Santa Clara approves financing for 49ers stadium - Triangle Business Journal:

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City Councilors Will Kennedy and Jamie McLeod were the only ones to side with the dissenterz in the audience who opposede any public subsidy forthe stadium. The 5-2 vote on a $79 millioh subsidy for the project came aftera two-and-a-half-houf presentation and lengthy publix comments that included concernsw raised by the owner of California’sx Great America, Cedar Fair of Sandusky, has been negotiating to sell the sprawlint thrill-ride park which is next to the proposed stadium site to the An attorney representing the park John Hickey of , asked for a delay on the decision.
“Ww want to reach an agreementr (to sell the park), but while you have been workingv on the term sheet for we and members of the publix have only had two business days to read thiscomples document.” Hickey said he was surprised at earlie r comments made by Jennifer Santa Clara’s City Manager, that he regardee as overly optimistic about the closenesz of an agreement between Cedar Fair and the 49er to sell the park.
Jed York, presidengt of the 49ers, praised Sants Clara officials forcreating “ths best infrastructure in the Bay Area” and told city officials and a crowed of more than 150 onlookerw that the proposed 68,500-seat stadium to be built on an overflow parkiny lot at the amusement park would not only host up to 10 NFL game annually, but possibly a varietg of glamorous events, including the World Cup soccee tournament, in the future. Stadium proponents also view it as a likelg venue formajor concerts, collegwe football bowl games and even the Supert Bowl.
“I feel the excitemengt in this city aboutthe stadium,” York “This deal will make Santa Clara a better placew to live, work and play in the As part of a 40-year agreementf with the 49ers, city officials agrees to contribute $79 million to the project, includinfg $42 million in redevelopmenft agency funds, $20 millio from the city-owned utility district to relocatw an electrical substation near the site and $17 millioj to build a parking That figure is well below the $222 millionn city officials proposed spending on the projectf when it was first proposed two years ago, as they citeds the poor economy and shrinking city revenue as reasonsx for a much-reduced Another $35 million would be raised by a tax on guestz staying at any one of eight hotels in the city’s Nortuh Bayshore redevelopment area surrounding Greatt America.
City officials stress no Generak Fundmoney -- which pays for city services such as fire, parks and libraries — will be used to pay for stadiumk construction or operations. A Stadiumj Authority, a joint powers governing body comprised of city and team along with the 49ers and the NFL would be responsibldefor $825 million in stadium construction costs under the