Agenda packet — City Council and Authorities Concurrent, October 21, 2025 (part 3 of 5)

3. Effective date. This resolution shall become effective immediately.

I HEREBY CERTIFY THE FOREGOING TO BE A TRUE COPY OF A RESOLUTION PASSED

AND ADOPTED BY THE CITY OF SANTA CLARA, CALIFORNIA, AT A REGULAR MEETING THEREOF HELD ON THE 19TH DAY OF NOVEMBER, 2024 BY THE FOLLOWING VOTE:

AYES: COUNCILORS:

NOES: COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

Attachments incorporated by reference:

Becker, Chahal, Hardy, Jain, Park, and Watanabe,
and Mayor Gillmor
None
None
None
ATTEST : ~

NORA PIMENTEL, MMC

ASSISTANT CITY CLERK

CITY OF SANTA CLARA

1. 2025 Board of Library Trustees Meeting Calendar
Resolution/Board of Library Trustees Meetings 2025
Rev: 9/16/2024

Page 2 of 2 ends

Board of Library Trustees

Board of Library Trustees
2025 Meeting Calendar
All meetings start at 6:00 PM unless otherwise noted

Date Location
February 3, 2025 Margie Edinger Room, Central Park Library 2635 Homestead Rd, Santa Clara, CA 95051
Margie Edinger Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Program Room, Northside Branch Library
695 Moreland Way, Santa Clara, CA 95054
Margie Edinger Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Community Room, Mission Branch Library
1098 Lexington St, Santa Clara, CA 95050
Margie Edinger Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Margie Edinger Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Program Room, Northside Branch Library
695 Moreland Way, Santa Clara, CA 95054
Board Room, Central Park Library 2635
Homestead Rd, Santa Clara, CA 95051
Community Room, Mission Branch Library
1098 Lexington St, Santa Clara, CA 95050
March 3, 2025
April 7, 2025
May 5, 2025
June 2, 2025
August 4, 2025
September 8, 2025
October 6, 2025
November 3, 2025
December 1, 2025

City of
Santa Clara
The Center of What 's Possible
Boar
d of Library Trustees
2026 Meeting Calendar
All meetings start at 6:00 PM unless otherwise noted
Date Location
February 2, 2026
March 2, 2026
April 6, 2026
May 4, 2026
June 1, 2026

August 3 , 2026
September 14, 2026
October 5, 2026
November 2, 2026
December 7, 2026
Margie
Edinger Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Margie Edinger Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Program Room, Northside Branch Library
695 Moreland Way, Santa Clara, CA 95054
Margie Edinger Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Community Room, Mission Branch Library
1098 Lexington St, Santa Clara, CA 95050
Margie Edinger Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Margie Edinger Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Program Room, Northside Branch Library
695 Moreland Way, Santa Clara, CA 95054
Board Room, Central Park Library
2635 Homestead Rd, Santa Clara, CA 95051
Community Room, Mission Branch Library
1098 Lexington St, Santa Clara, CA 95050
Board of Library Trustees City of
Santa Clara
The Center of What's Possible

Page 1 of 2 ends

Rev: 9/8/2025
RESOLUTION NO. _____

A RESOLUTION OF THE CITY OF SANTA CLARA, CALIFORNIA
AMENDING RESOLUTION NO. 24-9395, APPROVING THE
2026 BOARD OF LIBRARY TRUSTEES CALENDAR OF

MEETINGS, AND SETTING THE NUMBER OF REGULAR

BOARD OF LIBRARY TRUSTEES MEETINGS
WHEREAS, Section 2.120.030 of the Santa Clara city Code (“SCCC”) requires City boards and commissions to
hold regular meetings at the times and on the days indicated by resolution of the Council;
WHEREAS, Resolution 24-9395 adopted by the City Council on November 19, 2024, states that the Board of Library Trustees shall hold its meetings on the first Monday of every month with the exception of January and July at 6:00 p.m. subject to cancellation at the discretion of the City Manager for agenda management purposes. Should the first Monday fall on a City holiday, the meeting would be held on the next non-holiday Monday; and, WHEREAS, the Board of Library Trustees, at its September 8, 2025 meeting recommended a new meeting schedule for 2026 which proposes ten (10) regular meetings and a start time of 6:00 p.m.

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

1. That the City of Santa Clara hereby finds that the above Recitals are true and correct and by the reference makes them a part thereof.

2. That the City Council hereby approves setting the Board of Library Trustees regular meeting start time at 6:00 p.m., and establishes ten (10) meetings per year, to meet monthly except January and July, set on every first Monday of each month, beginning in February, as set forth in the attached Board of Library Trustees 2026 Meeting Dates document, which meetings may be cancelled at the discretion of the City Manager based upon best practices for agenda management. That should the first Monday fall on a City holiday, the meeting would be held on the next non-holiday Monday.

3. Effective date. This resolution shall become effective immediately.

Page 2 of 2 ends

Rev: 9/8/2025

I HEREBY CERTIFY THE FOREGOING TO BE A TRUE COPY OF A RESOLUTION PASSED

AND ADOPTED BY THE CITY OF SANTA CLARA, CALIFORNIA, AT A REGULAR MEETING THEREOF HELD ON THE ___ DAY OF _________, 2025 BY THE FOLLOWING VOTE:

AYES: COUNCILORS:

NOES: COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

ATTEST: ______________________________

NORA PIMENTEL, MMC

ASSISTANT CITY CLERK

CITY OF SANTA CLARA
Attachments incorporated by reference:

1. 2026 Board of Library Trustees Meeting Calendar
Boar
d of Library Trustees
2026 Meeting Calendar
All meetings start at 6:00 PM unless otherwise noted
Date Location
February 2, 2026
March 2, 2026
April 6, 2026
May 4, 2026
June 1, 2026

REPORT TO COUNCIL

SUBJECT
Action on a Resolution Approving the 2026 Planning Commission Calendar of Meetings

BACKGROUND
The City Charter (Article X, Section 1003) and City Code Section 2.120.020(d) state that each board or commission shall hold regular meetings at the times and on the days indicated by resolution of the City Council.

DISCUSSION
At the October 8, 2025 Planning Commission meeting, the Commission recommended the proposed 2026 schedule of meetings (Attachment 2), which includes 11 meetings to be held on Wednesdays at 6 p.m.

ENVIRONMENTAL REVIEW
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 government organizational or administrative activity that will not result in direct or indirect changes in the environment.

FISCAL IMPACT
There is no fiscal impact other than administrative time and expense to set the meetings.

COORDINATION
This report was coordinated with the City Attorney’s Office

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].

RECOMMENDATION
Adopt a Resolution approving the 2026 Planning Commission Calendar of Meetings Reviewed by: Afshan Hamid, Director, Community Development Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS
City of Santa Clara Printed on 10/17/2025Page 1 of 2
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25-1506 Agenda Date: 10/21/2025

1. Resolution Approving 2026 Planning Commission Calendar

2. 2026 Planning Commission Calendar of Meetings
City of Santa Clara Printed on 10/17/2025Page 2 of 2
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Resolution/PC Calendar of Meetings 2026 Page 1 of 1
Rev: 11/22/17

RESOLUTION NO. _____

A RESOLUTION OF THE CITY OF SANTA CLARA, CALIFORNIA
APPROVING THE 2026 HISTORICAL AND LANDMARKS

COMMISSION CALENDAR OF MEETINGS

WHEREAS, Section 2.120.030 of the Santa Clara City Code (“SCCC”) requires City boards and commissions to hold regular meetings at the times and on the days indicated by resolution of the Council;
WHEREAS, on October 8, 2025, the Planning Commission recommended to the City Council its meeting schedule for 2026.

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

1. That the City Council hereby finds that the above Recitals are true and correct and by this reference makes them a part hereof.

2. That the City Council hereby approves the 2026 Planning Commission Schedule of Meetings, attached hereto.

3. Effective date. This resolution shall become effective immediately.

I HEREBY CERTIFY THE FOREGOING TO BE A TRUE COPY OF A RESOLUTION PASSED

AND ADOPTED BY THE CITY OF SANTA CLARA, CALIFORNIA, AT A REGULAR MEETING THEREOF HELD ON THE ___ DAY OF _________, 2025, BY THE FOLLOWING VOTE:

AYES: COUNCILORS:

NOES: COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

ATTEST: ______________________________

NORA PIMENTEL, MMC

ASSISTANT CITY CLERK

CITY OF SANTA CLARA

Attachments incorporated by reference:

1. 2026 Historical and Landmarks Commission Meeting Schedule

Schedule of Meetings
2026

PLANNING COMMISSION

CITY COUNCIL CHAMBERS
1500 Warburton Avenue
Santa Clara, CA 95050

Regular meetings are held on Wednesday evenings, beginning at 6:00 p.m., in the City Council Chambers at 1500 Warburton Avenue, Santa Clara, in accordance with the following schedule.

Meeting Dates

January 14, 2026

February 11, 2026

March 11, 2026

April 8, 2026

May 20, 2026

June 10, 2026

August 12, 2026

September 2, 2026

October 7, 2026

November 18, 2026

December 16, 2026

Approved at the October 8, 2025 Planning Commission Meeting

City of
Santa Clara
The Center of What 's Possible
City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-1032 Agenda Date: 10/21/2025

REPORT TO COUNCIL

SUBJECT
Action to Waive First Reading and Approve Introduction of an Ordinance Amending Chapter 8.60 (“Unmanned Aircraft System”) of the City Code

BACKGROUND
In August 2015, the City Council approved Ordinance No. 1942 creating Chapter 8.60 (“Unmanned Aircraft Systems”) of Title 8 (“Health and Safety”) of the Code of the City of Santa Clara “City Code” to promote public safety and protect people engaging in large venue public events. The ordinance established half mile “no-fly” zones around large public venues and imposed restrictions on drone weight and capabilities.

Prior to 2015, no framework was in place to guide and regulate Unmanned Aircraft use in the City beyond Federal Aviation Administration (FAA) regulations.

The FAA has since issued updated rules and guidance, as set forth in the 2023 Fact Sheet on “State and Local Regulation of Unmanned Aircraft Systems” (Fact Sheet), reaffirming exclusive authority over airspace and air safety regulation, and limiting what cities can lawfully restrict. The Fact Sheet provides concrete examples of laws likely preempted (e.g. route restrictions, altitude ban, local licensing, mandatory safety gear) and laws more likely to survive (e.g. restrictions on takeoff/landing locations, time-of-day constraints, local criminal law violations) as long as they do not unreasonably interfere with drone flight operations. The FAA’s 2023 Fact Sheet clarifies the following areas of local government control of Unmanned Aircraft Systems (UAS):
· Local governments may regulate takeoff, landing, and ground operations; · Local governments may not regulate airspace, flight paths, or impose equipment standards that interfere with federal rules; and
· Local ordinances must be narrowly tailored and not preempt federal law.

The technology of UAS - also known as “drones” - has undergone significant transformation in both capability and accessibility since 2015. Taken together, the updates to the FAA’s regulatory standpoint, and in the available technology, prompted the proposed modifications to the City Code.

Proposed changes include:
· Updating definitions for “Unmanned Aircraft”, “Unmanned Aircraft System”, “Major Event”, and “Levi’s® Stadium”;
· Modifying the launch and land restrictions applicable within the City; · Revising flight restrictions below 200 feet above ground level in specific areas; and · Removing UA and UAS weight and design restrictions.

DISCUSSION
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25-1032 Agenda Date: 10/21/2025
Existing Federal, State, and Local Regulations of Drones A number of rules already exist regulating the use of drones for both commercial and hobbyist uses, at all levels of government. The primary source of regulatory authority is federal - the FAA has exclusive jurisdiction to regulate most areas of drone usage and flight. Federally, commercial (non- recreational) drone usage is regulated under the Code of Federal Regulations, 14 CFR Part 107.

Among other things, commercial drone pilots are required to take and pass the Unmanned Aircraft General/Small Knowledge Test, obtain a Remote Pilot Certificate from the FAA, and register their drone with the FAA. Hobbyists flying drones for purely recreational purposes have a slightly different set of rules; for example, such users must take and pass the Recreational UAS Safety Test, register their drone, and fly with visual line of sight or with a spotter. FAA regulations include airspace controls including “no-fly” zones around security sensitive areas such as airports, stadiums, and military bases, but the Police Department does not have jurisdiction to directly enforce these regulations.

Drone operators from public safety departments, such as police and fire, have a separate Certificate of Authorization process.

At the State level, the legislature has passed a number of laws in the last ten years to address concerns that have arisen as the popularity and accessibility of drones has increased. For example, the Penal Code makes it a misdemeanor to operate a drone in such a manner that it impedes or interferes with emergency response operations. Furthermore, the Penal Code makes it an infraction to intentionally fly a drone over the grounds of a state prison, a jail, or a juvenile hall. The Civil Code provides an immunity for liability for a public agency that causes damage to a privately-owned drone if the damage occurs while the public agency is in the process of providing emergency services. The Civil Code imposes civil penalties of between $5,000 to $50,000 if a drone operator enters the airspace over private property without permission to capture photo or video images. The California Code of Regulations prohibits the use of UAS within wilderness areas, cultural preserves, and natural preserves.

Locally, a number of jurisdictions have implemented restrictive ordinances and policies similar to those proposed here. Santa Clara County Parks, City of San Francisco, MidPen Open Space District, and East Bay Regional Parks District prohibit the launch or land of a drone within any park area except with a permit issued by the Parks Director. Oakland requires a permit for all drone flight on, from, within, and over City property.

Proposed Updates to the City Code
The proposed amendments to the existing ordinance can be summarized as follows:
· Modifications to 8.60.010 Purpose and Intent: Incorporate defined terms “Major Events” and “Unmanned Aircraft Systems” and use terms consistent with federal regulations; bring the section into alignment with the clarifications in the 2023 Fact Sheet. · Modifications to 8.60.020 Definitions: improve clarity, ensure consistency with federal law, and reduce risk of preemption. Well-defined terms enhance the efficiency and consistency of enforcement actions. Updated definitions help UA/UAS operators understand the scope of restriction.
· Modifications to 8.60.030 Prohibitions: Due to advancements in drone technology that have City of Santa Clara Printed on 10/17/2025Page 2 of 4
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25-1032 Agenda Date: 10/21/2025
increased distance traveled and battery life, the “launch and land” prohibition radius is proposed to be increased from the current standard of one-half mile to the larger distances set forth below. The proposed restrictions apply to ground-based take-off and landing and does not regulate airspace, flight altitude, or navigation governed by the FAA. The FAA’s Temporary Flight Restrictions applicable to Stadium events is a larger footprint of three miles, but those regulations cannot be enforced by the Police Department. o Any zone within the City, within one mile of, and within two hours before or after a Major Event (1,000+ attendees) including but not limited to parades, outdoor concerts, street dances, festivals, art shows, sporting and recreational events and or other large-scale community gatherings;
o The two-mile zone surrounding Levi’s® Stadium and within three hours before or after any Major Event held at Levi’s® Stadium;
and
o In any City public park.
o Flight restrictions for UA and UAS are proposed below 200 feet above ground level (AGL) over any public or private school during school hours, over certain types of critical infrastructure, and over private property to the extent necessary to protect individual privacy. These measures align with FAA guidance by focusing on the protection of persons and property on the ground rather than asserting control over navigable airspace.
· Modifications to 8.60.040 Exemptions: Allows for exceptions to the prohibitions by permit to be issued by the Chief of Police, or designee. The Police Department shall review the applicant’s request for compliance with FAA requirements, proposed location and timing of the drone use, and the safety and privacy concerns implicated by the proposed use.

ENVIRONMENTAL REVIEW
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
There are no additional costs to the City beyond administrative staff time and related expenses, which are already included in the current budget.

COORDINATION
This report has been coordinated with the City Attorney’s Office.

RECOMMENDATION
City of Santa Clara Printed on 10/17/2025Page 3 of 4
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25-1032 Agenda Date: 10/21/2025
Waive first reading and approve in the form presented the introduction of an Ordinance amending Chapter 8.60 (“Unmanned Aircraft Systems”) of Title 8 (“Health and Safety”) of the Code of the City of Santa Clara California
Reviewed by: Cory Morgan, Chief of Police
Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS

1. Drone Ordinance Update. SR 10-21-25

2. Ordinance No. 1942, August 18, 2015
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Ordinance/ Unmanned Aircraft Systems Page 1 of 5

ORDINANCE NO. _____

AN ORDINANCE OF THE CITY OF SANTA CLARA,
CALIFORNIA, AMENDING CHAPTER 8.60 (“UNMANNED
AIRCRAFT SYSTEMS ”) OF TITLE 8 (“HEALTH AND
SAFETY”) OF “THE CODE OF THE CITY OF SANTA
CLARA, CALIFORNIA”

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

WHEREAS, In August 2015, the City Council approved Ordinance No. 1942 creating Chapter 8.60 (“Unmanned Aircraft Systems”) of Title 8 (“Health and Safety”) of the Santa Clara City Code, to promote public safety particularly for attendees at large venue public events by regulating the operation of unmanned aircraft systems (UAS) commonly referred to as “drones”;
WHEREAS, The F ederal Aviation Administration (FAA) has since issued updated guidance, as set forth in the 2023 Fact Sheet on “State and Local Regulation of Unmanned Aircraft Systems,” reaffirming the FAA’s exclusive authority over airspace and air safety regulation and limiting what cities can lawfully restrict; WHEREAS, Since 2015, the technology of UAS has advanced significantly allowing for increases in distances travelled, camera technology, and battery life; WHEREAS, FAA restrictions include flight restrictions over sensitive areas suc h as stadiums and critical infrastructure, but these restrictions cannot be enforced by the Santa Clara Police Department due to jurisdictional rules;
WHEREAS, safety and privacy concerns surrounding the use of U AS extend to majo r events occurring City-wide in addition to the Stadium events, to use in City parks, over schools and critical infrastructure, and over private property; and WHEREAS, in the interests of promoting public safety and protecting privacy rights, the Ordinance/ Unmanned Aircraft Systems Page 2 of 5

City Council now desires to amend the existing drone ordinance as set forth below.

NOW THEREFORE, BE IT FURTHER ORDAINED BY THE CITY OF SANTA CLARA, AS FOLLOWS:

SECTION 1: That Chapter 8.60 (entitled “Unmanned Aircraft Systems”) of Title 8 (entitled “Health and S afety”) of “The Code of the City of Santa Clara, California,” (“SCCC”) is repealed in its entirety and replaced with the following:
“Chapter 8.60

UNMANNED AIRCRAFT SYSTEMS

Sections:

8.60.010 Purpose and intent.

8.60.020 Definitions.

8.60.030 Prohibitions.

8.60.040 Exemptions.

8.60.050 Enforcement.

8.60.010 Purpose and intent.

This chapter is intended to promote public safety City-wide and to specifically address the safety of people attending Major Events, as defined. To promote public safety, the City is implementing takeoff and landing restrictions by Unmanned Aircraft Systems as well as flight restrictions over specific areas. This ordinance is intended to operate in conjunction with any applicable existing laws and regulations, including those of the Federal Aviation Administration.

8.60.020 Definitions.
(a) “Levi’s® Stadium” shall mean the multipurpose stadium located on 4900 Marie P.

DeBartolo Way, all lots located in the vicinity of such multipurpose stadium that permit patrons of licensed events to park motor vehicles, and all land and improvements thereon located within the immediate vicinity of such multipurpose stadium that are owned and/or operated by the owner of such multipurpose stadium.

(b) “Major event” shall mean any sporting event, concert or other form of entertainment occurring at Levi’s® Stadium; any sporting event, concert or other form of entertainment occurring at Santa Clara University facilities; or any event held in a public park, public streets, or open-air facility that is open to the public, and intended to attract people, with a capacity of more than 1,000 people.

(c) “Unmanned Aircraft” shall mean any device that is intended to navigate in the air without an onboard pilot and any aircraft that is operated without the possibility of human Ordinance/ Unmanned Aircraft Systems Page 3 of 5

intervention from within or onboard the aircraft. The term "unmanned aircraft" includes any homemade or commercially available device also known as a "drone."

(d) “Unmanned Aircraft System” shall mean any unmanned aircraft and associated elements, including communication links and any components that control the unmanned aircraft or that are required for the pilot in command to operate safely and efficiently in the national airspace system.

8.60.030 Prohibitions.
(a) Takeoffs and landings. Except as set forth in section 8.60.040 below, it shall be unlawful for any person to initiate the take off or landing of an Unmanned Aircraft or Unmanned Aircraft System:

(1) Within a one-mile radius of, and within two hours before or after, a Major Event occurring within the City of Santa Clara, including, but not limited to, parades, outdoor concerts, street dances, festivals, art shows, sporting and recreational events, or large-scale community gatherings; and

(2) Within a two-mile radius, and within three hours before or after, any Major Event held at Levi’s® Stadium; and

(3) In any City of Santa Clara public park.

(b) Flight and privacy restrictions. Except as set forth in section 8.60.040 below, it shall be unlawful for any person to operate an Unmanned Aircraft or Unmanned Aircraft System below 200 feet above ground level (AGL):

(1) Over any public or private school facilities during school hours;

(2) Over certain types of critical infrastructure including:

i. Emergency services facilities;

ii. Energy sector facilities that include electricity, oil, and/or natural gas resources.

(3) Over private property in a manner that harasses or violates the privacy rights of individuals present on the private property.

8.60.040 Exemptions.
(a) This chapter shall not prohibit the use of Unmanned Aircraft Systems by any public safety agency or department for lawful purposes and in a lawful manner.

(b) The takeoff and landing of an Unmanned Aircraft or Unmanned Aircraft System as proscribed herein may be permitted by the Chief of Police, or designee. The grant of such a permit shall not excu se the permittee from compliance with all applicable laws and Ordinance/ Unmanned Aircraft Systems Page 4 of 5

regulations in the operation of their Unmanned Aircraft or Unmanned Aircraft System.

8.60.050 Enforcement.

Pursuant to SCCC  1.05.070 and Chapter 8.45 SCCC, the City, in its prosecutorial discretion, may enforce violation(s) of the provisions of this chapter as a criminal, civil, and/or administrative action. Violators may be guilty of a misdemeanor. Equipment flown in violation of this chapter may be confiscated.”

SECTION 2: Ordinances Repealed. Excepting the provisions protected by the savings clause, all ordinances (or parts of ordinances) in conflict with or inconsistent with this ordinance are hereby repealed.

SECTION 3: Savings clause. The changes provided for in this ordinance shall not affect any offense or act committed or done or any penalty or forfeiture incurred or any right established or accruing before the effective date of this ordinance; nor shall it affect any prosecution, suit or proceeding pending or any judgment rendered prior to the effective date of this ordinance. All fee schedules shall remain in force until superseded by the fee schedules adopted by the City Council.

SECTION 4: Effective date. This ordinance shall take effect thirty (30) days after its final adoption; however, prior to its final adoption it shall be published in accordance with the requirements of Section 808 and 812 of “The Charter of the City of Santa Clara, California.” PASSED FOR THE PURPOSE OF PUBLICATION this 21st day of October, 2025, by the following vote:

AYES: COUNCILORS:

NOES: COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

ATTEST: ___________________________
Ordinance/ Unmanned Aircraft Systems Page 5 of 5

NORA PIMENTEL, MMC

ASSISTANT CITY CLERK

CITY OF SANTA CLARA

Attachments incorporated by reference:

None

ORDINANCE NO. 1942

AN ORDINANCE OF THE CITY OF SANTA CLARA,
CALIFORNIA, ADDING CHAPTER 8.60 ("UNMANNED
AIRCRAFT SYSTEMS") TO TITLE 8 ("HEAL TH AND
SAFETY'') OF "THE CODE OF THE CITY OF SANTA
CLARA, CALIFORNIA" TO PREVENT THE FL YING OF

DRONES IN CERTAIN AREAS OF THE CITY
BE IT ORDAINED BY THE CITY OF SANTA CLARA AS FOLLOWS:

WHEREAS, drones are unmanned aircraft or unmanned aircraft systems (UAS) that can fly under the control of a remote pilot, first person view (FPV), or via a global positioning system (GPS) guided autopilot mode;
WHEREAS, drones have become increasingly popular and available to private citizens and hobbyists due to the declining cost of new technology;
WHEREAS, drones can fly at .altitudes below the navigable airspace (generally set at 400 feet), which means that the Federal Aviation Administration (FAA) has little or no ability to enforce its flight regulations against them;
WHEREAS, drones are restricted within three (3) miles ofMineta San Jose International Airport boundaries, due to FAA restrictions on operating drones in Class C airspace, unless expressly permitted by air traffic control;
WHEREAS, drones have a higher incidence of accidents than manned aircraft. U.S. Customs and Border Protection has reported 52. 7 drone accidents per 100,000 hours of flight time, seven times the civil aviation rate of 7.11 accidents per 100,000 hours; WHEREAS, drones can be equipped with high definition cameras, night vision cameras and infrared scopes, as well as with combustive or explosive composites and materials; Ordinance/Unmanned Aircraft Systems
Rev: 02-17-09; Typed: 06-18-15

Page 1 ends

WHEREAS, drones have become a hazard to the safe operations ofLevi's ® Stadium in that several drones have been observed in the past year flying under and above the navigable airspace directly over the stadium, creating an unnecessary risk of accident, terror attack, opportunity for counter surveillance or for the delive1y of harmful substances in a densely populated area; and, WHEREAS, the City Council now desires to regulate the use of drones and UAS's to ensure the public's safety at sporting and entertainment events in the City.

NOW THEREFORE, BE IT FURTHER ORDAINED BY THE CITY OF SANTA CLARA AS FOLLOWS:

SECTION 1: That a new Chapter 8.60 ("Unmanned Aircraft Systems") is added to Title 8 ("Health and Safety") of "The Code of the City of Santa Clara, California" ("SCCC") to read as follows:
"Sections:

8.60.010

8.60.020

8.60.030

8.60.040

8.60.050

8.60.010
Purpose and intent.

Definitions.

Prohibition.

Exemptions.

Enforcement.

Purpose and intent.

This Chapter is intended to promote public safety and protect people engaging in large venue eve)lts. In consideration of these concerns, the City is mandating a "no-fly" restriction at all times by Unmanned Aircraft Systems within a half-mile around and over Levi's® Stadium , over Santa Clara University sports facilities when they are in use, and over large venue special events in public parks and public facilities that will attract large groups of people. All drones are subject to weight and design restrictions. All restrictions are intended to protect persons gathered in groups where a drone incident would cause greater harm and risk of injury due to a greater number of people gathered in a close proximity. It is not intended to restrict legitimate hobbyists operating drones in compliance Ordinance/Unmanned Aircraft Systems
Rev: 02-17-09; Typed: 06-18-15

Page 2 ends

with FAA rules and any applicable laws, and outside of the prohibited areas. This Chapter is not intended to preempt FAA rules, but to operate in conjunction with those rules to promote public safety while recognizing the limitations in the F AA's enforcement capabilities.

8.60.020
(a)
Definitions.
"Drone" shall mean an unmanned .aircraft or unmanned aircraft system (UAS) that can fly under the control of a remote pilot or by a global positioning system (GPS) guided autopilot mechanism.
(b) "Large venue special events" shall mean any event held in a public park or open-air facility that is open to the public and intended to attract people.

Prohibition. 8.60.030
(a) Unless otherwise exempt under this Chapter, drones or UAS's are prohibited from being deployed, launched or flown in any airspace within or over any spmiing and/or large venue special event, including but not limited to over and within a half-mile of Levi's® Stadium, over Santa Clara University spmis facilities when they are in use, and over public parks and public facilities during large venue special events.
(b) In all other areas of the City, the following restrictions shall apply:
(1) Drones may not be larger than five (5) pounds including any attachments, and may not be equipped with detachable cargo, releasable payload, or any device equipped to can-y a weapon. Any modifications to a drone must be pursuant to FAA approval. (2) Drones over five (5) pounds may be operated only by a registered member of the Academy of Model Aeronautics (AMA), if the operator is subject to and compliant with AMA rules. Notwithstanding the weight limit, all other prov1sions of this Chapter shall apply.

Ordinance/Unmanned Aircraft Systems
Rev: 02-17-09; Typed: 06-18-15

Page 3 ends

8.60.040 Exemptions.

This Chapter shall not prohibit the use of drones or UAS's by any law enforcement agency for lawful purposes and in a lawfol manner.

8.60.050 Enforcement.

Pursuant to SCCC 1.05.070 and Chapter 8.45, the City, in its prosecutorial discretion , may enforce violation(s) of the provisions of this Chapter as a criminal, civil, and/or administrative action. Violators may be guilty of a misdemeanor. Equipment flown in violation of this Chapter may be confiscated."
SECTION 2: Savings clause.

The changes provided for in this ordinance shall not affect any offense or act committed or done or any penalty or forfeiture incurred or any right established or accruing before the effective date of this ordinance; nor shall it affect any prosecution, suit or proceeding pending or any judgment rendered prior to the effective date of this ordinance. All fee schedules shall remain in force until superseded by the fee schedules adopted by the City Council.

SECTION 3: Constitutionality, severability.

If any section , subsection, sentence, clause, phrase, or word of this or~ance is for any reason held by a court of competent jurisdiction to be unconstitutional or invalid for any reason, such decision shall not affect the validity of the remaining p01iions of the ordinance. The City Council hereby declares that it would have passed this ordinance and each section, subsection , sentence, clause, phrase, and word thereof, inespective of the fact that any one or more section(s), subsection(s), sentence(s) , clause(s) , phrase(s), or word(s) be declared invalid.

Ordinance/Unmanned Aircraft Systems
Rev: 02-17-09; Typed: 06-18-15

Page 4 ends

SECTION 4: Effective date.

This ordinance shall take effect thi1ty (30) days after its final adoption; however, prior to its final adoption it shall be published in accordance with the requirements of Section 808 and 812 of "The Charter of the City of Santa Clara, California. "
PASSED FOR THE PURPOSE OF PUBLICATION this ?111 day of July 2015, by the following vote:

AYES: COUNCILORS:

NOES: COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

Davis, Gillmor, Kolstad, Marsalli and O'Neill
and Mayor Matthews
None
Caserta
None /},,., / /
ATTEST: ~ _,,_R_O_D_D_IRID __ O_N_,-JR- .- -

CITY CLERK

CITY OF SANTA CLARA

FINALLY PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF SANTA CLARA this 18th day of August 2015, by the following vote:

AYES: COUNCILORS:

NOES : COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

Attachments Incorporated by Reference: None
I:\ORDINANCES\ Drone ordinance 6-11-15 Final.doc
Ordinance/Unmanned Aircraft Systems
Rev: 02-17-09; Typed: 06-18-15
Caserta, Davis , Kolstad and O'Neill and
Mayor Matthews
None
Gillmor and Marsalli
None /;AA __
ATTEST:- ---\.~~ ------ -
ROD DIRIDON, JR.

CITY CLERK

CITY OF SANTA CLARA

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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-1030 Agenda Date: 10/21/2025

REPORT TO STADIUM AUTHORITY BOARD

SUBJECT
Action on Stadium Authority Bills and Claims for the Month of August 2025

BACKGROUND
Disbursements made by the Stadium Authority are based on invoices submitted for payment. Prior to payment, staff reviews all disbursement documents to ensure that the invoiced goods or services have been provided.

The Bills and Claims listing represents the cash disbursements required of normal and usual operations during August 2025. Budget control is set by the Stadium Authority Board through the budget adoption process.

DISCUSSION
At its March 11, 2025 meeting, the Stadium Authority Board adopted the Santa Clara Stadium Authority Fiscal Year 2025-26 Operating, Debt Service, and Capital Budget which runs from April 1, 2025 to March 31, 2026. Significant expenditures (greater than $5,000) paid in August 2025 include:
· Payment totaling $33,338.38 to Astrophysics, Inc. for Capital Expense (CapEx) Project - Security - General Allowance
· Payments totaling $17,630.00 to Canyon Oaks Ventures LLC for Stadium Market Research (June - July 2025)
· Payments totaling $60,651.26 to the City of Santa Clara for the following:
o $59,665.41 for reimbursement of General and Administrative (G&A) City payroll costs (e.g., Executive Director’s Office (City Manager’s Office), Stadium Authority Counsel’s Office (City Attorney’s Office), and Treasurer’s Office (Finance Department)) o $985.85 for reimbursement of Stadium Authority Special Liability Claims related to Levi’s Stadium
· Payment totaling $5,780.00 to Consor PMCM, Inc. for CapEx Project - Project and Construction Management Firm
· Payment totaling $2,687,716.90 to Forty Niners Stadium Management Company, LLC for August 2025 Stadium Manager Expenses, inclusive of Shared Stadium Expenses · Payment totaling $5,344.70 to InTWO, Inc for Financial Management System Monthly Services (July 2025)
· Payment totaling $21,855.00 to KPMG LLP for Audit Services · Payment totaling $13,858.89 to Lutron Services Co., Inc. for CapEx Project - Lighting System - Controls System
· Payment totaling $18,378.60 to O.C. McDonald Co., Inc. for CapEx Project - Plumbing - Boilers
· Payment totaling $34,200.00 to Populous Group, LLC for CapEx Project - Lighting Systems - City of Santa Clara Printed on 10/17/2025Page 1 of 2
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Fixture Replacement of Major Outdoor Lighting / LED Retrofit / Sports Lighting · Payment totaling $50,170.63 to Superior Alarm Systems for CapEx Project - Security - General Allowance
· Payment totaling $8,601.78 to Wilson, Ihrig & Associates, Inc. for Stadium Noise Monitoring Services (June 2025)

ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to section 15378(b)(4) of Title 14 of the California Code of Regulations in that it is a fiscal activity that does not involve any commitment to any specific project which may result in a potential significant impact on the environment.

FISCAL IMPACT
The fiscal impact to the Stadium Authority is $2,957,529.97

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

RECOMMENDATION
Approve the list of Stadium Authority Bills and Claims for August 2025.

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

ATTACHMENTS

1. August 2025 SCSA Bills and Claims
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Payment DateVendor Invoice No. Description Fund Amount
8/12/2025 Astrophysics, Inc. 00048423-IN CapEx Project - Security - General Allowance CapEx 33,338.38 8/12/2025 Canyon Oaks Ventures LLC 0060 Stadium Market Research (June 2025) Operating 6,155.00 8/25/2025 Canyon Oaks Ventures LLC 0061 Stadium Market Research (July 2025) Operating 11,475.00 17,630.00
8/18/2025 City of Santa Clara N/A B2515 SCSA Payroll Costs Operating 59,665.41 8/25/2025 City of Santa Clara 97030 Reimbursement of SCSA Special Liability Claims related to Levi's StadiumOperating 985.85 60,651.26
8/12/2025 Consor PMCM, Inc. 24-070 TO1-04 CapEx Project - Project and Construction Management Firm CapEx 5,780.00 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - Security Operating 158,745.11 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - Stadium Ops Operating 290,755.80 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - Engineering Operating 312,647.68 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - Guest Services Operating 40,468.80 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - Groundskeeping Operating 45,818.63 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - SBL Sales & Service Operating 193,628.47 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - BNY Inclusive Operating 185,400.00 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - Insurance Operating 989,287.11 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - StadCo Tenant ImprovementsOperating 13,695.26 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - Management Fee Operating 393,647.48 8/1/2025 Forty Niners Stadium Management Co, LLCS-INV102148 August 2025 Stadium Manager Expenses - Other G&A Operating 63,622.56 2,687,716.90
8/12/2025 InTWO, Inc. 45857-US Financial Management System Monthly Services (July 2025) Operating 4,974.90 8/12/2025 InTWO, Inc. 45858-US Financial Management System Monthly Services (July 2025) Operating 369.80 5,344.70
8/15/2025 JPMorgan Chase Bank, N.A. N/A Bank Fees Operating 3.83 8/12/2025 KPMG LLP 8006178164 Audit Services Operating 21,855.00 8/19/2025 Lutron Services Co., Inc. 24182222 CapEx Project - Lighting System - Controls System CapEx 13,858.89 8/19/2025 O.C. McDonald Co., Inc. Application 8 CapEx Project - Plumbing - Boilers CapEx 18,378.60 8/12/2025 Populous Group, LLC 0080450 CapEx 34,200.00
8/12/2025 Superior Alarm Systems 2503756 CapEx Project - Security - General Allowance CapEx 50,170.63 8/12/2025 Wilson, Ihrig & Associates, Inc. 22162N20 Stadium Noise Monitoring Services (June 2025) Operating 8,601.78 August 2025 Total 2,957,529.97$
CapEx Project - Lighting Systems - Fixture Replacement of Major Outdoor Lighting / LED Retrofit / Sports Lighting
Santa Clara Stadium Authority
Bills and Claims
Expenses Paid by Wire or ACH Transfer
For the Month of August 2025

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City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-832 Agenda Date: 10/21/2025

REPORT TO STADIUM AUTHORITY BOARD

SUBJECT
Action on the Santa Clara Stadium Authority Financial Status Report for the Quarter and Fiscal Year Ending March 31, 2025 and Related Budget Amendments

BACKGROUND
In Fiscal Year 2014/15 the Stadium Authority Board (Board) requested that staff prepare quarterly Santa Clara Stadium Authority (Stadium Authority) Financial Status Reports. These reports provide an update on the events held at Levi’s® Stadium, Stadium Authority finances, and the impact of Stadium Authority activity on the City of Santa Clara (City).

This report provides information covering the Stadium Authority’s fourth quarter of the 2024/25 fiscal year (FY) which runs from January 1, 2025 - March 31, 2025.

The Adopted Stadium Authority Budget incorporates the estimated revenues and expenses for all Stadium Authority funds. As a part of the Stadium Authority policy to ensure adherence to the budget, a budget/encumbrance control system is used to ensure proper budgetary control. Budgetary appropriation control for expenditures is maintained at the fund level. The attached Financial Status Report provides the budget to actual revenue and expense summaries for the operating, debt service, and capital funds. Analysis of the financial activity through the fiscal year measures the adherence to the budget and allows the Stadium Authority to monitor and project revenues and expenses. Any significant variances are explained in the report.

DISCUSSION
The attached financial status report provides information covering the Stadium Authority’s fourth quarter (January 1, 2025 - March 31, 2025) of FY 2024/25. The report summarizes National Football League (NFL) and Non-NFL event activity at Levi’s® Stadium and describes the financial impact of these events on the Stadium Authority and City since FY 2014/15. The report also provides the budget to actual revenue and expense summaries for the operating, debt service, and capital funds.

Analysis of the financial activity through the fiscal year measures the adherence to the budget and allows the Stadium Authority to monitor and project revenues and expenses. Any significant variances are explained in the report.

NFL Event Revenue and Expenses
There were ten NFL games held through the fourth quarter of FY 2024/25. Levi’s® Stadium hosted one pre-season NFL games of the 2024 season on August 18th and nine regular NFL season games of the 2024 season which are detailed in the report. This resulted in $14.6 million in NFL ticket surcharge revenues for the Stadium Authority and $279,000 of Senior and Youth Program Fees for the City. Public safety costs for NFL games totaled $5.9 million. $546,000 of the total NFL event public safety costs are covered by the offsite parking fees that were collected, and the remaining has City of Santa Clara Printed on 10/17/2025Page 1 of 6
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been fully reimbursed by Forty Niners Stadium Management Company LLC (ManCo) to the City.

Non-NFL Event Revenue and Expenses
There were eight large-scale ticketed Non-NFL events and 67 special events which are detailed in the report. The eight ticketed Non-NFL events generated an average net profit of $1.0 million per event. Table 1 below summarizes revenues and expenditures for the eight ticketed events.

Table 1
$ In Millions
Ticketed Event Revenue Expense Net
Sporting Event 1 2.9$ 0.9$ 2.0$ Concert 1 2.7 1.0 1.7
Concert 2 2.4 0.9 1.5
Concert 3 2.2 0.8 1.4
Sporting Event 2 1.1 0.6 0.5 Sporting Event 3 1.1 0.6 0.5 Sporting Event 4 0.7 0.4 0.3 Sporting Event 5 0.8 0.6 0.2 Total Ticketed Non-NFL Net Revenue to Date 13.9$ 5.8$ 8.1$ Levi's® Stadium
Ticketed Non-NFL Events Revenue and Expenditure Summary As of March 31, 2025
The Non-NFL event ticket sales generated $1.4 million in ticket surcharge revenue from the $4 per ticket Base Non-NFL Ticket Surcharge for this period. One half of the Base Non-NFL Ticket Surcharge was deposited into the discretionary fund in accordance with Section 12.1 of the Stadium Lease, with the remaining half being accounted for as general Stadium revenues. As part of the Buffet and Public Safety Cost Settlement Agreement, the Non-NFL Ticket Surcharge was increased to a minimum of $8 per ticket, however that increase did not take effect for any of the large-scale ticketed events during this period. The increased ticket surcharge will affect all future ticketed Non- NFL events. Public safety costs for these events totaled $3.4 million. $246,000 of the total Non-NFL event public safety costs are covered by the offsite parking fees that were collected, and the remaining has been fully reimbursed to the City by ManCo on behalf of the Stadium Authority.

When combining ticketed and non-ticketed Non-NFL revenues to date, Table 2 below shows approximately $10.2 million in net revenue (excluding surcharge revenue) through the end of the fourth quarter. This is an increase of $1.9 million from the prior year’s Non-NFL event net revenue of $8.3 million.

Table 2
Levi’s Stadium
Net Revenue for Non-NFL Events
by Event Type
Historical Year-to-Date Through March 31, 2025

EVENT TYPE
No. of
Events
Net
Revenue
No. of
Events
Net
Revenue
No. of
Events
Net
Revenue
Ticketed Events
Concerts 6 $ 6,131,747 5 $ 5,413,125 3 $ 4,598,119
Sporting events:

Soccer 1 451,890 3 318,096 5 3,500,854
Net Revenue from Ticketed Events 7 6,583,637$ 8 5,731,221$ 8 8,098,973$ 69 2,789,761$ 53 2,106,060$ 67 2,641,136$
Other Operating Income(1) 900,736$ 2,245,051$ 1,768,109$ Other Operating Expenses(2) (1,402,424)$ (1,815,647)$ (2,344,404)$ Total Non-NFL Net Revenue (3)
76 8,871,710$ 61 8,266,685$ 75 10,163,814$
Net Revenue from Special Events (weddings, corporate
events, etc.)
2023/24 2024/252022/23
(1) Other Operating Income are income not attributable to a specific event. Examples are interest income and reimbursements unrelated to a specific event.
(2) Other Operating Expenses are expenses not attributable to a specific event. Examples are event selling expenses, administrative expenses and miscellaneous costs.
(3) Net Revenue from Non-NFL Events does not include Non-NFL Event Ticket Surcharge.

Stadium Builder Licenses (SBLs)
SBLs account for 11.1% of the Stadium Authority’s annual budgeted revenue in FY 2024/25. There is a total of 67,554 currently active SBLs. Through the fourth quarter, since inception, the value of the active SBLs amount to $562.2 million of which $536.1 million has already been collected.

Stadium Authority Budgets
The detailed analysis of Stadium Authority budget to actual financials is provided in the attached Financial Status Reports. In summary, total operating revenues were $74.5 million representing 104% of the overall budget for revenues and total operating expenses were $51.6 million or 96% of the budget. The debt service fund was able to pay down $9.1 million in debt, bringing total Stadium Authority debt down to $219.6 million. Capital expenses were $8.2 million representing 34% of the overall Capital Expense (CapEx) budget.

FY 2025/26 Stadium Authority Budget Adjustments
From time to time, budget adjustments may be necessary to align revenues or expenditures to actual or unexpected activity during the course of a fiscal year, known after the adoption of the Stadium Authority Budget. On March 11, 2025, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2025/26 Operating, Debt Service, and Capital Budget. As of the timing of the publication of this report, additional information from FY 2024/25 has resulted in recommended budget adjustments as follows:

Operating Budget:
1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2024/25 year-end actual was completed and fund balance adjustments to the FY 2025/26 beginning and ending fund balances are necessary. Because the adoption of budget is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.

Debt Service Budget:

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1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2024/25 year-end actual was completed and fund balance adjustments to the FY 2025/26 beginning and ending fund balances are necessary. Because the adoption of budget is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.

Capital Improvement Project (CIP) Budget:
1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2024/25 year-end actual was completed and fund balance adjustments to the FY 2025/26 beginning and ending fund balances are necessary. Because the adoption of budget is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.
2) Levi’s Naming Rights Signage Refurbishment - Under the implementation agreement, the Stadium Authority is responsible for funding the first $2 million of total project costs and any costs over the initial $2 million will be shared between the Stadium Authority (70%) and StadCo (30%). All costs associated with this project will be capitalized as a fixed asset of the Stadium Authority. Therefore, the Stadium Authority will be reimbursed by StadCo for its share of the project costs. A budget adjustment of $797,607 is needed to appropriate StadCo’s reimbursable portion of this project’s costs as well as revenue from StadCo to cover such costs. A detailed breakdown of projected costs is provided below.

Description Cost
Design Services $214,000.00
City of Santa Clara Permits $67,059.10
Newspaper Publications $1,216.78
Jones Signs Co. Inc. Bid Amount $3,978,555.87
Contingency for Construction
Contract (10%)
$397,855.59
Total $4,658,687.34
Stadium Authority’s Obligation $3,861,081.14
StadCo’s Obligation $797,606.20
3) CIP Carryover Adjustments - With the completion of FY 2024/25 year-end actuals, adjustments to the FY 2025/26 CapEx Budget are necessary to align project carryovers with actual spend from FY 2024/25. Because the adoption of budget is conducted in March, projected spend is used to determine the FY 2025/26 projected carry over. 4) Requested CIP Budget Amendments - The Police Department is requesting several CapEx Projects that need to be procured this fiscal year. They are described below:

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i. Radio Batteries ($30,000): This project would replace 168 batteries for stadium radios. The current batteries have extended beyond their usable lifespan. The radio batteries are included in the CapEx 5 Year Forecast under FY 2026/27 in the amount of $15,500; however, they require replacement ahead of their initial projected end of life. The estimated cost in the CapEx 5 Year Forecast was based on actual costs from 2020 and the pricing has since increased. ii. Radio Batteries/Chargers ($7,500): Santa Clara Police Department (SCPD) officers have received updated radios that are not compatible with stadium radios.

This project would procure 20 backup batteries for the SCPD radios and two chargers for the backup batteries. The battery portion of this project was included in the FY 2026/27 radio battery replacement project that was included in the CapEx 5 Year Forecast described above.
iii. Body Worn Camera Storage ($30,000): This project would install a docking station in the police briefing room at the stadium for Body Worn Cameras (BWCs) utilized by officers assigned to the stadium. Currently, these BWCs are stored at the Police Department and there are operational inefficiencies associated with transporting the BWCs to and from the stadium before and after each event for usage, charging, and uploading evidence. The on-site docking station provides for cost savings in staff time that exceed the cost of the project. iv. Livescan Equipment ($15,000): This project will procure a new monitor and hardware for fingerprinting equipment at the stadium temporary holding facility. This system is necessary to be compatible with the Santa Clara County’s updated booking system.
v. Credentialing Equipment ($17,000): This project will procure two new credentialing printers, one to be placed at the police station and another at the stadium. Due to recent changes in the credentialing process, SCPD require credentialing printers that have the ability to print credentials.

ENVIRONMENTAL REVIEW
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 an administrative activity that will not result in direct or indirect physical changes in the environment.

FISCAL IMPACT
The Stadium Authority FY 2024/25 budget appropriation is maintained at the fund level. At the end of FY 2024/25, spend was within budget as there were sufficient savings in the Operating, Debt Service and Capital Budget to cover any overages within each fund.

From time to time, adjustments to the budget are required to reflect new information and align budgets with actual revenues and expenses. Attachment 2 includes technical adjustments in the FY 2025/26 Operating Budget to adjust the Beginning/Ending Fund Balance to true up fund balances based on actual FY 2024/25 performance. In the FY 2025/26 Debt Service Budget, a technical adjustment to true up the Beginning/Ending Fund Balance based on actual FY 2024/25 performance is recommended. In the FY 2025/26 CIP Budget, a technical adjustment to true up the Beginning/Ending Fund Balance, adjustments to capital project carryovers based on actual FY 2024/25 performance, an adjustment to recognize and appropriate funds to pay reimbursable capital City of Santa Clara Printed on 10/17/2025Page 5 of 6
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construction costs, and adjustments for new public safety projects are recommended. The attachment will reflect these budget adjustments.

COORDINATION
This report was coordinated with the ManCo per section 4.6 of the Management Agreement as well as the Stadium Authority Counsel’s Offices.

RECOMMENDATION

1. Note and file the Santa Clara Stadium Authority Financial Status Report for the Quarter and Fiscal Year Ending March 31, 2025; and

2. Approve the FY 2025/26 Budget Amendments in the Operating Budget in the amount of $3,067,403, Debt Service Budget in the amount of $114,880, CIP Budget in the amount of $2,002,994 to make technical adjustments to true up the fund balance, capital project carryovers based on actual FY 2024/25 performance, recognize and appropriate funds to pay reimbursable capital construction costs, and to appropriate funds for new public safety projects.

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

ATTACHMENTS

1. SCSA Financial Status Report for the Quarter and Fiscal Year Ending March 31, 2025

2. FY 2025/26 Budget Amendments
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SCSA

Santa Clara Stadium Authority

SANTA CLARA

STADIUM AUTHORITY

FINANCIAL STATUS REPORT

Quarter and Fiscal Year Ending
March 31, 2025

October 21, 2025

1 Table of Contents
Introduction ................................................................................................................................. 2 NFL Events ................................................................................................................................. 3 Non-NFL Events ......................................................................................................................... 6 Discretionary Fund .................................................................................................................... 11 Stadium Builder Licenses .......................................................................................................... 11 Santa Clara Stadium Authority Budget Status Reports .............................................................. 14 Operating Budget .................................................................................................................. 14 Debt Service Budget .............................................................................................................. 19 Capital Improvement Project Budget ..................................................................................... 23 City of Santa Clara Net General Fund Impact ........................................................................... 32 Public Safety and Administrative Cost Reimbursement ......................................................... 32 Rents and Senior and Youth Fee ........................................................................................... 33 Other Revenue Impacts ......................................................................................................... 33 Glossary.................................................................................................................................... 34 Appendix ................................................................................................................................... 39 2 Introduction
This Santa Clara Stadium Authority (Stadium Authority) Financial Status Report provides information covering the fourth quarter of the Stadium Authority’s 2024/25 fiscal year (“FY”) which ended on March 31, 2025. Comparative data from prior fiscal years is also included.

In addition to these quarterly reports, the Stadium Authority produces annual financial statements. The FY 2024/25 financial statements were audited by an external audit firm and presented to the Stadium Authority’s Audit Committee (Audit Committee) on September 22, 2025 and submitted to the Stadium Authority Board (Board) to note and file the financial statements on October 21, 2025. The financial statements are published on the Stadium Authority’s website.

The Stadium Authority also prepares a detailed budget prior to the beginning of each fiscal year. The FY 2024/25 budget was adopted by the Board on March 12, 2024.

Stadium Authority finances are 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, including administrative and public safety, to the Forty Niners Stadium Management Company, LLC (“Stadium Manager”) or the Stadium Authority are fully reimbursed.

Methodology
Information provided in this report was based in part on documentation submitted by the Stadium Manager. Specifically, National Football League (NFL) and Non-NFL event statistics and financial information relating to Stadium Manager expenses are provided by the Stadium Manager. Stadium Authority staff has access to select financial information submitted by the Stadium Manager provided through the Stadium Authority’s Financial Management System and event reports received for Non-NFL events. These reports are received 45 days after each event for events with attendance greater than 25,000. More detailed documents are received within 90 days after the close of the quarter.

For all other financial information, a full detailed review and/or audit of source documentation has not been completed by the Stadium Authority for this report.

The information provided reflects the best known and available at the time of the writing of this report and is subject to further revision and review. Revisions may occur based on the timing of revenue and expenditure activity for events in this quarter that continue beyond the timing of this report. Consequently, the Board’s notation and filing of this report should not be considered an approval of the accuracy of the information in the report. 3 NFL Events
This section provides year-to-date and comparative data for NFL games categorized as pre-season and regular season games.

The San Francisco Forty-Niners (“49ers”) played a total of ten NFL games (one pre- season game and nine regular season games) at Levi’s® Stadium through the quarter ending March 31, 2025. There was a total of 696,456 tickets sold to these NFL games, an average of 69,646 per game. This is up by 598 or 1% when compared to the same period in the prior fiscal year. The ticket sales resulted in $14.6 million in NFL ticket surcharge revenue (10% of ticket sales) to the Stadium Authority. The average NFL ticket surcharge revenue was $1.5 million per game in the current year which is up by $400,000 or 38% from the same period in the prior fiscal year. A total of $279,000 of Senior and Youth Program Fees, which is based on $0.40 per NFL ticket sold, were collected through the end of the fourth quarter of the fiscal year. These fees were transferred to the City’s General Fund in support of such programs.

A total of 81,358 cars were parked in the permitted offsite parking lots generating $546,000 in offsite parking fees derived from the $6.71 per parking space for all NFL events. The Tasman parking lot had a total of 1,778 parked cars and generated an additional $9,000 for the General Fund through the end of the fourth quarter of the fiscal year. The overall number of cars parked in the permitted offsite lots and the Tasman lots went up by 388 or 5% when compared to the prior fiscal year.

There was $5.9 million of NFL event public safety costs in the current reporting period which is an average of $595,000 per game. This is an increase from the prior year average (through March 31, 2024) of $67,000. Of the $5.9 million NFL event public safety costs, $4.5 million or 76% are direct City costs and $1.1 million or 18% are outside agency costs. $546,000 of the total NFL event public safety costs are covered by the offsite parking fees that were collected, and the remaining are invoiced to the Stadium Manager and has been reimbursed to the City.

Statistics for the NFL games held at Levi’s® Stadium in the 2024/25 fiscal year are shown in Table 1 and comparative data from the last five years of operations can be found in Table 2. Additional historical data can be found in the Appendix.

4 Table 1

Game 1 vs Saints Game 2 vs Jets Game 3 vs Patriots Game 4 vs Cardinals Game 5 vs Chiefs Game 6 vs Cowboys Game 7 vs Seahawks Game 8 vs Bears Game 9 vs Rams Game 10 vs LionsPrior Year True-Up 2024/2508/18/2409/09/2409/29/2410/06/2410/20/2410/27/2411/17/2412/08/2412/12/2412/30/24YTD TotalNo. of Tickets Sold 69,373 69,598 69,347 69,547 69,599 69,832 69,816 69,930 69,535 69,879 - 696,456 NFL Ticket Surcharge 636,272$ 1,214,572$ 1,182,262$ 1,172,188$ 2,065,105$ 2,762,950$ 1,192,395$ 1,198,714$ 1,169,498$ 2,001,338$ -$ 14,595,295$ Senior/Youth Program Fees 27,749$ 27,839$ 27,739$ 27,819$ 27,840$ 27,933$ 27,926$ 27,972$ 27,814$ 27,952$ -$ 278,582$ Cars Parked at Offsite Lots 7,859 7,527 8,263 8,574 8,996 9,119 8,635 8,510 6,814 7,061 - 81,358 City Offsite Parking Fee 52,734$ 50,506$ 55,445$ 57,532$ 60,363$ 61,188$ 57,941$ 57,102$ 45,722$ 47,379$ -$ 545,912$ Cars Parked on Tasman Lots- 199 - - 302 - 325 304 370 278 - 1,778 City Tasman Lot Parking Fee-$ 995$ -$ -$ 1,510$ -$ 1,625$ 1,520$ 1,850$ 1,390$ -$ 8,890$ Stadium Public Safety Costs 543,061$ 591,523$ 563,527$ 567,192$ 590,369$ 614,728$ 602,818$ 593,253$ 573,834$ 581,708$ 125,167$ 5,947,181$ Less: Offsite Parking Fee Credit (52,734)$ (50,506)$ (55,445)$ (57,532)$ (60,363)$ (61,188)$ (57,941)$ (57,102)$ (45,722)$ (47,379)$ -$ (545,912)$ Reimbursable Stadium Public Safety Costs 490,327$ 541,017$ 508,082$ 509,661$ 530,006$ 553,539$ 544,878$ 536,151$ 528,112$ 534,329$ 125,167$ 5,401,268$ Amount Reimbursed 490,327$ 541,017$ 508,082$ 509,661$ 530,006$ 553,539$ 544,878$ 536,151$ 528,112$ 534,329$ 125,167$ 5,401,268$ Levi's® Stadium2024/25 NFL Event StatisticsAs of March 31, 2025 5 Table 2

2020/21 Q42021/22 Q42022/23 Q42023/24 Q42024/25 Q4TotalTotalTotalTotalTotalNo. of NFL Events 5 10 12 12 10 No. of Tickets Sold - 674,214 835,001 828,573 696,456 NFL Ticket Surcharge -$ 9,809,009$ 11,366,724$ 12,716,579$ 14,595,295$ Senior/Youth Program Fees -$ 235,975$ 250,000$ 250,000$ 278,582$ Cars Parked at Offsite Lots - 71,614 89,828 95,106 81,358 City Offsite Parking Fee -$ 423,238$ 550,646$ 612,483$ 545,912$ Cars Parked on Tasman Lots - 4,449 - - 1,778 City Tasman Lot and Golf Course Parking Fee -$ 22,245$ -$ -$ 8,890$ Stadium Public Safety Costs 889,567$ 5,402,177$ 5,648,033$ 6,334,530$ 5,947,181$ Subtotal Event Public Safety Costs 889,567$ 5,402,177$ 5,648,033$ 6,334,530$ 5,947,181$ Less: Offsite Parking Fee Credit -$ (423,238)$ (550,646)$ (612,483)$ (545,912)$ Reimbursable Stadium Public Safety Costs 889,567$ 4,978,939$ 5,097,388$ 5,722,047$ 5,401,268$ Levi's® StadiumHistorical NFL Event Statistics
6 Non-NFL Events
This section provides year to date and comparative data for Non-NFL events categorized as events ranging from high school and college football games, international soccer matches, concerts, wedding fairs, and special events. During the current reporting period, there were a total of 348,814 tickets sold for the eight ticketed Non-NFL events and two ticketed special events that were held, resulting in $1.4 million Non-NFL event ticket surcharge revenue (from the $4 per ticket base surcharge for Non-NFL events booked before May 28,2024, the date of the 2024 Settlement Agreement. For events booked after that date, the ticket surcharge will be increased to a minimum of $8 per ticket). This is a decrease in ticket surcharge revenue of $198,000 or 12.4% over the same period in the prior year. Smaller scale Non-NFL events were held in the current year when compared to the same period in the prior year resulting in the decrease in the ticket surcharge revenue.

Stadium Manager reports that there were also 67 smaller special events held at Levi’s® Stadium which is 14 events more than the same period of the prior fiscal year. The attendance at these events increased from 28,853 in the prior period to 29,752 in the current year, a 3% increase. Examples of these special events include corporate events of various sizes, weddings, holiday parties, high school dances, etc.

In correlation with the Non-NFL events held during the current reporting period, there were 37,341 cars parked at the offsite lots and the City earned a total of $246,000 in related offsite parking fees, which is derived from the $6.44 per parking space fee for events taking place prior to July 2024 and $6.71 per parking space for all events thereafter. The revenues earned from this offsite parking fee supports public safety costs for Non-NFL events.

Total Non-NFL event public safety costs were $3.4 million, reflecting a decrease of $71,000 from the prior year. As noted previously, this decrease in cost is due to smaller scale events held in the current year when compared to the prior year. Of these costs, $246,000 was covered by the offsite parking fee. The remaining $3.1 million was invoiced to the Stadium Manager and has been reimbursed to the City.

Statistics for FY 2024/25 events are shown in Table 3 and comparative data from the last five years of operations are shown in Table 4. Additional historical data can be found in the Appendix.
7 Table 3

Earthquakes vs LAFC SoccerLuke CombsDay 1Luke CombsDay 2Ecuador vs Venezuela SoccerBrazil vs Colombia SoccerRolling Stones ConcertChelsea vs Wrexham SoccerEarthquakes vs Chivas SoccerPrior Year 2024/25 YTD 05/04/2405/17/2405/18/2406/22/2407/02/2407/17/2407/24/2407/27/24True-UpTotalNo. of Scanned Attendees 31,615 42,362 45,277 23,846 64,235 42,706 29,229 42,423 321,693 No. of Tickets Sold 37,054 48,130 48,826 26,254 65,766 47,405 29,609 45,436 334 - 348,814 Non-NFL Ticket Surcharge 148,216$ 192,520$ 195,304$ 105,016$ 263,064$ 189,620$ 118,436$ 181,744$ 1,496$ -$ 1,395,416$ No. of Non-NFL Special Events 67 - 67 Non-NFL Special Event Attendees 29,752 - 29,752 Cars Parked at Offsite Lots 2,422 3,937 4,930 3,759 6,284 5,287 4,485 6,237 - - 37,341 City Offsite Parking Fee 15,598$ 25,354$ 31,749$ 24,208$ 42,166$ 35,476$ 30,094$ 41,850$ -$ -$ 246,495$ Stadium Public Safety Costs 369,477$ 416,459$ 475,763$ 351,292$ 466,999$ 426,192$ 362,346$ 455,649$ -$ 59,761$ 3,383,940$ Less: Offsite Parking Fee Credit (15,598)$ (25,354)$ (31,749)$ (24,208)$ (42,166)$ (35,476)$ (30,094)$ (41,850)$ -$ -$ (246,495)$ Reimbursable Public Safety Costs 353,880$ 391,104$ 444,014$ 327,084$ 424,833$ 390,716$ 332,252$ 413,799$ -$ 59,761$ 3,137,444$ Amount Reimbursed 353,880$ 391,104$ 444,014$ 327,084$ 424,833$ 390,716$ 332,252$ 413,799$ -$ 59,761$ 3,137,444$ 2024/25 YTD Special EventsLevi's® StadiumFY 2024/25 Non-NFL Event StatisticsAs of March 31, 2025 8 Table 4

Table 5 summarizes ticketed Non-NFL revenues and expenditures by event. There were 8 ticketed Non-NFL events held in FY 2024/25 which generated an average net revenue of $1.0 million per event. The inclusion of this information is to provide transparency and the overall financial results of the Non-NFL events.

Table 5

$ In MillionsTicketed EventRevenueExpenseNetSporting Event 1 2.9$ 0.9$ 2.0$ Concert 1 2.7 1.0 1.7 Concert 2 2.4 0.9 1.5 Concert 3 2.2 0.8 1.4 Sporting Event 2 1.1 0.6 0.5 Sporting Event 3 1.1 0.6 0.5 Sporting Event 4 0.7 0.4 0.3 Sporting Event 5 0.8 0.6 0.2 Total Ticketed Non-NFL Net Revenue to Date13.9$ 5.8$ 8.1$ Levi's® StadiumTicketed Non-NFL Events Revenue and Expenditure SummaryAs of March 31, 2025 2020/21 Q42021/22 Q42022/23 Q42023/24 Q42024/25 Q4Total Total Total Total TotalNo. of Non-NFL Ticketed Events - - 7 8 8 No. of Tickets Sold - - 319,948 398,314 348,814 Non-NFL Ticket Surcharge -$ -$ 1,279,792$ 1,593,256$ 1,395,416$ No. of Non-NFL Special Events - 12 69 53 67 Non-NFL Special Event Attendees - 3,698 25,867 28,853 29,752 Cars Parked at Offsite Lots - - 35,302 38,716 37,341 City Offsite Parking Fee -$ -$ 215,155$ 247,937$ 246,495$ Stadium Public Safety Costs -$ 98,983$ $2,627,394 3,455,253$ 3,383,940$ Less: Offsite Parking Fee Credit -$ -$ (215,155)$ (247,937)$ (246,495)$ Reimbursable Public Safety Costs -$ 98,983$ 2,412,239$ 3,207,316$ 3,137,444$ Historical Non-NFL Event StatisticsLevi's® Stadium 9 Table 6 and 7 show Non-NFL net revenue by event type and event revenue and expenses by category respectively. For FY 2024/25, Stadium Manager anticipated Non-NFL events to result in projected net revenues of $6.0 million, as cited in the documents provided for the FY 2024/25 Proposed Stadium Authority Budget. Through the fourth quarter of FY 2024/25, ticketed events and non-ticketed special events contributed $8.1 million and $2.6 million in net revenues, respectively. There was also additional interest income of $1.8 million earned on Non-NFL events cash reserves offset by $2.3 million of other non- event specific expenses. Stadium Manager reported a net revenue of $10.2 million for the current reporting period.

Overall FY 2024/25 Non-NFL net revenue increased by $1.9 million when compared to the prior year. This increase was made up of ticketed Non-NFL net revenue increasing by $2.4 million due to more profitable soccer matches held during the year. When compared to the prior FY, fourteen additional special events were held in the current year leading to an increase of $535,000 in net revenue. Other operating expenses increased by $529,000, while other operating income primarily from bank interest earned on the cash collected from Non-NFL event ticket sales decreased by $477,000.

Table 6

EVENT TYPENo. of EventsNet RevenueNo. of EventsNet RevenueNo. of Events Net RevenueNo. of Events Net RevenueNo. of Events Net RevenueTicketed EventsConcerts 0 -$ 0 -$ 6 $ 6,131,747 5 $ 5,413,125 3 $ 4,598,119 Sporting events:Football (non-NFL) 0 - 0 - 0 - 0 - 0 - Soccer 0 - 0 - 1 451,890 3 318,096 5 3,500,854 Miscellaneous events 0 - 0 - 0 - 0 - 0 - Net Revenue from Ticketed Events0-$ 0-$ 76,583,637$ 85,731,221$ 88,098,973$ Subtotal Ticketed Events - Other Expenses (3)-$ -$ -$ -$ -$ 0 -$ 0 -$ 69 2,789,761$ 53 2,106,060$ 67 2,641,136$ Other Operating Income(1)-$ -$ 900,736$ 2,245,051$ 1,768,109$ Other Operating Expenses(2)-$ -$ (1,402,424)$ (1,815,647)$ (2,344,404)$ Total Non-NFL Net Revenue (3)0 -$ 0 -$ 76 8,871,710$ 61 8,266,685$ 75 10,163,814$ Net Revenue from Special Events (weddings, corporate events, etc.)(1) Other Operating Income are income not attributable to a specific event. Examples are interest income and reimbursements unrelated to a specific event.(2) Other Operating Expenses are expenses not attributable to a specific event. Examples are event selling expenses, administrative expenses and miscellaneous costs.(3) Net Revenue from Non-NFL Events does not include Non-NFL Event Ticket Surcharge.2023/242020/21Levi's StadiumNet Revenue for Non-NFL Events2024/25by Event TypeHistorical Year-to-Date through March 31, 20252021/22 2022/23 10 Table 7

2024/25YTD TotalREVENUE:Special Event Revenue 7,447,210$ Ticket Platform Fees 6,034,920 Suite Ticket Revenue 907,112 Parking 2,383,749 Food & Beverage - Ticketed Events 3,682,154 Food & Beverage - Special Events 739,376 Miscellaneous(1)2,585,523 Total Revenue23,780,044$ EXPENSE:Public Safety/Security 5,131,763$ Event Staff 2,958,564 Parking 2,268,848 Catering - Special Events 4,022,046 General Event Related Expenses 5,008,571 Expense Reimbursement from Event Licensee(2)(8,117,969) Miscellaneous(3)2,344,407 Total Expense 13,616,230$ Total Non-NFL Net Revenue 10,163,814$ (3) Includes catered events department staff costs, non-event specific staff costs, and other expenses.

Levi's® StadiumNon-NFL Event Results by CategoryAs of March 31, 2025 (2) Expenses incurred for Non-NFL events can either be the responsibility of the SCSA or the Event Licensee depending on the nature of the expense. This figure represents the total expenses incurred by the SCSA that were the responsibilty of the Event Licensee for which the SCSA has been reimbursed, net of the Event Licensee's share of ancillary revenues.(1) Includes venue rental fees, net merchandise sales, interest income, and other revenues. 11 Discretionary Fund
The Discretionary Fund is funded by revenue equal to $2 of the base Non-NFL ticket surcharge. The eight ticketed Non-NFL events contributed $697,000 to the Discretionary Fund in the reporting period which has been collected for the current fiscal year. This is based on the estimated attendance provided by the Stadium Manager.

The total NFL public safety costs above the threshold for the 2024/25 fiscal year amounted to $2.4 million, which was fully paid to the City by the Stadium Manager. The Stadium Authority subsequently reimbursed the Stadium Manager $2.4 million from the Discretionary Fund.

Table 8 shows the revenues and expenses in the Discretionary Fund for the last five years. Additional historical data can be found in the Appendix. The balance at the end of this reporting period was $715,000.

Table 8

Stadium Builder Licenses
The total principal value of currently active Stadium Builder Licenses (SBLs) is $562.2 million and, as of March 31, 2025, 95.4% of the total principal value of all SBLs sold ( i.e., $536.1 million) had been collected. Payment for the sale of SBLs can be financed over 10 years.

SBL holders that finance their purchase pay an annual interest rate of 8.5% and payments are due by March 1st each year. The majority of SBL holders make their payments on time. For those that do not pay on time, SBL service staff, working for Stadium Manager on the Stadium Authority’s behalf, contact the SBL holders and attempt to collect the full amounts owed. Ultimately, a SBL can be defaulted for non-payment. Once a SBL is defaulted, the SBL holder in default loses their right to buy season tickets as well as their priority rights to tickets to Non-NFL events and forfeits any money they had invested in the SBL. Defaulted SBLs are then available for resale.

When SBL holders do not purchase NFL season tickets, their SBL is not defaulted, however they lose exclusive rights to their seats and their seats may be sold to another SBL holder. This results in cases where a seat may have more than one SBL associated with it and why there are currently more active SBLs than there are available SBL seats.

If the original SBL holder decides to purchase season tickets in the future, they can relocate to a new seat in the same or higher price level, subject to availability. If the Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2020/21 2,327,850$ -$ 18$ 2,327,832$ 2021/22 2,327,832 - (18) 2,327,850 2022/23 2,327,850 639,896 1,300,051 1,667,695 2023/24 1,667,695 796,628 - 2,464,323 2024/252,464,323 696,9602,446,508 714,775 Discretionary Fund Reserve 12 relocation results in a change in price level, they need to pay for the difference between their original SBL and the new one. If they chose not to relocate, they must wait for their seat to be available again before they can purchase NFL season tickets.

There is a total of 67,554 currently active SBLs. This is an increase of 2,561 from the total active SBLs at the end of the prior fiscal year (March 31, 2024). The main reasons for the increase are due to sale of new SBLs and customer seat relocation program offset by defaults. The customer seat relocation program allows customers to trade in their SBLs in return for others in a different location as long as the total face value of the new seats is equal to or greater than the original seats.

During the current reporting period, 1,425 SBLs were sold for a total face value of $9.5 million. The customer seat relocation program resulted in an increase of $1.1 million to the SBL face value, while netting 1,641 more SBLs. There were also 505 SBLs defaulted with a face value of $3.4 million.

Additional details regarding currently active SBLs are noted in Table 9. 13 Table 9

SBL Seats AvailableSBL Seats Sold as of 3/31/24New SBL SalesNet SBL RelocationsSBL DefaultsOtherSBL Seats SoldSBL Value SBL Collected% SBL Principal Collected100 100 - - - - 100 14,082,625$ 13,960,944$ 99.1%942 938 2 2 - - 942 75,360,000$ 74,738,913$ 99.2%2 2 - - - - 2 80,000$ 79,600$ 99.5%4,945 4,670 63 (23) (26) - 4,684 140,520,000$ 135,133,432$ 96.2%3,475 3,030 91 (16) (22) - 3,083 61,660,000$ 57,293,859$ 92.9%90 64 23 - - - 87 1,522,500$ 1,211,024$ 79.5%7 7 - - - - 7 105,000$ 105,000$ 100.0%2,163 2,198 29 (13) (16) - 2,198 26,376,000$ 25,058,646$ 95.0%7 7 - - - - 7 70,000$ 69,915$ 99.9%20,656 20,988 246 (77) (134) - 21,023 126,138,000$ 120,947,552$ 95.9%14,311 14,533 493 (324) (199) - 14,503 72,515,000$ 66,428,813$ 91.6%916 927 - - - - 927 3,708,000$ 3,685,097$ 99.4%88 91 - (2) - - 89 267,000$ 264,863$ 99.2%36 40 - - - - 40 100,000$ 99,998$ 100.0%18,392 17,367 478 2,092 (108) - 19,829 39,658,000$ 36,960,980$ 93.2%26 31 - 2 - - 33 33,000$ 32,973$ 99.9%66,156 64,993 1,425 1,641 (505) - 67,554 562,195,125$ 536,071,609$ 95.4%Plus: Interest on financed SBLs67,989,758$ Total Principal & Interest604,061,367$ (1)This table does not include $37.75 million that has been collected life-to-date from defaulted SBL holders. Total10,000$ Santa Clara Stadium AuthorityCurrently Active Stadium Builder License (SBL) Summary (1)Through March 31, 2025Seat Value141,392$ 80,000$ 40,000$ 30,000$ 20,000$ 15,000$ 12,000$ 6,000$ 5,000$ 4,000$ 3,000$ 2,500$ 2,000$ 1,000$ 17,500$ 14 Santa Clara Stadium Authority Budget Status Reports
Operating Budget

With FY 2024/25 complete, total operating revenues were $74.5 million representing 104% of the overall budget for revenues. During the current reporting period, the Stadium Authority collected $8.4 million in SBL proceeds or 105% of what was budgeted. All SBL proceeds are to be transferred to the debt service fund per applicable loan agreements.

Stadium Authority also recognized $24.8 million in rent from StadCo, $14.6 million in NFL Ticket Surcharge, $7.8 million in Naming Rights, $5.9 million in interest and $816,000 in sponsorship (STR) revenue. In addition, the Stadium Authority reported $10.2 million in net-revenues and $1.4 million in ticket surcharge from Non-NFL events in FY 2024/25.

Total Operating expenses were $51.6 million, or 93% of the annual budget. Shared Stadium Manager expenses were at 85% of the budget, or $11.8 million of the $13.8 million budgeted amount and SBL Sales and Service expenses were 92% of the budget or $3.2 million. Utility costs are 92% of the budget for the year, or $1.6 million.

Performance Rent expenses are 104% of the budget, or $11.9 million of the $11.5 million budgeted amount. Performance Rent expenses paid to the City exceeded the budget due to higher net revenue generated from Non-NFL events. Public Safety Costs (PSC) Over the Threshold are 106% of the budget or $2.4 million. PSC Over the Threshold were higher than projected due to additional costs incurred for NFL games and this was paid from the discretionary fund reserve. Payments made for the PSC 2024 Outstanding Balance amounted to $9.5 million, or 100% of the budget. Transfer to the City’s General Fund from Excess Revenue were at 100%, totaling $6.2 million. This is the first year that excess revenues have been transferred to the City’s General Fund as a result of the 2024 Settlement Agreement. Transfers out for debt service and capital expenditures fund amounted to $17.5 million and $5.6 million, respectively. Lastly, Stadium Authority G&A costs were below budgeted levels at $3.1 million or 73% of the budget. Total Operating Fund expenses were under budget by $3.7 million.

Additional details are shown in Table 10.
15 Table 10

Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund BalanceDiscretionary Fund Reserve 2,464,323$ 2,464,323$ -$ NA 1,667,695$ 1,667,695$ -$ NALegal Contingency Reserve - Buffet Costs 3,321,116 3,321,116 - NA 2,066,749 2,066,749 - NALegal Contingency Reserve - Public Safety Costs 7,324,722 7,324,722 - NA 4,246,725 4,246,725 - NAOperating Reserve 26,095,478 26,095,478 - NA 25,335,402 25,335,402 - NARenovation/Demolition Reserve 31,440,735 31,440,735 - NA 5,323,390 5,323,390 - NAStadium Funding Trust Reserve 3,611,041 3,611,041 - NA 3,420,994 3,420,994 - NAUnrestricted 15,915,719 15,915,719 - NA 13,880,278 13,880,278 - NATotal Beginning Fund Balance 90,173,134$ 90,173,134$ -$ NA 55,941,233$ 55,941,233$ -$ NARevenueNFL Ticket Surcharge 14,595,000$ 14,595,294$ (294)$ 100% 12,178,000$ 12,716,579$ (538,579)$ 104%SBL Proceeds 7,969,000 8,399,593 (430,593) 105% 12,589,000 15,424,462 (2,835,462) 123%Interest 5,435,000 5,919,930 (484,930) 109% 1,249,000 4,845,464 (3,596,464) 388%Net Revenues from Non-NFL Events 9,250,000 10,163,814 (913,814) 110% 4,500,000 8,266,685 (3,766,685) 184%Naming Rights 7,830,000 7,829,791 209 100% 7,602,000 7,601,739 261 100%Sponsorship Revenue (STR) 519,000 815,811 (296,811) 157% 475,000 835,452 (360,452) 176%Rent 24,762,000 24,762,000 - 100% 24,762,000 24,762,000 - 100%Senior & Youth Program Fees 279,000 278,582 418 100% 250,000 250,000 - 100%Non-NFL Event Ticket Surcharge 1,149,000 1,393,920 (244,920) 121% 1,296,000 1,593,256 (297,256) 123%Other Revenue - 295,747 (295,747) NA - 167,111 (167,111) NATotal Revenue 71,788,000$ 74,454,482$ (2,666,482)$ 104% 64,901,000$ 76,462,748$ (11,561,748)$ 118%Total Source of Funds 161,961,134$ 164,627,616$ (2,666,482)$ 102% 120,842,233$ 132,403,981$ (11,561,748)$ 110%Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Used Budget Actuals Difference UsedExpensesShared Stadium Manager ExpensesStadium Operations 3,384,000$ 2,948,297$ 435,703$ 87% 4,550,000$ 3,830,372$ 719,628$ 84%Engineering 3,935,000 3,012,965 922,035 77% 2,694,000 2,793,094 (99,094) 104%Guest Services 621,000 350,486 270,514 56% 645,000 427,205 217,795 66%Groundskeeping 316,000 135,948 180,052 43% 650,000 465,124 184,876 72%Security 1,602,000 1,253,332 348,668 78% 1,564,000 1,127,065 436,935 72%Insurance 3,427,000 3,426,986 14 100% 3,327,000 3,327,172 (172) 100%Stadium Management Fee 533,000 662,430 (129,430) 124% 516,515 690,607 (174,092) 134%Shared Stadium Mngr Exps Subtotal 13,818,000$ 11,790,444$ 2,027,556$ 85% 13,946,515$ 12,660,639$ 1,285,876$ 91%Other Operating ExpensesSBL Sales and Service 3,511,000$ 3,213,428$ 297,572$ 92% 2,333,000$ 2,429,023$ (96,023)$ 104%Senior & Youth Fees (paid to City) 279,000 278,582 418 100% 250,000 250,000 - 100%Ground Rent (paid to City) 1,000,000 1,000,000 - 100% 495,000 495,000 - 100%Performance Rent (paid to City) 11,450,000 11,906,629 (456,629) 104% - - - NADiscretionary Fund Expense 250,000 - 250,000 0% 250,000 - 250,000 0%Utilities 1,711,000 1,581,874 129,126 92% 1,391,000 1,472,995 (81,995) 106%Use of StadCo Tenant Improvements 172,000 172,827 (827) 100% 133,000 138,405 (5,405) 104%Stadium Authority G&A 4,288,000 3,116,504 1,171,496 73% 3,919,900 3,085,799 834,101 79%Naming Rights Commission 136,000 96,426 39,574 71% 94,000 93,618 382 100%Other Expenses 748,000 388,174 359,826 52% 734,000 393,342 340,658 54%PSC Over Threshold 2,312,000 2,446,508 (134,508) 106% - - - NAPSC 2024 Outstanding Balance 9,487,000 9,486,570 430 100% - - - NA6,166,000 6,165,454 546 100% - - - NAOther Operating Expenses Subtotal 41,510,000$ 39,852,976$ 1,657,024$ 96% 9,599,900$ 8,358,182$ 1,241,718$ 87%Total Expenses 55,328,000$ 51,643,420$ 3,684,580$ 93% 23,546,415$ 21,018,821$ 2,527,594$ 89%Transfers OutDebt Service 17,471,000$ 17,470,912$ 88$ 100% 25,457,000$ 17,297,708$ 8,159,292$ 68%Capital Expenditures Reserve 4,032,000 4,031,748 252 100% 3,915,000 3,914,319 681 100%CapEx Reserve - Levi's Naming Rights 1,575,000 1,575,000 - 100% - - - NATotal Transfers Out 23,078,000$ 23,077,660$ 340$ 100% 29,372,000$ 21,212,027$ 8,159,973$ 72%Ending Fund BalanceDiscretionary Fund Reserve 477,323$ 714,775$ (237,452)$ NA 2,065,695$ 2,464,323$ (398,628)$ NALegal Contingency Reserve - Buffet Costs - - - NA 3,143,749 3,321,116 (177,367) NALegal Contingency Reserve - Public Safety Costs - - - NA 6,249,225 7,324,722 (1,075,497) NAOperating Reserve 26,878,478 26,878,328 150 NA 25,935,402 26,095,478 (160,076) NARenovation/Demolition Reserve 43,772,576 43,771,643 933 NA 10,828,875 31,440,735 (20,611,860) NAStadium Funding Trust Reserve 5,750,645 3,898,514 1,852,131 NA 4,655,914 3,611,041 1,044,873 NAUnrestricted 6,676,112 14,643,276 (7,967,164) NA 15,044,958 15,915,719 (870,761) NATotal Ending Fund Balance 83,555,134$ 89,906,536$ (6,351,402)$ NA 67,923,818$ 90,173,133$ (22,249,315)$ NATotal Use of Funds 161,961,134$ 164,627,616$ (2,666,482)$ 102% 120,842,233$ 132,403,981$ (11,561,748)$ 110%(1)Adjustments include previously approved budget amendments through March 25, 2025Transfer to City General Fund from Excess Revenues Santa Clara Stadium AuthorityOperating Budget Status ReportFor the Period Ending March 31, 2025 and 2024Period Ending March 31, 2024Period Ending March 31, 2025 16 Operating Budget – Recommended Budget Adjustments
From time to time, budget adjustments may be necessary to align revenues or expenditures to actual or unexpected activity during the course of a fiscal year, known after the adoption of the Stadium Authority Budget.

On March 11, 2025, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2025/26 Operating, Debt Service, and Capital Budget. The following technical budget adjustments are recommended to true up fund balances to align the balances with FY 2024/25 actual performance:

1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2024/25 year- end actual was completed and fund balance adjustments totaling $3.1 million to the FY 2025/26 beginning and ending fund balances are necessary. Because budget adoption is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.

Additional details are shown in Table 11.
17 Table 11

Santa Clara Stadium Authority
2025/26 Operating Budget Adjustment

Item
#
Line Item Source of
Funds
Use of
Funds
Explanation
1 Beginning Fund
Balance – Discretionary
Fund Reserve
($134,548) This action decreases the
Beginning Fund Balances for
Discretionary Fund Reserve
from $849,323 to $714,775 as
a result of FY 2024/25 year-
end actuals reconciliation.
1 Beginning Fund
Balance – Operating
Reserve
($136) This action decreases the
Beginning Fund Balances for
Operating Reserve from
$26,878,464 to $26,878,328 as
a result of FY 2024/25 year-
end actuals reconciliation.
1 Beginning Fund
Balance –
Renovation/Demolition
Reserve
$544,908 This action increases the
Beginning Fund Balances
Renovation/Demolition
Reserve from $43,226,735 to
$43,771,643 as a result of FY
2024/25 year-end actuals
reconciliation.
1 Beginning Fund
Balance - Stadium
Funding Trust Reserve
($1,851,998) This action decreases the
Beginning Fund Balance for
Stadium Funding Trust
Reserve from $5,750,512 to
$3,898,514 as a result of FY
2024/25 year-end actuals
reconciliation.
1 Beginning Fund
Balance – Unrestricted
$4,509,177 This action increases the
Beginning Fund Balance –
Unrestricted from $10,134,099
to $14,643,276 as a result of
FY 2024/25 year-end actuals
reconciliation.
1 Ending Fund Balance
Discretionary Fund
Reserve
($134,548) This action decreases the
Ending Fund Balances for
Discretionary Fund Reserve
from $1,180,323 to $1,045,775
as a result of FY 2024/25 year-
end actuals reconciliation.
1 Ending Fund Balance –
Operating Reserve
($136) This action decreases the
Ending Fund Balances for
Operating Reserve from
$27,684,464 to $27,684,328 as
a result of FY 2024/25 year-
end actuals reconciliation.
18 1 Ending Fund Balance –
Renovation/Demolition
Reserve
$544,908 This action increases the
Ending Fund Balance
Renovation/Demolition
Reserve from $49,169,735 to
$49,714,643 as a result of FY
2024/25 year-end actuals
reconciliation.
1 Ending Fund Balance -
Stadium Funding Trust
Reserve
($1,851,998) This action decreases the
Ending Fund Balance for
Stadium Funding Trust
Reserve from $9,456,000 to
$7,604,002 as a result of FY
2024/25 year-end actuals
reconciliation.
1 Ending Fund Balance –
Unrestricted
$4,509,177 This action increases the
Ending Fund Balance –
Unrestricted from $4,721,611
to $9,230,788 as a result of FY
2024/25 year-end actuals
reconciliation.

Total $3,067,403 $3,067,403

19 Debt Service Budget
The Stadium Authority’s FY 2024/25 debt service revenue budget of $3.5 million represents anticipated contributions from the Community Facilities District (CFD). The CFD levies and collects a special hotel tax on hotel rooms within the CFD. All collections from the special CFD hotel taxes are contributed to Stadium Authority to pay down the CFD Advance. The CFD Advance is payable solely from amounts received by the Stadium Authority from the CFD. During FY2024/25, $3.4 million was contributed by the CFD, or 99% of the annual budget. Of this amount, $3.4 million was collected and used to pay down the CFD Advance.

Total Stadium Authority debt service expenses for the current reporting period were $20.3 million, or 100% of the budgeted amount. The debt service expenses for the CFD Advance and the Term A Loan were $3.4 million and $16.9 million, respectively.

As of March 31, 2025, the total outstanding amount of Stadium Authority debt had declined to $219.6 million. This is a reduction in principal of $9.1 million from the March 31, 2024 outstanding debt amount of $228.7 million.

Additional details are shown in Tables 12 and 13 and Chart 1.

20 Table 12

Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund BalanceRequired Debt Service Reserve 11,536,235$ 11,536,235$ -$ NA 11,536,235$ 11,536,235$ -$ NADebt Service Reserve 8,122,980 8,122,980 - NA 15,663,801 15,663,801$ - NATotal Beginning Fund Balance 19,659,215$ 19,659,215$ -$ NA 27,200,036$ 27,200,036$ -$ NARevenueContribution from CFD 3,457,000$ 3,408,575$ 48,425$ 99% 3,217,000$ 3,467,626$ (250,626)$ 108%Total Revenues 3,457,000$ 3,408,575$ 48,425$ 99% 3,217,000$ 3,467,626$ (250,626)$ 108%Transfers InTransfers In from Operating 17,471,000$ 17,470,911$ 89$ 100% 25,457,000$ 17,297,708$ 8,159,292$ 68%Total Transfers In 17,471,000$ 17,470,911$ 89$ 100% 25,457,000$ 17,297,708$ 8,159,292$ 68%Total Source of Funds 40,587,215$ 40,538,701$ 48,514$ 100% 55,874,036$ 47,965,370$ 7,908,666$ 86%Budget to Budget toFinal(1)YTD Actual Final YTD ActualBudget Actuals Difference % Used Budget Actuals Difference% UsedExpensesCFD Advance 3,429,000$ 3,363,652$ 65,348$ 98% 2,900,000$ 2,849,343$ 50,657$ 98%Term A Loan 16,933,000 16,932,714 286 100% 25,457,000 25,456,812$ 188 100%Total Expenses 20,362,000$ 20,296,366$ 65,634$ 100% 28,357,000$ 28,306,155$ 50,845$ 100%Ending Fund BalanceRequired Debt Service Reserve 11,536,235$ 11,536,235$ -$ NA 11,536,235$ 11,536,235$ -$ NADebt Service Reserve 8,688,980 8,706,100 (17,120) NA 15,980,801 8,122,980 7,857,821 NATotal Ending Fund Balance 20,225,215$ 20,242,335$ (17,120)$ NA 27,517,036$ 19,659,215$ 7,857,821$ NATotal Use of Funds 40,587,215$ 40,538,701$ 48,514$ 100% 55,874,036$ 47,965,370$ 7,908,666$ 86%(1)Adjustments include previously approved budget amendments through March 25, 2025 Debt Service Budget Status ReportFor the Period Ending March 31, 2025 and 2024Period Ending March 31, 2024Santa Clara Stadium AuthorityPeriod Ending March 31, 2025 21 Table 13

Chart 1

Type of Indebtedness Interest Rates
Outstanding as of
March 31, 2024 Net Change
Outstanding as of
March 31, 2025
Stadium Funding Trust Loan:

Term A Loan 5.00% 199,956,240$ (7,299,896)$ 192,656,344$ StadCo CFD Advance 5.73% 28,711,586 (1,758,666) 26,952,920 Total $ 228,667,826 $ (9,058,562) $ 219,609,263 Period Ending March 31, 2025
Santa Clara Stadium Authority
Debt Summary Report
$-
$100
$200
$300
$400
$500
$600
$700
Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 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
$325.3$340.2
$296.8 $280.3
$245.3 $228.7 $219.6
• • • • • •
22 Debt Service Budget – Recommended Budget Adjustments From time to time, budget adjustments may be necessary to align revenues or expenditures to actual or unexpected activity during the course of a fiscal year, known after the adoption of the Stadium Authority Budget.

1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2024/25 year- end actual was completed and fund balance adjustments totaling $115,000 to the FY 2025/26 beginning and ending fund balances are necessary. Because budget adoption is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.

Additional details are shown in Table 14.

Table 14

Santa Clara Stadium Authority
2025/26 Debt Service Budget Adjustment

Item # Line Item Source of
Funds
Use of
Funds
Explanation
1 Beginning Fund
Balance - Debt
Service Reserve
($114,880) This action decreases the
Beginning Fund Balance from
$8,820,980 to $8,706,100 as a
result of FY 2024/25 year-end
actuals reconciliation.
1 Ending Fund Balance
- Debt Service
Reserve
($114,880) This action decreases the Ending
Fund Balance from $9,426,980 to
$9,312,100 as a result of FY
2024/25 year-end actuals
reconciliation.

Total ($114,880) ($114,880)

23 Capital Improvement Project (CIP) Budget

As part of the Capital Expense (“CapEx”) Plan, some of the projects that have been completed as of the current reporting period are:
 Bowl Camera Upgrade/Refurbishment
 Command Post Video Wall Upgrade
 D7 Tactical Decon Spray
 Enhance Stadium Security Coverage
 Food and Beverage - Concession Area
 Lighting System - Field / Sport Lighting LED Retrofit  Overhead Doors, Motors, Sensors and Track Replacements  Replacement of end-of-life End User IT equipment
 Secure Video File Sharing Software Integration
 Smoke Evacuation System - Fire Smoke Curtain Replacement  Street Signage
 Updated Stadium Wayfinding Signage

Some of the projects that were underway during the current reporting period:
 Aesthetic Improvements – Premium Areas/Special Event Spaces  Broadcast Booth Window System Replacement
 General Areas/Coating Main Deck
 LED Retrofit Project - Phase 1
 Replace Furniture for BNY Field Clubs, United, Levi's 501 & Yahoo clubs and Special Event spaces
 Levi’s® Naming Rights Signage Refurbishment
 Lighting Systems – Fixture Replacement of Major Outdoor Lighting/LED Retrofit  Main Kitchen Equipment
 Plumbing - Boilers
 Radio Booth Cabling
 Stormwater System Assessment and Replacements
 Women’s Locker Room

The CIP Budget increased from $22.0 million to $24.1 million in the current reporting period due to adopted budget amendments. A total of $8.2 million has been spent during FY 2024/25, which amounts to 34% of the budget. The main reason that this is below budget is due to the timing of activity for CIP projects. There has also been no activity on warranty work which makes up 6% of the CIP Budget.

Additional details are shown below in Table 15.
24 Table 15

Budget to Budget toFinal(1)YTD Actual % Final YTD Actual %Budget Actuals Difference Received Budget Actuals Difference ReceivedBeginning Fund Balance 19,862,834$ 19,862,834$ -$ NA 22,977,809$ 22,977,809$ -$ NATransfers InTransfers In from Operating 4,032,000$ 4,031,748$ 252$ 100% 3,915,000$ 3,914,319$ 681$ 100%Transfers In from Operating - Levi's Naming Rights 1,575,000 1,575,000 -$ 100% - - - NATotal Transfers In 5,607,000$ 5,606,748$ 252$ 100% 3,915,000$ 3,914,319$ 681$ 100%Total Source of Funds 25,469,834$ 25,469,582$ 252$ 100% 26,892,809$ 26,892,128$ 681$ 100%Budget to Budget toFinal(1)YTD Actual Final YTD ActualBudget Actuals Difference % Used Budget Actuals Difference % UsedExpensesConstruction 15,697,725$ 5,021,113$ 10,676,612$ 32% 11,521,424$ 5,621,274$ 5,900,150$ 49%Equipment 5,943,000 3,170,248 2,772,752 53% 7,372,196 1,408,020 5,964,176 19%Contingency & Misc 973,000 - 973,000 0% 903,052 - 903,052 0%Stadium Warranty Related Construction 1,528,000 - 1,528,000 0% 1,528,202 - 1,528,202 0%Total Expenses 24,141,725$ 8,191,361$ 15,950,364$ 34% 21,324,874$ 7,029,294$ 14,295,580$ 33%Ending Fund Balance 1,328,109$ 17,278,221$ (15,950,112)$ NA 5,567,935$ 19,862,834$ (14,294,899)$ NATotal Use of Funds 25,469,834$ 25,469,582$ 252$ 100% 26,892,809$ 26,892,128$ 681$ 100%(1)Adjustments include previously approved budget amendments through March 25, 2025 CIP Budget Status ReportFor the Period Ending March 31, 2025 and 2024Period Ending March 31, 2024Santa Clara Stadium AuthorityPeriod Ending March 31, 2025 25 CIP Budget – Recommended Budget Adjustments
From time to time, budget adjustments may be necessary to align revenues or expenditures to actual or unexpected activity during the course of a fiscal year, known after the adoption of the Stadium Authority Budget.

On March 11, 2025, the Stadium Authority Board adopted the Santa Clara Stadium Authority FY 2025/26 Operating, Debt Service, and Capital Budget. The budget amendment recommended in this report include technical adjustments to true up fund balances based on actual FY 2024/25 performance, capital project carryover adjustments and an adjustment to the Levi’s naming rights signage project all described as follows:

1) Beginning Fund Balance / Ending Fund Balance Adjustment - The FY 2024/25 year- end actual was completed and fund balance adjustments to the FY 2025/26 beginning and ending fund balances are necessary. Because budget adoption is conducted in March, estimates are used to determine the beginning and ending fund balances, including reserve amounts.

2) Levi’s Naming Rights Signage Refurbishment – Under the implementation agreement, the Stadium Authority is responsible for funding the first $2.0 million of total project costs and any costs over the initial $2.0 million will be shared between the Stadium Authority (70%) and StadCo (30%). All costs associated with this project will be capitalized as a fixed asset of the Stadium Authority. Therefore, the Stadium Authority will be reimbursed by StadCo for its share of the project costs. A budget adjustment of $797,607 is needed to appropriate StadCo’s reimbursable portion of this project’s costs as well as revenue from StadCo to cover such costs. A detailed breakdown of projected costs is provided below.

3) Capital Project Carryover Adjustments – With the completion of FY 2024/25 year- end actuals, adjustments to the FY 2025/26 CIP Budget are necessary to align project carryovers with actual spend from FY 2024/25. Because the adoption of budget is conducted in March, projected spend is used to determine the FY 2025/26 projected carry over.

4) Requested CIP Budget Amendments – The Police Department is requesting several CapEx Projects that need to be procured this fiscal year. They are described below:
26 a. Radio Batteries ($30,000): This project would replace 168 batteries for stadium radios. The current batteries have extended beyond their usable lifespan. The radio batteries are included in the CapEx 5 Year Forecast under FY 2026/27 in the amount of $15,500; however, they require replacement ahead of their initial projected end of life. The estimated cost in the CapEx 5 Year Forecast was based on actual costs from 2020 and the pricing has since increased.

b. Radio Batteries/Chargers ($7,500): Santa Clara Police Department (SCPD) officers have received updated radios that are not compatible with stadium radios. This project would procure 20 backup batteries for the SCPD radios and two chargers for the backup batteries. The battery portion of this project was included in the FY 2026/27 radio battery replacement project that was included in the CapEx 5 Year Forecast described above.

c. Body Worn Camera Storage ($30,000): This project would install a docking station in the police briefing room at the stadium for Body Worn Cameras (BWCs) utilized by officers assigned to the stadium. Currently, these BWCs are stored at the Police Department and there are operational inefficiencies associated with transporting the BWCs to and from the stadium before and after each event for usage, charging, and uploading evidence. The on-site docking station provides for cost savings in staff time that exceed the cost of the project.

d. Livescan Equipment ($15,000): This project will procure a new monitor and hardware for fingerprinting equipment at the stadium temporary holding facility. This system is necessary to be compatible with the Santa Clara County’s updated booking system.

e. Credentialing Equipment ($17,000): This project will procure two new credentialing printers, one to be placed at the police station and another at the stadium. Due to recent changes in the credentialing process, SCPD require credentialing printers that have the ability to print credentials.

Additional details are shown in Table 16.

27 Table 16

Santa Clara Stadium Authority
2025/26 CIP Budget Adjustment

Item
#
Line Item Source of Funds Use of Funds Explanation
1 Beginning Fund
Balance
$1,205,387 This action increases the
Beginning Fund Balance
from $16,072,834 to
$17,278,221 as a result of
FY 2024/25 year-end
actuals reconciliation.
2 Other Revenue $797,607 This action increases the
CIP Budget for Other
Revenues by $797,607
(from $0 to $797,607) for
the reimbursement from
StadCo for its share of the
Levi’s Naming Rights
Signage Refurbishment
project.
2 & 3 Levi's Naming Rights
Signage Refurbishment
(2022/23 Carryover)

$853,207

This action increases the
Capital Expenditure
Budget by $853,207
which includes $797,607
for reimbursable
construction costs and
$55,600 project carryover
based on actual FY
2024/25 expenditures
(from $1,624,551 to
$2,477,758). The revised
FY 2025/26 project
budget is $2,477,758.
3 Lighting Systems -
Fixture Replacement of
Major Outdoor Lighting
/ LED Retrofit / Sports
Lighting
$1,965,726 Based on actual FY
2024/25 expenditures,
this action increases the
project carryover by
$1,965,726 (from
$2,665,655 to
$4,631,381). The revised
FY 2025/26 project
budget is $4,631,381.

28 3 LED Retrofit Project -
Phase 1

($36,145) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$36,145 (from $131,250
to $95,105). The revised
FY 2025/26 project
budget is $95,105.
3 Broadcast Booth
Window System
Replacement

($17,470) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$17,470 (from $157,500
to $140,030). The revised
FY 2025/26 project
budget is $140,030.
3 Stormwater System
Assessment and
Replacements

($66,075) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$66,075 (from $210,000
to $143,925). The revised
FY 2025/26 project
budget is $143,925.
3 Aesthetic
Improvements -
Premium Areas /
Special Event Spaces
(2022/23 Carryover)
($49,379) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$49,379 (from $192,110
to $142,731). The revised
FY 2025/26 project
budget is $143,731.
3 Project and
Construction
Management Firm
(2023/24 Carryover)

($43,145) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$43,145 (from $160,520
to $117,375). The revised
FY 2025/26 project
budget is $117,375.
3 Women's Locker Room
(2019/20 Carryover)

$61,957 Due to a change order
issued after the
FY2025/26 budgeting
process, this action is to
carry over $61,957 in
unspent funds from FY
2024/25 (increasing the
project budget from $0
to $61,957). The revised
FY 2025/26 project
budget is $61,957.
3 General Areas /
Coatings Main Deck
$306,560 Based on actual FY
2024/25 expenditures,
29 (2021/22 Carryover)

this action is to carry over
$306,560 in unspent
funds from FY 2024/25
(increasing the project
budget from $0
to $306,560). The revised
FY 2025/26 project
budget is $306,560.
3 Plumbing - Boilers
(2023/24 Carryover)

($116,857) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$116,857 (from $946,764
to $829,907). The revised
FY 2025/26 project
budget is $829,907.
3 Main Kitchen
Equipment (2016/17
Carryover)

$1,856 Based on actual FY
2024/25 expenditures,
this action increases the
project carryover by
$1,856 (from $275,423
to $277,279). The revised
FY 2025/26 project
budget is $277,279.
3 Replace Furniture for
BNY Field Clubs,
United, Levi's 501 &
Yahoo clubs and
Special Event spaces
(2019/20 Carryover)

($5,129) Based on actual FY
2024/25 expenditures,
this action decreases the
project carryover by
$5,129 (from $80,241
to $75,112). The revised
FY 2025/26 project
budget is $75,112.
3 Security General
Allowance (2023/24
Carryover)

$29,538 Based on actual FY
2024/25 expenditures,
this action increases the
project carryover by
$29,538 (from $302,362
to $331,900). The revised
FY 2025/26 project
budget is $331,900.

30 4 Radio Batteries $30,000 This project will replace 168 batteries for stadium
radios. The current
batteries have extended
beyond their usable
lifespan. The radio
batteries are included in
the CapEx 5 Year
Forecast under FY
2026/27 in the amount of
$15,500; however, they
require replacement
ahead of their initial
projected end of life. The
estimated cost in the
CapEx 5 Year Forecast
was based on actual
costs from 2020 and the
pricing has since
increased.
4 Radio
Batteries/Chargers
$7,500 Santa Clara Police
Department (SCPD)
officers have received
updated radios that are
not compatible with
stadium radios. This
project will procure 20
backup batteries for the
SCPD radios and two
chargers for the backup
batteries. The battery
portion of this project was
included in the FY
2026/27 radio battery
replacement project that
was included in the
CapEx 5 Year Forecast
described above.

31 4 Body Worn Camera
Storage
$30,000 This project will install a
docking station in the
police briefing room at the
stadium for Body Worn
Cameras (BWCs) utilized
by officers assigned to the
stadium. Currently, these
BWCs are stored at the
Police Department and
there are operational
inefficiencies associated
with transporting the
BWCs to and from the
stadium before and after
each event for usage,
charging, and uploading
evidence. The on-site
docking station provides
for cost savings in staff
time that exceed the cost
of the project.
4 Livescan Equipment $15,000 This project will procure a new monitor and
hardware for fingerprinting
equipment at the stadium
temporary holding facility.

This system is necessary
to be compatible with the
Santa Clara County’s
updated booking system
4 Credentialling
Equipment
$17,000 This project will procure
two new credentialing
printers, one to be placed
at the police station and
another at the stadium.

Due to recent changes in
the credentialing process,
SCPD require
credentialing printers that
have the ability to print
credentials.
1-4 Ending Fund Balance ($981,150) This action decreases the Ending Fund Balance to
offset actions taken
above.

Total $2,002,994 $2,002,994

32 City of Santa Clara Net General Fund Impact
During the current reporting period there was a total of $20.0 million that was contributed to the General Fund as shown in Table 17. This section of the report also provides information on General Fund revenue and expenditure impacts resulting from the stadium.

As a result of the 2024 Settlement Agreement, the First Amendment to the Amended and Restated Lease Agreement, and the Second Amendment to the Ground Lease allowed for a total of $11.9 million in performance rent to be paid to the City for fiscal years 2022/23 ($4.2 million), 2023/24 ($3.1 million) and 2024/25 ($4.6 million). The agreement also restructured the excess revenue distribution, resulting in a $6.2 million transfer to the City at year-end.

Table 17

Public Safety and Administrative Cost Reimbursement
As described in earlier sections of this report, costs incurred by the City on NFL and Non- NFL events are tracked and billed to ManCo. Reimbursement is monitored and included in this report. In the current reporting period, public safety costs incurred in support of NFL and Non-NFL events held at Levi’s® Stadium totaled $5.8 million and $3.3 million, respectively. The reimbursements come from a combination of payments from the Stadium Manager and the offsite parking fees that were collected. As of the report date, the City has received $5.4 million in NFL and $3.1 million in Non-NFL public safety reimbursements from the Stadium Manager and $546,000 in NFL and $246,000 in Non- NFL offsite parking fees.

Public safety costs for NFL events continue to be above the annual public safety cap.

The 2024 Settlement Agreement and resulting lease agreements provided for an adjustment to increase the NFL public safety cost threshold beginning in FY 2024/25 to $360,000 per game, with a 4% increase each lease year thereafter. Under the settlement agreement, $14.8 million in accrued but unpaid Public Safety Cost Credits was redefined as Public Safety Costs (PSC) 2024 Outstanding Balance and was partially paid down using $3.3 million in litigation contingency funds and $6.2 million from excess revenues in the current year. The remaining balance of $5.3 million is projected to be paid through excess revenues. It is currently estimated that the PSC 2024 Outstanding Balance will be Ground Rent 1,000,000$ Performance Rent 11,906,629 Transfer to General Fund from Excess Revenue 6,165,454 Senior and Youth Fee 278,582 Sales Tax 671,504 20,022,169$ City of Santa ClaraNet General Fund ImpactFor Stadium Authority Total Net General Fund ImpactPeriod Ending March 31, 2025 33 paid off by FY 2027/28.

In addition to public safety costs, administrative costs are also tracked and billed to the Stadium Authority. These include the cost of providing overall stadium management, financial, human resource, legal, and other services to the Stadium Authority. Through the fourth quarter of FY 2024/25, a total of $2.3 million of administrative costs were incurred by the General Fund, which have been reimbursed to the City.

Rents and Senior and Youth Fee
The Senior and Youth Fee generated $279,000, of which the entire amount was forwarded to the City in support of senior and youth programs. See the Glossary for more information on these revenues and how they are calculated.

Other Revenue Impacts
General Fund sales tax, property tax, and transient occupancy tax (TOT) collections have benefited from the direct and indirect economic activity related to stadium events.

Food and beverage concession sales and merchandise sales at Levi’s® Stadium are taxable, resulting in sales tax revenue for the City. The last four quarters of sales tax collections from Levi’s® Stadium transactions generated $672,000 for the City’s General Fund. In addition to the direct sellers at the Stadium, other businesses in Santa Clara are benefiting from the influx of people coming to attend one or more events at Levi’s® Stadium, resulting in potentially more sales tax collections for the General Fund.

In accordance with State Law, StadCo must pay possessory interest property tax based on their lease of Levi’s® Stadium from the Stadium Authority. This revenue is collected by the county and placed into the Redevelopment Property Tax Trust Fund (RPTTF).

Amounts remaining in the RPTTF after paying any enforceable obligations of the Successor Agency are distributed to taxing entities in the same proportion as secured property taxes. The City’s proportion is approximately 10%.

Many stadium events bring travelers to the region, resulting in hotel stays which generate TOT collections for the City’s General Fund. Although it is impossible to say exactly what portion of the City’s TOT collections is due to the stadium, it is clear that hotels both inside and outside the City have benefited, resulting in increases in TOT collections in Santa Clara and our neighboring cities.
34 Glossary
This section of the report provides details behind key terms that are used in the body of this report.

Discretionary Fund – This is funded by $2 of the base Non-NFL ticket surcharge and has been used to cover NFL public safety costs above the public safety cost threshold 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. 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.

Ground Lease – The Ground Lease Agreement has an initial term of 40 years commencing on the date of substantial completion which was July 31, 2014. The amount of annual base ground rent that is payable by the Stadium Authority to the City is noted in Table 18.

35 Table 18

Net Non-NFL Event Revenue – Net Non-NFL event revenue is remitted by Stadium Manager to the Stadium Authority on a yearly basis. This is done annually because the final reconciliation of the Non-NFL event revenues and expenses does not occur until after the conclusion of each fiscal year.

NFL Ticket Surcharge – The Amended and Restated Non-Relocation Agreement states that the Team will collect a 10% NFL ticket surcharge on the price of admission to all NFL games on behalf of Stadium Authority during the Surcharge Term which currently ends the last day of the 25th lease year or March 31, 2039.

Non-NFL Event Ticket Surcharge – The Amended and Restated Stadium Lease 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$ 36 Agreement requires that the promoter or sponsor of any Non-NFL event collect a Non- NFL event ticket surcharge of $4 per ticket. The Lease Agreement sets aside one-half of the base Non-NFL event ticket surcharge for stadium operating and maintenance costs and one-half for discretionary expenses of the Stadium Authority. The First Amendment to Amended and Restated Lease Agreement increased the ticket surcharge to a minimum of $8 per ticket starting in FY 2025/26 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.

Offsite Parking Fees – Parking lot operators who wish to operate a parking lot for sports or entertainment venues are required to go 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 for sports or entertainment events. This fee is 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 each event partly offsets the total public safety costs owed for that event. In the City’s FY 2024/25 (July 1, 2024 through June 30, 2025) the offsite parking fee is $6.71.

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 in 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.

Public Safety Costs – For each NFL and Non-NFL event held at Levi’s® Stadium, a public safety plan is developed and implemented. Multiple City departments provide staffing, materials, and supplies to support the public safety plan. Services are provided through a combination of City staff, contracts with other agencies (California Highway Patrol, County Sheriff’s Office, and City of Sunnyvale) and some vendor provided services.

The Amended and Restated Stadium Lease Agreement section 7.5 states that the tenant is responsible for reimbursing the City for the public safety costs attributed to NFL events at Levi’s® Stadium. Additionally, Article 5 of the Stadium Management Agreement notes that ManCo is responsible for paying Non-NFL event expenses on behalf of the Stadium Authority. Therefore, the cost of providing public safety services are tracked through the City’s financial system and invoices are sent to Stadium Manager. All these costs are 37 reimbursed to the City of Santa Clara.

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 were redefined as “PSC 2024 Outstanding Balance” which would be paid from a legal contingency reserve and future excess revenues until paid off.

Table 19

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.

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. As of FY 2024/25 the fee was $0.40 per NFL game ticket up to a maximum of $300,000 per lease year.

Every ten lease years the fee will increase by $0.05 in conjunction with the maximum amount increasing by an additional $50,000.

Stadium Management Fee – The Stadium Manager 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 as detailed in the table below. This annual base management fee is split 50/50 between StadCo and the Stadium Authority since the Stadium Manager manages the stadium year-round for both entities. In addition to the base management fee, the Stadium Manager 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 marketing and booking fee benchmark was $5 million in the first lease year and also increases by 3% annually as detailed in the table below. The annual stadium management fee for each of the first eleven lease years are noted in the Table 20 below.

Fiscal YearOutstanding BalanceActual PaymentsRemaining Balance2023/24 14,786,346$ -$ 14,786,346$ 2024/25 14,786,346$ 9,486,570$ 5,299,776$ PSC 2024 Outstanding Balance 38 Table 20

Tasman Lots Parking Fees – The City collects a fee of $5 per space for all cars that are parked on the Tasman surface lots during NFL events.

Fiscal YearLease YearAnnual Base Stadium Management Fee (SCSA Share)Stadium Marketing and Booking Fee BenchmarkNet Income from Non-NFL Events 1st Tier -paid at 10% FeeAdditional Stadium Marketing and Booking Fee10% 1st Tier2nd Tier -paid at 15% FeeAdditional Stadium Marketing and Booking Fee15% 2nd TierTotal Stadium Management Fee2014/15 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 2024/2511268,783 6,719,582 10,163,814 2,459,748 245,975 4,919,495 147,673 662,430 2025/2612276,847 6,921,169 To be determined 39 Appendix
This section of the report provides additional historical data for the tables referenced in the body of this report.

Table 21

Table 22

2014/15 Q42015/16 Q42016/17 Q42017/18 Q42018/19 Q42019/20 Q4TotalTotalTotalTotalTotalTotalNo. of NFL Events 10 10 10 10 10 12 No. of Tickets Sold 682,095 669,826 655,891 643,189 651,237 803,524 NFL Ticket Surcharge 8,366,290$ 8,273,378$ 8,175,462$ 7,806,190$ 8,076,510$ 8,412,291$ Senior/Youth Program Fees 238,734$ 234,439$ 229,562$ 225,116$ 227,933$ 250,000$ Cars Parked at Offsite Lots 90,024 57,166 67,740 54,107 56,390 81,401 City Offsite Parking Fee 442,918$ 290,403$ 354,958$ 293,260$ 317,476$ 476,196$ Cars Parked on Tasman Lots 4,983 6,876 5,122 5,530 4,729 6,882 City Tasman Lot and Golf Course Parking Fee 141,445$ 134,830$ 25,610$ 27,650$ 23,645$ 34,410$ Stadium Public Safety Costs 2,455,404$ 2,437,902$ 3,084,850$ 2,636,822$ 3,001,675$ 6,145,759$ Golf Course Public Safety Costs 180,766$ 81,210$ -$ -$ -$ -$ Subtotal Event Public Safety Costs 2,636,170$ 2,519,111$ 3,084,850$ 2,636,822$ 3,001,675$ 6,145,759$ Less: Offsite Parking Fee Credit (442,918)$ (290,403)$ (354,958)$ (293,260)$ (317,476)$ (476,196)$ Reimbursable Stadium Public Safety Costs 2,193,252$ 2,228,708$ 2,729,892$ 2,343,563$ 2,684,199$ 5,669,563$ Levi's® StadiumHistorical NFL Event Statistics 2014/15 Q42015/16 Q42016/17 Q42017/18 Q42018/19 Q42019/20 Q4Total Total Total Total Total TotalNo. of Non-NFL Ticketed Events 9 17 18 13 12 8 No. of Tickets Sold 377,312 629,004 582,349 384,282 332,600 183,874 Non-NFL Ticket Surcharge 1,431,540$ 2,477,084$ 2,329,396$ 1,537,128$ 1,330,400$ 735,496$ No. of Non-NFL Special Events 186 207 127 113 100 79 Non-NFL Special Event Attendees 62,357 105,997 49,151 62,917 35,676 33,535 Cars Parked at Offsite Lots 26,156 55,720 60,969 30,734 28,566 17,127 City Offsite Parking Fee 128,688$ 278,704$ 313,979$ 165,149$ 158,623$ 98,547$ Stadium Public Safety Costs 1,782,821$ 3,083,668$ 3,207,507$ 2,020,343$ 2,421,914$ 1,718,924$ Less: Offsite Parking Fee Credit (128,688)$ (278,704)$ (313,979)$ (165,149)$ (158,623)$ (98,547)$ Reimbursable Public Safety Costs 1,730,595$ 2,924,805$ 2,933,433$ 1,855,194$ 2,263,291$ 1,620,377$ Levi's® StadiumHistorical Non-NFL Event Statistics 40 Table 23

Fiscal YearBeginning Balance Revenue Expenses Ending Balance 2014/15 -$ 715,770$ -$ 715,770$ 2015/16 715,770 1,238,542 714,028 1,240,284 2016/171,240,284 1,164,698 699,129 1,705,853 2017/18 1,705,853 768,564 1,209,342 1,265,075 2018/19 1,265,075 796,294 101,267 1,960,102 2019/201,960,102 367,748 - 2,327,850 Discretionary Fund Reserve Attachment 2
Line Item Source of
Funds
Use of
Funds
Explanation
Beginning Fund Balance -
Discretionary Fund Reserve
$ (134,548) This action decreases the Beginning Fund Balances for Discretionary Fund Reserve from $849,323 to
$714,775 as a result of FY 2024/25 year-end actuals
reconciliation.

Beginning Fund Balance - Operating
Reserve
$ (136) This action decreases the Beginning Fund Balances for Operating Reserve from $26,878,464 to
$26,878,328 as a result of FY 2024/25 year-end
actuals reconciliation.

Beginning Fund Balance –
Renovation/Demolition Reserve
$ 544,908 This action increases the Beginning Fund Balances Renovation/Demolition Reserve from $43,226,735 to
$43,771,643 as a result of FY 2024/25 year-end
actuals reconciliation.

Beginning Fund Balance - Stadium
Funding Trust Reserve
$ (1,851,998) This action decreases the Beginning Fund Balance for Stadium Funding Trust Reserve from $5,750,512 to
$3,898,514 as a result of FY 2024/25 year-end actuals
reconciliation.

Beginning Fund Balance –
Unrestricted
$ 4,509,177 This action increases the Beginning Fund Balance – Unrestricted from $10,134,099 to $14,643,276 as a
result of FY 2024/25 year-end actuals reconciliation.

Ending Fund Balance - Discretionary
Fund Reserve
$ (134,548) This action decreases the Ending Fund Balances for Discretionary Fund Reserve from $1,180,323 to
$1,045,755 as a result of FY 2024/25 year-end actuals
reconciliation.

Ending Fund Balance – Operating
Reserve
$ (136) This action decreases the Ending Fund Balances for Operating Reserve from $27,684,464 to $27,684,328
as a result of FY 2024/25 year-end actuals
reconciliation.

Ending Fund Balance –
Renovation/Demolition Reserve
$ 544,908 This action increases the Ending Fund Balance Renovation/Demolition Reserve from $49,169,735 to
$49,714,643 as a result of FY 2024/25 year-end
actuals reconciliation.

Ending Fund Balance – Stadium
Funding Trust Reserve
$ (1,851,998) This action decreases the Ending Fund Balance for Stadium Funding Trust Reserve from $9,456,000 to
$7,604,002 as a result of FY 2024/25 year-end actuals
reconciliation.

Ending Fund Balance – Unrestricted $ 4, 509,177 This action increases the Ending Fund Balance – Unrestricted from $4,721,611 to $9,230,788 as a result
of FY 2024/25 year-end actuals reconciliation.

Total $ 3,067,403 $ 3,067,403
Santa Clara Stadium Authority
2025/26 Operating Budget Adjustment
1 Attachment 2
Line Item Source of
Funds
Use of
Funds
Explanation
Beginning Fund Balance - Debt
Service Reserve
$ (114,880) This action decreases the Beginning Fund Balance from $8,820,980 to $8,706,100 as a result of FY
2024/25 year-end actuals reconciliation.

Ending Fund Balance - Debt
Service Reserve
$ (114,880) This action decreases the Ending Fund Balance from $9,426,980 to $9,312,100 as a result of FY
2024/25 year-end actuals reconciliation.

Total $ (114,880) $ (114,880)
Santa Clara Stadium Authority
2025/26 Debt Service Budget Adjustment
2 Attachment 2
Line Item Source of
Funds
Use of
Funds
Explanation
Beginning Fund Balance $ 1,205,387 This acti on increases the Beginning Fund Balance from $16,072,834 to $17,278,221 as a result of FY
2024/25 year-end actuals reconciliation.

Other Revenue $ 797,607 This action increases the CIP Budget for Other Revenues by $797,607 (from $0 to $797,607) for the
reimbursement from StadCo for its share of the
Levi’s Naming Rights Signage Refurbishment
project.

Levi's Naming Rights Signage
Refurbishment (2022/23 Carryover)
$ 853,207 This action increases the Capital Expenditure Budget by $853,207 which includes $797,607 for
reimbursable construction costs and $55,600 project
carryover based on actual FY 2024/25 expenditures
(from $1,624,551 to $2,477,758). The revised FY
2025/26 project budget is $2,477,758.

Lighting Systems - Fixture
Replacement of Major Outdoor Lighting
/ LED Retrofit / Sports Lighting
$ 1,965,726 Based on actual FY 2024/25 expenditures, this action increases the project carryover by $1,965,726
(from $2,665,655 to $4,631,381). The revised FY
2025/26 project budget is $4,631,381.

LED Retrofit Project - Phase 1 $ (36,145) Ba sed on actual FY 2024/25 expenditures, this action decreases the project carryover by $36,145
(from $131,250 to $95,105). The revised FY
2025/26 project budget is $95,105.

Broadcast Booth Window System
Replacement
$ (17,470) Based on actual FY 2024/25 expenditures, this action decreases the project carryover by $17,470
(from $157,500 to $140,030). The revised FY
2025/26 project budget is $140,030.

Stormwater System Assessment and
Replacements
$ (66,075) Based on actual FY 2024/25 expenditures, this action decreases the project carryover by $66,075
(from $210,000 to $143,925). The revised FY
2025/26 project budget is $143,925.

Aesthetic Improvements - Premium
Areas / Special Event Spaces (2022/23
Carryover)
$ (49,379) Based on actual FY 2024/25 expenditures, this action decreases the project carryover by $49,379
(from $192,110 to $142,731). The revised FY
2025/26 project budget is $143,731.

Project and Construction Management
Firm (2023/24 Carryover)
$ (43,145) Based on actual FY 2024/25 expenditures, this action decreases the project carryover by $43,145
(from $160,520 to $117,375). The revised FY
2025/26 project budget is $117,375.

Women's Locker Room (2019/20
Carryover)
$ 61,957 Due to a change order issued after the FY2025/26 budgeting process, this action is to carry over
$61,957 in unspent funds from FY 2024/25
(increasing the project budget from $0 to $61,957).

The revised FY 2025/26 project budget is $61,957.

General Areas / Coatings Main Deck
(2021/22 Carryover)
$ 306,560 Based on actual FY 2024/25 expenditures, this action is to carry over $306,560 in unspent funds
from FY 2024/25 (increasing the project budget from
$0 to $306,560). The revised FY 2025/26 project
budget is $306,560.

Santa Clara Stadium Authority
2025/26 CIP Budget Adjustment
3 Attachment 2
Line Item Source of
Funds
Use of
Funds
Explanation
Santa Clara Stadium Authority
2025/26 CIP Budget Adjustment
Plumbing - Boilers (2023/24 Carryover) $ (116,857) Based on actual FY 2024/25 expenditures, this action decreases the project carryover by $116,857
(from $946,764 to $829,907) . The revised FY
2025/26 project budget is $829,907.

Main Kitchen Equipment (2016/17
Carryover)
$ 1,856 Based on actual FY 2024/25 expenditures, this
action increases the project carryover by $1,856
(from $275,423 to $277,279). The revised FY
2025/26 project budget is $277,279.

Replace Furniture for BNY Field Clubs,
United, Levi's 501 & Yahoo clubs and
Special Event spaces (2019/20
Carryover)
$ (5,129) Based on actual FY 2024/25 expenditures, this action decreases the project carryover by $5,129
(from $80,241 to $75,112). The revised FY 2025/26
project budget is $75,112.

Security General Allowance (2023/24
Carryover)
$ 29,538 Based on actual FY 2024/25 expenditures, this
action increases the project carryover by $29,538
(from $302,362 to $331,900). The revised FY
2025/26 project budget is $331,900.

Radio Batteries $ 30,000 This project would replace 168 batteries for stadium radios. The current batteries have extended beyond
their usable lifespan. The radio batteries are
included in the CapEx 5 Year Forecast under FY
2026/27 in the amount of $15,500; however, they
require replacement ahead of their initial projected
end of life. The estimated cost in the CapEx 5 Year
Forecast was based on actual costs from 2020 and
the pricing has since increased.

Radio Batteries/Chargers $ 7,500 Santa Clar a Police Department (SCPD) officers have received updated radios that are not
compatible with stadium radios. This project would
procure 20 backup batteries for the SCPD radios
and two chargers for the backup batteries. The
battery portion of this project was included in the FY
2026/27 radio battery replacement project that was
included in the CapEx 5 Year Forecast described
above.

Body Worn Camera Storage $ 30,000 This project would install a docking station in the police briefing room at the stadium for Body Worn
Cameras (BWCs) utilized by officers assigned to the
stadium. Currently, these BWCs are stored at the
Police Department and there are operational
inefficiencies associated with transporting the BWCs
to and from the stadium before and after each event
for usage, charging, and uploading evidence. The
on-site docking station provides for cost savings in
staff time that exceed the cost of the project.

Livescan Equipment $ 15,000 This pr oject will procure a new monitor and hardware for fingerprinting equipment at the stadium
temporary holding facility. This system is necessary
to be compatible with the Santa Clara County’s
updated booking system.
4 Attachment 2
Line Item Source of
Funds
Use of
Funds
Explanation
Santa Clara Stadium Authority
2025/26 CIP Budget Adjustment
Credentialing Equipment $ 17,000 This pr oject will procure two new credentialing printers, one to be placed at the police station and
another at the stadium. Due to recent changes in
the credentialing process, SCPD require
credentialing printers that have the ability to print
credentials.

Ending Fund Balance $ (981,150) This change to the Ending Fund Balance offsets the recommended actions above.

Total $ 2,002,994 $ 2,002,994
5 City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-833 Agenda Date: 10/21/2025

REPORT TO STADIUM AUTHORITY BOARD

SUBJECT
Report on the Audited Santa Clara Stadium Authority Fiscal Year 2024/25 Annual Financial Statements

BACKGROUND
The Santa Clara Stadium Authority (Stadium Authority), the Stadium Funding Trust, and Goldman Sachs Bank USA entered into a Credit Agreement on June 19, 2013. Section 5.1(a) of the Credit Agreement requires that the Stadium Authority Annual Financial Statements be audited by independent certified public accountants within 180 days after the end of each fiscal year. On June 25, 2021, the Stadium Authority entered into a professional services agreement with KPMG, LLP (KPMG) to perform the annual financial audit of the Stadium Authority’s Fiscal Year 2024/25 Annual Financial Statements.

The Annual Financial Statements include: (1) the Independent Auditors’ Report which describes the auditors’ responsibility and their opinion of the Financial Statements, (2) Management’s Discussion and Analysis which provides an overall review of the Stadium Authority’s financial activities, (3) the Basic Financial Statements, and (4) the Notes to the Financial Statements which have additional information pertaining to the Stadium Authority’s operations and financial position.

The Audit Committee met with Stadium Authority and KPMG staff on September 22, 2025 to review the draft Stadium Authority Fiscal Year 2024/25 Annual Financial Statements. The role of the Audit Committee is to provide oversight of the Stadium Authority’s financial reporting processes, internal controls and independent auditors. At the September 22, 2025 meeting Stadium Authority staff provided an overview of the Financial Statements and KPMG discussed the audit process and the audit results. Several comments were made by the Audit Committee including: 1) Audit materiality and sampling, 2) Corrected audit misstatement related to defaulted Stadium Builder License (SBL) revenue recognition, 3) Related parties, and, 4) Access to data and backup documentation. The Audit Committee voted to accept the Financial Statements and recommended that the Stadium Authority Board note and file the report as soon as possible at a Joint Council and Authorities Concurrent and Stadium Authority Board Meeting. A finalized clean audit letter from KPMG is included in the financial statements attached to this report.

The Financial Statements being discussed with this report cover the Stadium Authority’s 2024/25 fiscal year, which spans from April 1, 2024 to March 31, 2025.

DISCUSSION
On September 22, 2025, a draft of the financial statements was presented to the Audit Committee and KPMG subsequently finalized their work which resulted in the issuance of the Stadium Authority Fiscal Year 2024/25 Annual Financial Statements (Attachment 1), Internal Controls and Compliance City of Santa Clara Printed on 10/17/2025Page 1 of 4
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25-833 Agenda Date: 10/21/2025
Letter (Attachment 2) as required per the Stadium Authority debt covenants, and Independent Auditors’ Report (Attachment 3). KPMG expressed an unmodified (i.e., “clean”) opinion on the Financial Statements. An unmodified opinion is when the auditor concludes that the financial condition, position, and operations are fairly presented, and the financial statements are free of material misstatements.

Key financial highlights for the fiscal year ended March 31, 2025 are as follows:
· The carrying value of Levi’s Stadium at March 31, 2025, net of depreciation, is $653.9 million. · During the fiscal year, there were ten National Football League (NFL) games, eight large-scale ticketed non-NFL events, and sixty-seven smaller special events held at Levi’s Stadium. · The Stadium Authority recognized $83.3 million in operating revenue and $62.0 million in operating expenses.
· Revenues from the non-NFL events were $23.8 million and the related expenses were $13.6 million resulting in net non-NFL event profit of $10.2 million. · Debt service payments during the fiscal year totaled $20.3 million. Overall remaining outstanding debt was reduced by $9.1 million.
· The City of Santa Clara (City) received $1.0 million for stadium ground rent $4.6 million for performance based rent and $279,000 in senior and youth fees.

After the September 22, 2025 meeting, KPMG issued a final report on September 29, 2025 with some changes that were not material to the draft report. These changes were related to the corrected audit misstatement due to an adjustment to how defaulted Stadium Builder License (SBL) revenue is recognized. It should be noted that defaulted SBLs are remarketed and resold, resulting in additional revenue to the Stadium Authority.

The draft report included adjustments to the FY2023/24 financial statements for immaterial corrections related to the accounting for the unearned revenue on defaulted SBLs, including decreasing unearned revenue, current portion and unearned revenue, noncurrent by $799,000 and $23.2 million, respectively and increasing rents and licensing and net position - beginning of period by $841,000 and $23.1 million respectively.

After preparing and posting the materials for the September 22, 2025, Audit Committee meeting, staff received additional information and data from the Forty Niners Stadium Management Company, LLC (ManagementCo), which resulted in a minor change to the analysis behind the defaulted SBL revenue recognition adjustment. The final report includes adjustments to the FY2023/24 financial statements for immaterial corrections, including decreasing unearned revenue, current portion and unearned revenue, noncurrent by $771,000 and $22.3 million, respectively, and increasing rents and licensing and net position - beginning of period by $784,000 and $22.3 million respectively.

These changes from the draft report were incorporated into the Management Discussion and Analysis, the Financial Statements as well as the Notes to Financial Statements. Additionally, it is important to note that the changes are immaterial corrections that do not affect cash on hand, services, rates or fees. They are meant align our statements with Generally Accepted Accounting Principles (GAAP) for defaulted SBLs
As part of the audit, KPMG also considers the Stadium Authority’s internal control over financial City of Santa Clara Printed on 10/17/2025Page 2 of 4
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25-833 Agenda Date: 10/21/2025
reporting as a basis for designing audit procedures. Related to this work, the auditors issued an Internal Controls Compliance letter. As discussed at the Audit Committee meeting on September 22, 2025, when an SBL holder defaults on their SBL, the associated unearned revenue should be recognized at the time of the default. In prior years, the Stadium Authority’s accounting treatment was to amortize the unearned revenue related to the default over the remaining life of the SBL. This accounting for SBL defaults has accumulated over time, hence the correction that was made and noted above. KPMG determined this to be a deficiency in internal control that is considered to be a material weakness and recommended that staff develop a process to ensure that SBL defaults are properly assessed and appropriately recorded going forward.

Staff agrees with this recommendation and will work with ManagementCo to obtain complete and accurate SBL default records, allowing annual assessment and analysis of SBL default revenue recognition.

Lastly, KPMG issued an Independent Auditors’ Report where they note that nothing came to their attention leading them to believe there was any non-compliance with the Credit Agreement dated June 19, 2013.

FISCAL IMPACT
Costs associated with the preparation of this report are included in the Stadium Authority Operating Budget.

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

RECOMMENDATION
Note and file the Santa Clara Stadium Authority Fiscal Year 2024/25 Annual Financial Statements.

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

ATTACHMENTS
City of Santa Clara Printed on 10/17/2025Page 3 of 4
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25-833 Agenda Date: 10/21/2025

1. FY 2024/25 Santa Clara Stadium Authority Financial Statements

2. Internal Controls and Compliance Letter

3. Independent Auditors’ Report (Debt Compliance Letter) City of Santa Clara Printed on 10/17/2025Page 4 of 4
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SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Financial Statements
March 31, 2025 and 2024
(With Independent Auditors’ Report Thereon)
~

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Table of Contents
Page
Independent Auditors’ Report 1
Management’s Discussion and Analysis (Unaudited) 4
Basic Financial Statements:

Statements of Net Position 9
Statements of Revenues, Expenses, and Changes in Net Position 10 Statements of Cash Flows 11
Notes to Financial Statements 12

Independent Auditors’ Report
The Board of Directors
Santa Clara Stadium Authority:

Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of the Santa Clara Stadium Authority (the Stadium Authority), a component unit of the City of Santa Clara as of and for the years ended March 31, 2025 and 2024, and the related notes to the financial statements, which collectively comprise the Stadium Authority’s basic financial statements for the years ended as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the Stadium Authority as of March 31, 2025 and 2024, and the changes in its financial position, and its cash flows for the years then ended in accordance with U.S. generally accepted accounting principles
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Stadium Authority, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Stadium Authority’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a

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2 substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit . • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Stadium Authority’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Stadium Authority’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

Required Supplementary Information
U.S. generally accepted accounting principles require that the management’s discussion and analysis be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 29, 2025 on our consideration of the Stadium Authority's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.

The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Stadium Authority's internal control over financial reporting or on compliance. That report is an integral part

3 of an audit performed in accordance with Government Auditing Standards in considering the Stadium Authority's internal control over financial reporting and compliance.

San Francisco, California
September 29, 2025

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Management’s Discussion and Analysis (Unaudited)
March 31, 2025 and 2024
4 (Continued)
The management’s discussion and analysis of the Santa Clara Stadium Authority (Stadium Authority) provides an overall review of the Stadium Authority’s financial activities for the fiscal years ended March 31, 2025 and 2024. The intent of this discussion and analysis is to look at the Stadium Authority’s financial performance as a whole. Readers should review the discussion and analysis in conjunction with the basic financial statements, including the notes to the basic financial statements to enhance their understanding of the Stadium Authority’s financial performance.

The Stadium Authority has elected to provide comparative financial statements to better assist the reader. The Stadium Authority’s fiscal year runs from April 1 through March 31 to conform to the fiscal year of the Stadium Funding Trust (FinanceCo). The Stadium Authority is a component unit of the City of Santa Clara, California (City) whose fiscal year is July 1 through June 30.

The Stadium Authority exists as a public body, separate and distinct from the City. It was established to provide for development and operation of Levi’s Stadium.

Financial Highlights
Key financial highlights for the fiscal year ended March 31, 2025 are as follows:
• The carrying value of Levi’s Stadium, net of depreciation, is $653.9 million. • During the fiscal year, there were ten National Football League (NFL) games, eight large-scale ticketed Non-NFL events, and sixty-seven smaller special events held at Levi’s Stadium. • The Stadium Authority recognized $83.3 million in operating revenue and $62.0 million in operating expenses.
• The revenues from the Non-NFL events were $23.8 million and the related expenses were $13.6 million resulting in net Non-NFL event revenue of $10.2 million. • Debt service payments during the fiscal year totaled $20.3 million. Overall remaining outstanding debt was reduced by $9.1 million.
• The assets of the Stadium Authority exceeded its liabilities and deferred inflows of resources by $178.4 million, an increase of $25.7 million during the fiscal year, from the operation of Levi’s Stadium. • The City received $1.0 million for stadium ground rent and 4.6 million for performance based rent.

Additionally, the City is required to be fully reimbursed for all of its administration and public safety costs by either the Stadium Authority for Non-NFL events or Forty Niners SC Stadium Company LLC (StadCo) for NFL events.

Overview of the Financial Statements
This annual report consists of a series of financial statements and the notes to those statements. These statements are organized so the reader can understand the Stadium Authority as a financial whole. The basic financial statements provide both a short-term and long-term view of the Stadium Authority’s financial activities and financial position.

The basic financial statements comprise the statements of net position, the statements of revenues, expenses, and changes in net position, the statements of cash flows, and the notes to the financial statements. The statements of net position provide information about the financial position of the Stadium Authority as a whole,

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Management’s Discussion and Analysis (Unaudited)
March 31, 2025 and 2024
5 (Continued)
including all of its long-term liabilities on the full accrual basis. The statements of revenues, expenses, and changes in net position provide information about all revenue and expenses. The statements of cash flows provide information about cash activities for the period.

Financial Analysis of the Stadium Authority as a Whole
The Stadium Authority’s net position at March 31, 2025, March 31, 2024, and March 31, 2023 is as follows:

FY 2025 FY 2024
increase increase
FY 2025 FY 2024 FY 2023 (decrease) (decrease)
Assets:

Capital assets $ 666,979,909 678,569,448 689,075,880 (11,589,539) (10,506,432) Other assets 759,390,232 765,846,369 755,730,577 (6,456,137) 10,115,792 Total assets $ 1,426,370,141 1,444,415,817 1,444,806,457 (18,045,676) (390,640) Liabilities:

Current unearned revenue $ 16,394,288 16,129,950 15,654,465 264,338 475,485 Other current liabilities 27,693,381 37,184,066 22,962,052 (9,490,685) 14,222,014 Long-term unearned revenue 401,565,885 409,068,741 410,869,482 (7,502,856) (1,800,741) Other long-term liabilities 240,731,216 250,689,036 259,136,843 (9,957,820) (8,447,807) Total liabilities $ 686,384,770 713,071,793 708,622,842 (26,687,023) 4,448,951 Deferred inflows of resources
Deferred inflows leases related 561,552,578 578,569,323 595,586,067 (17,016,745) (17,016,744) Total deferred inflows of resources $ 561,552,578 578,569,323 595,586,067 (17,016,745) (17,016,744) Net position:

Net investment in capital assets $ 455,678,670 456,438,951 449,951,997 (760,281) 6,486,954 Restricted for:

Debt service 12,654,503 12,298,802 20,844,381 355,701 (8,545,579) Capital projects and other
agreements 92,964,776 81,938,065 52,822,516 11,026,711 29,115,549 Unrestricted deficit (382,865,156) (397,901,117) (383,021,346) 15,035,961 (14,879,771) Total net position $ 178,432,793 152,774,701 140,597,548 25,658,092 12,177,153

Fiscal Year 2024-25 Analysis
Capital assets decreased when compared to the prior year by $11.6 million due to annual depreciation, partially offset by equipment and buildings additions. Other assets decreased when compared to the prior year by $6.5 million. This was due to the decrease in the long-term lease receivable that was paid by StadCo offset by an increase in accounts receivable from higher net Non-NFL event revenue. Liabilities decreased by $26.7 million compared to the prior year. This is primarily due to the paydown of the Public Safety Cost 2024 Outstanding Balance (note 7), payment of performance-based rent payable to the City (note 6), principal payment of long-term debt (note 5) and decrease in unearned Stadium Builder License (SBL) revenue. Total net position for the Stadium Authority, as a whole, increased between March 31, 2024 and March 31, 2025 to $178.4 million. This increase in net position of $25.7 million is described below, with asset and liability changes being primarily due to a decrease in accounts payable and long-term liabilities.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Management’s Discussion and Analysis (Unaudited)
March 31, 2025 and 2024
6 (Continued)
Fiscal Year 2023-24 Analysis
Capital assets decreased when compared to the prior year by $10.5 million due to annual depreciation, partially offset by equipment and building additions. Other assets increased when compared to the prior year by $10.1 million. This was due to increases in cash deposits from excess revenue distributions at year -end and naming rights accounts receivable resulting from a naming rights agreement extension offset by a reduction in lease receivables. Liabilities increased by $4.4 million compared to the prior year. This is primarily due to the recognition of public safety costs over threshold (note 7) and performance-base rent (note 6), partially offset by decreases in long-term debt (note 5) and unearned SBL revenue. Total net position for the Stadium Authority increased between March 31, 2023 and March 31, 2024 to $152.8 million. This increase in net position of $12.2 million is described below, with asset and liability changes being primarily due to a decrease in long-term liabilities and deferred inflows of lease resources.

The Stadium Authority’s revenues, expenses, and changes in net position for the fiscal years ended March 31, 2025, March 31, 2024, and March 31, 2023 are as follows:

FY 2025 FY 2024
increase increase
FY 2025 FY 2024 FY 2023 (decrease) (decrease)
Operating revenues $ 83,338,250 81,892,188 72,862,327 1,446,062 9,029,861 Operating expenses (62,037,540) (79,659,943) (48,086,779) 17,622,403 (31,573,164) Operating income 21,300,710 2,232,245 24,775,548 19,068,465 (22,543,303) Nonoperating revenues 19,000,112 18,819,490 18,775,223 180,622 44,267 Nonoperating expenses (18,051,305) (12,342,207) (14,198,663) (5,709,098) 1,856,456 Income before contributions
and other revenues 22,249,517 8,709,528 29,352,108 13,539,989 (20,642,580) Contributions and other revenues 3,408,575 3,467,625 2,126,817 (59,050) 1,340,808 Increase in net position 25,658,092 12,177,153 31,478,925 13,480,939 (19,301,772) Total net position – beginning of fiscal
period 152,774,701 140,597,548 109,118,623 12,177,153 31,478,925 Total net position – end of fiscal period $ 178,432,793 152,774,701 140,597,548 25,658,092 12,177,153

Fiscal Year 2024-25 Analysis
Stadium Authority operating revenues increased by $1.4 million when compared with the prior year. This was mainly due to increases in revenue from ticketed Non-NFL events, rents and licenses and NFL ticket surcharge. The operating expenses decreased by $17.6 million compared to the prior year. This decrease is primarily due to lower Stadium Manger expenses, Non-NFL events expenses and public safety costs over threshold (note 7). The Stadium Authority recognized non-recurring expenses for buffet costs and public safety costs over threshold in fiscal year 2023-24 as a part of the 2024 Settlement Agreement (note 7).

Nonoperating revenues increased by $181 thousand mainly due to an increase in bank interest revenue offset by a decrease in interest income from SBLs. Nonoperating expenses increased by $5.7 million due to the

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Management’s Discussion and Analysis (Unaudited)
March 31, 2025 and 2024
7 (Continued)
payment to the City’s general fund of excess revenues as described in the Stadium Lease (note 6). This is the first year that Stadium Authority excess revenues have been paid to the City (note 7).

Contributions and other revenues were $3.4 million, a decrease of $59 thousand from the prior fiscal year.

These represent special hotel tax revenues collected to pay the CFD Advance Loan.

Fiscal Year 2023-24 Analysis
Stadium Authority operating revenues increased by $9.0 million when compared with the prior year. This was mainly due to increases in revenue from ticketed Non-NFL events, rents and licenses and NFL ticket surcharge. The operating expenses increased by $31.6 million compared to the prior year. This increase is primarily due to the 2024 Settlement Agreement, which resulted in an increase in buffet costs, performance-based rent and public safety costs over threshold (note 7). Non-NFL event expenses also increased due to larger ticketed Non-NFL events.

Nonoperating revenues increased by $44 thousand mainly due to an increase in interest revenue offset by a decrease in miscellaneous other revenue. Nonoperating expenses decreased by $1 .9 due to a decrease in interest expense resulting from lower debt balances.

Contributions and other revenues were $3.5 million, an increase of $1.3 million over the prior fiscal year. These represent special hotel tax revenues collected to pay the CFD Advance Loan.

Capital Assets
The capital assets of the Stadium Authority are those which are used in the performance of the Stadium Authority’s functions, including but not limited to infrastructure-related assets. These assets do not include StadCo’s tenant improvements. At March 31, 2025, capital assets totaled $667.0 million.

Further detail may be found in note 4 to the financial statements.

Debt Administration
At March 31, 2025, the Stadium Authority had total debt outstanding of $219.6 million, as shown in detail in note 5 to the financial statements. Stadium Authority’s debt comprised Stadium Funding Trust Term A loan of $192.7 million and the CFD Advance Loan of $27.0 million.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Management’s Discussion and Analysis (Unaudited)
March 31, 2025 and 2024
8 Economic and Financial Overview
There is some uncertainty related to trade tariffs, fiscal policy, and geopolitical risk with the new administration, however, the local economy currently shows positive signs. Unemployment rates are low and property values in Santa Clara remain high. There continues to be commercial and residential development, including several projects in the vicinity of Levi’s Stadium. The past few years have also seen increases in hotel nights and rates resulting in increases to Community Facilities District (CFD) taxes that flow to the Stadium Authority to pay down debt. Major financial factors impacting the Stadium Authority are:
• In May 2013, a Naming Rights Agreement with Levi Strauss & Co. (Levi’s) was approved naming the Stadium “Levi’s Stadium” for a term of 20 years. In January 2024, the First Amendment to Naming Rights Agreement with Levi’s was approved extending the initial term an additional 10 years. The naming rights agreement and its first amendment calls for Levi’s to pay a total of $273.1 million to the Stadium Authority over the 30-year period. The agreement requires the Stadium Authority to hold at least 36 “Major Events” (with 25,000+ attendees) every three contract years. The Second Amendment to the Stadium Management Agreement states that Forty Niners Stadium Management Company, LLC (ManagementCo) would pay the Stadium Authority as liquidated damages the amount owed by the Stadium Authority to Levi ’s in the event the required number of events is not met. As of March 31, 2025, the Stadium Authority has received $77.5 million in naming rights revenue.
• Stadium Builders Licenses (SBLs) entitle the license holder to priority rights to buy tickets for events at Levi’s Stadium. The total value of the currently active SBL holders’ licenses is $562.2 million. Through March 31, 2025, $566.4 million in SBL principal payments have been collected since inception. This is due in part to a number of SBL holders paying off or prepaying a large portion of their SBL, and defaulted SBLs being resold at full price. In addition to SBL collections, the Stadium Authority has collected $71.1 million in interest from license holders who financed their SBLs since inception. • The Stadium Authority collected $24.8 million in lease revenue during the NFL season and $10.2 million net revenue associated with hosting Non-NFL events for the fiscal year ended March 31, 2025. • The Stadium Authority collects a 10% surcharge on the price of admission to all regular season NFL games and a $4 per ticket surcharge for all ticketed Non-NFL events. For any ticketed Non-NFL event that was booked after May 28, 2024, the date of the 2024 Settlement Agreement, the ticket surcharge will be a minimum of $8 per ticket. There were ten regular season NFL games held at Levi’s Stadium during fiscal year ended March 31, 2025, which resulted in $14.6 million in NFL ticket surcharge revenues. The Stadium Authority also recognized $1.4 million in Non-NFL event ticket surcharge revenues from the eight large-scale ticketed events held at the Stadium. All eight large-scale events incurred the $4 per ticket surcharge.

Contacting the Stadium Authority’s Financial Management This financial report is designed to provide our residents, taxpayers, investors, and creditors with a general overview of the Stadium Authority’s finances and to demonstrate the Stadium Authority’s accountability for the money it receives. If you have any questions about this report or need additional financial information, contact the City of Santa Clara Finance Department at 1500 Warburton Avenue, Santa Clara, CA 95050-3796.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Statements of Net Position
March 31, 2025 and 2024
Assets 2025 2024
Current assets:

Cash $ 7,977,439 18,485,558
Restricted cash 89,150,424 78,573,023
Restricted cash with fiscal agent 16,553,017 15,909,843 Accounts receivable 23,280,276 19,453,027
Lease receivable 12,189,380 11,926,763
Total current assets 149,150,536 144,348,214
Capital assets:

Buildings, net 653,918,308 670,543,336
Machinery and equipment, net 5,531,077 3,823,782
Construction in progress 7,530,524 4,202,330
Total capital assets 666,979,909 678,569,448
Right-to-use leased assets 26,338,396 27,136,529
Long-term restricted cash with fiscal agent 11,536,235 11,536,235 Long-term lease receivable 570,101,118 582,290,499
Long-term accounts receivable 2,263,947 534,892
Total noncurrent assets 1,277,219,605 1,300,067,603
Total assets $ 1,426,370,141 1,444,415,817
Liabilities
Current liabilities:

Accounts payable and accrued liabilities $ 13,687,329 23,637,965 Retentions payable 252,042 —
Interest payable 5,245,166 5,773,075
Due to other City of Santa Clara funds 316,232 473,130 Lease liability, current portion 354,518 —
Term A loan payable, current portion 7,838,094 7,299,896 Unearned revenue, current portion 16,394,288 16,129,950 Total current liabilities 44,087,669 53,314,016
Lease liability 28,960,046 29,321,106
Term A loan payable 184,818,250 192,656,344
CFD advance loan payable 26,952,920 28,711,586
Unearned revenue 401,565,885 409,068,741
Total noncurrent liabilities 642,297,101 659,757,777
Total liabilities $ 686,384,770 713,071,793
Deferred Inflows of Resources
Deferred inflows leases related $ 561,552,578 578,569,323 Total deferred inflows of resources $ 561,552,578 578,569,323 Net Position
Net investment in capital assets $ 455,678,670 456,438,951 Restricted for:

Debt service 12,654,503 12,298,802
Capital projects and other agreements 92,964,776 81,938,065 Unrestricted deficit (382,865,156) (397,901,117)
Total net position $ 178,432,793 152,774,701
See accompanying notes to financial statements.
9 SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Statements of Revenues, Expenses, and Changes in Net Position Years ended March 31, 2025 and 2024
2025 2024
Operating revenues:

Charges for services $ 41,060,384 40,611,283
Rents and licensing 42,277,866 41,280,905
83,338,250 81,892,188
Operating expenses:

Leases 4,860,489 7,574,722
Materials, services, and supplies 36,325,126 51,815,537 Selling, general, and administrative expenses 2,286,484 2,033,263 Depreciation 18,565,441 18,236,421
62,037,540 79,659,943
Operating income 21,300,710 2,232,245
Nonoperating revenues (expenses):

Interest revenue 19,000,112 18,819,490
Interest expense (11,885,849) (12,342,207)
Other expense (6,165,456) —
Income before contributions and other revenues 22,249,517 8,709,528 Contributions and other revenues:

Contribution from Community Facilities District 3,408,575 3,467,625 Change in net position 25,658,092 12,177,153
Net position – beginning of period 152,774,701 140,597,548 Net position – end of period $ 178,432,793 152,774,701 See accompanying notes to financial statements.
10 SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Statements of Cash Flows
Years ended March 31, 2025 and 2024
2025 2024
Cash flows from operating activities:

Receipts from customers $ 37,572,953 41,703,968
Payments to suppliers (54,111,810) (39,490,500)
Rents and licensing received 40,930,472 47,265,880
Net cash provided by operating activities 24,391,615 49,479,348 Cash flows from noncapital financing activities:

Net borrowings from other City of Santa Clara funds (156,898) 330,234 Distribution to City of Santa Clara (6,165,456) —
Net cash (used in) provided by noncapital financing activities (6,322,354) 330,234 Cash flows from capital and related financing activities:

Contribution from Community Facilities District 3,363,652 2,840,331 Acquisition and construction of capital assets (6,236,653) (7,079,493) Principal payments on capital debt (9,058,562) (16,615,923) Interest paid on capital debt (11,420,300) (12,067,695) Net cash used in capital and related financing activities (23,351,863) (32,922,780) Cash flows from investing activity:

Interest and dividends 5,995,058 5,803,963
Net cash provided by investing activity 5,995,058 5,803,963 Net increase in cash and restricted cash 712,456 22,690,765 Cash and restricted cash, beginning of period 124,504,659 101,813,894 Cash and restricted cash, end of period $ 125,217,115 124,504,659 Reconciliation of operating income to cash provided by operating activities:

Operating income $ 21,300,710 2,232,245
Depreciation 18,565,441 18,236,421
Lease revenues 7,745,255 7,250,256
Lease expenses (1,000,000) —
Change in operating assets and liabilities:

Accounts receivable (5,341,562) 657,660
Accounts payable and accrued liabilities (9,639,711) 22,428,022 Unearned revenue (7,238,518) (1,325,256)
Net cash provided by operating activities $ 24,391,615 49,479,348 Noncash operating and capital financing activities:

Equipment purchases included in accounts payable and accrued expense $ (58,884) (147,638) See accompanying notes to financial statements.
11 SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
12 (Continued)
(1) Organization and Reporting Entity
(a) Organization
On June 8, 2010, 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 new 68,500-seat football stadium (the Stadium) to be leased to the San Francisco 49ers (49ers). In addition, Measure J called for the creation of the Santa Clara Stadium Authority to own, develop, construct, operate, and maintain the Stadium project. The City of Santa Clara, California (City) and the City of Santa Clara Redevelopment Agency (Agency) entered into a Joint Exercise of Powers Agreement (JPA Agreement) establishing the Santa Clara Stadium Authority (Stadium Authority). The JPA Agreement was later amended to add the Bayshore North Project Enhancement Authority as a membe r of the Stadium Authority. On June 28, 2011, the Governor signed into law Assembly Bill No. X1 26 (ABX1 26), which called for the dissolution of Redevelopment Agencies throughout the State. The California State Supreme Court upheld ABX1 26, and as a result, on February 1, 2012, all California Redevelopment Agencies were dissolved. The Successor Agency of the City of Santa Clara (Successor Agency) then assumed the obligations of the Agency under the JPA Agreement. (b) Financial Reporting Entity
As defined by US generally accepted accounting principles (GAAP), the financial reporting entity consists of a primary government, as well as its component units, which are legally separate organizations for which the elected officials of the primary government are financi ally accountable.

Financial accountability is defined as:
1) Appointment of a voting majority of the component unit’s board and either (a) the ability to impose will by the primary government or (b) the possibility that the component unit will provide a financial benefit to or impose a financial burden on the primary government; or 2) Fiscal dependency on the primary government.

Based upon the application of these criteria, the Stadium Authority has no component units. However, the Stadium Authority is a component unit of the City due to the Mayor and City Council serving as the Board of the Stadium Authority and therefore meeting the financial accountability criteria. The City Manager serves as the Executive Director. The debt which was incurred for the construction of the Stadium is the responsibility of the Stadium Authority. The City is not a party to the debt nor has the City guaranteed such debt.
(2) Summary of Significant Accounting Policies
(a) Basis of Presentation
The financial statements of the Stadium Authority have been prepared in conformity with GAAP , as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing government accounting and financial reporting principles. The Stadium Authority is included as an enterprise fund in the City’s Annual Financial Report, and therefore, these financial statements do not purport to represent the financial position and changes in financial position of the City.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
13 (Continued)
(b) Basis of Accounting and Measurement Focus
The Stadium Authority reports its activities as a business -type activity. The financial statements include statements of net position, statements of revenues, expenses, and changes in net position, and statements of cash flows, and are accounted for using the “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included on the statements of net position. Reported net position is segregated into three categories – net investment in capital assets, restricted, and unrestricted. The statements of revenues, expenses, and changes in net position present increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which a liability is incurred.

Operating revenues are those revenues that are generated from the primary operations of the Stadium Authority. All other revenues are reported as nonoperating. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as nonoperating expenses.
(c) Year-End
An amendment was made to the JPA Agreement on November 13, 2012 in part to change the fiscal year of the Stadium Authority from a July 1 through June 30 fiscal year to an April 1 through March 31 fiscal year to conform with the fiscal year of Stadium Funding Trust. (d) Cash, Restricted Cash, and Restricted Cash with Fiscal Agent The Stadium Authority’s cash is not pooled with the City but is held in separate bank and trust accounts.
(i) Composition of Cash, Restricted Cash, and Restricted Cash with Fiscal Agent Cash, restricted cash, and restricted cash with fiscal agent at March 31, 2025 and 2024 consist of cash deposits in banks.

Restricted cash includes revenue that has not yet been transferred to Stadium Funding Trust accounts. On the fifteenth of the following month, all revenue is swept into the Stadium Funding Trust accounts as required by the Deposit and Disbursement Agreement and becomes restricted cash with fiscal agent. It also includes cash dedicated to construction and the capital expenditure, operating, and renovation/demolition reserve accounts.

Restricted cash with fiscal agent consists of stadium deposits pledged to a syndicate of lenders.

The application of these deposits is restricted to Stadium Authority operations and debt service. (ii) Reserves Authorized by Debt Agreements
Stadium Authority maintains required amount of cash and investments with trustees or fiscal agents under the terms of certain debt issues. These funds are unexpended bond proceeds or are pledged reserves to be used if Stadium Authority fails to meet its obligations under these debt issues. The California Government Code 53601 (L) allows these funds to be invested in

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
14 (Continued)
accordance with the statutory provisions governing the issuance of those bonds, indebtedness, other arrangements, or certificates of participation in accordance with the ordinance, resolution, indenture, or agreement of the local agency providing for the issuance. (iii) Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. Under California Government Code Section 53651, depending on specific types of eligible securities, a bank must deposit eligible securities posted as collateral with its agent having a fair value of 105% to 150% of the Stadium Authority’s cash on deposit. All of the deposits are either insured by the Federal Depository Insurance Corporation (FDIC) or collateralized with pledged securities held in the trust department of the financial institutions.
(e) Accounts Receivable
Accounts receivable are recorded in the Stadium Authority’s accounts at the amounts that are contractually due. Accounts receivable include payments due from ManagementCo as a result of the operations of non-National Football League (NFL) events held at the Stadium and the overpayment of stadium manager expenses. Naming Rights revenue due from Levi’s Strauss & Co., special tax proceeds collected by the Community Facilities District (CFD) and not yet paid to Stadium Authority pursuant to the CFD Reimbursement Agreement, and other miscellaneous receivables are also included as accounts receivable in the statements of net position. (f) Capital Assets
Capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Contributed capital assets are valued at their estimated fair value on the date contributed.

Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets with a value over $10,000 and is charged as an expense against operations.

Useful lives
(years)
Buildings 20–50
Machinery and equipment 2–25

The cost of maintenance, repairs, minor replacements, and renewals are charged to operations as incurred. Major replacements, renewals, and betterments are capitalized. Sales and retirements of depreciable property are recorded by removing the related cost and accumulated depreciation from the accounts. Gains or losses on sales and retirements of property are reflected in the statement s of revenues, expenses, and changes in net position.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
15 (Continued)
(g) Unearned Revenue and Revenue Recognition
Stadium Builder License (SBL) proceeds and payments received for other license agreements are initially recorded as unearned revenue and are recognized as revenue over the term of the contracts.

SBL defaults are recognized in the year earned. Rental income is recognized as revenue based on GASB 87 over the term of the Stadium Lease (note 2(k)).

Non-NFL event revenue, NFL ticket surcharge, Non-NFL ticket surcharge, and other operating revenues are recognized as they are earned.
(h) Risk Management
Per the terms of the Stadium Lease, during operations, the Forty Niners SC Sta dium Company LLC (StadCo) procures insurance and the Stadium Authority pays a proportionate share to StadCo. (i) Income Taxes
The Stadium Authority falls under the purview of Internal Revenue Code, Section 115 and corresponding California Revenue and Taxation Code provisions. As such, the Stadium Authority is not subject to federal or state income taxes.
(j) Use of Estimates
The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
(k) Lease Agreements
GASB 87, Leases, requires a lessee to recognize a lease liability and an intangible right-to-use lease asset, and a lessor to recognize a lease receivable and a deferred inflow of resources, for all leases.

Lessee – The Stadium Authority is a lessee for a noncancelable ground lease. The Stadium Authority recognizes any lease liability with an initial and individual value of $100,000, and an intangible right‐to‐ use leased asset (lease asset) in the statements of net position.

At the commencement of a lease, the Stadium Authority initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight‐line basis over its useful life.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
16 (Continued)
Key estimates and judgments related to leases include how the Stadium Authority determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments as follows:
• The Stadium Authority uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the Stadium Authority generally uses its estimated incremental borrowing rate as the discount rate for leases. The Stadium Authority used a

2.18% discount rate for the expected lease payments to present value. • The lease term includes the noncancelable period of the lease and options to extend that it is reasonably certain to exercise. The Stadium Authority has included the exercise of one of the four-year renewal options due to the time it would take and the complexity of negotiating new lease terms with lessor.
• Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase option price that the Stadium Authority is reasonably certain to exercise.

The Stadium Authority monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability. The Stadium Authority has the Ground Lease with the City (note 6). As of March 31, 2025, the balances related to the lease liability and right-to-use were $29.3 million and $26.3 million respectively. The lease has remaining terms of 34 years as of April 1, 2024. For both years ended March 31, 2025 and March 31, 2024, the Stadium Authority recognized $798 thousand in lease amortization expense and $648 thousand in interest expense related to this lease.

A summary of lease liability activity during the year ended March 31, 2025 is as follows:

March 31, March 31,
2024 Additions Reductions 2025
Lease liability $ 29,321,106 — (6,542) 29,314,564
Total lease liability $ 29,321,106 — (6,542) 29,314,564

A summary of lease liability activity during the year ended March 31, 2024 is as follows:

March 31, March 31,
2023 Additions Reductions 2024
Lease liability $ 29,321,106 — — 29,321,106
Total lease liability $ 29,321,106 — — 29,321,106

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
17 (Continued)
Right-to-use leased assets for the years ended March 31, 2025 is as follows:

March 31, March 31,
2024 Additions Reductions 2025
Right-to-use leased assets
being depreciated:

Land $ 29,530,929 — — 29,530,929
Total right-to-use
leased assets 29,530,929 — — 29,530,929
Less accumulated
depreciation for:

Land (2,394,400) — (798,133) (3,192,533)
Total accumulated
depreciation (2,394,400) — (798,133) (3,192,533)
Total right-to-use
leased assets,
net $ 27,136,529 — (798,133) 26,338,396

Right-to-use leased assets for the years ended March 31, 2024 is as follows:

March 31, March 31,
2023 Additions Reductions 2024
Right-to-use leased assets
being depreciated:

Land $ 29,530,929 — — 29,530,929
Total right-to-use
leased assets 29,530,929 — — 29,530,929
Less accumulated
depreciation for:

Land (1,596,266) — (798,134) (2,394,400)
Total accumulated
depreciation (1,596,266) — (798,134) (2,394,400)
Total right-to-use
leased assets,
net $ 27,934,663 — (798,134) 27,136,529

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
18 (Continued)
Future principal and interest payments on the lease liability are as follows as of March 31, 2025:

Principal Interest
Year ending March 31:
2026 $ 354,518 645,482
2027 362,325 637,675
2028 370,303 629,697
2029 378,456 621,544
2030 486,790 613,210
2031-2035 2,699,528 2,900,472
2036-2040 3,532,624 2,567,376
2041-2045 4,461,569 2,138,431
2046-2050 5,497,391 1,602,609
2051-2055 6,632,387 947,613
2056-2058 4,538,673 201,327
Total $ 29,314,564 13,505,436

Lessor – The Stadium Authority is a lessor for noncancelable leases of land and building. The Stadium Authority recognizes a lease receivable and a deferred inflow of resources in the financial statements.

At the commencement of a lease, the Stadium Authority initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue on a straight-line basis over the life of the lease term.

Key estimates and judgments include how the Stadium Authority determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts as follows:
• The Stadium Authority uses its estimated incremental borrowing rate as the discount rate for leases. The Stadium Authority used a 2.18% discount rate for the expected lease payments to present value.
• The lease term includes the noncancelable period of the lease and options to extend it believes the lessee is reasonably certain to exercise. The Stadium Authority has included the exercise of one of the four-year renewal options due to the time it would take and the complexity of negotiating new lease terms with lessee.
• Lease receipts included in the measurement of the lease receivable comprises fixed payments from the lessee.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
19 (Continued)
The Stadium Authority monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable. The Stadium Authority has the Stadium Lease with StadCo (note 6). As of March 31, 2025, the balances related to the lease receivable and deferred inflow of resources were $582.3 million and $561.6 million, respectively. As of March 31, 2024, the lease receivable and deferred inflow of resources were $594.2 million and $578.6 million, respectively. The lease has remaining terms of 34 years as of April 1, 2024. As of March 31, 2025, the Stadium Authority recognized $17.0 million in lease revenue under the rents and licensing revenue category and $12.8 million in interest revenue. Similarly, as of March 31, 2024, the Stadium Authority also recognized $17.0 million in lease revenue under rents and licensing revenue category and $13.1 million in interest revenue.

A summary of lease receivable activity during the year ended March 31, 2025 is as follows:

March 31, March 31,
2024 Additions Reductions 2025
Lease receivable $ 594,217,262 — (11,926,764) 582,290,498 Total lease
receivable $ 594,217,262 — (11,926,764) 582,290,498

A summary of lease receivable activity during the year ended March 31, 2024 is as follows:

March 31, March 31,
2023 Additions Reductions 2024
Lease receivable $ 605,887,066 — (11,669,804) 594,217,262 Total lease
receivable $ 605,887,066 — (11,669,804) 594,217,262

A summary of deferred inflows of resources activity during the year ended March 31, 2025 is as follows:

March 31, March 31,
2024 Additions Reductions 2025
Deferred inflows
leases related $ 578,569,323 — (17,016,745) 561,552,578 Total deferred
inflows leases
related $ 578,569,323 — (17,016,745) 561,552,578

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
20 (Continued)
A summary of deferred inflows of resources activity during the year ended March 31, 2024 is as follows:

March 31, March 31,
2023 Additions Reductions 2024
Deferred inflows
leases related $ 595,586,067 — (17,016,744) 578,569,323 Total deferred
inflows leases
related $ 595,586,067 — (17,016,744) 578,569,323

Future principal and interest receipts from the lease receivable are as follows as of March 31, 2025:

Principal Interest
Year ending March 31:
2026 $ 12,189,380 12,572,620
2027 12,457,780 12,304,220
2028 12,732,090 12,029,910
2029 13,012,439 11,749,561
2030 13,298,962 11,463,038
2031-2035 71,018,394 52,791,606
2036-2040 79,189,208 44,620,792
2041-2045 88,300,091 35,509,909
2046-2050 98,459,200 25,350,800
2051-2055 109,787,135 14,022,865
2056-2058 71,845,819 2,440,181
Total $ 582,290,498 234,855,502

(l) Consistency With Current Period Operations
Certain prior year amounts have been reclassified for consistency with the current year presentation.

These classifications had no effect on the reported results of operations. (m) Immaterial Correction of an Error
Amounts previously reported in the 2024 financial statements have been revised for certain immaterial corrections related to the accounting for the unearned revenue on defaulted SBLs, including decreasing unearned revenue, current portion and unearned revenue, noncurrent by $0.8 million and $22.3 million, respectively, and increasing rents and licensing and net position – beginning of period by $0.8 million and $22.3 million, respectively.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
21 (Continued)
(3) Stadium Development
(a) Transaction Overview
During fiscal year 2011-12, the Stadium Authority and StadCo entered into a series of agreements in connection with the construction of the Stadium. The Stadium was constructed and is owned by the Stadium Authority; certain tenant improvement components are owned by StadCo. Const ruction on the Stadium began in April 2012 and it was substantially completed in July 2014, in time for the 2014 NFL season.

The City owns the land on which the Stadium was constructed. The City has leased the land to the Stadium Authority under a ground lease, and the Stadium Authority has leased the Stadium to StadCo for the six-month period from August through January (the NFL season) of each year, for an initial lease term of 40 years. The Stadium Lease commenced in August 2014 upon substantial completion of construction.

The Stadium Authority and StadCo have engaged ManagementCo, an affiliate of StadCo, to manage the Stadium on a year-round basis. The Stadium Management Agreement has an initial term of 25 years, plus a 15-year renewal option. The Stadium Authority pays ManagementCo for services related to its operations on behalf of the Stadium Authority. For the years ended March 31, 2025 and 2024, ManagementCo charged the Stadium Authority $7.7 million and $8.6 million in shared expenses, and $9.4 million and $8.5 million in other operating and management expenses, respectively. (b) Construction Funding
Funding for construction of the Stadium, excluding tenant improvements funded by StadCo, falls into three major categories: an initial construction loan from a bank syndicate, which was refinanced during 2013 as described below; funding from the StadCo Subordinated Loan; and construction period and other revenues.
(i) Stadium Construction Loan Facility
The initial financing included a delayed draw term loan facility (the Construction Facility) provided by a syndicate of banks (the Lenders) to Stadium Funding Trust (FinanceCo). FinanceCo, a Delaware statutory trust, entered into the Construction Facility with the Lenders and then issued a loan facility to the Stadium Authority in the amount of $450 million (the Authority Loan). The Construction Facility had a maturity date of September 1, 2015. In June 2013, FinanceCo and the Stadium Authority refinanced the Construction Facility, resulting in FinanceCo paying off the Construction Facility and entering into a new debt structure that includes 26-year fixed rate notes and a delayed draw 5-year loan facility. FinanceCo then issued a new loan facility to the Stadium Authority in the amount of $450 million. The Stadium Authority’s loan facilities are discussed in note 5.
(ii) StadCo Subordinated Loan
In March 2012, StadCo agreed to loan the Stadium Authority up to $500 million (the Subloan) to be used for the construction of Levi’s Stadium. During the refinance process in June 2013, the interest rate on the Subloan was fixed and part of the then outstanding Subloan was paid down. T he Subloan is discussed in note 5.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
22 (Continued)
(iii) Construction Period and Other Revenues
Certain revenues were collected by the Stadium Authority while the Stadium was under construction. These construction period and other revenues primarily consist of SBL and naming rights revenues collected by the Stadium Authority.
(4) Capital Assets
Capital asset activity for the year ended March 31, 2025 is as follows:

Balance Balance
March 31, March 31,
2024 Additions Reductions 2025
Nondepreciable assets:

Construction in progress $ 4,202,330 7,062,604 (3,734,410) 7,530,524 Total nondepreciable
assets 4,202,330 7,062,604 (3,734,410) 7,530,524
Capital assets being depreciated:

Buildings 830,191,432 — — 830,191,432
Machinery and equipment 7,002,901 2,849,575 — 9,852,476 Less accumulated depreciation for:

Buildings (159,648,096) (16,625,028) — (176,273,124)
Machinery and equipment (3,179,119) (1,142,280) — (4,321,399) Net depreciable assets 674,367,118 (14,917,733) — 659,449,385 Net capital assets $ 678,569,448 (7,855,129) (3,734,410) 666,979,909

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
23 (Continued)
Capital asset activity for the year ended March 31, 2024 is as follows:

Balance Balance
March 31, March 31,
2023 Additions Reductions 2024
Nondepreciable assets:

Construction in progress $ 2,095,393 7,029,295 (4,922,358) 4,202,330 Total nondepreciable
assets 2,095,393 7,029,295 (4,922,358) 4,202,330
Capital assets being depreciated:

Buildings 826,227,884 3,963,548 — 830,191,432
Machinery and equipment 6,141,531 861,370 — 7,002,901 Less accumulated depreciation for:

Buildings (143,121,336) (16,526,760) — (159,648,096)
Machinery and equipment (2,267,592) (911,527) — (3,179,119) Net depreciable assets 686,980,487 (12,613,369) — 674,367,118 Net capital assets $ 689,075,880 (5,584,074) (4,922,358) 678,569,448

(5) Long-Term Debt
(a) Long-Term Debt Summary
Changes in long-term debt for the year ended March 31, 2025 consisted of the following:

Outstanding Outstanding
as of as of Amounts due
Issue Due Interest March 31, March 31, within one
Type of indebtedness date date rates 2024 Additions Reductions 2025 year Business type activity debt:

Stadium Funding Trust loan
Term A loan 06/19/13 04/01/39 5.00 % $ 199,956,240 — (7,299,896) 192,656,344 7,838,094 StadCo CFD Advance 04/01/13 12/31/54 5.73 28,711,586 — (1,758,666) 26,952,920 — Total $ 228,667,826 — (9,058,562) 219,609,264 7,838,094

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
24 (Continued)
Changes in long-term debt for the year ended March 31, 2024 consisted of the following:

Outstanding Outstanding
as of as of Amounts due
Issue Due Interest March 31, March 31, within one
Type of indebtedness date date rates 2023 Additions Reductions 2024 year Business type activity debt:

Stadium Funding Trust loan
Term A loan 06/19/13 04/01/39 5.00 % $ 215,415,240 — (15,459,000) 199,956,240 7,299,896 StadCo CFD Advance 04/01/13 12/31/54 5.73 29,859,497 — (1,147,911) 28,711,586 — Total $ 245,274,737 — (16,606,911) 228,667,826 7,299,896

(b) Stadium Funding Trust Loan
The Restated Credit Agreement by and among FinanceCo, the Stadium Authority and Goldman Sachs Bank was entered into on June 19, 2013. FinanceCo agreed to loan the Stadium Authority up to $450 million. Under the Restated Credit Agreement, the loan from FinanceCo consists of the Term A Loan and the Term B Loan. On March 31, 2016, the Stadium Authority paid the remaining amount due on the Term B Loan.
(i) Term A Loan
The Term A Loan was made in the amount of $282.8 million. This loan bears interest at a fixed rate of 5%, payable semiannually, with annual principal payments due beginning in April 2018. It has a maturity date in 2039 and is subject to certain prepayment premiums. The loan was fully drawn at closing. Debt service on this loan is secured by a pledge of available SBL revenues of Stadium Authority.

During the years ended March 31, 2025 and 2024 the Stadium Authority recorded $9.6 million and $10.0 million in interest expense and made a principal payments of $7.3 million and $15.5 million, respectively. As of March 31, 2025 and 2024, $192.7 million and $200.0 million was outstanding, respectively.

In the event of default under the loan agreement, FinanceCo has the right, upon written notice to the Stadium Authority, to accelerate and declare the Stadium Authority’s obligation to repay the related loan to FinanceCo to be immediately due and payable. (c) StadCo CFD Advance
In May 2010, the City completed the proceedings to establish CFD for the purpose of financing certain publicly owned facilities and public services associated with the Stadium.

On June 11, 2013, the CFD, the Stadium Authority, and StadCo entered into a Reimbursement Agreement under which the CFD would agree to reimburse the Stadium Authority for costs of the publicly owned facilities and public services constructed for the Stadium. The reimbursement can only be made from the special tax generated by the CFD, as and when received by the CFD.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
25 (Continued)
StadCo has agreed to advance to the Stadium Authority funds to pay for the CFD Infrastructure (StadCo CFD Advance). To evidence the Stadium Authority’s obligation to repay the StadCo CFD Advance, the Stadium Authority and StadCo also executed a note on June 11, 2013. The StadCo CFD Advance has a maximum principal of $38 million and an interest rate of 5.73%.

During the year ended March 31, 2025, as the special CFD tax was submitted to the Stadium Authority, a number of payments were made on the StadCo CFD Advance. StadCo CFD Advance payments were made midway through each quarter. The interest that accrued between the last StadCo CFD Advance payment and the end of the year is added to principal.

During the years ended March 31, 2025 and 2024 the Stadium Authority recorded $1.6 million and $1.7 million in interest expense and made principal payments of $1.8 million and $1.1 million, respectively.

As of March 31, 2025 and 2024, $27.0 million and $28.7 million was outstanding, respectively. (d) StadCo Subordinated Loan
The Restated StadCo Obligations Agreement dated as of June 19, 2013 was entered into by and between StadCo and the Stadium Authority as part of the take-out financing process. Under the Restated StadCo Obligations Agreement, StadCo will loan the Stadium Authority an amount not to exceed $500 million with a fixed 5.50% interest rate. Required principal repayments started in March 2016 and the Stadium Authority may prepay the loan at any time. Debt service on this loan is secured by a pledge of available Stadium Authority revenues on a basis subordinate to outstanding senior loans, if any.

As of March 31, 2025 and 2024, there was no balance outstanding.

In the event of default under the loan agreement, StadCo has the right, upon written notice to the Stadium Authority, to accelerate and declare the Stadium Authority’s obligation to repay the related loan to StadCo to be immediately due and payable.
(e) Management Company Revolving Loan
The Management Company Revolving Loan dated as of March 28, 2012 was entered into by and between the Stadium Authority and ManagementCo. The Management Company Revolving Loan provides borrowing to the Stadium Authority in an amount not to exceed $25 million through the earlier of the end of the term of the Stadium Lease or the expiration of the Stadium Management Agreement, with interest at the prime rate payable quarterly. The Management Company Revolving Loan may be used solely for the purpose of enabling the Stadium Authority to pay Covered Stadium Authority Operating Expenses (as defined in the agreement) to the extent, and only to the extent that funds are not otherwise available.

As of March 31, 2025 and 2024, there was no balance outstanding. (f) Pledge of Future Revenues
The pledge of future revenues ends upon repayment of the $192.7 million in outstanding principal on the Term A which is scheduled to occur in fiscal year 2039-40. For fiscal year 2024-25, revenues including operating revenues and nonoperating interest earnings amounted to $102.4 million and

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
26 (Continued)
operating costs including operating expenses, but not interest, depreciation, or amortization amounted to $43.5 million. Net revenues available for debt service amounted to $58.9 million, which represented a coverage ratio of 7.6 on the $7.8 million of debt service to be paid in the coming year. (g) Long-Term Debt Maturities
Future principal and interest amounts due on long-term debt are as follows as of March 31, 2025:

Principal Interest
Year ending March 31:
2026 $ 7,838,094 10,785,314
2027 8,404,934 10,365,068
2028 9,001,865 9,914,975
2029 9,630,410 9,433,454
2030 10,292,166 8,918,846
Thereafter 174,441,795 76,583,896
Total $ 219,609,264 126,001,553

(6) Leases
(a) Ground Lease
On February 28, 2012, the Stadium Authority entered into a lease (the Ground Lease) with the City whereby the City leases the Stadium site to the Stadium Authority. The Ground Lease was amended on June 19, 2013. On May 28, 2024, the Second Amendment to the Ground Lease was executed to implement the terms of the 2024 Settlement Agreement (note 7).

The Ground Lease has an initial term of 40 years. The first lease year commenced on the first day following the substantial completion of construction (August 1, 2014) and ended on the next following March 31. The subsequent lease years will start on April 1 and end on the following March 31. The Stadium Authority will have five successive extension options, each four years in duration, which would commence following the initial term expiration date.

The Ground Lease provides that the City will receive a fixed ground rent (Fixed Ground Rent) of $180 thousand for the first year of Stadium operations payable by the Stadium Authority. Beginning in the second year of Stadium operations and annually thereafter through the tenth year of Stadium operations, the Fixed Ground Rent will increase annually by $35 thousand. Beginning in the 11th year of Stadium operations, Fixed Ground Rent will be increased to equal $1 million, and thereafter will be increased by $100 thousand every five years through the end of the initial term of the Ground Lease. If the term of the Ground Lease is extended, then, during the first extension term, the Fixed Ground Rent will equal $1.58 million; and if and to the extent the Ground Lease is further extended, the Fixed Ground Rent will be increased by $80 thousand every four years thereafter through the expiration of the term of the Ground Lease. Stadium Authority paid the City $1 million and $495 thousand in ground rent in each of the fiscal years ended March 31, 2025 and 2024.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
27 (Continued)
Future minimum payments due under the lease are as follows:

Lease
Payments
Year ending March 31:
2026 $ 1,000,000
2027 1,000,000
2028 1,000,000
2029 1,000,000
2030 1,100,000
Thereafter 31,400,000
Total $ 36,500,000

The Ground Lease also provides that the City will receive a performance-based rent equal to 50% of the net income from Non-NFL events, less certain credits including 50% of the Fixed Ground Rent, payable by the Stadium Authority. If certain of the credits are not used within the year incurred or the next ten succeeding years, the credits will expire. The Stadium Authority reported a net Non-NFL event revenue of $10.2 million and $8.3 million in each of the fiscal years ended March 31, 2025 and 2024, which triggers a performance-based rent payment to the City. Performance-based rent payments of $4.6 million and $3.2 million have been made to the City for fiscal years ended March 31, 2025 and 2024, respectively.
(b) Stadium Lease
On March 28, 2012, the Stadium Authority entered into a lease with StadCo whereby the Stadium Authority leases the Stadium to StadCo. On June 19, 2013, the same parties entered into an Amended and Restated Stadium Lease Agreement (the Stadium Lease). The Stadium Lease was amended on May 28, 2024 to implement the terms of the 2024 Settlement Agreement (note 7).

The Stadium Lease has an initial term of 40 years commencing on the first day following the substantial completion of construction (August 1, 2014) and includes five successive options to extend the term by four years each. The Stadium Lease is divided into two seasons:
• The Tenant Season, which includes the NFL season (including preseason, regular season, and postseason NFL games) and runs from August 1 through January 31; and • The Stadium Authority Season, which runs from February 1 through July 31.

Pursuant to the Stadium Lease, the Stadium Authority and StadCo will be entitled to receive and collect separate revenues. Rent payable by StadCo to the Stadium Authority is $24.8 million per year. The lease also provides for a fair market rent adjustment in year 33.

The Stadium Authority received $24.8 million in stadium rent from StadCo in each of the fiscal years ended March 31, 2025 and 2024.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
28 (Continued)
The Stadium Authority may elect to expand the Tenant Season to consist of the entire lease year, from April 1 through the next succeeding March 31 (Stadium Authority Put Right), by delivering written notice to StadCo. The Stadium Authority Put Right may be exercised at any time during lease year 13, or at any time that the Management Company Revolving Loan balance exceeds $20 million. The expansion of the Tenant Season will be effective as of the applicable Tenant Season Expansion Date as set forth in the Stadium Lease. Effective from and after the Tenant Season Expansion Date and continuing through the remainder of the Stadium Lease term, the Tenant Season will consist of the entire lease year.
(7) Commitments and Contingencies
(a) Asset Retirement Obligation
Pursuant to the Ground Lease, the Stadium Authority may be required to demolish the Stadium and other improvements at the end of the lease term, upon written notice from the City. Pursuant to the Stadium Lease, the Stadium Authority has been establishing reserves to fund the cost of demolishing the stadium at the end of the lease term. While such reserves are projected to cover the entire demolition cost, StadCo will be responsible for funding any shortfall. (b) 2024 Settlement Agreement
On May 23, 2024, the Stadium Authority, the City, StadCo, and ManagementCo entered into the 2024 Settlement Agreement that resolved pending arbitration and disputes regarding the reimbursement of expenses for complementary buffets provided to certain SBL holders, the NFL public safety cost threshold and related claims, as well as other miscellaneous terms and matters. The 2024 Settlement Agreement provided for amendments to the Ground Lease (Second Amendment) and the Stadium Lease (First Amendment), which were effective as of May 28, 2024. As part of the buffet costs settlement, StadCo’s claims against the Stadium Authority for unpaid buffet costs reimbursements for fiscal years 2014-15 through 2023-24 were resolved and deemed satisfied, and ManagementCo.’s previous (and disputed) draw under the Revolving Credit Agreement to reimburse StadCo for $902 thousand for buffet costs in fiscal year 2022-21 was deemed a timely payment by Stadium Authority.

The 2024 Settlement Agreement also provided a new $90 thousand buffet reimbursement fee per NFL Game owed by Stadium Authority to StadCo, starting in fiscal year 2024-25, with the fee increasing each year by 3%. As part of the public safety costs settlement, the $14.8 million of public safety costs over the threshold for fiscal year 2017-18 through fiscal year 2023-24 owed by Stadium Authority to StadCo was agreed to not be treated as Credited Public Safety Costs and therefore those credits would not affect the calculation of Performance Based Rent. This cost due to StadCo has been redefined as Public Safety Cost 2024 Outstanding Balance, which would be paid from a legal contingency reserve and future excess revenues until paid off. In fiscal year 2024–25, the Stadium Authority made a payment of $3.3 million from a legal contingency reserve and a payment of $6.2 million from excess revenues toward the Public Safety Cost 2024 Outstanding Balance, as agreed. The Stadium Authority is expected to use a portion of its excess revenues to pay off the remaining $5.3 million in future years.

The 2024 Settlement Agreement also allows for the payment of the Performance Based Rent from the Stadium Authority to the City in the amount of $7.3 million for fiscal years 2022-23 and 2023-24.

SANTA CLARA STADIUM AUTHORITY
(a Component Unit of the City of Santa Clara, California) Notes to Financial Statements
March 31, 2025 and 2024
29 (c) Public Safety Costs Over Threshold
Pursuant to the May 2024 Settlement Agreement, on May 28, 2024, the Stadium Authority entered into the First Amendment to Amended and Restated Stadium Lease Agreement with the Forty Niners SC Stadium Company LLC (StadCo). Under that amendment agreement, reimbursements for Public Safety Cost 2024 Outstanding Balance will be partially paid using Litigation Contingency Reserves, with the remainder to be paid through excess revenues. As of March 31, 2025, the Stadium Authority has $5.3 million outstanding in the Public Safety Cost 2024 Outstanding Balance included within accounts payable.

In addition, the annual NFL Public Safety Cost Threshold was increased to $360 thousand per game for lease year ending March 31, 2025, with a 4% escalator applied for each subsequent year. The amendment agreement also provided for a new Public Safety Costs Expenditures reserve account, funded in part by increases of Non-NFL Ticket Surcharges. To the extent that public safety costs for NFL events exceed the public safety cost threshold, StadCo will be reimbursed by the Stadium Authority through payments from the Stadium Authority’s Discretionary Fund or the Public Safety Cost Reserve. For fiscal year ending March 31, 2025, the Stadium Authority paid $2.5 million to StadCo for public safety costs over threshold.
(d) Excess Revenue Distributions
Pursuant to the May 2024 Settlement Agreement and the related First Amendment to Amended and Restated Stadium Lease Agreement, the use of excess revenues was restructured to facilitate the reimbursement of the Public Safety Cost 2024 Outstanding Balance to StadCo and to allow for funds to be distributed to the City’s general fund. The flow of excess revenue was restructured such that, in the event the Renovation and Demolition Reserve is less than $70 million, the Stadium Authority will deposit up to 50% of available excess revenues in the Renovation and Demolition Reserve, up to 50% of available excess revenues to repay to StadCo the Public Safety Costs 2024 Outstanding Balance, and any remaining excess revenues to be treated additional disbursements, such as distribution to the City’s general fund. Once the Public Safety Costs 2024 Outstanding Balance is paid in full, the Stadium Authority will disburse up to 50% of the remaining excess revenues to the Renovation and Demolition Reserve, and the remainder of excess revenues can be distributed to the City’s general fund. After the Renovation and Demolition Reserve has $70 million, the remaining available excess revenues may be distributed by Stadium Authority to the City’s general fund.

For fiscal year ending March 31, 2025, the Stadium Authority transferred $12.3 million to the Renovation and Demolition Reserve, paid $6.2 million to StadCo to pay down the Public Safety Cost 2024 Outstanding Balance, and paid $6.2 million to the City’s general fund. (8) Subsequent Events
Management has evaluated subsequent events through September 29, 2025, which is the date the financial statements were available to be issued, and determined there are no other items to disclose.

Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards
The Board of Directors
Santa Clara Stadium Authority:

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of Santa Clara Stadium Authority (the Stadium Authority), which comprise the Stadium Authority’s statement of net position as of March 31, 2025, and the related statements of revenues, expenses, and changes in net position, and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated September 29, 2025.

Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Stadium Authority’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Stadium Authority’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Stadium Authority’s internal control.

Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified.

However, as described in the accompanying schedule of findings and questioned costs, we identified a deficiency in internal control that we consider to be a material weakness.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. We consider the deficiency described in the accompanying schedule of findings and questioned costs as item 2025-001 to be a material weakness.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Stadium Authority’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
~
2 Stadium Authority’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the Stadium Authority’s response to the finding identified in our audit and described in the accompanying schedule of findings and questioned costs. The Stadium Authority’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.

Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

San Francisco, California
September 29, 2025

3 Finding 2025-001 – Accounting Treatment for Stadium Builder Licenses Defaults Criteria
Management is responsible for the preparation and fair presentation of the financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Management is required to determine whether the entity maintained, in all material respects, effective internal controls over financial reporting based on the criteria established by a suitable framework, which is typically the Internal Control – Integrated Framework published by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission.

The organization should select and develop control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels.

Conditions Found
The Stadium Authority sells Stadium Builder Licenses (SBLs) for a fee, which holders can pay upfront or through financing arrangements. When collected, these fees are recognized as unearned revenue and amortized into revenue over the life of the stadium. Under the terms of the SBL agreement, when a default occurs, the customer loses their rights to any services under the agreement. As such, at the time of the default, the associated unearned revenue related to the SBL fees should be recognized as revenue.

The Stadium Authority’s accounting treatment related to the SBL defaults was to continue to amortize the fee over the remaining life of the stadium rather than recognize the remaining amount at the time of default. Stadium Authority management did not sufficiently identify and evaluate the accounting impact of the defaults of SBL revenue agreements. The Stadium Authority had not historically assessed the SBL defaults to determine whether the impact of the accounting treatment would be clearly inconsequential.

During the testing of the fiscal year 2025 SBL revenue, the engagement team identified the error in accounting for SBL defaults has accumulated over time, since the inception of the entity and SBLs, to a consequential amount.

Cause
The deficiency was caused by the lack of a proper accounting policy and an effective process to identify and assess the impact of the SBL defaults on financial reporting.

The Stadium Authority did not design or implement a review process for monitoring SBL defaults to ensure accurate financial reporting.

Effect
The misstatement resulted in an overstatement of unearned revenue, and an understatement of net position. The correction resulted in a cumulative impact on net position of $23.1M at March 31, 2024.

Management determined the error was not material to the March 31, 2024 financial statements. To correct the prior year error, Management adjusted the 2024 amounts reported in the March 31, 2025 financial statements, and included note disclosure 2(m) in the March 31, 2025 financial statements to summarize the adjustments and effects of the correction. 4 Recommendation
We recommend that Management develop a process to ensure SBL defaults are properly assessed and appropriately recorded.

Management Response
Management agrees with the recommendation and will work with its management company to obtain a complete and accurate SBL default report. This report will be used to perform an annual assessment of the SBL default revenue recognition in conformity with US generally accepted accounting principles.

Independent Auditors’ Report
The Board of Directors
Santa Clara Stadium Authority:

We have audited, in accordance with auditing standards generally accepted in the United States of America, and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of Santa Clara Stadium Authority, a component of the City of Santa Clara, California, which comprise the statements of net position as of March 31, 2025 and 2024, and the related statements of revenues, expenses, and changes in net position, and cash flows for the years then ended, and the related notes to the financial statements, and have issued our report thereon dated September 29, 2025.

In connection with our audit, nothing came to our attention that caused us to believe that the Company failed to comply with the terms, covenants, provisions, or conditions of Sections 5 to 6, inclusive, of the Credit Agreement dated June 19, 2013, by and among Santa Clara Stadium Authority, Stadium Funding Trust and Goldman Sachs Bank USA (as Administrative Agent), insofar as they relate to accounting matter s. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had we performed additional procedures, other matters may have come to our attention regarding Santa Clara Stadium Authority’s noncompliance with the above-referenced terms, covenants, provisions, or conditions of the Indenture, insofar as they relate to accounting matters.

This report is intended solely for the information and use of the board of directors and management of Santa Clara Stadium Authority, Stadium Funding Trust, and Goldman Sachs Bank USA and is not intended to be and should not be used by anyone other than these specified parties.

San Francisco, California
September 29, 2025

City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-567 Agenda Date: 10/21/2025

REPORT TO STADIUM AUTHORITY BOARD

SUBJECT
Informational Report on Stadium Authority Contracts for Fiscal Year 2024/25 As Required by Santa Clara City Code Chapter 17.30 (Stadium Authority Procurement Policy)

BACKGROUND
Santa Clara City Code Chapter 17.30 (Stadium Authority Procurement Policy) formalizes the policies and procedures with respect to procurement for the Santa Clara Stadium Authority (Stadium Authority), with the intent to: 1) Establish efficient, equitable and effective procedures for the procurement activities of the Stadium Authority; 2) Ensure the integrity and equity in the procurement activities of the Stadium Authority and provide safeguards for the impartial application of the procurement policies; and, 3) Enable the Stadium Authority to operate efficiently and competitively; to responsibly maintain equipment, facilities and services; and to complete projects on time and on budget.

The Stadium Authority Procurement Policy applies to all purchases and contracts for supplies, goods, materials, equipment, services, and public works by and on behalf of the Stadium Authority and establishes the Executive Director as the purchasing officer of the Stadium Authority, except for those purchases and contracts that fall within the exclusions identified in Santa Clara City Code Section

17.30.110. The policy provides the Executive Director with delegated signature authority to execute Stadium Authority contracts for supplies, materials, equipment, services, and public works projects in an amount up to and including $100,000, as allocated to and authorized by the Stadium Authority by adoption of the annual budget. For agreements where the costs are shared between the Stadium Authority and Forty Niners SC Stadium Company, LLC (StadCo) per the Stadium Lease, the $100,000 threshold only applies to the Stadium Authority’s portion of the agreement.

Under the Stadium Authority Procurement Policy, the Executive Director is required to prepare and submit to the Stadium Authority Board, a report at the end of the fiscal year summarizing the total number of contracts let by the Stadium Authority, the number of contracts approved under an exception, the number of contracts approved under best value procedures and the number of contracts approved under formal bidding procedures, and to the extent possible listing information related to application and outreach efforts conducted to implement the Disadvantaged Business Enterprise (DBE) program.

DISCUSSION
In Fiscal Year 2024/25, the Stadium Authority entered into sixteen (16) total new contracts and amendments to existing contracts to purchase or acquire supplies, materials, equipment, services, and/or implement public works projects. Seven (7) amendments to legal contracts were entered into under the authority to contract for legal services, which are exempt from competitive bidding per Santa Clara City Code Section 17.30.110(d). Of the remaining nine (9) contracts, the Stadium City of Santa Clara Printed on 10/17/2025Page 1 of 3
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Authority executed four (4) contracts approved under best value procedures and five (5) contracts/amendments for services. There is no information to report related to application and outreach efforts conducted to implement the DBE program. The Stadium Authority’s contract activity for FY 2024/25 is summarized in Attachment 1.

Additionally, the Forty Niners Stadium Management Company LLC, as the Stadium Manager that the Stadium Authority and StadCo have both contracted with to manage Levi’s Stadium, has the authority to execute contracts only insofar as the Executive Director has such authority. Under Section 2 of the First Amendment to the Stadium Management Agreement between the Stadium Authority, Stadium Manager, and StadCo, the Stadium Manager is provided certain delegated authority to enter into contracts on behalf of the Stadium Authority. As such, the delegation of authority to the Executive Director to execute Stadium Authority contracts for supplies, materials, equipment, services, and public works projects in an amount up to and including $100,000 of Stadium Authority funds also applies to the Stadium Manager.

The Stadium Manager entered into eighty-five (85) total contracts and amendments to contracts to purchase or acquire supplies, materials, equipment, services, and/or public works projects on behalf of the Stadium Authority during FY 2024/25. Of these, the Stadium Manager executed twenty-one (21) contracts/amendments approved under best value procedures, forty-seven (47) service contracts and amendments to service contracts, three (3) public works contracts per Santa Clara City Charter Section 1310 and under formal bidding procedures, one (1) amendment to a contract for an emergency purchase per Santa Clara City Code Section 2.205.260, and thirteen (13) contracts by utilizing a competitive bid process of another public agency per Santa Clara City Code Section

2.105.270. There is no information to report related to contracts entered into under an exemption or application and outreach efforts conducted to implement the DBE program. The Stadium Manager’s contract activity on behalf of the Stadium Authority for FY 2024/25 is summarized in Attachment 2.

Stadium Authority staff reviews contracts presented to the Stadium Authority Board and corresponding procurement materials for conformance. Stadium Manager staff confirmed they followed the City of Santa Clara’s procurement and public works requirements for these purchases and services, in addition to the Stadium Authority Procurement Policy, for contracts below the applicable $100,000 threshold. Staff was working with the Stadium Manager’s prior Director of Procurement to bring forth updates to the Stadium Authority Procurement Policy so that it can better align with public procurement best practices similar to those in the City’s purchasing code and address existing gaps within the policy (e.g., consistent competitive process requirements for services, better alignment of public works definitions and requirements with City Charter and State law provisions). However, due to staffing transitions, staff is reengaging the Stadium Manager’s new procurement team on this effort. In the interim, Stadium Authority and Stadium Manager staff will continue to follow the City’s purchasing and public works requirements and the Stadium Authority Procurement Policy until the Stadium Authority Procurement Policy is updated.

ENVIRONMENTAL REVIEW
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
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There is no cost to prepare this report other than administrative staff time.

COORDINATION
This report has been coordinated with the Stadium Authority Counsel and Treasurer’s Offices.

RECOMMENDATION
Note and file the informational report on Stadium Authority contracts for FY 2024/25.

Reviewed by: Chuck Baker, Assistant City Manager
Approved by: Jovan D. Grogan, SCSAExecutive Director

ATTACHMENTS

1. Stadium Authority Contract Activity for FY 2024/25

2. Stadium Manager Contract Activity on Behalf of Stadium Authority for FY 2024/25 City of Santa Clara Printed on 10/17/2025Page 3 of 3
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Stadium Authority Contract Activity for FY 2024/25
# Vendor Description of Supplies,
Materials, Equipment, or Service Amount Start Date Source of Funds Contract Authority Stadium Authority Board Approval*
1 Armanino Solutions,
LLC
Financial Management System
Platform License Software and
Support Subscriptions
$ 2,850.00 1/9/2025 General and
Administrative
Santa Clara City Code
Section 17.30.120 Service
Contracts - Signature
Authorit
y
Exempt - Within
Delegated Signature
Authority Threshold
2 Canyon Oaks Ventures,
LLC
Stadium Marketing Consultant
Services $ 19,500.00 8/19/2024 General and
Administrative
Santa Clara City Code
Section 17.30.120 Service
Contracts - Signature
Authorit
y
Exempt - Within
Delegated Signature
Authority Threshold
3 Canyon Oaks Ventures,
LLC
Stadium Marketing Consultant
Services (Amendment No. 1) $ 1,128.00 11/7/2024 General and Administrative
Santa Clara City Code
Section 17.30.120 Service
Contracts - Signature
Authorit
y
Exempt - Within
Delegated Signature
Authority Threshold
4 DataWorks Plus Fingerprinting Equipment CapEx
Project (Amendment No. 1) $ 182.50 5/14/2024 Capital Expense Santa Clara City Code
Section 17.30.080 Best
Value Selection
Procedures
Exempt - Within
Delegated Signature
Authority Threshold
5 Guidepost Solutions,
LLC
Consulting Services for Levi's
Stadium Security Procedures and
Neighborhood Impacts Assessment
(Amendment No. 1)
$ - 11/20/2024
Term Extension
Only - No Cost to
Stadium Authority
Santa Clara City Code
Section 17.30.120 Service
Contracts - Signature
Authorit
y
Exempt - Within
Delegated Signature
Authority Threshold
6 KPMG, LLP Financial Auditing and Consulting
Services (Amendment No. 1) $ 100,000.00 5/28/2025 General and Administrative
Santa Clara City Code
Section 17.30.120 Service
Contracts - Signature
Authorit
y
Approved by the
Stadium Authority Board
on May 28, 2024
7 L.N. Curtis and Sons PPE Replacement (Nomex Tops)
CapEx Project $ 6,004.06 8/15/2024 Capital Expense Santa Clara City Code
Section 17.30.080 Best
Value Selection
Procedures
Exempt - Within
Delegated Signature
Authority Threshold
8 Legal Firm** Legal Services Undisclosed
Amount
Undisclosed
Date
General and
Administrative
Santa Clara City Code
Section 17.30.110(d)
Exclusion
Exempt - Legal
Agreement
9 Legal Firm** Legal Services (Amendment) Undisclosed
Amount
Undisclosed
Date
General and
Administrative
Santa Clara City Code
Section 17.30.110(d)
Exclusion
Exempt - Legal
Agreement
10 Legal Firm** Legal Services (Amendment) Undisclosed
Amount
Undisclosed
Date
General and
Administrative
Santa Clara City Code
Section 17.30.110(d)
Exclusion
Exempt - Legal
Agreement
11 Legal Firm** Legal Services (Amendment) Undisclosed
Amount
Undisclosed
Date
General and
Administrative
Santa Clara City Code
Section 17.30.110(d)
Exclusion
Exempt - Legal
Agreement
Stadium Authority Contract Activity for FY 2024/25
# Vendor Description of Supplies,
Materials, Equipment, or Service Amount Start Date Source of Funds Contract Authority Stadium Authority Board Approval*
12 Legal Firm** Legal Services (Amendment) Undisclosed
Amount
Undisclosed
Date
General and
Administrative
Santa Clara City Code
Section 17.30.110(d)
Exclusion
Exempt - Legal
Agreement
13 Legal Firm** Legal Services (Amendment) Undisclosed
Amount
Undisclosed
Date
General and
Administrative
Santa Clara City Code
Section 17.30.110(d)
Exclusion
Exempt - Legal
Agreement
14 Legal Firm** Legal Services (Amendment) Undisclosed
Amount
Undisclosed
Date
General and
Administrative
Santa Clara City Code
Section 17.30.110(d)
Exclusion
Exempt - Legal
Agreement
15 PCP Motorsports Kawasaki ATVs CapEx Project $ 98,000.00 5/29/2024 Capital Expense Santa Clara City Code
Section 17.30.080 Best
Value Selection
Procedures
Exempt - Within
Delegated Signature
Authority Threshold
16 R.S. Hughes Blackline Combustible Gas
Indicators CapEx Project $ 2,726.60 5/29/2024 Capital Expense Santa Clara City Code
Section 17.30.080 Best
Value Selection
Procedures
Exempt - Within
Delegated Signature
Authority Threshold
*Santa Clara City Code Chapter 17.30 provides delegated authority to the Executive Director to execute agreements in an amount up to and including $100,000, as allocated to and authorized by the Stadium Authority by adoption of the annual budget, for supplies, goods, equipment, services, and public works. For agreements where there are shared costs, including those for Shared Stadium Expenses (Stadium Expenses) which are split 50/50 or 30/70 for groundskeeping between the Stadium Authority and Forty Niners SC Stadium Company, LLC (StadCo) per the Stadium Lease, the $100,000 threshold only applies to the Stadium Authority’s portion of the agreement. **Information regarding legal agreements is protected under Government Code § 7927.700.

Stadium Manager Contract Activity on Behalf of the Stadium Authority for FY 2024/25 # Vendor Description of Supplies, Materials,
Equipment, or Service Amount Start Date Source of Funds Contract Authority Stadium Authority Board Approval*
1 24/7 Software 24/7 Software User Conference $ 920.00 1/15/2025 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
2 ABM Industry Group, LLC Janitorial Services (Amendment No. 3)
No Specified
Amount 10/1/2024
Shared Expense,
Non-NFL Events,
and NFL Events
Santa Clara City Code Section 17.30.120
Service Contracts - Signature Authority
Approved by the Stadium
Authority Board on
Se
ptember 24, 2024
3 ABM Industry Group, LLC Janitorial Services No Specified Amount 4/1/2025
Shared Expense,
Non-NFL Events,
and NFL Events
Santa Clara City Code Section 17.30.120
Service Contracts - Signature Authority
Approved by the Stadium
Authority Board on March
26, 2024
4 ACCO Engineered
Systems
Plumbing Maintenance and Repair
Services (Amendment No. 1) $ 250,000.00 9/7/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Approved by the Stadium
Authority Board on August
6, 2024
5 Air Products Group Air Filter $ 2,332.00 8/13/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
6 Allett USA Mower Reel Supplies $ 5,244.06 5/10/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
7 Amazon.com, LLC Blanket Purchase Order to Purchase
Supplies, Equipment, and Goods $ 200,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
8 AMS Electric, LLC dba
Prime Electric, LLC
Lighting Systems - Fixture
Replacement of Major Outdoor
Lighting / LED Retrofit / Sports
Li
ghting CapEx Project
$ 4,973,299.00 11/6/2024 Capital Expense Santa Clara City Charter Section 1310 - Contracts on Public Works
Approved by the Stadium
Authority Board on October
22, 2024
9A r a t a Compactor Equipment and Repair
Services $ 51,759.50 8/19/2024 Shared Expense
Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
10 Armour Petroleum Service
and Equipment
Internal Air Quality and Internal
Monitoring Systems Testing and
Certification Services
$ 3,115.00 7/26/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
11 Assured Aggregate
Company, Inc. Top Dressing Sand $ 50,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
12 Astrophysics, Inc. Security General Allowance CapEx
Project $ 33,338.38 10/28/2024 Capital Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
13 B&H Foto
Blanket Purchase Order to Purchase
Audio Visual Products and
Accessories
$ 50,000.00 4/1/2024 Shared Expense
Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
14 Benjamin Litho Printing and Related Services $ 50,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
Stadium Manager Contract Activity on Behalf of the Stadium Authority for FY 2024/25 # Vendor Description of Supplies, Materials,
Equipment, or Service Amount Start Date Source of Funds Contract Authority Stadium Authority Board Approval*
15 Brailsford & Dunlavey, Inc. Project and Construction Management Firm CapEx Project $ 95,000.00 4/15/2024 Capital Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
16 Bubba’s Fire Extinguisher
Company
Fire Extinguisher Certification Tags
and Servicing $ 5,584.00 4/9/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
17 Bubba’s Fire Extinguisher
Company
Fire Extinguisher Certification Tags
and Servicing $ 15,000.00 12/1/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
18 CA Mailing Mailing Services $ 8,500.00 1/2/2025 SBL Sales and Services
Santa Clara City Code Section 17.30.120
Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
19 CA Mailing Mailing Services (Amendment No. 1) $ 8,500.00 1/2/2025 SBL Sales and Services
Santa Clara City Code Section 17.30.120
Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
20 Caroline Judy Consulting
Amendment
Procurement Consulting Services
(Amendment No. 1) $ 15,000.00 8/12/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
21 CDW Government, LLC
Information Technology Solutions
Related to Hardware, Software,
Computer Equipment, Peripherals,
and Accessories
$ 100,000.00 4/1/2024 Shared Expense
Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
22 Cintas Corporation
Blanket Purchase Order for Uniforms
for Purchase, Brand Name Apparel,
Safety Footwear, Promotional
Products, and First Aid and Safety
Su
pplies
$ 200,000.00 4/1/2024 Shared Expense
Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public Agencies
Exempt - Within Delegated
Signature Authority
Threshold
23 Consolidate Electrics
Distribution (CED) Power Monitoring Support Services $ 26,050.00 11/27/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
24 Coupa Procurement Conference Tickets $ 3,585.00 12/5/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
25 Coupa Procurement Conference Tickets
(Change Order) $ 600.00 12/11/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
26 CPM Associates, Inc. Project and Construction
Management Firm CapEx Project $ 95,000.00 5/15/2024 Capital Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
27 Cvent Venue Software License
Subscriptions (Amendment No. 1) $ 29,333.94 10/1/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
28 CWS Construction Group,
Inc.

Overhead Doors, Motors, Sensors
and Track Replacements CapEx
Project (Change Order)
$ 6,550.00 8/30/2024 Capital Expense Santa Clara City Charter Section 1310 - Contracts on Public Works
Exempt - Within Delegated
Authority to Stadium
Manager to Execute
Change Orders as Part of
Board Action
Stadium Manager Contract Activity on Behalf of the Stadium Authority for FY 2024/25 # Vendor Description of Supplies, Materials,
Equipment, or Service Amount Start Date Source of Funds Contract Authority Stadium Authority Board Approval*
29 DH Glabe & Associates Fall Protection Anchor and Davit Testing and Certification Services $ 37,995.00 7/26/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
30 Diamond Fencing Co., Inc.

Gate, Rail Track, and Post
Replacement and Installation
Services
$ 2,500.00 7/24/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
31 Dunn-Edwards Paint Supplies $ 36,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
32 Envoy Software License Subscription $ 50,368.48 7/26/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
33 EyeP Solutions Secure Video File Sharing Software
Integration CapEx Project $ 14,537.63 6/27/2024 Capital Expense Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
34 EyeP Solutions Annual VuWall Software Maintenance
Subscription $ 3,085.50 8/7/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
35 EyeP Solutions Genetec Software Upgrade Services $ 5,400.00 8/7/2024 Shared Expense Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
36 EyeP Solutions Command Post Video Wall Upgrade
CapEx Project $ 93,116.14 8/14/2024 Capital Expense Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
37 EyeP Solutions Genetec Software License Renewal $ 49,435.94 9/1/2024 Shared Expense Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
38 Ferrel Gas Propane $ 12,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
39 Gachina Landscape
Management Annual Tree Trimming Services $ 7,892.22 11/1/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
40 Golden State
Communications Digital Repeaters $ 2,400.75 6/1/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
41 Golden State
Communications Satellite Phone Airtime Subscription $ 9,000.00 6/1/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
42 Grainger Industrial Supply
Maintenance, Repair, Operating
Supplies, Industrial Supplies,
Equipment, and Related Products
$ 200,000.00 4/1/2024 Shared Expense
Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
Stadium Manager Contract Activity on Behalf of the Stadium Authority for FY 2024/25 # Vendor Description of Supplies, Materials,
Equipment, or Service Amount Start Date Source of Funds Contract Authority Stadium Authority Board Approval*
43 Grainger Industrial Supply
Maintenance, Repair, Operating
Supplies, Industrial Supplies,
Equipment, and Related Products
$ 50,000.00 1/1/2025 Shared Expense
Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
44 HSI Workplace
Compliance Solutions
Online Training Course Access for
CAL OSHA, NFPA, and Hazmat
Re
gulations Compliance
$ 9,315.00 5/31/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
45 ImageTech Paper $ 751.60 4/30/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
46 ImageTech Paper $ 5,000.00 8/28/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
47 Industrial Plumbing Supply Plumbing Pipes and Fittings $ 3,071.12 5/22/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
48 Industrial Plumbing Supply Plumbing Parts and Equipment $ 9,002.49 11/8/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
49 Integrated Communication
Systems (ICS) Fire Alarm Monitoring Services $ 1,416.00 6/10/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
50 J.C. Phelan and Son, Inc. Flagpole Safety Inspection and Repair Services $ 6,236.30 7/24/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
51 Jones Sign Co., Inc.

Levi's Naming Rights Signage
Refurbishment / Replacement CapEx
Pro
ject
$ 4,376,411.46 12/16/2024 Capital Expense
and StadCo
Santa Clara City Charter Section 1310 -
Contracts on Public Works
Approved by the Stadium
Authority Board on
December 3, 2024
52 Karen Steiber Procurement Consulting Services $ 45,000.00 3/17/2025 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
53 Levi's
Blanket Purchase Order for Levi's
Brand Uniforms for Guest Services
Representatives Working in Levi's
501 Club
$ 10,000.00 8/13/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
54 Midwest Motor Supply
Company dba Kimball
Midwest
Maintenance, Repair, Operating
Supplies, Industrial Supplies,
Equipment, and Related Products
$ 50,000.00 4/1/2024 Shared Expense
Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
55 Miles Partnership Advertising Services $ 7,100.00 3/17/2025 Non-NFL Events Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
56 Mission Glass Install and Replace Door Stops and
Aluminum Blocking Plate $ 3,235.00 5/14/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
Stadium Manager Contract Activity on Behalf of the Stadium Authority for FY 2024/25 # Vendor Description of Supplies, Materials,
Equipment, or Service Amount Start Date Source of Funds Contract Authority Stadium Authority Board Approval*
57 Mission Glass Tempered Glass Purchase and
Installation Services $ 2,251.00 8/13/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
58 Mission Glass Install and Replace Door Stops and
Aluminum Blocking Plate 2,251.00$ 8/13/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
59 Mobile Pro Systems Support Services for Previously
Purchased Mobile Pro Products $ 1,886.85 10/6/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
60 Mujtaba Amjad Procurement Consultation Servic es $ 10,000.00 7/1/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
61 O.C. McDonald Co., Inc. Plumbing - Boilers CapEx Project (Amendment No. 1) $ 254,922.00 8/6/2024 Capital Expense Santa Clara City Code Section 2.105.260 Emergency Purchases
Exempt - Emergency
Procurement
62 O.C. McDonald Co., Inc. Plumbing Maintenance and Repair Services (Amendment No. 2) $ 250,000.00 9/7/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Approved by the Stadium
Authority Board on August
6, 2024
63 PipeAndDrapeOnline.com Base Pin $ 638.03 4/19/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
64 Pixit Claims Management System
Membership $ 936.00 9/16/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
65 Plexus Global Amendment Employee Background Screening Services (Amendment No. 1) $ 16,500.00 8/25/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
66 Refrigeration Supplies
Distributor Refrigeration Supplies $ 7,230.61 5/10/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
67 Refrigeration Supplies
Distributor Refrigeration Supplies $ 2,048.51 7/9/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
68 SCC Emergency Managers
Association (SCC EMA) SCC EMA Membership Dues $ 95.00 1/14/2025 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
69 Shred It Shredding Services $ 1,600.00 1/14/2025 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
70 Sierra Pacific Turf Supply,
Inc.

Granular Fertilizer, Turf Colorant, and
Other Miscellaneous Groundskeeping
Items
$ 75,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
71 Sourcing Industry Group
(SIG) SIG Memberships $ 3,990.00 11/1/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
Stadium Manager Contract Activity on Behalf of the Stadium Authority for FY 2024/25 # Vendor Description of Supplies, Materials,
Equipment, or Service Amount Start Date Source of Funds Contract Authority Stadium Authority Board Approval*
72 SSOE Group Hazardous Material Storage and
Handling Consulting Services $ 12,000.00 1/1/2025 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
73 Staff Pro Inc. dba Allied
Universal Event Services Event Security Services No Specified Amount 11/1/2024
Shared Expense,
Non-NFL Events,
and NFL Events
Santa Clara City Code Section 17.30.120
Service Contracts - Signature Authority
Approved by the Stadium
Authority Board on October
8, 2024
74 Storm Water Inspection &
Maintenance Services
(SWIMS)
Stormwater Systems Assessment and
Replacement CapEx Project $ 65,520.00 1/27/2025 Capital Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
75 Stratoscope Consulting
LLC
Emergency Preparedness Consulting
Services $ 12,600.00 6/27/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
76 Sustainable Turf Science,
Inc. Liquid Fertilizer $ 75,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
77 Total Industries Power
Solutions Battery Installation Services $ 10,514.19 11/21/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
78 Turf Equipment Services,
Inc. Mower Reel Sharpening Services $ 40,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
79 Tyson Group Stadium Builder License (SBL) Sales
Training Services (Amendment No. 2) $ 80,000.00 7/25/2024 SBL Sales and Services
Santa Clara City Code Section 17.30.120
Service Contracts - Signature Authority
Exempt - Delegated
Authority to Executive
Director to Approve
Exercise of Option Years
as Part of Original Board
Action
80 United Site Services Portable Restroom Services $ 311.51 6/13/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
81 Vincent Electric Motor Co. Electric Motor Repairs and Testing Services $ 10,413.19 5/31/2024 Shared Expense Santa Clara City Code Section 17.30.120 Service Contracts - Signature Authority
Exempt - Within Delegated
Signature Authority
Threshold
82 Waxie Sanitary Supply Janitorial Supplie s $ 200,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 2.105.270
Purchases from Other Public Agencies or
Through the Utilization of Competitive Bid
Processes of Other Public A
gencies
Exempt - Within Delegated
Signature Authority
Threshold
83 West Coast Turf Seed $ 40,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
84 Western Pacific
Distributors Ice Machine $ 4,263.13 5/22/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
85 World Class Athletic
Surfaces, Inc. Paint and Stencils $ 50,000.00 4/1/2024 Shared Expense Santa Clara City Code Section 17.30.080 Best Value Selection Procedures
Exempt - Within Delegated
Signature Authority
Threshold
Stadium Manager Contract Activity on Behalf of the Stadium Authority for FY 2024/25 # Vendor Description of Supplies, Materials,
Equipment, or Service Amount Start Date Source of Funds Contract Authority Stadium Authority Board Approval*
*Santa Clara City Code Chapter 17.30 provides delegated author ity to the Executive Director to execute agreements in an amount up to and including $100,000, as allocated to and authorized by the Stadium Authority by adoption of the annual budget, for supplies, goods, equipment, services, and public works. For agreements where there are shared costs, includi ng those for Shared Stadium Expenses (Stadium Expenses) which are split 50/50 or 30/70 for groundskeeping between the Stadium Authority and Forty Niners SC St adium Company, LLC (StadCo) per the Stadium Lease, the $100,000 threshold only applies to the Stadium Authority’s portion of the agreement. Under Section 2 of the First Amendment to the Stadium Management Agreement between the Stadium Authority, Stadium Manager, and StadCo, Forty Niners St adium Company LLC as the Stadium Manager is provided certain delegated authority to enter into contracts on behalf of the Stadium Authority.

City of Santa Clara
Agenda Report
1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
25-1521 Agenda Date: 10/21/2025

REPORT TO COUNCIL

SUBJECT
Action on Resolution for an Exception to the 180 Day Waiting Period to Appoint Kathy Bunce, a Retired Annuitant to Serve as Temporary Extra Help (Government Code Sections 7522.56 and 21224) in the Community Development Department to Perform Work as a Management Analyst (Deferred from October 7, 2025)

BACKGROUND
Generally, the Public Employment Retirement Law (PERL) requires that retired annuitants serve a 180-day wait period before working in a retired annuitant position. However, the PERL also provides for exceptions to this waiting period if certain criteria are met and the governing body of the public agency adopts a non-consent calendar resolution at a public meeting approving the appointment as a critically needed position before the 180 days has passed. The adoption of the resolution allows the employer to hire a retired annuitant to perform work of a limited duration requiring specialized skills (Government Code Sections 7522.56 and 21224).

DISCUSSION
Kathy Bunce was a Management Analyst in the Community Development Department. She retired on September 27, 2025. It is recommended that Ms. Bunce be rehired on October 27, 2025. The Department has begun a Management Analyst recruitment for the position Ms. Bunce left vacant at her retirement. At this time, the City is requesting to hire Ms. Bunce to perform special projects in the Community Development Department which have May 2026 reporting and filing due dates.

Ms. Bunce’s specialized skills as a Management Analyst will produce efficiencies which will benefit the Department. The Department will assign the following special projects to Ms. Bunce: Housing and Urban Development (HUD) reports; funding reports for Community Block Development Grants (CBDG) and HOME funds; grant oversight, including reporting and compliance; oversee progress toward meeting CDBG timeliness by May 2026; evaluate possible changes to the Neighborhood Conservation and Improvement Program (NCIP) home repair program to increase cost efficiency and impact; assess executed the FY 25/26 CDBG and HOME grant agreements with subrecipients; assist with preparation of the 26/27 Annual Action Plan; and train the new Management Analyst.

The City seeks to appoint Ms. Bunce to a limited term and for a period which spans the 180 day wait period. In her appointment, Ms. Bunce will be assigned duties comparable to the Management Analyst classification. This appointment will mean the City will have the necessary expertise concerning various federal grants, appropriate fund distribution assistance and oversight, and training to orientate and preserve institutional knowledge until the time the City is able to successfully recruit and onboard a new Management Analyst in 2026. This employment arrangement would fall under the City of Santa Clara Printed on 10/17/2025Page 1 of 3
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25-1521 Agenda Date: 10/21/2025
type 1 appointment (Government Code Section 21224).

The recommended actions would certify Ms. Bunce’s appointment meets the requirements as defined in Government Code Sections 7522.56 and 21224, specifically:

1. Appointment is necessary to perform critically needed duties prior to the expiration of the 180-day wait period;

2. She has not received a Golden Handshake or any other form of retirement-related incentive;

3. Adoption of resolution was not placed on the consent calendar;

4. Employment will be limited to 960 hours/fiscal year, and not exceed 2 extensions of this period; and

5. Compensation will be within the posted salary range in the publicly available salary schedule.

ENVIRONMENTAL REVIEW
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 Public Employees’ Pension Reform Act (PEPRA) sets forth limitations for compensating retired annuitants. All retirees must be paid hourly, at no less than the minimum, nor more than the maximum, paid to employees doing similar work. Based on the CalPERS formula for setting retired annuitant pay rates, the individual will be paid at the hourly rate for as-needed consultant position as follows:

Retired Annuitant Hourly Rate of Pay Fiscal Year Maximum Amount Kathy Bunce $78.21 $75,082
Retirees also do not receive any benefits. Sufficient appropriations are available in the Community Development Department to fund this position.

COORDINATION
This report has been coordinated with the City Attorney’s Office and the Finance Department.

ALTERNATIVES

1. Adopt the attached Resolution to permit a Retired Annuitant to provide valuable service to the City post-retirement but within the first 180 days of their retirement; or

2. Direct Staff to return with other options
City of Santa Clara Printed on 10/17/2025Page 2 of 3
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25-1521 Agenda Date: 10/21/2025

RECOMMENDATION
Adopt a Resolution for an exception to the 180 day waiting period to appoint Kathy Bunce, a retired annuitant, to serve as Temporary Extra Help (Government Code Sections 7522.56 and 21224) in the Community Development Department to perform work as a Management Analyst.

Reviewed by: Marco Mercado, Acting Director of Human Resources Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS

1. Resolution for an Exception to the 180 Day Waiting Period To Appoint, Kathy Bunce, a Retired Annuitant

2. Bunce, Kathy - Offer Letter
City of Santa Clara Printed on 10/17/2025Page 3 of 3
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Resolution
Rev: 7/27/2023

Page 1 of 3 ends

City Council and Authorities ConcurrentOctober 21, 2025

City Council and Authorities Concurrent
October 21, 2025