SCSA
Santa Clara Stadium Authority
SANTA CLARA
STADIUM AUTHORITY
FINANCIAL STATUS REPORT
Quarter Ending September 30, 2025
December 16, 2025
Table of Contents
Introduction ................................................................................................................................. 2 NFL Events ................................................................................................................................. 3 Non-NFL Events ......................................................................................................................... 6 Discretionary Fund.................................................................................................................... 11 Public Safety Cost Reserve....................................................................................................... 11 Stadium Builder Licenses.......................................................................................................... 11 Santa Clara Stadium Authority Budget Status Reports.............................................................. 14 Operating Budget .................................................................................................................. 14 Operating Budget – Recommended Budget Adjustments...................................................... 16 Debt Service Budget.............................................................................................................. 18 Capital Expense (Cap Ex) Budget ......................................................................................... 21 City of Santa Clara Net General Fund Impact ........................................................................... 23 Public Safety and Administrative Cost Reimbursement ......................................................... 23 Rents and Senior and Youth Fee........................................................................................... 24 Other Revenue Impacts......................................................................................................... 24 Glossary.................................................................................................................................... 25 Appendix................................................................................................................................... 30 1 Introduction
This Santa Clara Stadium Authority (“Stadium Authority”) Financial Status Report provides information covering the second quarter of the Stadium Authority’s 2025/26 fiscal year (FY) which ended on September 30, 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 2025/26 budget was adopted by the Board on March 11, 2025.
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 the 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 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. 2 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 four NFL games (two pre-season games and two regular season games) at Levi’s® Stadium through quarter ending September 30, 2025. There was a total of 271,813 tickets sold to these NFL games, an average of 67,953 per game. This is down by 1,486 or 2% when compared to the same period in the prior fiscal year. The ticket sales resulted in $5.4 million in NFL ticket surcharge revenue (10% of ticket sales) to the Stadium Authority. The average NFL ticket surcharge revenue was $1.3 million per game in the current year which is up by $331,000 or 33% from the same period in the prior fiscal year. A total of $109,000 of Senior and Youth Program Fees, which is based on $0.40 per NFL ticket sold, were collected through the end of the second quarter of the fiscal year. These fees were transferred to the City’s General Fund in support of such programs.
A total of 28,509 cars were parked in the permitted offsite parking lots generating $198,000 in offsite parking fees derived from the $6.94 per parking space for all NFL events. The Tasman parking lot had a total of 1,183 parked cars and generated an additional $6,000 for the General Fund through the end of the second quarter of the fiscal year. The overall average number of cars parked per game in the permitted offsite lots and the Tasman lots went down by 460 or 6% when compared to the prior fiscal year.
There was $2.4 million of NFL event public safety costs in the current reporting period which is an average of $612,000 per game. This is an increase from the prior year average (through September 30, 2024) of $111,000. Of the $2.4 million NFL event public safety costs, $1.8 million or 75% are direct City costs, $376,000 or 15% are outside agency costs and $231,000 are other miscellaneous public safety costs. Of these costs, $198,000 were covered by the offsite parking fee. The remaining $2.3 million was invoiced to the Stadium Manager.
Statistics for the NFL games held at Levi’s® Stadium in the first two quarters of the 2025/26 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.
3 Table 1
Levi's® Stadium
2025/26 NFL Event Statistics
As of September 30, 2025
Game 1 vs
Broncos
Game 2 vs
Chargers
Game 3 vs
Cardinals
Game 4 vs
Jaguars 2025/26
08/09/25 08/23/25 09/21/25 09/28/25 YTD Total
No. of Tickets Sold 66,706 67,638 68,680 68,789 271,813 NFL Ticket Surcharge 1,076,207 $ 1,084,643 $ 1,605,907 $ 1,603,214 $ 5,369,971 $ Senior/Youth Program Fees 26,682 $ 27,055 $ 27,472 $ 27,516 $ 108,725 $ Cars Parked at Offsite Lots 5,971 6,450 7,983 8,105 28,509 City Offsite Parking Fee 41,439 $ 44,763 $ 55,402 $ 56,249 $ 197,852 $ Cars Parked on Tasman Lots 223 331 241 388 1,183
City Tasman Lot Parking Fee 1,115 $ 1,655 $ 1,205 $ 1,940 $ 5,915 $ Stadium Public Safety Costs 598,064 $ 617,904 $ 635,023 $ 598,414 $ 2,449,405 $ Less: Offsite Parking Fee Credit (41,439) $ (44,763) $ (55,402) $ (56,249) $ (197,852) $ Reimbursable Stadium Public Safety Costs 556,626 $ 573,141 $ 579,621 $ 542,165 $ 2,251,552 $ Amount Reimbursed 539,814 $ 560,550 $ -$ -$ 1,100,365 $
4 Table 2
Levi's® Stadium
Historical NFL Event Statistics
2021/22 Q2 2022/23 Q2 2023/24 Q2 2024/25 Q2 2025/26 Q2
Total Total Total Total Total
No. of NFL Events 3 2 3 3 4
No. of Tickets Sold 199,451 136,506 198,037 208,318 271,813 NFL Ticket Surcharge 2,651,401 $ 1,540,422 $ 2,695,077 $ 3,034,147 $ 5,369,971 $ Senior/Youth Program Fees 69,807 $ 47,777 $ 69,313 $ 72,911 $ 108,725 $ Cars Parked at Offsite Lots 21,678 11,703 17,847 23,649 28,509 City Offsite Parking Fee 128,117 $ 71,739 $ 114,935 $ 158,685 $ 197,852 $ Cars Parked on Tasman Lots 1,180 - - - 1,183
Cars Parked on Golf Course - - - - -
City Tasman Lot and Golf Course Parking Fee 5,900 $ -$ -$ -$ 5,915 $ Stadium Public Safety Costs 1,855,191 $ 870,925 $ 1,422,677 $ 1,504,992 $ 2,449,405 $ Golf Course Public Safety Costs -$ -$ -$ -$ -$
Subtotal Event Public Safety Costs 1,855,191 $ 870,925 $ 1,422,677 $ 1,504,992 $ 2,449,405 $ Less: Offsite Parking Fee Credit (128,117) $ (71,739) $ (114,935) $ (158,685) $ (197,852) $ Reimbursable Stadium Public Safety Costs 1,727,074 $ 799,185 $ 1,307,742 $ 1,346,307 $ 2,251,552 $
5 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 445,016 tickets sold for the eight ticketed Non-NFL events that were held, resulting in $1.8 million Non-NFL event base ticket surcharge revenue (from the $4 per ticket base surcharge for Non-NFL events) and $2.6 million in additional ticket surcharge revenue, derived from the additional proceeds exceeding the $4 per ticket base surcharge. This is an increase in base ticket surcharge revenue of $386,000 or 27.7% over the same period in the prior year due to larger scale Non-NFL events taking place in the current period. It is also the first year that additional surcharge revenue has been collected.
Stadium Manager reports that there were also 20 smaller special events held at Levi’s® Stadium which is 10 events less than the same period of the prior fiscal year. The attendance at these events also decreased from 15,565 in the prior period to 4,521 in the current year, a 71% decrease. 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 42,870 cars parked at offsite lots and the City earned a total of $295,000 in related offsite parking fees, which is derived from the $6.71 per parking space fee for events taking place prior to July 2025 and $6.94 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 $4.6 million, an increase of $1.5 million from the prior year. As noted previously, this increase in cost is due to larger scale events being held in the current year when compared to the prior year. Of these costs, $295,000 was covered by the offsite parking fee. The remaining $4.3 million was invoiced to the Stadium Manager of which $2.3 million has been reimbursed to the City.
Statistics for FY 2025/26 events are shown in Table 3 and comparative data from the last five years of operations are shown in Table 4.
6 Table 3
Levi's® Stadium
FY 2024/25 Non-NFL Event Statistics
As of September 30, 2025
No. of Scanned Attendees
No. of Tickets Sold
Non-NFL Base Ticket Surcharge
Non-NFL Additonal Ticket Surcharge
Total Ticket Surcharge
No. of Non-NFL Special Events
Non-NFL Special Event Attendees
Cars Parked at Offsite Lots
City Offsite Parking Fee
Stadium Public Safety Costs
Less: Offsite Parking Fee Credit
Reimbursable Public Safety Costs
Amount Reimbursed
$
$
Concert 1
Day 1
06/20/25
55,157
56,460
225,840
338,760
$
$
Concert 1
Day 2
06/22/25
55,828
56,703
226,812
340,218
Soccer Match 1
07/02/25
64,857
65,348
$ 261,392
$ 392,088
$
$
Concert 2
Day 1
07/08/25
47,125
48,046
192,184
288,276
$
$
Concert 2
Day 2
07/09/25
51,288
51,375
205,500
308,250
$
$
Concert 3
Day 1
08/01/25
58,172
59,012
236,048
354,072
$
$
Concert 3
Day 2
08/02/25
61,083
61,205
244,820
367,230
Soccer Match 2
09/13/25
44,451
46,867
$ 187,468
$ 187,468
$ 564,600 $ 567,030 $ 653,480 $ 480,460 $ 513,750 $ 590,120 $ 612,050 $ 374,936 $
$
$
4,628
31,054
635,256
(31,054)
$
$
$
5,501
36,912
609,095
(36,912)
6,457
$ 44,812
$ 614,884
$ (44,812)
$
$
$
5,002
34,714
528,133
(34,714)
$
$
$
4,611
32,000
517,962
(32,000)
$
$
$
5,450
37,823
624,908
(37,823)
$
$
$
6,809
47,254
617,488
(47,254)
4,412
$ 30,619
$ 456,654
$ (30,619)
$ 604,202 $ 572,184 $ 570,072 $ 493,419 $ 485,962 $ 587,085 $ 570,234 $ 426,035 $ 577,967 $ 465,050 $ 467,412 $ 411,374 $ 396,573 $ - $ - $ - 7 Table 4
Levi's® Stadium
Historical Non-NFL Event Statistics
2021/22 Q2 2022/23 Q2 2023/24 Q2 2024/25 Q2 2025/26 Q2
Total Total Total Total Total
No. of Non-NFL Ticketed Events - 5 8 8 8
No. of Tickets Sold - 237,386 397,856 348,480 445,016
Non-NFL Base Ticket Surcharge -$ 954,848 $ 1,591,424 $ 1,393,920 $ 1,780,064 $ Non-NFL Additonal Ticket Surcharge (1)
-$ -$ -$ -$ 2,576,362 $
Total Ticket Surcharge -$ 954,848 $ 1,591,424 $ 1,393,920 $ 4,356,426 $ No. of Non-NFL Special Events - 31 25 30 20
Non-NFL Special Event Attendees - 14,775 14,546 15,656 4,521 Cars Parked at Offsite Lots - 20,388 38,716 37,341 42,870 City Offsite Parking Fee -$ 123,732 $ 247,937 $ 246,495 $ 295,188 $ Stadium Public Safety Costs -$ $2,014,823 3,205,398 $ 3,057,207 $ 4,604,380 $ Less: Offsite Parking Fee Credit -$ (143,133) $ (247,937) $ (246,495) $ (295,188) $ Reimbursable Public Safety Costs -$ 1,871,690 $ 2,957,461 $ 2,810,712 $ 4,309,192 $
(1) 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. The surcharge exceeding the $4 per ticket base is shown in the table as additional ticket surcharge.
Table 5 summarizes ticketed Non-NFL revenues and expenditures by event. There were 8 ticketed Non-NFL events held in FY 2025/26 and generated an average net revenue of $703,000 per event. The inclusion of this information is to provide a greater level of transparency and provide the overall financial results of the Non-NFL events.
Table 5
Levi's® Stadium
Ticketed Non-NFL Events Revenue and Expenditure Summary As of September 30, 2025
$ In Millions
Ticketed Event Revenue Expense Net
Concert 1 $ 3.5 $ 2.4 $ 1.1
Concert 2 3.6 2.6 1.0
Sporting Event 1 1.6 0.7 0.9
Concert 3 2.3 1.6 0.7
Concert 4 2.3 1.5 0.8
Concert 5 2.1 1.5 0.6
Concert 6 1.9 1.4 0.5
Sporting Event 2 0.7 0.7 -
Total Ticketed Non-NFL Net Revenue to Date $ 18.0 $ 12.4 $ 5.6 Table 6 and 7 show Non-NFL net revenue by event type and event revenue and expenses 8 by category. For FY 2025/26, the Stadium Manager had projected Non-NFL events to result in estimated net revenues of $5.3 million, as cited in the FY 2025/26 Adopted Stadium Authority Budget. In the second quarter of FY 2025/26, ticketed events and non- ticketed special events contributed $5.6 million and $445,000 in net revenues, respectively. There was also additional interest income of $957,000 earned on Non-NFL events cash reserves offset by $911,000 of non-event specific other expenses.
Stadium Manager reported a net revenue of $6.1 million for the current reporting period.
This is decrease of $2.4 million from the prior year’s Non-NFL event net revenue of $8.5 million. The main driver for the decrease in net revenue from ticketed events is the reallocation of additional ticket surcharge previously reported to Non-NFL event revenue and now allocated to the Public Safety Cost Reserve. The other factor affecting Non- NFL event net revenue is related to the special events. As noted above, there were 10 fewer special events in the current reporting period when compared to the same time last year, a 30% decline. The reason for the decline in the number of events is because the stadium underwent significant upgrades in preparation for Super Bowl LX and FIFA World Cup 2026 which impacted the Stadium Manager’s ability to host as many events as the prior year.
In response to feedback at the previous Board meeting, the Non-NFL event ticket surcharge revenue data and respective transfers to the Discretionary Fund and Public Safety Cost Reserve has been added to Table 7.
Table 6
Levi's Stadium
Net Revenue for Non-NFL Events
by Event Type
Historical Year-to-Date through September 30, 2025
EVENT TYPE
No. of
Events Net Revenue
No. of
Events Net Revenue
No. of
Events Net Revenue
No. of
Events Net Revenue
No. of
Events Net Revenue
Ticketed Events
Concerts 0 -$ 4 $ 2,986,483 5 $ 4,267,153 3 $ 4,074,498 6 $ 4,729,713 Sporting events:
Football (non-NFL) 0 - 0 - 0 - 0 - 0 -
Soccer 0 - 1 231,987 3 305,067 5 3,392,260 2 895,394
Miscellaneous events 0 - 0 - 0 - 0 - 0 -
Net Revenue from Ticketed Events 0 -$ 5 3,218,470 $ 8 4,572,220 $ 8 7,466,758 $ 8 5,625,107 $ Subtotal Ticketed Events - Other Expenses -$ -$ -$ -$ -$ 6 96,187 $ 31 1,350,957 $ 25 903,221 $ 30 1,198,148 $ 20 444,832 $ Other Operating Income -$ 63,987 $ 1,271,700 $ 1,029,491 $ 957,254 $ Other Operating Expenses -$ (601,530) $ (681,705) $ (1,188,951) $ (911,493) $ Total Non-NFL Net Revenue 6 96,187 $ 36 4,031,884 $ 33 6,065,436 $ 38 8,505,446 $ 28 6,115,700 $ Net Revenue from Special Events (weddings,
corporate events, etc.)
2023/24 2025/26 2021/22 2022/23 2024/25
(1) Other Operating Income are income not attributable to a specific event. Examples are interest income and reimbursements unrelated to a specific event.
Other Operating Expenses are expenses not attributable to a specific event. Examples are event selling expenses, administrative expenses and miscellaneous costs.
Net Revenue from Non-NFL Events does not include Non-NFL Event Ticket Surcharge. 9 Table 7
Levi's® Stadium
Non-NFL Event Results by Category
As of September 30, 2025
REVENUE:
Special Event Revenue
Ticket Platform Fees
Suite Ticket Revenue
Parking
Food & Beverage - Ticketed Events
Food & Beverage - Special Events
Miscellaneous(1)
2025/26
YTD Total
$ 1,292,432
6,875,097
675,554
2,740,268
5,536,589
128,281
3,105,406
Total Revenue $ 20,353,627
EXPENSE:
Public Safety/Security
Event Staff
Parking
Catering - Special Events
General Event Related Expenses
Expense Reimbursement from Event Licensee(2)
Miscellaneous(3)
$ 6,694,388
4,680,802
2,539,902
719,994
4,516,930
(5,825,583)
911,494
Total Expense $ 14,237,927
Subtotal Net Revenue $ 6,115,700
TICKET SURCHARGE REVENUE:
Base Ticket Surcharge ($4/ticket)
Additional Ticket Surcharge (>$4/ticket)
$ 1,780,064
2,576,362
Subtotal Ticket Surcharge $ 4,356,426
Total Net Revenue & Ticket Surcharge $ 10,472,126
TRANSFERS OF TICKET SURCHARGE REVENUE:
Transfer to Discretionary Fund
Transfer to Public Safety Cost Reserve
$
$
890,032
2,576,362
(1) Includes venue rental fees, net merchandise sales, interest income, and other revenues. (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. (3) Includes catered events department staff costs, non-event specific staff costs, and other expenses. 10 Discretionary Fund
The Discretionary Fund is funded by revenue equal to $2 of the base Non-NFL event ticket surcharge. The eight ticketed Non-NFL event contributed $890,000 to the Discretionary Fund in the current period. This is based on the tickets sold provided by the Stadium Manager.
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 $1.6 million.
Table 8
Discretionary Fund Reserve
Fiscal Year
Beginning
Balance Revenue Expenses Ending Balance
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
2024/25 2,464,323 696,960 2,446,508 714,775
2025/26 714,775 890,032 - 1,604,807
Public Safety Cost Reserve
The Public Safety Cost Reserve is funded by proceeds from the additional Non-NFL ticket surcharge that exceed the $4 per ticket base ticket surcharge. During the current period, eight ticketed Non-NFL event contributed $2.6 million to the Public Safety Cost Reserve.
This is based on the tickets sold provided by the Stadium Manager.
Table 9 shows revenues in the Public Safety Cost Reserve. This is the first-year additional surcharge revenue has been collected.
Table 9
Public Safety Cost Reserve
Fiscal Year
Beginning
Balance Revenue Expenses Ending Balance
2025/26 $ - $ 2,576,362 $ - $ 2,576,362
Stadium Builder Licenses
The total principal value of currently active Stadium Builder Licenses (“SBLs”) is $560 million and, as of September 30, 2025, 95.6% of the total principal value of all SBLs sold (i.e., $535.5 million) had been collected. Payment for the sale of SBLs are financed over 10 years.
SBL holders that finance their purchase pay an annual interest rate of 8.5% and payments 11 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 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 67,286 currently active SBLs. This is a decrease of 268 from the total active SBLs at the end of the prior fiscal year (March 31, 2025). The main reasons for the decrease are due to SBL defaults offset by sale of new SBLs and the customer seat relocation program. 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, 420 SBLs were sold for a total face value of $3.2 million. The customer seat relocation program resulted in an increase of $692,000 to the SBL face value, while netting 257 more SBLs. There were also 945 SBLs defaulted during the quarter with a face value of $5.9 million.
Additional details regarding currently active SBLs are noted in Table 10. 12 Table 10
Santa Clara Stadium Authority
Currently Active Stadium Builder License (SBL) Summary (1) Through September 30, 2025
Seat Value
SBL Seats
Available
SBL Seats Sold
as of 3/31/25
New SBL
Sales
Net SBL
Relocations
SBL
Defaults
SBL Seats
Sold SBL Value SBL Collected % SBL Principal
Collected
$ 141,392 100 100 - - - 100 $ 14,082,625 $ 14,028,762 99.6% $ 80,000 942 942 - - - 942 $ 75,360,000 $ 74,714,925 99.1% $ 40,000 2 2 - - - 2 $ 80,000 $ 79,600 99.5%
$ 30,000 4,945 4,684 24 3 (41) 4,670 $ 140,100,000 $ 135,153,164 96.5% $ 20,000 3,475 3,083 35 7 (34) 3,091 $ 61,820,000 $ 57,319,087 92.7% $ 17,500 90 87 - - - 87 $ 1,522,500 $ 1,190,630 78.2%
$ 15,000 7 7 - - - 7 $ 105,000 $ 105,000 100.0%
$ 12,000 2,163 2,198 2 3 (37) 2,166 $ 25,992,000 $ 24,886,008 95.7% $ 10,000 7 7 - - - 7 $ 70,000 $ 69,915 99.9%
$ 6,000 20,656 21,023 136 - (225) 20,934 $ 125,604,000 $ 120,510,966 95.9% $ 5,000 14,311 14,503 150 (20) (341) 14,292 $ 71,460,000 $ 65,853,537 92.2% $ 4,000 916 927 - (1) (1) 925 $ 3,700,000 $ 3,684,157 99.6% $ 3,000 88 89 - - - 89 $ 267,000 $ 264,863 99.2%
$ 2,500 36 40 - - - 40 $ 100,000 $ 99,998 100.0%
$ 2,000 18,392 19,829 73 265 (266) 19,901 $ 39,802,000 $ 37,463,292 94.1% $ 1,000 26 33 - - - 33 $ 33,000 $ 32,973 99.9%
66,156 67,554 420 257 (945) 67,286 560,098,125 $ 535,456,877 $ 95.6% Total Plus: Interest on financed SBLs $ 67,393,473
Total Principal & Interest $ 602,850,350
(1) This table does not include $39.58 million that has been collected life-to-date from defaulted SBL holders. 13 Santa Clara Stadium Authority Budget Status Reports
Operating Budget
With 50% of the fiscal year complete, total operating revenues for the second quarter of the 2025/26 Fiscal Year were $31.7 million representing 48% of the overall budget for revenues. During the current reporting period, the Stadium Authority collected $3.4 million in SBL proceeds or 66% of what was budgeted. All SBL proceeds are to be transferred to the debt service fund per applicable loan agreements. Stadium Authority also recognized $12.4 million in rent from Forty Niners SC Stadium Company, LLC (StadCo), $4 million in Non-NFL ticket surcharge, $4 million in Naming Rights revenue and $217,000 in sponsorship (STR) revenue all of which are expected to meet or exceed budget this fiscal year.
Total Operating expenses were $12.1 million, or 32% of the annual budget. Shared Stadium Manager expenses were at 49% of the budget, or $6.9 million of the $14 million budgeted amount and SBL Sales and Service expenses were 50% of the budget or $1.2 million. The Stadium Authority pays for all utility costs from February 1st through July 31st and the tenant (StadCo) pays for utility costs from August 1st through January 31st (Tenant Season). Therefore, utility costs are 67% of the budget for the year, or $1.2 million. The current period covers 67% (four out of the six months) that the Stadium Authority is responsible for utility costs. Lastly, Stadium Authority G&A costs were tracking below budgeted levels at $1.3 million or 27% of the budget.
Additional details are shown in Table 11.
14 Table 11
Santa Clara Stadium Authority
Operating Budget Status Report
For the Period Ending September 30, 2025 and 2024
Amended(1)
Period Ending September 30, 2025
Budget to
YTD Actual % Final
Period Ending September 30, 2024
Budget to
YTD Actual %
Budget Actuals Difference Received Budget Actuals Difference Received Beginning Fund Balance
Discretionary Fund Reserve
Legal Contingency Reserve - Buffet Costs
Legal Contingency Reserve - Public Safety Costs
Operating Reserve
Renovation/Demolition Reserve
Stadium Funding Trust Reserve
Unrestricted
Total Beginning Fund Balance
$
$
714,775 $ 714,775
- -
- -
26,878,328 26,878,328
43,771,643 43,771,643
3,898,514 3,898,514
14,643,276 14,643,276
89,906,536 $ 89,906,536
$
$
-
-
-
-
-
-
-
-
NA
NA
NA
NA
NA
NA
NA
NA
$
$
2,464,323 $ 2,464,323
3,321,116 3,321,116
7,324,722 7,324,722
26,095,478 26,095,478
31,440,735 31,440,735
3,611,041 3,611,041
15,915,719 15,915,719
90,173,134 $ 90,173,134
$
$
-
-
-
-
-
-
-
-
NA
NA
NA
NA
NA
NA
NA
NA
Revenue
NFL Ticket Surcharge
SBL Proceeds
Interest
Net Revenues from Non-NFL Events
Naming Rights
Sponsorship Revenue (STR)
Rent
Senior & Youth Program Fees
Non-NFL Event Ticket Surcharge
Non-NFL Events PSC Depreciation Reimbursement
$ 15,034,000 $ 5,369,971 $ 9,664,029
5,156,000 3,380,978 1,775,022
3,421,000 2,299,610 1,121,390
5,300,000 - 5,300,000
8,065,000 3,972,751 4,092,249
722,000 216,621 505,379
24,762,000 12,381,000 12,381,000
270,000 108,725 161,275
3,426,000 3,982,986 (556,986)
89,000 - 89,000
36%
66%
67%
0%
49%
30%
50%
40%
116%
0%
$ 14,595,000 $ 3,034,073 $ 11,560,927
7,969,000 4,025,064 3,943,936
5,435,000 2,858,112 2,576,888
9,250,000 - 9,250,000
7,830,000 - 7,830,000
519,000 319,015 199,985
24,762,000 13,756,000 11,006,000
279,000 72,911 206,089
1,149,000 1,393,920 (244,920)
- - -
21%
51%
53%
0%
0%
61%
56%
26%
121%
NA
Other Revenue - 16,437 (16,437) NA - - - NA
Total Revenue 66,245,000 $ 31,729,079 $ 34,515,921 $ 48% 71,788,000 $ 25,459,095 $ 46,328,905 $ 35% Total Source of Funds $ 156,151,536 $ 121,635,615 $ 34,515,921 78% $ 161,961,134 $ 115,632,229 $ 46,328,905 71% Expenses
Shared Stadium Manager Expenses
Stadium Operations
Engineering
Guest Services
Groundskeeping
Security
Insurance
Stadium Management Fee
$
Amended(1)
Budget
3,489,000
3,752,000
486,000
550,000
1,905,000
3,530,000
277,000
$
YTD
Actuals
1,744,534
1,875,886
242,812
274,912
952,470
1,764,898
1 $
Budget to
Actual
Difference
1,744,466
1,876,114
243,188
275,088
952,530
1,765,102
276,999
%
Used
50%
50%
50%
50%
50%
50%
0%
$
$
$
$
$
$
Final
Budget
3,384,000
3,935,000
621,000
316,000
1,602,000
3,427,000
533,000
13,818,000
2,611,000
900,000
279,000
1,000,000
11,450,000
250,000
1,711,000
172,000
4,288,000
136,000
748,000
2,312,000
9,487,000
6,166,000
41,510,000
55,328,000
17,471,000
4,032,000
$
$
$
$
$
$
YTD
Actuals
1,691,977
1,967,609
310,278
158,244
800,830
1,713,493
-
6,642,431
1,575,502
-
72,911
1,000,000
-
-
991,921
137,197
1,472,431
48,213
373,888
-
-
-
5,672,063
12,314,494
4,816,409
-
$
$
$
$
$
$
Budget to
Actual
Difference
1,692,023
1,967,391
310,722
157,756
801,170
1,713,507
533,000
7,175,569
1,035,498
900,000
206,089
-
11,450,000
250,000
719,079
34,803
2,815,569
87,787
374,112
-
9,487,000
6,166,000
33,525,937
40,701,506
12,654,591
4,032,000
%
Used
50%
50%
50%
50%
50%
50%
0%
48%
60%
0%
26%
100%
0%
0%
58%
80%
34%
35%
50%
0%
0%
0%
14%
22%
28%
0%
Shared Stadium Mngr Exps Subtotal
Other Operating Expenses
SBL Sales and Service
Buffet Costs
Senior & Youth Fees (paid to City)
Ground Rent (paid to City)
Performance Rent (paid to City)
Discretionary Fund Expense
Utilities
Use of StadCo Tenant Improvements
Stadium Authority G&A
Naming Rights Expense
Other Expenses
PSC Over Threshold
PSC 2024 Outstanding Balance
Transfer to City General Fund from Excess Rev
Other Operating Expenses Subtotal
Total Expenses
Transfers Out
Debt Service
Capital Expenditures Reserve
$
$
enues
$
$
$
13,989,000
2,324,000
927,000
270,000
1,000,000
2,150,000
250,000
1,796,000
106,000
4,687,000
1,724,000
763,000
2,143,000
2,972,000
2,972,000
24,084,000
38,073,000
17,646,000
5,153,000
$
$
$
$
$
6,855,513
1,161,770
-
108,725
1,000,000
-
-
1,197,440
92,554
1,260,456
49,659
381,859
-
-
-
5,252,463
12,107,976
4,620,456
-
$
$
$
$
$
7,133,487
1,162,230
927,000
161,275
-
2,150,000
250,000
598,560
13,446
3,426,544
1,674,341
381,141
2,143,000
2,972,000
2,972,000
18,831,537
25,965,024
13,025,544
5,153,000
49%
50%
0%
40%
100%
0%
0%
67%
87%
27%
3%
50%
0%
0%
0%
22%
32%
26%
0%
CapEx Reserve - Levi's Naming Rights - - - NA 1,575,000 - 1,575,000 0% Total Transfers Out 22,799,000 $ 4,620,456 $ 18,178,544 $ 20% 23,078,000 $ 4,816,409 $ 18,261,591 $ 21% Ending Fund Balance
Discretionary Fund Reserve $ 1,045,775 $
Operating Reserve 27,684,328
Public Safety Cost Reserve -
Renovation/Demolition Reserve 49,714,643
Stadium Funding Trust Reserve 7,604,002
Unrestricted 9,230,788
Total Ending Fund Balance $ 95,279,536 $
1,604,807 $
26,878,328
2,576,362
43,771,643
603,216
29,472,827
104,907,183 $
(559,032)
806,000
(2,576,362)
5,943,000
7,000,786
(20,242,039)
(9,627,647)
NA
NA
NA
NA
NA
NA
NA
$
$
477,323 $
26,878,478
-
43,772,576
5,750,645
6,676,112
83,555,134 $
3,161,283
26,095,478
-
31,440,735
14,595,955
23,207,875
98,501,326
$
$
(2,683,960)
783,000
-
12,331,841
(8,845,310)
(16,531,763)
(14,946,192)
NA
NA
NA
NA
NA
NA
NA
Total Use of Funds $ 156,151,536 $
(1)Adjustments include previously approved budget amendments through October 21, 2025 121,635,615 $ 34,515,921 78% $ 161,961,134 $ 115,632,229 $ 44,016,905 71% 15 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 budget adjustments are recommended to recognize higher than anticipated Non-NFL event ticket surcharge and FY 2024/25 Stadium Authority General and Administrative (G&A) budget savings available for stadium operations:
1) Non-NFL Event Ticket Surcharge: The number of tickets sold to the Non-NFL events were higher than anticipated resulting in higher Non-NFL event ticket surcharge.
Portions of the additional ticket surcharge revenue of $930,000 will be transferred to the discretionary fund reserve and the public safety cost reserve with the remaining amount being used for operations and ultimately flowing through the excess revenue waterfall to pay down the Public Safety Costs (PSC) 2024 Outstanding Balance, Transfer to the City’s General Fund, and Transfer to the Renovation/Demolition Reserve.
2) FY 2024/25 Stadium Authority G&A Budget Savings: The prior year Stadium Authority G&A expenses were under budget by $1.1 million. After the close of the fiscal year, those monies are then available from the Unrestricted Fund Balance for stadium operations which ultimately will flow through the excess revenue waterfall to pay down the PSC 2024 Outstanding Balance, Transfer to the City’s General Fund, and Transfer to the Renovation/Demolition Reserve.
Additional details are shown in Table 12
Table 12
Santa Clara Stadium Authority
2025/26 Operating Budget Adjustment
Item
#
Line Item Source of
Funds
Use of
Funds
Explanation
1 1
Non-NFL Event Ticket
Surcharge
Discretionary Fund
Reserve
$930,000
$309,000
This action increases the Non-
NFL Event Ticket Surcharge
from $3,426,000 to $4,356,000
as a result of higher Non-NFL
event ticket sales.
This action increases the
Discretionary Fund Reserve
from $1,045,775 to $1,354,775
as a result of higher Non-NFL
event ticket sales.
1 Public Safety Cost
Reserve
$433,000 This action increases the
Public Safety Cost Reserve
from $0 to $433,000 as a result
16 of higher Non-NFL event ticket
sales.
1 Public Safety Cost
(PSC) 2024
Outstanding Balance
$47,000 This action increases the PSC
2024 Outstanding Balance
from $2,972,000 to $3,019,000
as a result of higher Non-NFL
event ticket sales.
1 Transfer to City General
Fund from Excess
Revenues
$47,000 This action increases the
Transfer to City General Fund
from Excess Revenues from
$2,972,000 to $3,019,000 as a
result of higher Non-NFL event
ticket sales.
1 Renovation/Demolition
Reserve
$94,000 This action increases the
Renovation/Demolition
Reserve from $49,714,643 to
$49,808,643 as a result of
higher Non-NFL event ticket
sales.
2 Unrestricted Fund
Balance
($1,100,000) This action decreases the
Ending Unrestricted Fund
Balances from $9,230,788 to
$8,130,788 as a result of FY
2024/25 Stadium Authority
G&A budget savings.
2 Public Safety Cost
(PSC) 2024
Outstanding Balance
$275,000 This action increases the PSC
2024 Outstanding Balance
from $3,019,000 to $3,294,000
as a result of FY 2024/25
Stadium Authority G&A budget
savings.
2 Transfer to City General
Fund from Excess
Revenues
$275,000 This action increases the
Transfer to City General Fund
from Excess Revenues from
$3,019,000 to $3,294,000 as a
result of FY 2024/25 Stadium
Authority G&A budget savings.
2 Renovation/Demolition
Reserve
$550,000
This action increases the
Renovation/Demolition
Reserve from $49,808,643 to
$50,358,643 as a result of
Stadium Authority G&A budget
savings.
Total $930,000 $930,000
17 Debt Service Budget
The Stadium Authority’s FY 2025/26 debt service revenue budget of $3.6 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 the first two quarters, $1.8 million was contributed by the CFD, or 49% of the annual budget. Of this amount, $1.8 million was collected and used to pay down the CFD Advance.
Total Stadium Authority debt service expenses for the current reporting period were $14.2 million, or 69% of the budgeted amount. The debt service expenses for the CFD Advance and the Term A Loan were $1.8 million and $12.5 million, respectively.
As of September 30, 2025, the total outstanding amount of Stadium Authority debt had declined to $210.8 million. This is a reduction in principal of $8.8 million from the March 31, 2025 outstanding debt amount of $219.6 million.
Additional details are shown in Tables 13 and 14 and Chart 1. 18 Table 13
Santa Clara Stadium Authority
Debt Service Budget Status Report
For the Period Ending September 30, 2025 and 2024
Beginning Fund Balance
Required Debt Service Reserve
Period Ending September 30, 2025
Budget to
Amended(1)
YTD Actual
Budget Actuals Difference
$ 11,536,235 $ 11,536,235 $ -
%
Received
NA
Period Ending September 30, 2024
Budget to
Final YTD Actual
Budget Actuals Difference
$ 11,536,235 $ 11,536,235 $ -
%
Received
NA
Debt Service Reserve 8,706,100 8,706,100 - NA 8,122,980 8,122,980 - NA Total Beginning Fund Balance 20,242,335 $ 20,242,335 $ -$ NA 19,659,215 $ 19,659,215 $ -$ NA Revenue
Contribution from CFD $ 3,605,000 $ 1,757,940 $ 1,847,060 49% $ 3,457,000 $ 1,686,537 $ 1,770,463 49% Total Revenues 3,605,000 $ 1,757,940 $ 1,847,060 $ 49% 3,457,000 $ 1,686,537 $ 1,770,463 $ 49% Transfers In
Transfers In from Operating $ 17,646,000 $ 4,620,456 $ 13,025,544 26% $ 17,471,000 $ 4,816,409 $ 12,654,591 28% Total Transfers In 17,646,000 $ 4,620,456 $ 13,025,544 $ 26% 17,471,000 $ 4,816,409 $ 12,654,591 $ 28% Total Source of Funds 41,493,335 $ 26,620,731 $ 14,872,604 $ 64% 40,587,215 $ 26,162,161 $ 14,425,054 $ 64% Amended(1)
YTD
Budget to
Actual Final YTD
Budget to
Actual
Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
CFD Advance $ 3,565,000 $ 1,753,422 $ 1,811,578 49% $ 3,429,000 $ 1,674,732 $ 1,754,268 49% Term A Loan 17,080,000 12,458,550 4,621,450 73% 16,933,000 12,116,306 4,816,694 72% Total Expenses 20,645,000 $ 14,211,972 $ 6,433,028 $ 69% 20,362,000 $ 13,791,038 $ 6,570,962 $ 68% Ending Fund Balance
Required Debt Service Reserve $ 11,536,235 $ 11,536,235 $ - NA $ 11,536,235 $ 11,536,235 $ - NA Debt Service Reserve 9,312,100 872,524 8,439,576 NA 8,688,980 834,888 7,854,092 NA Total Ending Fund Balance 20,848,335 $ 12,408,759 $ 8,439,576 $ NA 20,225,215 $ 12,371,123 $ 7,854,092 $ NA Total Use of Funds 41,493,335 $ 26,620,731 $ 14,872,604 $ 64% 40,587,215 $ 26,162,161 $ 14,425,054 $ 64% (1)Adjustments include previously approved budget amendments through October 21, 2025 19 Table 14
Santa Clara Stadium Authority
Debt Summary Report
Period Ending September 30, 2025
Outstanding as of Outstanding as of
Type of Indebtedness Interest Rates March 31, 2025 Net Change September 30, 2025 Stadium Funding Trust Loan:
Term A Loan 5.00% $ 192,656,344 $ (7,838,094) $ 184,818,249 StadCo CFD Advance 5.73% 26,952,920 (987,966) 25,964,954 Total $ 219,609,263 $ (8,826,060) $ 210,783,203
Chart 1
Total Outstanding Debt (in millions)
$700
$600
$500
$400
$300
$200
$100
$-
$41.1
$396.1
$653.4
$561.6
$464.7
$429.8
$382.7
$340.2 $325.3
$296.8 $280.3
$245.3 $228.7 $219.6 $210.8
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 Sep 2025 Construction Loan StadCo Agency Advance Term B Loan Term A Loan StadCo CFD Advance StadCo Subordinated Loan 20 Capital Expense (CapEx) Budget
As part of the Capital Expense (“CapEx”) Plan, the following projects were underway during the current reporting period:
Aesthetic Improvements – Premium Areas/Special Event Spaces Broadcast Booth Window System Replacement
General Areas/Coating Main Deck
IT Replacement of end of life Network equipment
Kawasaki ATVs
LED Retrofit Project - Phase 1
Levi’s
® Naming Rights Signage Refurbishment
Lighting System - Controls System
Lighting Systems – Fixture Replacement of Major Outdoor Lighting/LED Retrofit Main Kitchen Equipment
Plumbing - Boilers
Radio Booth Cabling
Security General Allowance
Stormwater System Assessment and Replacements
Women’s Locker Room
The CapEx Budget increased from $18.6 million to $21.9 million in the current reporting period. A total of $7.2 million has been spent during the first two quarters of FY 2025/26, which amounts to 33% of the budget. The main reason that this is below budget is due to the timing of activity for Capital Expenditure projects. There has also been no activity on warranty work which makes up 7% of the CapEx Budget.
Additional details are shown below in Table 15.
21 Table 15
Santa Clara Stadium Authority
CapEx Budget Status Report
For the Period Ending September 30, 2025 and 2024
Period Ending September 30, 2025 Period Ending September 30, 2024 Amended(1)
Budget
YTD
Actuals
Budget to
Actual
Difference
%
Received
Final
Budget
YTD
Actuals
Budget to
Actual
Difference
%
Received
Beginning Fund Balance
Revenue
$ 17,278,221 $ 17,278,221 $ - NA $ 19,862,834 $ 19,862,834 $ - NA Other Revenue 797,607 $ -$ 797,607 $ 0% -$ -$ -$ NA
Total Revenue 797,607 $ -$ 797,607 $ 0% -$ -$ -$ NA
Transfers In
Transfers In from Operating $ 5,153,000 $ - $ 5,153,000 0% $ 4,032,000 $ - $ 4,032,000 0% Transfers In from Operating - Levi's Naming Rights - - - NA 1,575,000 - 1,575,000 0% Total Transfers In 5,153,000 $ -$ 5,153,000 $ 0% 5,607,000 $ -$ 5,607,000 $ 0% Total Source of Funds 23,228,828 $ 17,278,221 $ 5,950,607 $ 74% 25,469,834 $ 19,862,834 $ 5,607,000 $ 78% Budget to Budget to
Amended(1)
YTD Actual Final YTD Actual
Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
Construction $ 15,673,379 $ 6,900,662 $ 8,772,717 44% $ 15,697,725 $ 1,699,806 $ 13,997,919 11% Equipment 3,856,765 308,324 3,548,441 8% 5,943,000 1,321,791 4,621,209 22% Contingency & Misc 813,000 - 813,000 0% 973,000 - 973,000 0% Stadium Warranty Related Construction 1,528,000 - 1,528,000 0% 1,528,000 - 1,528,000 0% Total Expenses 21,871,144 $ 7,208,986 $ 14,662,158 $ 33% 24,141,725 $ 3,021,598 $ 21,120,127 $ 13% Ending Fund Balance $ 1,357,684 $ 10,069,235 $ (8,711,551) NA $ 1,328,109 $ 16,841,236 $ (15,513,127) NA Total Use of Funds 23,228,828 $ 17,278,221 $ 5,950,607 $ 74% 25,469,834 $ 19,862,834 $ 5,607,000 $ 78% (1)Adjustments include previously approved budget amendments through October 21, 2025 22 City of Santa Clara Net General Fund Impact
During the current reporting period there was a total of $1.5 million that was contributed to the General Fund as shown in Table 16. This section of the report also provides information on General Fund revenue and expenditure impacts resulting from the stadium.
Table 16
City of Santa Clara
Net General Fund Impact
For Stadium Authority
Period Ending September 30, 2025
Ground Rent
Senior and Youth Fee
Tasman Parking Lot
Sales Tax
$ 1,000,000
108,725
5,915
406,831
Total Net General Fund Impact $ 1,521,471
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 the Stadium Manager. 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 $2.4 million and $4.6 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 $2.3 million in Non-NFL public safety reimbursements from the Stadium Manager.
The current balance of the Public Safety Costs (PSC) 2024 Outstanding Balance is $5.3 million and is projected to be paid through excess revenues. It is currently estimated that the PSC 2024 Outstanding Balance will be paid off by FY 2027/28. See the Glossary for more information on this balance.
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. In the second quarter of FY 2025/26, a total of $978,000 of administrative staff costs were incurred by the General Fund, which have been reimbursed to the City. 23 Rents and Senior and Youth Fee
As noted above, the City’s General Fund collected ground rent of $1 million. Additionally, the Senior and Youth Fee generated $109,000, of which the entire amount has been 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 quarter of sales tax collections from Levi’s® Stadium transactions generated $407,000 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.
24 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 the Table 17.
25 Table 17
Lease Year Fiscal Year
Annual Fixed
Ground Rent
Cumulative
Total
1 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
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
26 Non-NFL Event Ticket Surcharge – The Amended and Restated Stadium Lease 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 said event partly offsets the total public safety costs owed for that event. In the City’s FY 2025/26 (July 1, 2025 through June 30, 2026) the offsite parking fee is $6.94.
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 Stadium Manager. With the finalized Non-NFL events report, Stadium Authority calculates the performance-based rent to be remitted to the City during July following the Stadium Authority’s fiscal year- end. The basic calculation for the performance-based rent is 50% of the net income from Non-NFL events for any given lease year less the sum of Performance-Based Rent Credits. The Performance-Based Rent Credits include (1) 50% of the fixed ground rent for the current lease year, (2) the amount, if any, that the Public Safety Costs exceed the Public Safety Cost Threshold for the current lease year, (3) following the Tax Allocation Termination Date, the amount of Received Possessory Interest Tax (PIT), and (4) the amount of any credit for Disproportionate Taxes for the current lease year.
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 (e.g. 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 the Stadium Manager is responsible for paying Non-NFL event expenses on behalf of the Stadium Authority. Therefore, the cost of providing public safety services are 27 tracked through the City’s financial system and invoices are sent to the Stadium Manager.
All of these costs are 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 have been redefined as “PSC 2024 Outstanding Balance” which would be paid from a legal contingency reserve and future excess revenues until paid off.
Table 18
PSC 2024 Outstanding Balance
Fiscal Year
Outstanding
Balance
Actual/Projected
Payments
Remaining
Balance
2023/24 $ 14,786,346 $ - $ 14,786,346
2024/25 $ 14,786,346 $ 9,486,570 $ 5,299,776
2025/26 $ 5,299,776 $ 3,294,000 $ 2,005,776
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. The threshold for the current lease year is $374,400.
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.
28 -
- -
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 also 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 ten lease years are noted in the Table 18 below.
Table 19
Fiscal Year
Lease
Year
Annual Base
Stadium
Management
Fee (SCSA
Share)
Stadium
Marketing
and Booking
Fee
Benchmark
Net Income
from Non
NFL Events
1st Tier
paid at 10%
Fee
Additional
Stadium
Marketing and
Booking Fee
10% 1st Tier
2nd Tier
paid at 15%
Fee
Additional
Stadium
Marketing and
Booking Fee
15% 2nd Tier
Total Stadium
Management
Fee
2014/15 1 $ 200,000 $ 5,000,000 $ 5,207,553 $ 10,378 $ - $ 210,378 2015/16 2 206,000 5,150,000 6,079,016 46,451 - 252,451
2016/17 3 212,180 5,304,500 5,316,894 620 - 212,800
2017/18 4 218,545 5,463,635 5,163,329 2,000,000 - 4,000,000 - 218,545 2018/19 5 225,102 5,627,544 18,591 2,060,000 - 4,120,000 - 225,102 2019/20 6 231,855 5,796,370 (2,741,014) 2,121,800 - 4,243,600 - 231,855 2020/21 7 238,810 5,970,261 (476,960) 2,185,454 - 4,370,908 - 238,810 2021/22 8 245,975 6,149,369 (288,741) 2,251,018 - 4,502,035 - 245,975 2022/23 9 253,354 6,333,850 8,809,167 2,318,548 231,855 4,637,096 23,515 508,724 2023/24 10 260,955 6,523,866 8,266,685 2,388,105 174,282 4,776,209 - 435,237 2024/25 11 268,783 6,719,582 10,163,814 2,459,748 245,975 4,919,495 147,673 662,430 2025/26 12 276,847 6,921,169 To be determined
29 Appendix
This section of the report provides additional historical data for the tables referenced in the body of this report.
Table 20
Levi's® Stadium
Historical NFL Event Statistics
2014/15 Q2 2015/16 Q2 2016/17 Q2 2017/18 Q2 2018/19 Q2 2019/20 Q2 2020/21 Q2 Total Total Total Total Total Total Total
No. of NFL Events 4 3 3 4 3 3 -
No. of Tickets Sold 271,503 198,634 188,705 249,408 190,840 184,769 - NFL Ticket Surcharge 2,911,416 $ 1,851,550 $ 2,343,474 $ 2,544,721 $ 1,732,335 $ 2,416,387 $ -$ Senior/Youth Program Fees 95,026 $ 69,522 $ 66,047 $ 87,293 $ 66,794 $ 64,669 $ -$ Cars Parked at Offsite Lots 37,884 16,986 18,295 21,442 15,030 16,578 - City Offsite Parking Fee 186,389 $ 86,289 $ 95,866 $ 116,216 $ 84,619 $ 96,981 $ -$ Cars Parked on Tasman Lots 1,737 1,967 1,689 2,357 1,244 1,485 - Cars Parked on Golf Course 11,378 7,353 - - - - -
City Tasman Lot and Golf Course Parking Fee 65,575 $ 46,600 $ 8,445 $ 11,785 $ 6,220 $ 7,425 $ -$ Stadium Public Safety Costs 914,005 $ 673,723 $ 740,565 $ 975,574 $ 764,421 $ 1,157,636 $ -$ Golf Course Public Safety Costs 111,690 $ 25,242 $ -$ -$ -$ -$ -$ Subtotal Event Public Safety Costs 1,025,695 $ 698,965 $ 740,565 $ 975,574 $ 764,421 $ 1,157,636 $ -$ Less: Offsite Parking Fee Credit (186,389) $ (86,289) $ (95,866) $ (116,216) $ (84,619) $ (96,981) $ -$ Reimbursable Stadium Public Safety Costs 839,306 $ 612,676 $ 644,700 $ 859,359 $ 679,802 $ 1,060,654 $ -$
30 Table 21
Levi's® Stadium
Historical Non-NFL Event Statistics
2014/15 Q2 2015/16 Q2 2016/17 Q2 2017/18 Q2 2018/19 Q2 2019/20 Q2 2020/21 Q2 Total Total Total Total Total Total Total
No. of Non-NFL Ticketed Events 2 13 14 7 7 6 -
No. of Tickets Sold 106,699 542,390 518,542 210,157 231,849 125,587 - Non-NFL Base Ticket Surcharge 426,796 $ 2,130,628 $ 2,074,168 $ 840,628 $ 927,396 $ 502,348 $ -$ Non-NFL Additonal Ticket Surcharge (1) -$ -$ -$ -$ -$ -$ -$ Total Ticket Surcharge 426,796 $ 2,130,628 $ 2,074,168 $ 840,628 $ 927,396 $ 502,348 $ -$ No. of Non-NFL Special Events 43 100 53 42 41 28 -
Non-NFL Special Event Attendees 12,521 73,196 17,959 23,726 15,943 7,752 - Cars Parked at Offsite Lots 10,748 51,669 55,731 19,466 22,338 13,130 - City Offsite Parking Fee 52,880 $ 258,252 $ 286,531 $ 104,077 $ 123,559 $ 75,164 $ -$ Cars Parked on Golf Course 5,413 19,743 9,562 - - - -
City Golf Course Parking Fee 27,065 $ 98,715 $ 47,810 $ -$ -$ -$ -$ Stadium Public Safety Costs 444,151 $ 2,624,988 $ 2,469,148 $ 1,035,289 $ 1,378,966 $ 1,004,000 $ -$ Golf Course Public Safety Costs 55,701 $ 113,440 $ 39,905 $ -$ -$ -$ -$ Subtotal Event Public Safety Costs 499,852 $ 2,738,429 $ 2,509,053 $ 1,035,289 $ 1,378,966 $ 1,004,000 $ -$ Less: Offsite Parking Fee Credit (52,880) $ (258,252) $ (286,531) $ (104,077) $ (123,559) $ (75,164) $ -$ Reimbursable Public Safety Costs 446,972 $ 2,480,177 $ 2,222,522 $ 931,212 $ 1,255,407 $ 928,836 $ -$
(1) 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. The surcharge exceeding the $4 per ticket base is shown in the table as additional ticket surcharge. 31 Table 22
Discretionary Fund Reserve
Fiscal Year
Beginning
Balance Revenue Expenses Ending Balance
2014/15 $ - $ 715,770 $ - $ 715,770
2015/16 715,770 1,238,542 714,028 1,240,284
2016/17 1,240,284 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
2019/20 1,960,102 367,748 - 2,327,850
2020/21 2,327,850 - 18 2,327,832
32