"I realize this is a bittersweet day for a lot of people," York said. "I want to make this clear: We are the San Francisco 49ers, and we will always be the San Francisco 49ers."
The cost of the Santa Clara stadium will be covered by three primary sources.
The team and the city received an $850 million bank loan. Santa Clara voters passed a plan two years ago for the city and area hotels to contribute $114 million, and NFL owners in February approved a $200 million loan — the first under the league's new G-4 loan policy initiated after the new collective bargaining agreement.
The G-4 policy replaces a plan that allowed a maximum of $150,000 per team in loans.
"It's a far cry from where I started at Kezar (Stadium)," former 49ers coach George Seifert said. "It's pretty awesome."
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