley and San Francisco administrative professionals to attend our client showcase, driving greater meaningful attendance. This partnership has provided a lasting opportunity to build relationships with Bay Area administrative professionals, who are often key decision-makers alongside C-Level executives.

Unique Venues

This year, the events team maintained its membership with Unique Venues, an online platform that connects event planners with distinctive venues like Levi’s Stadium. As part of the membership, the team benefits from an enhanced online profile featuring photos, videos/360 tours, premium placement in search results, and two regional email marketing campaigns.

DRAFT VERSION
5 In addition to the website listing, the sales team collaborated with the Unique Venues representative to send out two targeted regional email campaigns to 8,366 event professionals. These emails resulted in 2,237 opens and 284 clicks, achieving an average click-to-open (CTO) rate of 13%.

April: “A Recommendation from Unique Venues”

August: “Unique Venues | Tis the Season for Stadium Events” LEVI'S ® STADIUM
Experience the allure of Levi's® Stadium as the setting for your upcoming event . Nest led in the heart of Silicon Valley, our dedicated Levi's® Stadium Events Team stands ready
to collaborate with you in orchestrating a one-of-a-kind event within the stadium's captivating array of event
spaces, ideal for any occasion. Join us and choose Levi's® Stadium as your next event destination, and reserve an
exper ience that is truly unparalle led.

GET INTOUCH

DRAFT VERSION
6 LEVI'S® STADIUM
Tis the Season for Stadium Events
Be Our Guest!
From sport ing events and
concerts to corporate
conferences and private
celebrations, Levi's® Stadium
offers a unique backdrop for
your next holiday event.

Where every attendee is not
just a participant , but a
cherished guest. Together,
let's foster genuine
connections, ignite creativity,
and leave lasting impressions!
Get lntouch

DRAFT VERSION
7 Focus on Content and Brand Awareness

The events team concentrated on enhancing content and brand awareness by sending email marketing notifications to our internal database, which includes more than 6,000 accounts.

April: “A Heartfelt Thank You!”

June: “Hello from Levi's® Stadium!”

September: “Score Big with Your Next Event!”
- ~~'
~ , . ,,
'cheers
to
YOU!
Be Our Guest
4900 MARIE P. DEBARTOLO WAY
SANTA CLARA, CA 95054
Levi's® Stadium is the perfect venue for
your next unforgettable summer event.

FUN FACT: Did you know that our
plazas are available for outdoor receptions
and company picnics?!
Reach out to our team today to secure
one of our few summer dates left !
See you soon,
"l!Jt!l1•
>>CHECK US OUT!<<

DRAFT VERSION
8 November: “Thankful”

"
---- ~

DRAFT VERSION
9 2024 Marketing Campaign Performances

Timeless Traditions Client Showcase

Our team hosted a client showcase on September 11th to highlight our event spaces—our first since 2019! The event welcomed approximately 160 active prospects, clients, and business partners, offering them an exclusive preview of what we provide for private events. We focused on showcasing the stadium through the lens of meetings and events.

Throughout the year, our Event Service team has fostered strong relationships with Bay Area vendor partners, securing nine external vendors to showcase their event entertainment and decor offerings at the showcase, allowing our clients to experience them firsthand. Additionally, our team made the most of 49ers-themed enhancements, such as Super Bowl trophies, Niner Noise, Sourdough Sam, and the Gold Rush, to create an immersive experience for private events. These features were strategically placed throughout the club space to inspire clients for their upcoming events at Levi’s Stadium. We are Campaign Name Date Emails
Delivered
Emails
Opened
%
Opened Clicks %
Clicked CTOR
A Heartfelt Thank You! 4.24 776 271 34.92% 12 1.55% 4.43% A Recommendation from Unique Venues 4.25 4,207 1,146 27.24% 51 1.21% 4.45% Hello from Levi’s Stadium 6.20 6,401 2,027 31.67% 307 4.80% 15.15% Unique Venues
Tis the Season for Stadium Events 8.20 4,159 1,091 26.23% 233 5.60% 21.36% Score Big with Your Next Event! 9.25 6,157 1,861 30.23% 215 3.49% 11.55% Thankful 11.21 6,281 1,896 30.19% 251 4.00% 13.24%
TOTAL 27,981 8,291 29.63% 1069 3.82% 12.89%

DRAFT VERSION
10 excited to report that five of the nine external vendors from this showcase secured entertainment business for our 2024 holiday party season, providing additional net revenue to the Stadium Authority.

Following the showcase, the sales team received six site visit requests for holiday parties and 2025 events. Shortly after, the sales team launched a holiday promotion to attract more holiday parties and successfully secured one booking as a result of the event. The showcase proved that clients truly appreciate experiencing the stadium’s beauty firsthand, and the event was successful in demonstrating the venue's potential. We also received positive feedback from our preferred vendors, noting that the room was filled with key decision-makers. We’re excited to see the long-term impact of this event unfold.

MPI NCC ACE

Levi's Stadium Events Sales team attended MPI’s Northern California Chapter’s Annual Convention Expo in San Francisco. This immersive two-day conference went beyond the traditional conference setup by engaging in hands-on experiences, interactive discussions, and dynamic sessions that challenge perspectives and fuel imagination for the future of events. Gathering over 350 planners and fellow suppliers, this year sparked discussions around the navigation through quick decision challenges, effective communication with clients, leadership today in a world of multi-generations, and AI’s role within the events industry - which is helping event professionals do more with less time. The events team gained fresh insights within the market, networked with industry leaders, and left inspired to drive impactful change for events in the stadium.

IMEX

The events team returned to IMEX America this year, the largest trade show in the US for the global meetings, events, and incentive travel industry. The show took place in October in Las Vegas and hosted a new record 15,500 buyers, visitors, and exhibitors. Of the 15,000 participants, 5,500 hosted buyers participated in more than 86,000 prescheduled meetings with exhibitors.

The events sales team attends IMEX America each year to gauge trends from industry peers and California convention and visitors bureaus (CVBs). During the three-day show, the team meets with event planners and fellow suppliers on the trade show floor and at networking events.

In addition to networking and client prospecting, the sales team was able to join educational sessions and learn about current trends and what’s on the horizon for the meetings and events industry. Some of the learnings include:

● Collaboration with local CVBs is vital for reshaping the narrative for clients unfamiliar with the unique opportunities offered by venues like Levi’s Stadium. We recognize that when clients choose a venue, they are also choosing a destination. Therefore, it is crucial for venues like Levi's Stadium to collaborate with local destinations to showcase the vibrant city of Santa Clara.

DRAFT VERSION
11 ● It is essential to be an ally and partner to destinations - when a destination thrives, so do venues like Levi’s Stadium.

● "Quick Turn" events continue to rise, with clients often seeking to host events within the same month they're sourced. This year’s conference revealed that mass layoffs have forced event teams to delay planning until the last minute. Clients are also more focused on strict budgets, often relying on familiar venues with inclusive pricing options like Levi’s Stadium.

● Budget constraints are a factor, but clear and trusted communication is paramount. Clients prefer to work with representatives they trust.

● Leveraging deeper engagement creates lasting impressions.

Connect West

On November 6 - 8, 2024, qualified representatives from CVBs, hotels, event venues, and convention centers gathered at Connect West in Los Angeles to meet with professional meeting planners from around the western region. Connect West is a B2B conference for event professionals based in California, Nevada, Utah, Arizona, and New Mexico. This two-day conference featured 250 attendees, including over 80 qualified buyers from a variety of corporate/association organizations and industries.

The planners were required to have active event RFPs with the primary goal of meeting with suppliers to plan future meetings and events in the Western U.S.

The Levi’s Stadium Events sales team attended 25 one-on-one appointments with event planners and joined networking and educational sessions. Of the 25 appointments, the sales team walked away with seven qualified leads or interested buyers for Levi’s Stadium, which included companies in the retail, technology, non-profit, insurance, and healthcare industries.

In addition to the contacts made, the sales team was able to take away some valuable information related to industry trends and future forecasting. A few of the key takeaways from the event included:

● The events team learned from local leaders about tackling Western region-specific industry trends and challenges.
○ In-person events are resurging, with 89% of global event leaders citing them as critical for revenue growth.
○ Experiential events are in high demand, pushing organizers to find unique venues that support immersive, interactive experiences.

● As organizations rebound from a year of widespread layoffs, they are increasing budgets and hosting events to promote meaningful in-person engagement with clients, partners, and employees.

DRAFT VERSION
12 ● As for the future of Levi’s Stadium, clients have expressed significant excitement about the future of Levi's Stadium as an event venue, particularly with two major global events scheduled for 2026. They highlighted that Bay Area organizations are likely to see strong demand for private events, with attendees eager to walk through the stadium doors and experience its vibrant energy.

60 External Contracted Events and Holiday Party Success

Increasing the number of external events at Levi’s Stadium was a key focus for the sales team. As of November, we have successfully exceeded last year's total, securing 60 external events and counting.

Since January, the team has qualified over 736 event opportunities (513 leads since April). While not all opportunities can be realized due to stadium availability, budgets, and event scopes, the demand for private events remains strong.

Securing holiday party bookings was another priority for the team ahead of the fall season. This year, we surpassed our previous number of holiday parties in December 2023 and doubled the revenue, demonstrating that clients are investing in creating memorable, experiential events at the stadium.

Quick Turn Events

Over the past three years, Levi’s Stadium Events has seen a significant increase in event opportunities, with many clients requesting venues for events scheduled less than 30 days in advance. We categorize these events as "quick-turn events”. Quick-turn events require prompt attention during the sales process to generate proposals and finalize agreements within a limited timeframe. They demand swift decisions from clients and clear communication across internal departments. In terms of service, these events can present challenges with external rental windows and place pressure on logistics planning for the stadium within a condensed schedule. Of the 60 events secured in 2024, 28% of these events (17 events since April) were booked with a lead time of less than four weeks.

Cvent Supplier Network Booked Events

The Cvent Supplier Network is a platform that allows event planners to search for venues, compare destinations, and explore group promotions from a range of hotels, suppliers, and destinations. Levi’s Stadium Events keeps an active profile to encourage clients to choose the stadium for private events and meetings. In the past year, we’ve received eight RFPs for 2024 through the Cvent Supplier Network and successfully secured two private events at Levi’s Stadium for 2024-2025. These events include a holiday party and a conference, and we look forward to maximizing opportunities in the year ahead.

Continued Success with Client Satisfaction Scores

DRAFT VERSION
13 The events team consistently surpasses client survey score expectations. This year, the service team achieved an average client satisfaction score of 4.7 out of 5 on the post-event surveys for external events. Each client receives a survey after their event, providing an opportunity to give feedback on various aspects of their experience at Levi’s Stadium, including the booking and event planning processes, food and beverage quality, and the event day experience, covering parking, stadium security, cleanliness, and audio-visual services. The service team has supported over 60 external events and eight public events.

Post-Event Client Survey Scores (averages):

● Event Sales: 4.6/5
● Event Service: 4.7/5
● On pace to 4.5+ average client satisfaction survey score

2024 Key Performance Indicators (KPIs)

2024 Year-to-Date Performance 2024 Goal YTD Variance
Gross Revenue $5,000,000 $5,715,000 +$715,000
Client Satisfaction Scores (1-5)
Event Sales 4.5+ 4.6
Event Planning 4.5+ 4.7
Overall Experience 4.5+ 4.7

Looking Forward

Leverage Current Customer Base to Land and Expand

As we prepare for Levi’s Stadium's major events in 2026, next year will be a time to take a strategic approach focused on deepening relationships with our existing clients, encouraging repeat business, and increasing the lifetime value of each client interested in Levi’s Stadium. Our efforts will be centered around our current business from the 2024 calendar year, targeting large Silicon Valley organizations to capture more event opportunities across multiple departments within these companies. We’ve already seen the success of this strategy earlier this year when we received over 15 event opportunities from a single Bay Area organization, resulting in five secured events at Levi’s Stadium. Additionally, four other Bay Area organizations booked more than one private event with us within the same year. We plan to continue nurturing these relationships to ensure our clients trust our team with future private events.

This collaborative effort across our team and partners will be a key focus for 2025.

DRAFT VERSION
14 Maximize Strategic Partnerships with DMO and Industry Events

Levi's Stadium Events is partnering with Madden Media on behalf of Discover Santa Clara for the inaugural 2025-2026 Official Discover Santa Clara Guide. This initiative will highlight the best of what Santa Clara has to offer, with a focus on Levi’s Stadium as a premier private event venue. The first-ever Santa Clara Visitors Guide will feature 75,000 printed copies, along with a digital version, designed to showcase the city’s top attractions. This partnership marks the beginning of a new collaboration with the Discover Santa Clara team, aimed at increasing our exposure to visitors and driving revenue for Levi’s Stadium as a top off-site venue in Santa Clara.

This past year, the sales team heard directly from clients and industry peers about how essential destination management companies like Discover Santa Clara are to off-site venues such as Levi’s Stadium. When destinations succeed, venues like ours thrive. We are excited about the opportunities this collaboration will bring in the year ahead.

Client Retention During Stadium Upgrades

As we look ahead to an exciting 2026, the events team recognizes the significance of upgrading our club spaces to ensure the success of future public and private events at Levi’s Stadium. Now, more than ever, our team is committed to maintaining clear, consistent, and transparent communication with clients regarding 2025 private events. We are dedicated to sharing information as we receive it, ensuring our clients know we are always focused on providing solutions throughout their event planning process.

Keeping clients informed about potential impacts and proactively addressing concerns will be central to our sales and service approach. We aim to shift the narrative by highlighting how these upgrades will enhance the private event experience, allowing clients to envision the long-term benefits. Our goal for the coming year is to build trust with all clients interested in hosting private events at the stadium and exceed their expectations at every step.

DRAFT VERSION
15 Levi’s Stadium Public Events

Looking Back

Since opening in 2014, Levi’s Stadium has become a premier destination for the world’s top entertainment acts and sporting events, significantly boosting Santa Clara’s economy and reputation. To date, the stadium has generated over $2 billion in positive economic impact through 49ers games, Super Bowl 50, and a variety of public events.

Securing Super Bowl LX and FIFA World Cup 2026 further solidified the stadium’s standing as a leading venue for monumental events. The resulting wave of positive press reinforced Levi’s Stadium as a top choice for promoters when planning their next major event. The momentum directly contributed to one of the most successful years in the stadium’s history. Between May and July, Levi’s Stadium hosted three concerts and five soccer matches, all delivering strong profitability.

Beyond generating revenue from ticket fees, concessions, and merchandise, public events enhanced the experience for SBL holders. Members benefited from priority presale access to premium seating for many events and shows before tickets became available to the general public.

Public Events in 2024

Thanks to strategic planning and diligent efforts, the events team successfully hosted eight full-stadium events at Levi’s Stadium, showcasing a diverse range of entertainment and sports:

San Jose Earthquakes vs. Los Angeles FC
The San Jose Earthquakes marked their 50th anniversary with Northern California's largest Cinco de Mayo celebration, highlighted by a thrilling 3-1 victory over LAFC in front of 43,774 fans.

Luke Combs
Two sold-out shows by the 2x CMA Entertainer of the Year highlighted Levi’s diverse lineup.

Combs performed hits and debuted a new rendition of Tracy Chapman’s “Fast Car,” which topped Billboard’s Country Airplay chart for five weeks.

CONMEBOL Copa América: Ecuador vs. Venezuela and Brazil vs. Colombia Building on the momentum of securing FIFA World Cup 2026, Levi’s Stadium hosted two matches from this prestigious tournament. Brazil vs. Colombia broke an attendance record with over 70,000 fans, becoming one of the stadium’s most profitable soccer events.

The Rolling Stones
The legendary rock band delivered an unforgettable show, performing iconic hits like “Gimme Shelter” and “Satisfaction.” This concert followed the success of their Grammy-nominated album Hackney Diamonds.

DRAFT VERSION
16 Chelsea vs. Wrexham
As part of the Wrex Coast Tour, Levi’s Stadium hosted Chelsea F.C., a six-time Premier League champion, and Wrexham AFC, co-owned by Ryan Reynolds and Rob McElhenney. The match spotlighted Wrexham’s growing popularity, fueled by the Emmy-winning series Welcome to Wrexham.

Leagues Cup: San Jose Earthquakes vs. Chivas
For the first time, Levi’s Stadium hosted a Leagues Cup match featuring the San Jose Earthquakes and Chivas Guadalajara. This historic event marked Chivas’ debut in the Bay Area and drew a record-breaking crowd of 50,675 fans. The match culminated in a thrilling penalty shootout victory for the Earthquakes.

The events team’s proactive approach and strong relationships with promoters were crucial in overcoming scheduling challenges and securing these high-profile events. Our flexibility and commitment, coupled with the City Council’s decision to welcome a limited number of weeknight concerts, ensured an exceptional season, with eight events successfully executed in just three months.

Profitability

In addition to hosting eight unique events, the events team achieved exceptional profitability for each.

By strategically evaluating every revenue-generating vertical, deal terms were negotiated that maximized overall net profit. While prioritizing financial success, we collaborated closely with promoters to establish mutually beneficial agreements, fostering strong, long-lasting partnerships.

Diverse Line-Up

The events team remains committed to proactively securing a diverse mix of events to expand and diversify our attendee and customer base. The 2024 concert lineup featured a range of music genres, including country and rock, appealing to varied audiences.

We also leveraged the positive press surrounding FIFA World Cup 2026 to engage Northern California’s growing soccer community. This included hosting matches from MLS teams, National teams, Premier League teams, Liga MX teams, and EFL League teams, including two prestigious tournaments: Copa América and Leagues Cup.

Gridiron Stadium Network

The events team plays a significant role in the Gridiron Stadium Network (GSN). The Head of Levi’s Stadium Events served as Vice Chairperson for two years and currently holds the position of Chairperson.

DRAFT VERSION
17 The Gridiron Stadium Network was founded to raise awareness and promote the unique assets of its member stadiums. Currently representing 16 NFL venues, the GSN focuses on maximizing opportunities and enhancing the utilization of these state-of-the-art facilities for a variety of events, including sports, entertainment, and public or private gatherings. The network supports its members in attracting and developing events, whether for a single venue or multiple locations. From sold-out concerts and major sporting events to smaller shows and conferences, GSN members are committed to delivering exceptional experiences for audiences, performers, and corporate, community, and third-party partners.

GSN convenes monthly and hosts an annual in-person meeting. Participation in this conference is crucial for staying informed on industry trends, sharing best practices, and maintaining relevance within the stadium managers' network.

Proactive Outreach

Building and maintaining strong relationships within the live entertainment industry is essential for achieving a successful event calendar. In-person meetings have consistently proven to be the most effective way to foster these connections, as they often lead to new opportunities for Levi’s Stadium.

With the approval of the travel and entertainment budget, the events team conducted proactive outreach and secured numerous in-person meetings with key decision-makers to position Levi’s Stadium as a premier venue for large-scale events in Santa Clara.

During the fiscal year, the team successfully arranged over 30 in-person meetings with leading industry promoters, reinforcing relationships and driving opportunities for future events.

Public Events Secured for 2025

The events team has already successfully secured four events for 2025:

Metallica
Metallica announced that its record-breaking M72 World Tour will extend into a third year highlighting the band’s debut performances at Levi's Stadium. Since its launch in April 2023 in Amsterdam, M72 has drawn an audience of approximately three million fans. The tour has received widespread acclaim, described as “an altogether life-affirming experience” (Billboard), “impossible to leave unsatisfied” (Austin Chronicle), “a stone-cold stunner of a show” (Detroit News), “the mother of all summer concerts” (Worcester Telegram Gazette), and “as tight and furious as Metallica has sounded in ages” (Los Angeles Times). The 2025 leg of the M72 World Tour will carry on the celebrated No Repeat Weekend tradition, with each of the two-night performances featuring completely unique setlists and support acts.

CONCACAF Gold Cup
Levi’s Stadium has been chosen as a host venue for the prestigious CONCACAF Gold Cup. The tournament’s 18th edition will take place next summer, running from June 14 to July 6, and will

DRAFT VERSION
18 showcase 16 men’s national teams. With the FIFA World Cup 2026 just a year away, the Gold Cup offers a high-stakes competition for the region’s top teams and an exciting opportunity for fans to connect with the sport during a critical moment for its growth across North America, Central America, and the Caribbean.

San Jose Earthquakes vs. Los Angeles FC
The Earthquakes will host their match against LAFC at Levi's Stadium for the third consecutive year on September 13th. Levi's Stadium has proven to be a stronghold for the Quakes, highlighted by last year’s impressive victories: a 3-1 win over LAFC in front of 43,774 fans and a thrilling penalty shootout victory against Mexican powerhouse Chivas Guadalajara, which set a Leagues Cup attendance record with 50,675 spectators. This year, the match coincides with Mexican Independence Day Weekend, promising celebrations that will once again create a lasting impact on the community.

Looking Forward

Gridiron Stadium Network

Moving forward, the events team will continue to leverage the Gridiron Stadium Network to strengthen connections with promoters and secure additional stadium content. Monthly meetings foster discussions and provide valuable insights into upcoming stadium tours, which are critical for securing major shows.

Continued Proactive Outreach

To maintain industry relevance and ensure the continued success of the public events business, proactive networking and relationship-building with key decision-makers remain essential.

The events team experienced significant benefits from in-person meetings and touchpoints in 2024, and we aim to build on those practices in 2025.

Using the approved travel and entertainment budget, we will once again engage with top promoters in the major events industry. These meetings are vital for strengthening existing relationships. In addition to maintaining outreach with promoters already conducting business at the stadium, we will prioritize outbound meetings with new promoters and decision-makers who have yet to host events at Levi’s Stadium. This ongoing effort to evaluate new opportunities and explore unique small, mid, and large- scale events will help expand our network, driving new business and increased revenue.

Beyond in-person meetings, the events team will also leverage the approved travel and entertainment budget to attend industry-related conferences. As the sports and entertainment landscape continues to evolve, staying informed about emerging trends, insights, and ideas presented at these conferences is critical to maintaining our competitive edge.

DRAFT VERSION
19 Leverage Organic Assets

The events team will continue to utilize Levi’s Stadium and 49ers organic assets to maximize the visibility and viewership of upcoming events across multiple platforms.

We will continue promoting public events through digital video boards during 49ers home games and on non-event days. Additionally, events will be featured across Levi’s Stadium and 49ers digital and social channels, including dedicated event pages on the levisstadium.com website and targeted email campaigns.

Levi’s Stadium’s subscriber database includes 90,000 accounts, with 10,000 being SBL members. We also leverage an email list of 100,000 previous concert buyers and approximately 1,300 accounts specifically interested in Music and Entertainment updates at Levi’s Stadium.

In addition to email marketing, we utilize app push notifications to further amplify outreach, with 100,000 subscribers currently opting in to receive updates about Levi’s Stadium events.

Example of digital video board rotations

DRAFT VERSION
20 Example of event marketing on Levi’s Stadium social channels

DRAFT VERSION
21 Example of targeted email campaigns

Key Performance Indicators

Number of Events Secured: Drawing on our industry insights and past performance, we are confident the stadium manager will secure a minimum of six public events for the year.

Profitability: With twenty-two profitable events hosted over the past three years, we remain committed to negotiating favorable deal terms that ensure a positive net outcome for each event.

Event Mix: Our goal is to curate a diverse lineup of entertainment experiences for the Santa Clara community. This includes a target of six events featuring a variety of concerts spanning different music genres, as well as soccer matches ranging from international clubs and national teams to MLS games.

wlij (f STADIUM
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Metalllca has confirmed that its record-breaking M72 World Tour will be extended into a third year, with the announcement of 21 North American shows spanning April, May and June of 2025, including a two-show experience at Levi's® Stad ium on June 20 and 22. The M72 World Tour's 2025 itinerary will continue the hallowed No Repeat Weekend tradition, with each night of the two­ show stands featuring entirely different setllsts and support lineups including Pantera, Limp Bizkit and more.

Purchase your tickets here or by clicking the button below.

PURCHASE NOW
\!ij ?1 STADIUM
Chelsea F.C. and Wrexham AFC are returning to the United States this summer for a July 24 match at Levi's® Stadium. The two teams played against each other last summer In front of a sold.out crowd at Kenan Memorial Stadium In Chapel HIii, North Carolina. This match will b<l one of Wrexham AFC's three U.S. matches this summer as part of their 2024 Wrex Coast Tour.

Purchase your tickets hara or by clicking the bullon below.

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VISA

DRAFT VERSION
22 Conclusion

As we reflect on another successful year and prepare for sustained growth, we are confident in the strength of our marketing plan, which outlines a strategic approach to attracting prominent private and public events. Through proactive client engagement, targeted marketing strategies, innovation, and collaboration, we will continue delivering highly profitable events for the Stadium Authority.

Board Policy Manual
Proposed
February 25, 2025

Stadium Authority Board Budget Policy

The Santa Clara Stadium Authority (Stadium Authority) has a responsibility to the Santa Clara community, its financing agencies, the Forty Niners Stadium Management Company (ManCo), and other stakeholders to manage the Stadium finances wisely and with transparency and to plan for the provision of services desired by, and in the best interest of, the public.

The Proposed Operating, Debt Service, and Capital Budget for the Stadium Authority is developed as required in the Stadium Authority Management Agreement, Section 4.6:

Annual Operating Budget. The budget provides the necessary funding to administer the duties of the Stadium Authority, including:

• Funding for operating the Stadium for Non-NFL events through ManCo, • Advancement of the FY 2025/26 Work Plan;
• Payment of debt service obligations; and,
• Maintenance of a five-year capital plan.

Through the Management Agreement, ManCo is held to a Standard of Care as outlined in Section 2.9 of the Management Agreement, which states:

2.9 Standard of Care. Subject to the limitations set forth in this Agreement, the Budget, and the Stadium Lease, the Stadium Manager shall exercise prudent, commercially reasonable good faith efforts in managing and operating the Stadium in accordance with the terms hereof so as to (a) maintain the Stadium in the Required Condition and operate the Stadium as a quality NFL and multi-purpose public sports, public assembly, exhibit and entertainment facility, to a standard of quality comparable to other similar facilities (except that the parties recognize that portions of the Stadium may be in need of capital upgrades); (b) control Manager Operating Expenses, StadCo Operating Expenses and Stadium Authority Operating Expenses; and (c) maximize Operating Revenues.

This policy is designed to provide standards for financial decision-making consistent with applicable law, agreements, and debt covenants and establish parameters for directing the financial affairs of the Stadium.

This policy is meant to be dynamic and is subject to change as the needs arise or when additional information is available. All amendments will be approved by the Stadium Authority Board (Board) at a public meeting.

SCSA

SANTA CLARA STADIUM AUTHORITY
Stadium Authority Board Budget Policy
Proposed
February 27, 2024

A. Budget Objectives:

1. Ensure proper governance and accountability as reflected in the annual budget.

2. Identify needs of the community, ManCo, and key stakeholders (such as Stadium Builder License holders/season ticket holders, fans, and event attendees).

3. Inform and communicate clearly and thoroughly to the community as a whole the Stadium Authority’s fiscal position and budget schedule/hearings to actively participate in the Stadium Board’s budget deliberations.

4. Align the budget with Stadium Authority Board priorities and duties, as proposed by ManCo, Stadium Authority staff, and/or Board members.

5. Identify and budget the resources required to perform services and accomplish policy objectives.

6. Ensure the long-term upkeep and maintenance of the Stadium.

7. Set standards to measure, monitor, and evaluate the Stadium Authority’s accomplishment of budget objectives and expenditure of appropriations:
• Quarterly Financial Reports
• Annual Budget Review and Adoption
• A nnual Financial Statements

8. Focus on business process redesign in order to improve productivity and quality, flexibility, and cost-effectiveness of service delivery (e.g., streamlining, simplifying, reorganizing functions, and reallocating resources).

B. Budget Policy Statements:

1. Stadium Authority Staff will submit a structurally balanced budget (revenues will equal or exceed expenses) for Stadium Authority Board approval to cover annual debt requirements and operating and maintenance expenses. If a structural imbalance occurs, a plan will be developed and implemented to correct the imbalance.

2. Stadium Authority Executive Director will submit the annual proposed budget to the Board in compliance with the relevant provisions of the Stadium Management Agreement in late February/early March for Board review and public input and the Board will adopt the annual budget before March 31st of each year.

3. The Stadium Authority Budget will comply with all local, including Measure J, State, and Federal legal requirements.

4. The Stadium Authority Budget will provide for adequate maintenance and repair of capital assets and equipment for the Stadium:
a. An annual capital budget will be prepared and approved by the Board as part of the annual budget.
b. A five-year capital plan will be prepared and updated annually. The plan will prioritize all anticipated capital projects.

5. The Stadium Authority will maintain a budgetary control system to ensure adherence to the budget and will use a budget/encumbrance control system to ensure proper budgetary control. Budgetary appropriation control for expenditures shall be at the fund level.

6. Stadium Authority staff will prepare quarterly reports comparing actual revenues and expenses to budgeted amounts.

SCSA

SANTA CLARA STADIUM AUTHORITY
Stadium Authority Board Budget Policy
Proposed
February 27, 2024

7. Stadium Authority staff will bring forward budget amendments for Board consideration during the year in order to address unanticipated needs, emergencies, or compliance with Stadium agreements.

8. The Stadium Authority Budget will be prepared using the accrual basis.

9. The Stadium Authority Treasurer is responsible for coordinating the overall preparation of the Stadium Authority’s budget and analyzing its content, reflective of expenses for operations of ManCo and Stadium Authority staff, debt requirements, and capital expenses.

A. Budget Development Process:

The Stadium Authority Treasurer is responsible for coordinating the overall preparation of the Stadium Authority’s budget and analyzing its content. The goal of each budget development process is that the Budget is presented to the Board and the public at one Study Session and one Public Hearing before its final approval of the annual budget. The following are key steps to the budget development process:

1. In November of each year (or before), Stadium Authority staff will meet with the ManCo and develop the annual budget development plan which includes the date that the ManCo will provide all necessary documents as required by the Stadium Lease and Stadium Management Agreement.

2. No later than 45 days prior to the start of the upcoming fiscal year, the ManCo will provide annual documents as outlined in the Stadium Agreements, which will be used in the Budget Development Process.
• Stadium Operations and Management Plan (Source: Stadium Management Agreement)
• Annual Shared Expense Budget w/ Five Year Projection ( Source:

Stadium Management Agreement)
• Annual Stadium Operations Budget ( Source: Stadium Management Agreement)
• Annual Public Safety Budget (Source: Stadium Management Agreement)
• Capital Expenditure Plan with Five Year Projection (Source: Stadium Management Agreement)
• Non-NFL Event Marketing Plan ( Source: Stadium Management Agreement)

3. Stadium Authority staff will analyze ManCo’s budget submission including but not limited to the number of FTEs recommended and related personnel costs; line item recommended expenses; and strategic focus of recommended resources using various tools such as historical expense analysis, incremental increases, and base budget review.

4. Stadium Authority staff will calculate the budget for Stadium Authority General and Administrative costs (such as staff costs, consulting, audit, legal, and any reasonable and necessary expenses to uphold its support of the Board).

5. Stadium Authority staff will calculate any necessary funding to be used for the Stadium Authority’s Discretionary Fund.

SCSA

SANTA CLARA STADIUM AUTHORITY
Stadium Authority Board Budget Policy
Proposed
February 27, 2024

6. Stadium Authority staff will compile a draft budget incorporating the items provided by ManCo and calculated by staff and will submit the document to the Stadium Authority Board at a Study Session or Public Hearing for review and seeking input from the public and the Board.

7. Prior to March 31st, staff will submit the proposed Annual Stadium Authority Budget to the Board for final approval.

SCSA

SANTA CLARA STADIUM AUTHORITY

Board Policy Manual
Proposed
February 25, 2025

Stadium Authority Board Compliance and
Management Policy

This policy sets the framework for compliance of the mandates of The Santa Clara Stadium Taxpayer Protection and Economic Progress Act (Measure J), passed by the voters of the City of Santa Clara in June 2010 and the management of Levi’s ® Stadium
(Stadium). Measure J was the legislation that approved the development on City-owned land of a Stadium suitable for the exhibition of professional football games and other event subjects, however, to the binding requirements set forth in Measure J to safeguard the City’s General and Enterprise Fund and protect City taxpayers. Measure J was enacted for the following purposes:

1. Generate New Revenue for Santa Clara

2. Create New Jobs

3. Provide Taxpayer Protections

4. Generate Community Funding

To ensure that the Stadium operates within the boundaries of Measure J and that it is managed effectively, the Stadium Authority Board (Board) established the following Board priority in January 2017:

• Ensure Compliance with Measure J and Manage Levi’s Stadium

The Board is committed to complying with the regulations of Measure J and governance of the Stadium Authority and its activities through the below framework:
.
• Oversight – effective management of the Stadium
• Commitment – to the citizens of Santa Clara to protect the community and safeguard the City’s General Fund
• Compliance – with Measure J and various Stadium agreements • Transparency – to provide information required for decision making • Communication – to keep the public informed of issues related to the Stadium • Adequate Resources – to maintain the necessary resources, including staffing, to effectively manage the Stadium
• Enforcement – to require that Stadium contracts and agreements are accurately followed
SCSA

SANTA CLARA STADIUM AUTHORITY
Stadium Authority Board Compliance and Management Policy Proposed
February 27, 2024

• Monitoring – perform compliance and financial audits by both internal and external auditors
• Corrective Action – audit report of all findings which will require a written response to any non-compliant finding

Board decisions must be aligned to the voter approved Measure J legislation and evaluation of this initiative must be reviewed against the purpose for which Measure J was established. The intent of the above framework is to provide transparency of conventional activities that the Stadium Authority will engage in to ensure Measure J compliance.

SCSA

SANTA CLARA STADIUM AUTHORITY
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-102 Agenda Date: 2/25/2025

REPORT TO STADIUM AUTHORITY BOARD

SUBJECT
Discussion of the Proposed Santa Clara Stadium Authority Fiscal Year 2025/26 Operating, Debt Service and Capital Budget and Stadium Authority Budget, Compliance and Management Policies, and Marketing Plan

BOARD PILLAR
Ensure Compliance with Measure J and Manage Levi’s Stadium

BACKGROUND
The Stadium Management Agreement (Management Agreement) defines the Stadium Operation and Maintenance Plan (SOMP) as the plan designed to achieve a safe and well maintained Stadium and states that it should include the standards for management and operation of the Stadium, including the required security, staffing, and other required elements of hosting Stadium Events. The Forty Niners Stadium Management Company LLC (ManCo or Stadium Manager) is responsible for preparing the SOMP, which shall be presented annually to the Santa Clara Stadium Authority (Stadium Authority), and must include the:

1. Annual Shared Stadium Expense Budget,

2. Annual Public Safety Budget,

3. Capital Expenditure Plan, and

4. Marketing Plan.

Section 4.10 of the Management Agreement requires that the Marketing Plan set forth in reasonable detail the Stadium Manager’s plans to develop, implement and monitor marketing, booking, advertising, and promotion of the Non-NFL Events for Levi’s Stadium.

Each year, Stadium Authority staff prepares a proposed Santa Clara Stadium Authority Operating, Debt Service, and Capital Budget for the Stadium Authority’s twelve-month Fiscal Year (FY), which begins on April 1 and runs through March 31 (in accordance with Article 4 - Records, Accounts, Budgets, and Reports of the Management Agreement).

DISCUSSION
This report to the Stadium Authority Board transmits the Proposed FY 2025/26 Stadium Authority Operating, Debt Service, and Capital Budget (Attachment 1), Public Safety Budget (Attachment 2), and 2025 Levi’s Stadium Events Marketing Plan (Attachment 3). It should be noted that the Public Safety Budget is provided by ManCo and included in this report for Stadium Authority Board information only, as budget appropriations for the City’s public safety departments are approved by the City Council through the City’s annual budgeting process.

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The budget document contains several key sections including the:
· Stadium Operating Budget which includes a breakdown of the Stadium Authority’s General and Administrative costs,
· Shared Stadium Manager Expenses including the total expenses and the Stadium Authority’s share of those expenses,
· Debt Service Budget; and
· Capital Budget.

In addition, staff has included glossaries of commonly used financial terms in this proposed budget to facilitate understanding the types of revenues, expenses, debt, and capital expenses.

In accordance with Sections 4.5 through 4.8 of the Management Agreement, ManCo prepared and submitted a proposed operating, capital, and debt budget for the FY 2025/26 Stadium Authority Budget. Staff followed the budget development process outlined in the Proposed Stadium Authority Board Budget Policy (Attachment 4) in preparing the Proposed FY 2025/26 Stadium Authority Budget.

Because of the complexity and importance of the Stadium Budget, Stadium Authority staff’s approach has been to present the budget for Stadium Authority Board consideration over the course of two or more meetings. This year, the schedule for this is as follows: a February 25th study session; if necessary, a roll-over March 4th Special Meeting/Study Session; and, finally, a March 11th Public Hearing for Board final consideration and action. The following summarizes the timeline of the FY 2025/26 budget process:
· In November 2024, Stadium Authority worked with ManCo to develop the annual budget plan which included the dates that ManCo would provide all necessary documents as required by the Stadium Lease, Management Agreement, and Stadium Operations Agreement.
· In January 2025, ManCo provided annual documents as outlined in the Stadium Agreements, which were used in the Budget Development Process:
oStadium Operations and Maintenance Plan
§ Annual Shared Expense Budget with Five Year Projection § Annual Stadium Authority Operations Budget
§ Annual Public Safety Budget
§ Capital Expenditure Plan with Five Year Projection
§ Levi’s Stadium Events Marketing Plan
oPublic Safety Document Updates
oNFL and Non-NFL Events Parking Plans
· In February 2025, Stadium Authority staff analyzed ManCo’s budget submission including but not limited to the number of full-time equivalents (FTEs) recommended and related personnel costs as well as non-personnel costs, and calculated the budget for Stadium Authority General and Administrative (G&A) costs (such as staff costs, consulting, audit, legal, and any reasonable and necessary expenses to uphold its support of the Board) as well as any necessary funding to for allocation in the Stadium Authority’s City of Santa Clara Printed on 2/21/2025Page 2 of 6
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Discretionary Fund. As of the timing of the production of this report, responses from ManCo regarding additional questions from the Stadium Authority are expected to be received on February 21st. Any additional information will be provided during the staff presentation on February 25th.

The Proposed Budget is presented on an accrual basis which provides increased transparency for projected revenues and expenses, with added detail about financial transfers. The total Revenues and Expenses in the Stadium Authority Operating Budget for FY 2025/26 are $66.2 million and $61.2 million, respectively.

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, performance has exceeded the preliminary budget estimates based on actual event profitability.
· Payments to the City’sGeneral 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® (Schedule 1, Sections 5 and 6) to provide Levi’s® a suite and tickets to the six 2026 FIFA World Cup soccer matches. The Stadium Authority will receive a $4 to $6 surcharge per ticket sold for the six 2026 FIFA 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.
· Renovation/Demolition Reserve is budgeted to have a balance of $48.9 million by the end of FY 2025/26. This reserve is ahead of schedule towards the required $70 million balance because of the contribution from excess revenues that have been generated in recent years.
· 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 priorityand 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 efficiency, and structural integrity. The FCA identifies necessary City of Santa Clara Printed on 2/21/2025Page 3 of 6
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planning, operational 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. · 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.
· Total estimated Debt Service payments of $20.6 million including debt related to the Community Facitlies District ($3.6 million) and Term A Loan ($17.1 million).

Key highlights for the Stadium Authority’s 2025/26 budget are as follows:

Operating Budget
Revenues
· FY 2025/26 total projected revenues of $66.2 million includes $24.8 million in facility rent, $5.2 million in SBL revenue, $15.0 million in NFL ticket surcharge, $8.1 million in Naming Rights revenue, $3.4 million in Non-NFL ticket surcharge, $5.3 million in Non-NFL events net revenue, $3.4 million in interest revenue, and $1.0 million in miscellaneous 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 Budget to $3.4 million in FY 2025/25 Budget. 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. · ManCo provided Net-Non-NFL Event Revenue to be between $4.5 million and $5.3 million for FY 2025/26. The Stadium Authority used the higher estimate of $5.3 million as the anticipated Net Non-NFL Event Revenue for FY 2025/26. This is based on a projection of eight major events (six concerts and two soccer events) and non-ticketed events.

Expenses
· The proposed Operating Budget equals $61.2 million and includes the Stadium Authority’s share of expenses covered under the Management Agreement in the amount of $14.0 million, along with monies sufficient to fulfill the Stadium Authority’s administrative oversight of the Stadium in the amount of $4.7 million, SBL sales and services of $3.3 million, utilities costs of $1.8 million, ground rent of $1.0 million, performance rent paid to the City of $2.2 million, naming rights expense of $1.7 million, public safety cost over threshold of $2.1 million, public safety cost 2024 outstanding balance of $2.8 million, transfer to the City general fund of $2.8 million and other expenses of $2.0 million. It also includes transfers out of $22.8 million as detailed below.

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· Total transfers out of $22.8 million include a $5.2 million transfer to the Capital Fund for future Stadium capital improvements and $17.6 million to the Debt Service Fund.

Reserves
· Total operating reserves are expected to be $79.3 million at the end of FY 2025/26.

This is composed of a Renovation/Demolition Reserve of $48.9 million, an Operating Reserve of $27.7 million and a Discretionary Fund Reserve of $1.4 million.

Debt Service Budget
· The proposed 2025/26 Debt Service Budget of $20.6 million (principal of $9.9 million and interest of $10.7 million) is based on the required debt service payments. Total outstanding debt is projected to decrease by $9.9 million from $219.7 million to $209.8 million.

Capital Expense Budget
· The FY 2025/26 Capital Expense Budget totals $18.6 million. Of this total, $13.4 million of prior year appropriations are carried over into FY 2025/26. New capital improvement appropriations equal $5.2 million
Levi’s Stadium Marketing Plan
The Marketing Plan (Attachment 3) is submitted by ManCo and included in the report. The Stadium Authority has enlisted a consultant to conduct an evaluation of the 2025 Levi’s Stadium Marketing Plan. This review will assess current marketing strategies, offer recommendations to enhance the Stadium Authority’s strategic oversight, ensure consistency and impact across marketing and branding elements, analyze media plans, and interpret performance data to identify trends and areas for improvement. The process will commence in March 2025, with multiple deliverables, including a final report expected by July 2025. The findings will will guide both the ongoing oversight of the 2025 Marketing Plan and the development of the 2026 Marketing Plan.

ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of a California Environmental Quality Act (“CEQA”) pursuant to the CEQA Guidelines section 15378(a) as it has no potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. Furthermore, the action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(b)(5) in that it is a governmental organizational or administrative activity that will not result in direct or indirect changes in the environment.

FISCAL IMPACT
The Proposed FY 2025/26 Budget includes $61.2 million for operating costs (includes transfers out to Debt Service and Capital Funds), $20.6 million for debt service, and $18.6 million for capital (includes a $13.4 million carryover from the prior year).

COORDINATION
This report has been coordinated with the Executive Director and Stadium Authority Counsel Offices.

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PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected] or at the public information desk at any City of Santa Clara public library.

RECOMMENDATION
Review and provide input on the Proposed Santa Clara Stadium Authority Fiscal Year 2025/26 Operating, Debt Service, and Capital Budget, Proposed Stadium Authority Budget, Compliance and Management Policies, and 2025 Levi’s Stadium Events Marketing Plan.

Reviewed by: Kenn Lee, Treasurer
Approved by: Jovan Grogan, Executive Director

ATTACHMENTS

1. Santa Clara Stadium Authority Proposed Fiscal Year 2025/26 Operating, Debt Service, and Capital Budget

2. Fiscal Year 2025/26 Annual Public Safety Budget

3. 2025 Levi’s Stadium Events Marketing Plan

4. Stadium Authority Board Budget Policy

5. Stadium Authority Board Compliance and Management Policy City of Santa Clara Printed on 2/21/2025Page 6 of 6
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Santa Clara Stadium AuthorityStudy SessionProposed Santa Clara Stadium Authority FY 2025/26 Budget, 2025 Marketing Plan, and Compliance and Management PoliciesItem #1 (25-102)February 25, 2025 Agenda
2 1. Budget Development 2. Methodology and Limitations3. Budget Flowchart4. Key Summary5. Excess Revenues Distribution6. Stadium Authority Operating Budget7. Stadium Authority Debt Service Budget8. Stadium Authority Capital Budget9. FY 2025/26 Stadium Operations and Maintenance Plan (SOMP)10. 2025 Marketing Plan11. Key Summary12. Recommendations FY 2025/26 Budget Development
3 Stadium Authority staff worked with ManCo to discuss the annual budget plan which included the dates that ManCo would provide all necessary documents as required by the Stadium Agreements. October/November 2024Stadium Authority staff provided the Stadium Authority G&A, Public Safety Capital Expenses, and Discretionary Fund costs to ManCo for review and incorporation into the annual budget.December 2024At least 45 days prior to the start of the fiscal year (January 31) ManCo provided the required documents per the Stadium Agreements:• Stadium Operations and Maintenance Plan• Annual Shared Expense Budget with Five Year Projection• Annual Stadium Authority Operations Budget, Capital Expenditure Plan with Five-Year Projection• Annual Public Safety Budget• 2025 Marketing Plan and Public Safety Document UpdatesJanuary 2025Staff submitted a series of questions to ManCo on February 11, 2025, and received responses on February 21. February 2025Special Study Session on Fiscal Year 2024/25 Operating, Debt Service, and Capital Budget, Stadium Operation and Maintenance Plan, Public Safety Budget and Marketing PlanFebruary 25 & March 4, 2025, if neededPublic Hearing to approve the SCSA Proposed Fiscal Year 2024/25 Operating, Debt Service, and Capital BudgetMarch 11, 2025SCSA Notice of approval/disapproval of the Stadium Manager’s Draft Annual Stadium Authority BudgetMarch 14, 2025Stadium Manager required to submit Adopted Budget to the Trust (10 days prior to start of FY)March 21, 2025 FY 2025/26 Budget Development (cont.)
4 oGeneral Information oYear in Review for both NFL and Non-NFL EventsoExcess Revenues DistributionoOperating Budget•Stadium Authority General and Administrative Budget•Stadium Manager Shared Expenses and 5 Year Forecast•10-Year Forecast (New Section)oDebt Service BudgetoCapital Budget•Capital Expenditure Plan and 5 Year ForecastoStadium Authority Work Plan FY 2025/26 Budget Development (cont.)
5 Attachments:1. Proposed Santa Clara Stadium Authority Fiscal Year 2025/26 Operating, Debt Service, and Capital Budget 2. Annual Public Safety Budget3. 2025 Marketing Plan4. Stadium Authority Budget Policy 5. Stadium Authority Compliance and Management Policy Methodology and Limitations
6 oThe Budget is on an accrual basis, which records revenues and expenses when they are incurred, regardless of when cash is exchanged.oThe Budget report was based in part on documentation and submitted by ManCo. on January 31, 2025. Additional responses received February 21, 2025. oThe Capital Budget included proposals from both the Stadium Authority and Stadium Manager.oConsistent with terms of the Settlement Agreement finalized December 2024.oLong-term 10-year forecast represents best known data at the time.

Stadium Authority Budget Flowchart
7 City of Santa Clara
City of Santa ClaraoOwns LandoGround Leases to SCSAoLeases Stadium for 49er Football Company oStadium OwneroLeases Stadium to StadCo during the NFL Season (6 months) Santa Clara Stadium Authority (SCSA)
Santa Clara Stadium Authority (SCSA)
StadCo
StadCo
ManCo
ManCooManages Stadium for StadCo and SCSA
Stadium Authority Budget Flowchart
(cont.)
8 Staclum Al.thority Board
Staclum Al.thortty COlllSel
City Attorney's Office: 0.55 FTE
Execltlve Director
Human Resources: 0.06 FTE
Public Works: 0.06 FTE
Community Development:

0.04 FTE
Aucltor: 0.05 FTE
Treasurer
I
Finance: 3.23 FTE
Secretary
Stadium Authority Budget Flowchart
(cont.)
9 *Position count is provided by ManCo and does not include positions in Other Expenses [ Manco ]
I
Security Guest Services
26 Positions (50% SCSA Funded) 3 Positions (50% SCSA Funded) Stadium Ops Groundskeeping
24 Positions (50% SCSA Funded) 3 Positions (30% SCSA Funded) I
Engineering I SBL Sales and Service 16 Positions (50% SCSA Funded) l Sales I Service
10 Positions (Actual Time SCSA Funded) 9 Positions (Actual Time SCSA Funded) Stadium Authority Budget Flowchart
(cont.)
10 Operating
Budget
$61.2M
Debt
Service
Budget
$20.6M
CapEx
Budget
$18.6M
Debt Service
and Capital
Transfers Out
$22.8M
Total
Budget
$77.6M+ + - --
Stadium Authority FY2025/26 Budget Key Summary
11 oImplements terms of the 2024 Settlement AgreementoSupports major events including 2026 World Cup and Super Bowl LX oNet Non-NFL Events Revenue budgeted at $5.3 million•Lower than prior two fiscal years (FY)FY 2023/24 Actual: $8.3 millionFY 2024/25 Projection: $9.2 million•Historical performance increases from preliminary budget projectionoPublic Safety Costs (PSC) reimbursements over threshold expenditure is budgeted to be $2.1 million•$2.0 million from PSC Reserve•$0.1 million from Discretionary FundoPSC 2024 Outstanding Balance ($9.2 million in FY 2024/25, $2.8 million in FY 2025/26)•Projected $2.8 million balance at end of FY2025/26 Stadium Authority FY2025/26 Budget Key Summary (cont.)
12 oDirect payments to the General Fund at $6.2 million •Performance Rent for FY 2025/26 ($2.2 million, accrual basis)•Projected FY 2025/26 Excess Revenue ($2.8 million)•Ground Rent ($1.0 million)•Senior and Youth Fees ($270,000)oNon-NFL Ticket Surcharge revenue is projected to increase $2.0 million, increase of the surcharge from $4 to $8 for tickets sold for certain events oAdditional $1.0 million to the CapEx fund above contractual requirements to provide additional resources for potential additional CapEx expensesoLevi’s Naming Rights expense of $1.6 million to cover 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 (anticipated additional surcharge of $2.1 million from events).

Excess Revenues Distribution
13 Excess Revenues Distribution: If revenues exceeds 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 as shown below.1. Payoff any outstanding ManCo Revolving Loan – N/A2. Fund Future Stadium Authority Expenses up to $2M –Completed in FY 2014/153. Fund Stadium Capital Expenditure Reserve up to $1M –Annual contribution4. Fund Operating Expense Reserve up to $10M –Completed in FY 2014/155. Repay any outstanding principal balance on Subordinate Loan – Completed in FY 2022/236. Fund Operating Expense Reserve up to $20M –Completed in FY2022/23, Annual 3% Contribution Ongoing7. Fund Renovation / Demolition Reserve (50% if less than $70M) – In progress8. Public Safety Cost 2024 Outstanding Balance (50% of remaining) - In progress9. Additional disbursements can be used to pay Stadium Authority Discretionary Expense, including the City’s General Fund –Future Allocation RevisedNew
Excess Revenues Distribution (cont.)
14 Excess Revenue Cash Reserves Summary
FY 2025/26
Budget
FY 2024/25
Projected
FY 2023/24
ActualReserve Category
$2.8M $14.7M $19.3M Capital Expenditure Reserve
$27.7M $26.9M $26.1M Operating Reserve
$48.8M $43.2M $31.4M Renovation/Demolition Reserve
$79.3M $84.8M $76.8M Total
[ Capital Expenditure Reserve $19.3M $14.?M $2.8M ]
Stadium Authority Operating Budget
15 Key Assumptions in Proposed Operating Budget:oGeneral and Administrative Expenses -$4.7 million, includes 8.7 full time equivalent positions as a baseline level of support•Cost increased by $399,000 or 8%

Stadium Authority Operating Budget
(cont.)
16 Key Assumptions in Proposed Operating Budget:
o Net Non-NFL Events - $5.3 million projected for FY2025/26 • Stadium Manager is projecting six (6) concerts and two (2) soccer events for FY2025/26
Net Non-NFL Events Revenue Summary
FY 2025/26
Budget
FY 2024/25
Projected
FY 2023/24
Actual
$5.3M $9.3M $8.3M I
Stadium Authority Operating Budget (cont.)
17 Key Assumptions in Proposed Operating Budget:oStadium Manager Shared Expenses -$14.0 million, includes 72 full time equivalent positions•Costs increased by $445,000 or 3% Groundskeeping due to higher outside servicesSecurity due to higher compensation costsoSBL Sales and Service -$3.3 million, includes 19 positions charged based on actual time spent Stadium Authority Operating Budget (cont.)
18 Key Assumptions in Proposed Operating Budget:oOther Expenses - $1.4 million, includes other supporting staff, software costs, lender fees and share of ManCo staff office space•This is an increase of $687,000 (or 99%) over FY2024/25 Projected Actuals of $696,000•Main driver is new cost of $620,000 for SCSA share of ManCo office lease spaceThis is pending review Stadium Authority Operating Budget (cont.)
19 Revenues:$ 24,762,000Facility Rent 15,034,000NFL Ticket Surcharge8,065,000Naming Rights5,300,000Non-NFL Event Net Revenue 5,156,000SBL Proceeds3,426,000Non-NFL Event Ticket Surcharge3,421,000Interest722,000Sponsorship Revenue (STR)270,000Senior & Youth Program Fees89,000Non-NFL Events PSC Depreciation Reimbursement$66,245,000Total Revenues Stadium Authority Operating Budget
(cont.)
20 Expenses:
$13,999,000Shared Stadium Manager Expenses
4,687,000Stadium Authority General & Administrative
3,251,000SBL Sales and Service
2,820,000Public Safety Costs (PSC) 2024 Outstanding Balance 2,820,000Transfer to City General Fund from Excess Revenues 2,150,000Performance Rent
2,143,000PSC Over Threshold
1,796,000Utilities
1,699,000Naming Rights Expenses
1,383,000Other Expenses
1,000,000Ground Rent
270,000Senior and Youth Program Fees
250,000Discretionary Fund Expense
106,000Use of StadCo Tenant Improvements
$38,374,000Total Expenses
$6.2
million
projected
to the
City’s
General
Fund
tt tt
Stadium Authority Operating Budget (cont.)
21 General and Administrative BudgetVarianceFY 2025/26 Proposed BudgetFY 2024/25 Amended BudgetExpense Type$ (450,000)$ 3,318,000$ 2,868,000Staff Support(20,000)515,000495,000Legal Services33,000160,000193,000Audit ServicesConsultants-100,000100,000- Community Outreach/Communications/Engagement-87,00087,000- Noise Monitoring48,000449,000495,000Administrative Services(10,000)50,00040,000Other Expenses-8,0008,000Board Stipends$ (399,000)$ 4,687,000$ 4,288,000Total Stadium Authority Operating Budget (cont.)
22oThe Discretionary Fund will be used to cover NFL public safety costs above the public safety cost threshold, public safety capital expenses, and other items at the Stadium Authority’s discretion. Reimbursements of $2.03 million are anticipated in FY 2024/25.Discretionary Fund Projected Ending BalancePublic Safety Costs Over ThresholdFY 2025/26 Discretionary Fund Expense50% of FY 2025/26 Base Non-NFL Event Ticket SurchargeProjected Beginning Balance$1,432,000$120,000$250,000 $701,000 $1,101,000 Stadium Authority Operating Budget (cont.)
23 Performance Rent CalculationoStadium Authority pays the City performance-based rent on top of the fixed ground rentoPerformance-based rent is equal to 50% of the net income from Non-NFL events less 50% of the ground rent and any credited public safety costsoCredited public safety costs is the amount by which public safety costs exceed the public safety costs thresholdoPerformance-based rent is remitted to the City in July following the Stadium Authority’s fiscal year-end.

Stadium Authority Operating Budget
(cont.)
24 Performance Rent Calculation (cont.)
Non-NFL Event Net Revenue (in millions}
$10.0
$8.8 $9.3
$8.3
$8.0
$6.1
$5.3 $5.3 $6.0 $5.2 $5.2
$4.0
$2.0
$-
$-
I - -
$(2.0)
$(0.5) $(0.3)
$(4.0) $(2.7)
March March March March March March March March March March March March 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (Forecast) (Budget)
Stadium Authority Operating Budget (cont.)
25 Performance Rent Calculation (cont.)Per Stadium Lease Paragraph 7.5.3(a), credited public safety costs is the amount by which public safety costs exceed the public safety costs threshold. Fiscal Year 2025/26 BudgetFiscal Year 2024/25 ProjectionPerformance Rent Calculation$ 1,000,000 $ 1,000,000 Ground Rent5,300,000 9,250,000 Net Non-NFL Event Revenue (Expense)$ 2,650,000 $ 4,625,000 50% of Net Non-NFL Event Revenue (Expense)(500,000)(500,000)Performance Rent Credit from Ground Rent (50% of Ground Rent)$ 2,150,000 $ 4,125,000 Subtotal00Public Safety CreditsN/AN/AOther Credits07,325,0002024 Settlement Agreement Payout for Performance Rent$ 2,150,000 $ 11,450,000 Net Performance Rent paid to the City of Santa Clara Stadium Authority Operating Budget (cont.) Shared Stadium Manager Expenses (cont.) There are twenty (20) positions added to Security, two (2) positions removed from Stadium Ops and one (1) position removed from Engineering:oSecurity: FTE is increasing by 20 positions•Security is transitioning operations in-house. Budget includes three months of security under outside services and nine months for in-house personnel.•Improve quality and consistency of security personnel, enhanced operational control, and improved customer and stakeholder experience26 Stadium Authority Operating Budget (cont.) Shared Stadium Manager Expenses (cont.) oStadium Operations: FTE is decreasing by two positions•Coordinator position was eliminated•Associate Counsel position transition out of SSE and will track actual time spent on SCSA related work and charge to Non-NFL Events, SBL Sales and Service and Other as necessaryoEngineering: FTE is decreasing by one position•Director of Engineering position was eliminated27 Stadium Authority Operating Budget
(cont.)
28 Santa Clara Stadium Authority Proportionate Share of Stadium Expenses <1) Stadium
Security Operations Engineering Guest Services Groundskeeping Total Compensation <2> $ 1,374,236
Travel, Meals & Entertainment 16,295
Outside Services 258,439
General Supplies 4,604
Telephone 22,321
Equipment 176,871
Uniforms 27,902
Other 24,274
Subtotal $ 1,904,942
Insurance <3>
Management Fee <4>
Total
$ 2,842,347 $
162,381
22,768
23,368
281,233
142,016
24,724
$ 3,498,837 $
2,100,239 $
11 ,300
1,571,544
10,463
9,844
33,878
10,324
4,1 80
3,751,772 $
301,232
46,875
69,639
1,786
4,208
41,713
20,173
485,626
$
$
c1 >The Santa Clara Stadium Authority proportionate share of stadium expenses is rounded to the nearest $1 ,000 in the operating budget.

C2>Total compensation is based on a total of 72 full time equivalent positions. 103,425
3,261
383,669
54,834
497
3,104
1,035
549,825
Total
$ 6,721,479
240,112
2,236,420
162,908
315,681
360,077
80,974
73,351
$ 10,191,002
3,427,000
277,000
$ 13,895,002
(3)The stadium lease sets Stadium Authority's share of insurance expense at $2 ,550,000 fo r the first lease year with each succeeding lease year's expense increasing 3%.

C4>The stadium management agreeme nt sets the base management fee at $400,000 for the first lease year with each succeeding lease year's manageme nt fee increasing 3%. This base management fee is split 50/50 between Stadium Authority and StadCo .

Stadium Authority Ten-Year Forecast
29 oExcess revenues projected in each year, $13.5 million in FY2025/26 to $8.2 million in FY2034/35•Excess revenue transfers to City’s General Fund in each year fluctuates from $2.8 million to $6.3 million, will be factored into City General Fund Forecast updateoPublic Safety Cost 2024 Outstanding Balance paid off in FY 2027/28oRenovation/Demolition Reserve filled to $70 million by FY 2030/31oOverall Stadium Authority Reserves increase from $96.2 million in FY2025/26 to $122.3 million in FY2034/35oDirect impact to City’s General Fund including rent, Senior and Youth Fees and Stadium Authority Excess Revenue fluctuates from $5.7 million to $10.0 million Stadium Authority Debt Service Budget
30BudgetDebt Type$3,565,000CFD Advance$17,080,000Term A Loan$20,645,000Total oDebt service amount of $20.6 million includes principal payment of $9.9 million and interest payment of $10.7 millionoTotal outstanding debt is projected to decrease by $9.9 million from $219.7 million to $209.8 millionFY 2025/26 $-
$100
$200
$300
$400
$500
$600
$700
March
2012
March
2013
March
2014
March
2015
March
2016
March
2017
March
2018
March
2019
March
2020
March
2021
March
2022
March
2023
March
2024
March
2025
(forecast)
March
2026
(budget)
Total Outstanding Debt (in millions)
Construction Loan StadCo Agency Advance Term B Loan Term A Loan StadCo CFD Advance StadCo 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
31 Stadium Authority Debt Service Budget
(cont.)
68% reduction in
outstanding debt
from March 2014
■ ■ ■ ■ ■ ■
Stadium Authority Capital Budget
32 Total Capital Budget of $18.6 millionoStadium Improvements: $17.1 million•New Projects: $5.2 millionConstruction ($4.0 million): LED Retrofit, Structural Steel Coating, Boilers, Escalator Canopies Bird ProofingEquipment ($907,000): Medical Equipment, Kawasaki ATVsContingency ($248,000)•Carryover Projects: $11.9 millionConstruction ($8.5 million): Lighting Systems, Waterproofing/Caulk/Joint ReplacementsEquipment ($2.8 million): Radio Booth Cabling, Main Kitchen EquipmentContingency ($565,000)oStadium Warranty-Related Construction: $1.5 million•Outstanding projects and claims are under review, upon confirmation that no warranty work is anticipated, funds can be allocated to general Stadium improvements Stadium Authority Capital Budget (cont.)New Capital Expenditure ProjectsoLED Retrofit Project –Phase 2 ($1.1 million) –Replace existing fixtures that are no longer manufactured and/or inefficient lighting fixturesoBoilers ($500,000) –replaces boiler and/or critical boiler support componentsLED Retrofit 33

Stadium Authority Capital Budget (cont.)Carryover Capital Expenditure ProjectsoNaming Rights Signage ($1.6 million) – Replacement of Levi’s Signage under First Amendment to the Naming Rights Agreement oLighting Systems – ($2.7 million) – Replaces current metal halide stadium field/sports lights with outdoor LED retrofit.Levi’s Naming Rights Signage Refurbishment34

Stadium Authority Capital Budget (cont.)FY2024/25 ProjectsAesthetic Improvements – Premium Club Areas / Special Event Spaces35 Levi’s Naming Rights Signage Refurbishment

Stadium Operations and Maintenance Plan (SOMP)
36 oThe Management Agreement requires the Stadium Manager to prepare a SOMP designed to achieve a safe and well-maintained Stadium. oStaff is reviewing this confidential document and will share the City and Stadium Authority’s comments directly with the Stadium Manager. oThe SOMP is approved administratively. oBoard received an email on why the SOMP is confidential. 2025 Marketing Plan
37 oThe Stadium Manager submitted the 2025 Marketing Plan as part of annual Budget process.oStaff has hired a consultant to evaluate marketing strategies, media plans, and performance data for the 2025 Marketing Plan.oStaff plans to work with the Stadium Manager in the upcoming year to continue to refine and implement the Marketing Plan. Three key focus areas:•Evaluating marketing and branding consistency•Assessing media plans for efficiency and return on investment (ROI)•Interpreting performance data to identify trends and opportunities for improvement Stadium Authority FY2025/26 Budget Key Summary
38 oImplements terms of the 2024 Settlement AgreementoSupports major events including 2026 World Cup and Super Bowl LX oNet Non-NFL Events Revenue budgeted at $5.3 million•Lower than prior two fiscal years (FY )FY 2023/24 Actual: $8.3 millionFY 2024/25 Projection: $9.2 million•Historical performance increases from preliminary budget projectionoPublic Safety Costs (PSC) reimbursements over threshold expenditure is budgeted to be $2.1 million•$2.0 million from PSC Reserve•$0.1 million from Discretionary FundoPSC 2024 Outstanding Balance ($9.2 million in FY 2024/25, $2.8 million in FY 2025/26)•Projected $2.8 million balance at end of FY2025/26 Stadium Authority FY2025/26 Budget Key Summary (cont.)
39 oDirect payments to the General Fund at $6.2 million •Performance Rent for FY 2025/26 ($2.2 million, accrual basis)•Projected FY 2025/26 Excess Revenue ($2.8 million)•Ground Rent ($1.0 million)•Senior and Youth Fees ($270,000)oNon-NFL Ticket Surcharge revenue is projected to increase $2.0 million, increase of the surcharge from $4 to $8 for tickets sold for certain events oAdditional $1.0 million to the CapEx fund above contractual requirements to provide additional resources for potential additional CapEx expensesoLevi’s Naming Rights expense of $1.6 million to cover 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 (anticipated additional surcharge of $2.1 million from events).

Recommendations
40 1. Review and Provide Input on the Proposed Santa Clara Stadium Authority Fiscal Year 2025/26 Operating, Debt Service, and Capital Budget, Draft 2025 Levi’s Stadium Events Marketing Plan, and Proposed Stadium Authority Budget, Compliance and Management Policies Santa Clara Stadium AuthorityStudy SessionProposed Santa Clara Stadium Authority FY 2025/26 Budget, 2025 Marketing Plan, and Compliance and Management PoliciesItem #1 (25-102)February 25, 2025 1 February 28, 2025

Honorable Board Chair and Stadium Authority Board

SUBJECT: Questions Posed by the Board at the Stadium Authority Proposed Fiscal Year 2025/26 Budget Study Session held on February 25, 2025

Members of the Board,

At the Stadium Authority Proposed Fiscal Year (FY) 2025/26 Budget Study Session held on February 25, 2025, several questions were asked by the Board. Due to the limited amount of time, staff was not able to address all the questions at the meeting so the responses to these questions are provided below.

The CapEx reserve is projected to drop to a low level in FY2025/26, what is the plan to address the low reserve amount? How does the additional $1.0 million contribution factor into this plan when there are no specific projects identified for these additional funds.

The Forty Niners Stadium Management Company, LLC (ManCo) has contracted with a consultant to complete a Facilities Condition Assessment (FCA) which is expected to be completed in May. Staff has participated in a walk-through with the consultant and once the Stadium Authority receives a copy of this FCA report, staff will perform an independent review to understand the budget implications.

This report will inform decisions around Levi’s Stadium capital needs. The additional $1.0 million contribution is being recommended in case unexpected expenses arise during the fiscal year.

Depending on the results of the FCA report, this additional contribution could be adjusted.

What additional information can be provided regarding new ManCo office space expense?

ManCo staff moved into office space on Great America Parkway and a share of those expenses were proposed by the Stadium Manager to be included in the Stadium Authority’s FY 2025/26 budget under the Other Expenses line item. Since this is a new expense request by ManCo, conversations between Stadium Authority staff and ManCo about this topic are ongoing.

According to ManCo the decision by the 49ers to move business staff, including ManCo employees, to office space off Great America Parkway is intended to foster collaboration and efficiency across the organization. Unlike the previous structure, all business staff are consolidated in one location, leading to more frequent personal interactions that provide stronger working relationships and improved productivity. The costs associated with the office space will be allocated to the SCSA, StadCo and TeamCo for their respective share of costs based on employee count.

PRELIMINARY DRAFT – RESPONSES MAY BE UPDATED
BEFORE THE MARCH 4, 2025 BOARD MEETING SCSA

SANTA CLARA STADIUM AUTHORITY
Honorable Board Chair and Stadium Authority Board
Re: Questions Posed by the Board at the Stadium Authority Proposed Fiscal Year 2025/26 Budget Study Session held on February 25, 2025
February 28, 2025

2 Why is the Levi’s naming right’s expense related to the FIFA World Cup 2026 tickets being included in the FY2025/26 budget when the FIFA World Cup 2026 games do not occur until FY2026/27? When will the Stadium Authority receive the FIFA World Cup 2026 tick et surcharge?

This is a timing difference due to the fact that the expense needs to occur in the year prior to the receipt of revenue for the FIFA events. FIFA is requiring that tickets and suites that are being allocated through sponsorship agreements must be purchased by the fall of 2025. Otherwise, they will be reverted back to FIFA to be sold. Therefore, the purchase of tickets for Levi’s required under the naming rights agreement is expected to occur in FY2025/26. The ticket surcharge that the Stadium Authority will collect on the FIFA World Cup 2026 soccer events will not be received until after the events occur in FY2026/27.

Why are Stadium Builder License (SBL) Sales and Service expenses high given that SBL revenue is declining? Why is there a need for 19 FTE in the SBL Sales and Service departments?

According to ManCo, the 19 SBL Sales and Service staff do not equate to 19 FTEs. These individuals track the time that they spend on Stadium Authority related tasks and the budget reflects the anticipated amount of time that will be spent. The SBL Sales team has consistently outperformed their revenue target, which includes over $10M in new SBL sales in 3 of the past 4 sales campaigns.

However, many of these sales are financed over a 10- year period which means that the revenues that are sold are not necessarily reflected in the current fiscal year but are contractual revenue for future fiscal years. For example, of the $5M SBL Revenue included in the proposed 2025- 26 SCSA budget, most of that revenue was sold in prior fiscal years but will be collected this year. Because a majority of SBL sales are financed, it becomes a responsibility of the SBL service team to collect all the future contracted revenue while minimizing defaults. The R eturn on Investment (R OI) on the servicing function of expenses should be viewed within the overall context of nearly $600M in SBL Revenues collected since the beginning of the stadium.

Lastly, the $3.3M for SBL Sales and Services includes approximately $1M in costs related to the field club buffets and is fixed per our settlement agreement. The remaining $2.2M is primarily the compensation of SBL sales and service staff with some budget associated with variable expenses like SBL events, advertising, etc.

SCSA staff have and will continue to engage with ManCo of SBL staff charges and attempt to arrive at a mutually agreeable accounting and operational practice. This is a long-standing issue and cannot be resolved through this budgeting process. Ultimately, the SCSA Board will need to review the analysis and accounting approach that staff provides after concluding its discussions/oversight of ManCo operations. Staff will return to the Board during the upcoming FY 2025/26 fiscal year with an update on SBL accounting and operational practices.

Honorable Board Chair and Stadium Authority Board
Re: Questions Posed by the Board at the Stadium Authority Proposed Fiscal Year 2025/26 Budget Study Session held on February 25, 2025
February 28, 2025

3 Why have Stadium Authority General & Administration (G&A) costs increased by 8% from the prior year? Are the staff members included in this budget subject to CalPERS? Are the 8.7 FTE all Stadium Authority positions?

These staff support costs are City employees working on Stadium Authority activities. Portions of over 40 different staff perform this work which equates to 8.7 FTE positions. Cost increases are attributed to increases in staff time as well as increases to salaries and benefits including CalPERS costs. The overall Stadium Authority G&A budget also includes some consultant contracts including audit and legal services as an example. A breakdown is provided below.

Description FTE Total
Compensation
Staff Costs(1)
City Manager 4.15 1,727,000$
Finance 3.28 1,003,000
City Attorney 0.55 336,000
City Clerk 0.50 147,000
Public Works 0.06 33,000
Human Resources 0.06 28,000
Information Technology 0.06 24,000
Community Development 0.04 20,000
Subtotal Staff Costs 8.70 3,318,000$
Other Expenses
Legal Services 515,000$
Administrative Oversight Services 449,000
Audit Services 160,000
Community Outreach/Engagement 100,000
Noise Monitoring 87,000
Office Expenses 50,000
Board Stipends 8,000
Subtotal Other Expenses 1,369,000$
Total Stadium Authority G&A Expenses 4,687,000$
SCSA G&A Budget
(1) Positions included in the 8.70 FTE can be found in the Organizational Chart on page 15 of the Santa Clara Stadium Authority Proposed Fiscal Year 2025-26 Operating Debt Service and Capital Budget.

Honorable Board Chair and Stadium Authority Board
Re: Questions Posed by the Board at the Stadium Authority Proposed Fiscal Year 2025/26 Budget Study Session held on February 25, 2025
February 28, 2025

4 What is the source of the excess revenues, why do they fluctuate year over year and how do they flow to the City’s General Fund?

Excess revenues are generated when revenues exceed operating expenses, transfers to the CapEx reserve and debt service expenses. The terms of the 2024 Settlement Agreement and resulting amendments to the lease agreements describe how excess revenues are to be distributed at the end of the fiscal year (often referred to as the excess revenue waterfall). The steps are described in detail on page 18 of the Santa Clara Stadium Authority Proposed Fiscal Year 2025/26 Operating, Debt Service and Capital Budget. The reason that excess revenues can fluctuate from year to year is the result of revenues and expenses coming in higher or lower than anticipated.

During the 2024 Settlement process it was expected that the City’s General Fund would receive $20 million in the following two Fiscal Years. Please describe where this $20 million is shown in the budget.

See following table.

Why did the Naming Rights Signage CapEx project increase by $1.1 million?

The FY 2024/25 CapEx budget included $2.8 million for this project as a preliminary estimate for the Stadium Authority’s share of this project. In FY 2024/25, ManCo completed a competitive solicitation process for this project and the total estimate came in higher than originally projected . In December 2024, the Enhanced Signage Project was approved by the Board and the updated estimated cost for the Stadium Authority’s share of this project was $3.9 million.

How will the Marketing Plan be used to increase net Non-NFL Event Revenue?

According to ManCo, the Marketing Plan focuses on increase net Non- NFL event revenue by increasing awareness, engagement, and direct bookings for Levi’s Stadium. It includes targeted advertising to position the stadium as a top-tier venue, client engagement efforts like showcases and networking events to build lasting relationships and implementing market driven sales strategies to secure major concerts and events. Additionally, staying active in the industry through conferences and market research helps maintain a competitive edge. With a strategic approach to these initiatives, the plan aims to drive sustained growth and maximize marketing ROI.

SCSA staff believe the Marketing Plan should be more comprehensive in nature to include strategies to maximize Non NFL event revenue. Stadium Authority will work with a consultant to provide insights FY 2024/25 FY 2025/26 Total
Senior & Youth Fees 279,000$ 270,000$ 549,000$ Ground Rent 1,000,000 1,000,000 2,000,000
Performance Rent 11,450,000 2,150,000 13,600,000 Transfer to City General Fund from Excess Revenues 5,893,000 2,820,000 8,713,000 Total 18,622,000$ 6,240,000$ 24,862,000$
Projected Payments from Stadium Authority to the City's General Fund
Honorable Board Chair and Stadium Authority Board
Re: Questions Posed by the Board at the Stadium Authority Proposed Fiscal Year 2025/26 Budget Study Session held on February 25, 2025
February 28, 2025

5 on industry best practices regarding revenue optimization strategies for Non NFL events, and staff will work with Stadium Manager on discussing opportunities for growth within the Levi’s Stadium business model constraints (e.g. costs, contractual obligations and stadium infrastructure).

Why is the SOMP confidential and can it be public after it is finalized?

The SOMP is more than 700 pages long, and addresses a wide variety of topics including security, staffing, and equipment. Much of this information is safety -sensitive and is therefore not for public dissemination.

Does the City or ManCo make decisions on public safety deployment (and therefore costs) during events?

The City’s P olice Department works with the Stadium Manager for deployment at Levi’s Stadium events based on threat assessments for each event. The Stadium operates in a layered public safety approach, and during normal or major events, where another governmental agency does not take over control (e.g., the Secret Service), the Santa Clara Police Department is the lead law enforcement agency.

Why are the $1.5 million funds need to for warranty related work?

This has been carried over for several years related to projects that were identified after the initial construction had been completed. While certain capital elements may be covered by a warranty, the cost to remove and replace the capital element (for example) may not be covered by the warranty thus the need for capital funds for warranty related work. ManCo is in the process of reviewing the outstanding warranty related projects and claims to determine if any warranty related expenditures may be required. Upon confirmation that no further warranty work is anticipated, the funds may be allocated to the CapEx reserve.

Why are the projections for net Non-NFL Event Revenue only $5.3 million when there are some good performers that are coming?

ManCo has a practice of budgeting net non- NFL event revenue lower than what is expected based on events that are known. Stadium Authority staff expects the net non-NFL event revenue to come in higher than budgeted similar to prior years. This is more of a budgeting practice than an expected reduction in revenue. Please refer to the table below comparing the adopted budget for net non-NFL event revenue and the respective actual/projection.

Adopted
Budget
Actual/
Projection Variance
FY 2022/23 0.3$ 8.8$ 8.5$
FY 2023/24 4.5 8.3 3.8
FY 2024/25 6.0 9.3 3.3
FY 2025/26 5.3 TBD TBD
Net Non-NFL Event Revenue
(in millions)
Honorable Board Chair and Stadium Authority Board
Re: Questions Posed by the Board at the Stadium Authority Proposed Fiscal Year 2025/26 Budget Study Session held on February 25, 2025
February 28, 2025

6 Please provide a comparison of FY2025/26 and FY2024/25 Shared Stadium Expenses.

As ManCo continues to assess its operations, they have eliminated the Director of Engineering position within the Engineering Department and the Coordinator position in the Stadium Operation Department. The Associate Counsel will transition out of the Stadium Operation Department and will track their time spent on Authority -related items (NNE, Other G&A, SBL S&S) instead of being a shared employee.

The proposed shared stadium expense budget has also been updated to include 20 new security positions that are expected to transition in -house. ManCo has allocated funding for three months of security services under outside services (where they reside in FY24/25), with the remaining nine months budgeted for in- house personnel as they complete the hiring process over the next few months and provide continuity of operations. This transition will help with quality and consistency of security personnel, enhanced operational control and flexibility, and improved customer and stakeholder experience.

The increase in the groundskeeping department proposed budget is related to two anticipated field replacements compared to one field replacement budgeted in the current year. The expectation for an additional field replacement in FY 2025/26 is a result of the timing of the Billy Joel and Stevie Nicks concert. Additionally, there were some equipment costs that were included in guest services in FY 2024/25 but were re-mapped to the security department in FY 2025/26.

The increase to the equipment line is due to an increase in software license costs driven by the need for a security system integrator to assess the stadium’s security technology infrastructure.

The tables below show provide comparisons between the FY 2024/25 budgeted expenses and the FY 2025/26 proposed budgeted expenses.

FY 2024/25
(Budget)
FY 2025/26
(Budget) Variance ($) Variance (%)
Security 1,601,668$ 1,904,942$ 303,274$ 19%
Stadium Operations 3,383,947 3,498,837 114,890 3% Engineering 3,935,208 3,751,772 (183,436) -5% Guest Services 620,562 485,626 (134,936) -22% Groundskeeping 316,488 549,825 233,337 74% Insurance 3,427,000 3,530,000 103,000 3%
Management Fee 269,000 277,000 8,000 3% Total 13,553,873$ 13,998,002$ 444,129$ 3%
Shared Stadium Expenses by Department
Honorable Board Chair and Stadium Authority Board
Re: Questions Posed by the Board at the Stadium Authority Proposed Fiscal Year 2025/26 Budget Study Session held on February 25, 2025
February 28, 2025

7 It has been stated that there are no FIFA World Cup 2026 and Super Bowl LX costs included in the Stadium Authority budget, however at another meeting it was mentioned that some costs will be billed to the Stadium Authority. Where are those costs in the Stadium Authority Budget?

There are no direct event costs associated with the FIFA World Cup 2026 and Super Bowl LX included in the proposed budget. The Board has approved an Assignment and Assumption Agreement for FIFA matches which covers and guides how event (including pre- and post-) costs will be reimbursed and/or funded by other governmental agencies. As a part of the Agreement, if certain preliminary costs are not able to be reimbursed by other governmental agencies, the costs (est. at $148,930) will be covered by the SCSA. These costs are not currently included in the proposed budget. Additionally, the Assignment and Assumption Agreement does not charge the Bay Area Host Committee for normal and customary personnel charges that are budgeted to the SCSA on an annual basis. Staff is currently negotiating with the Bay Area Host Committee and the San Francisco Forty -Niners on Super Bowl LX agreements.

FY 2024/25
(Budget)
FY 2025/26
(Budget) Variance ($) Variance (%)
Total Compensation 5,617,689$ 6,721,479$ 1,103,790$ 20% Travel, Meals & Entertainment 287,152 240,112 (47,040) -16% Outside Services 3,100,266 2,236,420 (863,846) -28% General Supplies 156,258 162,908 6,650 4% Telephone 223,916 315,681 91,765 41% Equipment 347,880 360,077 12,197 4% Uniforms 61,081 80,974 19,893 33% Other 63,631 73,351 9,720 15% Subtotal 9,857,873 10,191,002 333,129 3%
Insurance 3,427,000 3,530,000 103,000 3%
Management Fee 269,000 277,000 8,000 3% Total 13,553,873$ 13,998,002$ 444,129$ 3%
Shared Stadium Expenses by Category
Honorable Board Chair and Stadium Authority Board
Re: Questions Posed by the Board at the Stadium Authority Proposed Fiscal Year 2025/26 Budget Study Session held on February 25, 2025
February 28, 2025

8 Please compare the 10-year projection with Rent Arbitration Exhibit J.

See table below.

Who selected the marketing consultant and what will they be looking at?

Staff conducted a competitive solicitation process and released a Request for Proposals.

Subsequently, City/SCSA staff selected the marketing consultant without consultation with ManCo or other outside entities, as the contract is with the Stadium Authority and the sole client is the Stadium Authority. The review includes analyzing current marketing strategies, evaluating marketing and branding elements for consistency and impact, reviewing media plans for efficiency and Return on Investment (ROI), and interpreting performance data.

Santa Clara Stadium Authority
10-Year Forecast Comparison with Rent Arbitration Exhibit J General Fund Impact
(in millions)
Fiscal Year 2025/26 2026/27 2027/28 2028/29 2029/30 2030/31 2031/32 2032/33 2033/34 2034/35 Levi's® Stadium Year of Operations 12 13 14 15 16 17 18 19 20 21 10-Year Forecast
Ground Rent - Base 1.00$ 1.00$ 1.00$ 1.00$ 1.10$ 1.10$ 1.10$ 1.10$ 1.10$ 1.20$ Ground Rent - Performance 4.13 2.15 2.85 2.53 2.31 2.35 2.44 2.54 2.64 2.74 Senior Youth Fee 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.30 Excess Revenue 2.82 2.26 3.54 2.95 3.40 4.12 6.27 5.44 4.30 3.96 10-Year Forecast Total 8.22$ 5.68$ 7.66$ 6.75$ 7.08$ 7.84$ 10.08$ 9.35$ 8.31$ 8.20$ Rent Arbitration Exhibit J
Ground Rent - Base 1.00$ 1.00$ 1.00$ 1.00$ 1.10$ 1.10$ 1.10$ 1.10$ 1.10$ 1.20$ Ground Rent - Performance 2.96 3.06 3.17 3.28 3.35 3.46 3.58 3.71 3.83 3.92 Senior Youth Fee 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 Excess Revenue - - 4.49 6.16 6.55 5.91 5.95 5.27 5.31 4.67 Rent Arbitration Exhibit J Total 4.19$ 4.29$ 8.89$ 10.67$ 11.23$ 10.70$ 10.86$ 10.31$ 10.47$ 10.02$ 10-Year Forecast/Rent Arbitration Exhibit J Comparison
Ground Rent - Base -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Ground Rent - Performance 1.17 (0.91) (0.32) (0.75) (1.04) (1.11) (1.14) (1.17) (1.19) (1.18) Senior Youth Fee 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.07 Excess Revenue 2.82 2.26 (0.95) (3.21) (3.15) (1.79) 0.32 0.17 (1.01) (0.71) 10-Year Forecast/Rent Arbitration Exhibit J Comparison 4.03$ 1.39$ (1.23)$ (3.92)$ (4.15)$ (2.86)$ (0.78)$ (0.96)$ (2.16)$ (1.82)$ City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-132 Agenda Date: 3/4/2025

REPORT TO COUNCIL

SUBJECT
Study Session and Update on the Stevens Creek Boulevard Vision Study

COUNCIL PILLAR
Deliver and Enhance High Quality Efficient Services and Infrastructure

BACKGROUND
The City of Santa Clara, City of San Jose, City of Cupertino, County of Santa Clara, and the Santa Clara Valley Transportation Authority (VTA) are finalizing the Stevens Creek Boulevard Corridor Vision Study (Study), which is a two-year, community-based, multi-jurisdictional transportation study for the Stevens Creek Boulevard/West San Carlos corridor. The goal is to create a vision for this corridor focusing on complete streets, multi-modal transportation improvements, and possible high- capacity transit options to connect Diridon Station in San Jose through Santa Clara and to the De Anza College/Highway 85 area in Cupertino.

The Stevens Creek Boulevard corridor (Attachment 1), beginning along West San Carlos Street near Diridon Station and extending west to Highway 85, is a major roadway that connects regional job centers focusing on health, education, and tech to housing and commercial areas. Prominent sites along the corridor include De Anza College, Main Street Cupertino, Vallco mixed-use mall (currently under development), Apple headquarters, Agilent Technologies headquarters, various commercial sites in Santa Clara, and five San Jose Urban Villages, one of which includes the Santana Row/Valley Fair shopping district, and the new West San Jose Innovation Zone. Additionally, the Stevens Creek Boulevard area is identified as a "Future Focus Area" in the City of Santa Clara's General Plan.

The corridor has experienced growth in commercial and residential land uses, and it is anticipated that this trend will continue. In 2019, the cities of Cupertino, Santa Clara, San Jose, and Santa Clara County adopted resolutions in support of initiating a “vision study” of the Stevens Creek Corridor (Attachment 2). Adopting these resolutions formalized interest in creating a common vision for improved mobility along Stevens Creek Boulevard, including potential improvements to pedestrian, bicycle, and transit infrastructure to enhance quality of life for all community members residing in and using the corridor.

It should be noted that this is a planning study only and does not include design, environmental review, or construction of any improvements. At the completion of the work effort, if the jurisdictions decide to move forward with specific plans or improvements, then additional funds would be required for design and construction.

In August 2022, the City Council authorized staff to move forward with the Study. On behalf of the City of Santa Clara Printed on 2/28/2025Page 1 of 3
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25-132 Agenda Date: 3/4/2025
participating agencies, the City of San Jose procured transportation consultant services (Iteris Inc. and Winter Consulting) for the Study and entered into funding reimbursement agreements with all participating jurisdictions.

In early 2023, the Study consulting team began early engagement with the various community groups and stakeholders along the Stevens Creek Boulevard corridor.

Stevens Creek Corridor Steering Committee: A Stevens Creek Corridor Steering Committee (Steering Committee) was formed and includes elected officials from the Cities of Santa Clara, Cupertino, San Jose, and the County of Santa Clara. Councilmember Teresa O’Neill, Councilmember Anthony Becker, and Mayor Gillmor have served on this committee. On January 14, 2025, the Council approved Vice Mayor Kelly Cox to serve on the Steering Committee. Since 2020, the Steering Committee has met seven times (five times since start of the Vision Study).

Community Advisory Group: To enhance community involvement and advise the Steering Committee, the Study includes a Community Advisory Group (CAG) that provides public input on corridor needs and potential improvements. The CAG is comprised of 12 community members representing various community interests such as bicycle and pedestrian advocates, business owners, neighborhood associations, and students. Santa Clara Bicycle and Pedestrian Advisory Committee (BPAC) member Perry Penvenne is part of the CAG.

DISCUSSION
This Study Session will update the Council on efforts completed to date and outline the draft recommendations in the Study. Feedback received will be shared with the other agencies and potentially considered for incorporation into the Study. The final Study will be brought forward for Council’s consideration at a future meeting.

ENVIRONMENTAL REVIEW
This is a study session, and no action is being taken by the City Council that constitutes a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(b)(5) in that it is a governmental organizational policy making or administrative activity that will not result in direct or indirect changes in the environment. Projects to remove physical barriers that may occur as a result of the Plan are subject to future discretionary approvals and environmental review for such projects will be required in the future on a project-by- project basis as part of the approval processes for each project.

FISCAL IMPACT
Because this is a Study Session item, it does not have fiscal impacts beyond the staff and consultant time involved in preparing the Study and this report. Estimated costs associated with implementation of the proposed plan will be discussed during staff’s informational presentation.

COORDINATION
This item was coordinated with the City Attorney’s Office and the City Manager’s Office. The preparation of the Study included involvement from the City of Cupertino, City of San Jose, County of Santa Clara, Valley Transportation Authority, community members, the Stevens Creek Boulevard Vision Study Steering Committee, and the Santa Clara Bicycle and Pedestrian Advisory Committee.

City of Santa Clara Printed on 2/28/2025Page 2 of 3
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25-132 Agenda Date: 3/4/2025

PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected] <mailto:[email protected]> or at the public information desk at any City of Santa Clara public library.

RECOMMENDATION
Note and File Study Session Report and provide any feedback on the draft Stevens Creek Boulevard Vision Study.

Reviewed by: Craig Mobeck, Director of Public Works
Approved by: Jōvan Grogan, City Manager

ATTACHMENTS

1. Location Map

2. 2019 Santa Clara Resolution
City of Santa Clara Printed on 2/28/2025Page 3 of 3
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Attachment 1 – Study Area Location Map

Study Area
Homestead Rd
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Clara Med ical Center ... T
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vens Creek
unty Park
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9 McClellan Rd r
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Winchester A
Myste ry House Y
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Santa Clara Valley m
Medica l Center T
Fruit dale
A RosicruGian
T Egyptian Museum
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RESOLUTION NO. 19-8781

A RESOLUTION OF THE COUNCIL OF THE CITY OF SANTA

CLARA TO SUPPORT WORKING COLLABORATIVELY WITH THE

SANTA CLARA VALLEY TRANSIT AUTHORITY (VTA) AND THE

CITIES OF CUPERTINO AND SAN JOSE TO DEVELOP A

COMPLETE STREETS AND TRANSIT STUDY, INCLUDING

OPTIONS OF HIGH CAPACITY TRANSIT, FOR THE STEVENS
CREEK BOULEVARD CORRIDOR.

BE IT RESOLVED BY THE CITY OF SANTA CLARA AS FOLLOWS:

WHEREAS, Santa Clara staff and Councilmembers have participated in discussions with neighboring communities since a multi-jurisdictional group was established by the San Jose City Council on August 8, 2017, comprised of the cities of Santa Clara, San Jose, Cupertino, Santa Clara County and the Santa Clara Valley Transportation Authority (VTA) to discuss key regional issues affecting West San Jose, with a focus on transportation and circulation; WHEREAS, the cities of Santa Clara, Cupertino, and San Jose along with VTA jointly developed and submitted a grade separated high-capacity transit concept along Stevens Creek Boulevard to the Plan Bay Area 2040 process;
WHEREAS, Santa Clara Valley Transportation Authority's (VTA) role as County congestion management agency (CMA) and transit provider for Santa Clara County enables it to bring together multiple cities and Santa Clara County together to study upgrading a corridor such as Stevens Creek Boulevard into a multi-modal, transit supportive corridor; WHEREAS, the Santa Clara City Council approved on September 12, 2017 the formation of a Stevens Creek Urban Village Taskforce to address land use on shared borders; WHEREAS, the City of Santa Clara General Plan contains Circulation policies that include complete streets elements; and
WHEREAS, the City of Santa Clara adopted Resolution 18-8593 on August 21, 2018, which adopted a Complete Street Policy to support the design of roadways to safely accommodate all users including bicyclists, pedestrians, transit riders, children, senior citizens, disabled people, and motorists.

Resolution to collaborate with VTA & neighboring cities Rev: 11 /22/17