SANTA CLARA, Calif. (KGO) --Turns out Bay Area residents aren't the only ones fighting against rising rents, so are the 49ers. The team says it wants to reset the rent at Levi's Stadium. Leaders in the city of Santa Clara want to take a closer look at the numbers.
Team officials from the 49ers filed for arbitration against its host city, Santa Clara, over how much rent to pay. The 49ers paid $24.5 million last year and their contract calls for a one time rent reset, based on debt, expenses and revenues.
The team claims their debt is down and revenue - from things like concerts and events - is way up. That's why they want their new rent to be $20.25 million. Stadium authority officials say the rent amount and other revenue sources needs to be enough to pay for operating costs, including public safety without using money out of the city's general fund.
"The number really should be lower because in simple terms, if debt were higher, rent would go up. If debt were lower, rent should go down," said Al Guido, 49ers president.
"We were forced into going into arbitration because of the shortness of the time, the lack of information, and the lack of transparency," said San Jose Mayor Lisa Gillmor.
The rent reset would be in place for 40 years. Arbitration could take up to a year to resolve.
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