The Santa Clara Stadium Authority voted 7-0 Thursday night to accept terms of an $850M construction loan for the new Santa Clara Stadium. The approval of the loan and a 40-year lease agreement marks two of the final financial steps for the new stadium. Make-ready work at the site adjacent to Great America Park will begin next month and the official groundbreaking is expected in the spring of 2012. The $850M will be loaned to the Stadium Authority and the 49ers Stadium Development Company will have no impact on the City’s General Fund. The new stadium in Santa Clara is estimated to cost $1 billion. Officials expect it to be a landmark for Silicon Valley in addition to its role as the new home to the 49ers.