It’s not the days and nights it sits empty that makes Levi’s one of the best stadiums in the country. It’s the events that fill its 65,000 seats. It is one of the best venues anywhere to view football, soccer or a special celebrity event.
Sell out performances have produced record crowds and record revenues for Santa Clara and for the stadium. About 40 percent of voters never thought the stadium would be profitable and yet it has produced millions for Santa Clara’s local economy.
While the City benefits directly from events and concessions, there is a critical component that is seldom mentioned or discussed publicly. This is the account known as the Demolition Account.
Levi’s Stadium is scheduled to be demolished after thirty years. Naysayers didn’t believe the stadium would make enough money to cover the debt, pay the performers, provide police and fire and have money left over for the demolition fund. Yet that is not the case. Not only has the stadium paid for itself, at this time there are millions in that demolition fund, and it is on schedule to be fully funded at the end of its useful life.
This is a huge compliment to Santa Clara.
Because Santa Clara’s stadium is such a terrific venue, world class performers like Taylor Swift, Elton John and the Rolling Stones are a sellout. Each of these performances provides millions for the City. Millions that go into various accounts including the general fund. In turn, these funds are used for City services for Santa Clara residents.
In addition, because the stadium has been so successful Santa Clara is ahead of schedule on its debt service. This is another bonus for residents. Levi’s has proven to be a successful project benefiting the City in providing funds for multiple and additional services.
Just think for a moment about the ancillary revenue generated by having Levi’s housed in Santa Clara. The City benefits from a portion of the tax on all the goods and services from parking to concessions to admission.
That money goes into the general fund, which helps pay for things like Santa Clara’s famous “clean up weekend,” which we just completed. All those items you have been wanting to get rid of were taken out of your hands and house by simply placing them on the curb. Just another reason you have to love Santa Clara.
Our city council and employees have worked hard to continue providing City services and benefits that make Santa Clara special. Thanks to them for their dedication, hard work and time invested.