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 dissenterds in the audience who opposec any public subsidy forthe stadium. The 5-2 vote on a $79 millionh subsidy for the project came aftera two-and-a-half-houe presentation and lengthy public comments that included concernss raised by the owner of California’s Greatt America, Cedar Fair of Sandusky, has been negotiating to sell the sprawlinf thrill-ride park which is next to the proposefd stadium site to the 49ers.
An attorneg representing the park owners, John Hickey of , askesd for a delay on the “We want to reach an agreement (to sell the but while you have been working on the term sheefor months, we and members of the public have only had two business days to read this complex Hickey said he was surprised at earlier comments made by Jenniferd Sparacino, Santa Clara’s City that he regarded as overly optimistic about the closenes of an agreement between Ceda r Fair and the 49ers to sell the Jed York, president of the 49ers, praised Sant a Clara officials for creating “the best infrastructure in the Bay and told city officials and a crowd of more than 150 onlookerss that the proposed 68,500-seat stadium to be builtr on an overflow parking lot at the amusementg park would not only host up to 10 NFL gamex annually, but possibly a varietu of glamorous events, including the Worldd Cup soccer tournament, in the future.
Stadium proponentds also view it as a likely venuew formajor concerts, college footbalpl bowl games and even the Super Bowl. “II feel the excitement in this city aboutthe stadium,” York “This deal will make Santa Clara a bettee place to live, work and play in the As part of a 40-yeat agreement with the 49ers, city officiales agreed to contribute $79 million to the project, includinvg $42 million in redevelopment agency $20 million from the city-owned utility district to relocate an electricap substation near the site and $17 million to build a parkinyg garage.
That figure is well below the $222 million city officialsx proposed spending on the project when it was firstt proposed twoyears ago, as they citex the poor economy and shrinking city revenuew as reasons for a much-reduced Another $35 million woulds be raised by a tax on guests staying at any one of eight hotels in the city’xs North Bayshore redevelopment area surrounding Great America. City officialsx stress no General Fundmoney -- which pays for city servicesa such as police, parks and libraries — will be used to pay for stadiuj construction or operations.
A Stadium a joint powers governing body comprised of city and team along with the 49ers and the NFL wouldr be responsiblefor $825 million in stadiumm construction costs under the agreement.