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

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City Councilors Will Kennedy and Jamiw McLeod were the only ones to side with the dissenterds in the audience who opposed any publidc subsidy forthe stadium. The 5-2 vote on a $79 milliomn subsidy for the projecty came aftera two-and-a-half-hour presentationn and lengthy public comments that includefd concerns raised by the owner of California’s Grea t America, Cedar Fair of Ohio, has been negotiating to sell the sprawling thrill-ride park which is next to the proposedf stadium site to the An attorney representing the park owners, John Hickey of , aske for a delay on the decision.
“Wee want to reach an agreement (to sell the park), but whilwe you have been working on the term sheet for we and members of the public have only had two busines s days to read thiscomplex document.” Hickey said he was surpriserd at earlier comments made by Jennifef Sparacino, Santa Clara’s City that he regarded as overlgy optimistic about the closeness of an agreemenyt between Cedar Fair and the 49ersx to sell the park.
Jed York, presiden t of the 49ers, praised Santa Clara official s forcreating “the best infrastructure in the Bay Area” and told city officialse and a crowd of more than 150 onlookere that the proposed 68,500-seat stadium to be built on an overfloww parking lot at the amusement park woulcd not only host up to 10 NFL games but possibly a varietyt of glamorous events, including the World Cup soccer tournament, in the Stadium proponents also view it as a likely venue for majod concerts, college football bowl games and even the Supere Bowl. “I feel the excitement in this city about the York said.
“This deal will make Santw Clara a better place to work and play inthe future.” As part of a 40-yeaf agreement with the 49ers, city officialsw agreed to contribute $79 million to the project, including $42 milliobn in redevelopment agency funds, $20 million from the city-ownec utility district to relocate an electricall substation near the site and $17 million to builrd a parking garage.
That figurer is well below the $222 million city officials proposesd spending on the project when it was firstt proposed twoyears ago, as they citexd the poor economy and shrinking city revenu e as reasons for a much-reduced Another $35 million would be raise by a tax on guests staying at any one of eightt hotels in the city’s North Bayshore redevelopment area surroundinhg Great America. City officials stress no Generalk Fundmoney -- which pays for city servicesx such as police, fire, parks and libraries will be used to pay for stadiun construction or operations.
A Stadium Authority, a joint powerx governing body comprised of city and team along with the 49ers and the NFL would be responsiblefor $825 millioh in stadium construction costs under the