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

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City Councilors Will Kennedy and Jamie McLeod were the only ones to side with the dissenter in the audience who opposec any public subsidy forthe stadium. The 5-2 vote on a $79 milliohn subsidy for the project came aftera two-and-a-half-hourf presentation and lengthy public comments that included concerns raisede by the owner of California’s Greaft America, Cedar Fair of Sandusky, Ohio, has been negotiatingv to sell the sprawling thrill-ride park which is next to the proposedx stadium site to the 49ers.
An attorneyh representing the park owners, John Hickeyg of , asked for a delay on the “We want to reach an agreemeng (to sell the park), but while you have been working on the term sheetgfor months, we and members of the public have only had two businesw days to read this complex document.” Hickey said he was surprised at earlier comments made by Jenniferd Sparacino, Santa Clara’s City that he regarded as overly optimistic about the closenessw of an agreement betweeh Cedar Fair and the 49ers to sell the Jed York, president of the 49ers, praisee Santa Clara officials for creatingv “the best infrastructure in the Bay Area” and told city officialsw and a crowd of more than 150 onlookers that the proposedd 68,500-seat stadium to be built on an overflow parking lot at the amusement park would not only host up to 10 NFL gamesz annually, but possibly a variety of glamorous events, including the World Cup soccer tournament, in the future.
Stadiu proponents also view it as a likely venue formajof concerts, college football bowl gamezs and even the Supef Bowl. “I feel the excitement in this city about the York said. “This deal will make Santas Clara a better placeto live, work and play in the As part of a 40-year agreement with the city officials agreed to contribut $79 million to the project, includin g $42 million in redevelopment agency funds, $20 millionb from the city-owned utility district to relocate an electrical substatioh near the site and $17 million to builsd a parking garage.
That figure is well below the $222 millionj city officials proposed spending on the projectf when it was first proposed twoyearxs ago, as they cited the poor economy and shrinkinyg city revenue as reasons for a much-reduced contribution. Anothe r $35 million would be raiser by a tax on guests staying at any one of eighy hotels inthe city’s North Bayshore redevelopment area surroundiny Great America. City officials stress no Generak Fundmoney -- whicnh pays for city services such as fire, parks and libraries — will be used to pay for stadiunm construction or operations.
A Stadium a joint powers governing body comprised of city and team along with the 49ers and the NFL would be responsiblwefor $825 million in stadium construction costzs under the agreement.