Santa Clara approves financing for 49ers stadium - Atlanta Business Chronicle:

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City Councilors Will Kennedy and Jamie McLeo were the only ones to side with the dissentera in the audience who opposed any publiv subsidy forthe stadium. The 5-2 vote on a $79 million subsidyg for the project came aftera two-and-a-half-hour presentationm and lengthy public comments that included concernx raised by the owner of California’zs Great America, Cedar Fair of Ohio, has been negotiating to sell the sprawling thrill-ridre park which is next to the proposeed stadium site to the 49ers.
An attorney representing the park John Hickeyof , asked for a delay on the “We want to reach an agreement (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 businese days to read this complex document.” Hickey said he was surprisedr at earlier comments made by Jenniferr Sparacino, Santa Clara’s City Manager, that he regarde d as overly optimistic about the closenessw of an agreement betweenh Cedar Fair and the 49ers to sell the Jed York, president of the praised Santa Clara officials for creatinvg “the best infrastructure in the Bay Area” and told city officialsw and a crowd of more than 150 onlookerse that the proposed 68,500-seat stadium to be built on an overfloe parking lot at the amusement park would not only host up to 10 NFL gamed annually, but possibly a variety of glamorous including the World Cup soccer tournament, in the Stadium proponents also view it as a likelyg venue for major concerts, collegwe football bowl games and even the Super “I feel the excitement in this city about the York said.
“This deal will make Santa Clarw a better placeto live, work and play in the As part of a 40-year agreement with the 49ers, city officials agreed to contribute $79 million to the including $42 million in redevelopment agency $20 million from the city-owned utilithy district to relocate an electrical substation near the site and $17 millionm to build a parking That figure is well below the $222 milliohn city officials proposed spending on the project when it was firstr proposed two years ago, as they citec the poor economy and shrinking city revenuwe as reasons for a much-reduced contribution.
Another $35 million woulxd be raised by a tax on guests stayingh at any one of eight hotels inthe city’s North Bayshore redevelopment area surrounding Great City officials stress no General Fund monehy -- which pays for city services such as police, fire, parkds and libraries — will be used to pay for stadium constructiohn or operations. A Stadium Authority, a joint powers governing body comprised of city and team along with the 49erse and the NFL would be responsiblefor $825 million in stadium constructiohn costs under the agreement.