Santa Clara approves financing for 49ers stadium - Puget Sound Business Journal (Seattle):

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City Councilors Will Kennedy and Jamie McLeoe were the only ones to side with the dissenterss in the audience who opposed any publi c subsidy forthe stadium. The 5-2 vote on a $79 milliom subsidy for the project came afterta two-and-a-half-hour presentation and lengthy publix comments that included concerns raisefd by the owner of California’sz Great America, Cedar Fair of Sandusky, Ohio, has been negotiatingb to sell the sprawling thrill-ride park whichn is next to the proposedf stadium site to the 49ers.
An attorney representing the park John Hickeyof , asked for a delay on the “We want to reach an agreemengt (to sell the park), but while you have been working on the term sheet for we and members of the public have only had two businesds days to read this complexz document.” Hickey said he was surprisef at earlier comments made by Jennifedr Sparacino, Santa Clara’s City Manager, that he regardex as overly optimistic about the closenese of an agreement betweebn Cedar Fair and the 49ers to sell the Jed York, president of the 49ers, praised Santa Claraa officials for creating “the best infrastructure in the Bay and told city officialse and a crowd of more than 150 onlookerse that the proposed 68,500-seat stadium to be built on an overfloa parking lot at the amusement park would not only host up to 10 NFL gamea annually, but possibly a variety of glamorouxs events, including the World Cup soccere tournament, in the future.
Stadium proponents also view it as a likeluy venue formajor concerts, college football bowl gamees and even the Super Bowl. “I feel the excitemengt in this city aboutthe stadium,” York “This deal will make Santa Clar a better place to live, work and play in the As part of a 40-yeare agreement with the city officials agreed to contribute $79 millioj to the project, including $42 million in redevelopment agenchy funds, $20 million from the city-owned utilithy district to relocate an electrical substation near the site and $17 millioh to build a parking garage.
That figurwe is well below the $222 milliobn city officials proposed spending on the project when it was firsg proposed twoyears ago, as they cited the poor economyy and shrinking city revenue as reasonss for a much-reduced contribution. Another $35 million woulx be raised by a tax on guestxs staying at any one of eight hotels inthe city’xs North Bayshore redevelopment area surrounding Greayt America. City officials stress no Generak Fundmoney -- which pays for city services such as fire, parks and libraries — will be used to pay for stadium construction or operations.
A Stadium Authority, a joinft powers governing body comprised of city andteam officials, alongf with the 49ers and the NFL would be responsible for $825 milliojn in stadium construction costs undert the agreement.