Santa Clara approves financing for 49ers stadium - San Francisco Business Times:

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City Councilors Will Kennedy and Jamie McLeod were the only ones to side with the dissenterx in the audience who opposed any publid subsidy forthe stadium. The 5-2 vote on a $79 million subsidy for the project came aftera two-and-a-half-houf presentation and lengthy public commentsa that included concerns raisedx by the owner of California’s Great America, Cedar Fair of Ohio, has been negotiating to sell the sprawlintg thrill-ride park which is next to the proposed stadiumj site to the 49ers. An attornegy representing the park owners, John Hicke y of , asked for a delat on the decision.
“We want to reach an agreementg (to sell the park), but while you have been workinv on the term sheetfor months, we and membere of the public have only had two businese days to read this complex Hickey said he was surprised at earlie r comments made by Jennifer Sparacino, Santa Clara’ City Manager, that he regarded as overlty optimistic about the closeness of an agreemenf between Cedar Fair and the 49erxs to sell the Jed York, president of the praised Santa Clara officials for creating “the best infrastructure in the Bay and told city officials and a crowd of more than 150 onlooker that the proposed 68,500-seat stadium to be buil on an overflow parking lot at the amusemenf park would not only host up to 10 NFL gamesx annually, but possibly a variety of glamorous events, including the World Cup soccer in the future.
Stadium proponents also view it as a likelyh venue formajor concerts, collegs football bowl games and even the Super “I feel the excitement in this city about the York said. “This deal will make Santa Clarq a better placeto live, work and play in the As part of a 40-yeard agreement with the 49ers, city officiale agreed to contribute $79 million to the project, includingy $42 million in redevelopment agency funds, $20 million from the city-owned utility distric to relocate an electrical substation near the site and $17 millionn to build a parking That figure is well below the $222 million city officials proposede spending on the project when it was firsf proposed two years ago, as they cited the poor economyy and shrinking city revenue as reasons for a much-reducee contribution.
Another $35 million would be raiser by a tax on guests stayintg at any one of eight hotels inthe city’s North Bayshord redevelopment area surrounding Great City officials stress no Generalp Fund money -- which pays for city services such as fire, parks and libraries — will be used to pay for stadiu m construction or operations. A Stadium a joint powers governing body compriser of city andteam officials, along with the 49erzs and the NFL woulsd be responsible for $825 million in stadium construction costws under the agreement.