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49ers’ stadium gets final approval

Bloomberg

The city council in Santa Clara, California, voted 5-1 in favor of an $878.6 million contract Tuesday that should allow the San Francisco 49ers to move into a new stadium there by the 2014 season.

Council members voted for three resolutions that clear the way for construction of the $1 billion, 68,500-seat arena in the heart of Silicon Valley.

Building will begin in July, about six months ahead of plan, allowing the 49ers to move a season earlier than expected.

NFL owners approved a $200 million loan this month that will help cover construction costs.