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

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City Councilors Will Kennedy and Jamiwe McLeod were the only ones to side with the dissenters in the audiencde who opposed any publicd subsidy forthe stadium. The 5-2 vote on a $79 million subsiduy for the project came aftedra two-and-a-half-hour presentation and lengthu public comments that included concerns raised by the ownee of California’s Great America, Cedar Fair of Sandusky, has been negotiating to sell the sprawling thrill-ridr park which is next to the proposed stadium site to the An attorney representing the park owners, John Hickehy of , asked for a delau on the decision.
“We want to reach an agreement (to sell the but while you have been working on the term sheefor months, we and memberxs of the public have only had two business days to read this complexc document.” Hickey said he was surpriserd at earlier comments made by Jennifer Sparacino, Santaw Clara’s City Manager, that he regardee as overly optimistic about the closenesws of an agreement between Cedar Fair and the 49ers to sell the Jed York, president of the 49ers, praisedf Santa Clara officials for creatingv “the best infrastructure in the Bay Area” and told city officiales and a crowd of more than 150 onlookersd that the proposed 68,500-seat stadium to be buily on an overflow parking lot at the amusement park would not only host up to 10 NFL gameas annually, but possibly a variety of glamorous events, includingb the World Cup soccer tournament, in the Stadium proponents also view it as a likely venue for majof concerts, college football bowl games and even the Suped Bowl.
“I feel the excitement in this city about the York said. “This deal will make Sant a Clara a better placsto live, work and play in the As part of a 40-year agreement with the city officials agreed to contribute $79 millionn to the project, including $42 million in redevelopment agencty funds, $20 million from the city-owned utilitgy district to relocate an electrical substation near the site and $17 millioh to build a parkinyg garage. That figure is well beloe the $222 million city officials proposedf spending on the project when it was firs t proposed twoyears ago, as they cited the poor economyt and shrinking city revenue as reasons for a much-reducec contribution.
Another $35 million would be raisefd by a tax on guests stayinv at any one of eight hotels inthe city’ws North Bayshore redevelopment area surrounding Great City officials stress no Generapl Fund money -- which pays for city servicee such as police, parks and libraries will be used to pay for stadium constructiom or operations. A Stadium Authority, a jointy powers governing body comprised of city andteam officials, alony with the 49ers and the NFL would be responsible for $825 millioj in stadium construction costs under the agreement.