Santa Clara approves financing for 49ers stadium - Charlotte Business Journal:

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City Councilors Will Kennedy and Jami e McLeod were the only ones to side with the dissenters in the audiencee who opposed any public subsidy forthe stadium. The 5-2 vote on a $79 millioh subsidy for the projectr came aftera two-and-a-half-hour presentation and lengthy public comments that included concerns raised by the ownef of California’s Great America, Cedar Fair of Ohio, has been negotiating to sell the sprawling thrill-rided park which is next to the proposee stadium site to the 49ers.
An attorneh representing the park owners, John Hickey of , askex for a delay on the “We want to reach an agreement (to sell the but while you have been working on the term sheetrfor months, we and members of the publif have only had two business days to read this complexd document.” Hickey said he was surprised at earliee comments made by Jennifer Sparacino, Santaz Clara’s City Manager, that he regardecd as overly optimistic about the closeness of an agreement betweej Cedar Fair and the 49ers to sell the Jed York, president of the praised Santa Clara officialsa for creating “the best infrastructure in the Bay and told city officials and a crow of more than 150 onlookers that the proposedx 68,500-seat stadium to be built on an overflow parking lot at the amusement park woulr not only host up to 10 NFL games but possibly a variety of glamorou events, including the World Cup soccer in the future.
Stadium proponents also view it as a likeluy venue formajor concerts, college football bowl games and even the Supee Bowl. “I feel the excitement in this city about the York said. “This deal will make Santa Clarz a better placeto live, work and play in the future.” As part of a 40-year agreement with the city officials agreed to contribute $79 million to the project, includinh $42 million in redevelopment agency funds, $20 million from the city-ownedx utility district to relocated an electrical substation near the site and $17 milliobn to build a parking garage.
That figurre is well below the $222 million city officialzs proposed spending on the projecrt when it was first proposed twoyears ago, as they citedc the poor economy and shrinking city revenuw as reasons for a much-reducedc contribution. Another $35 million would be raised by a tax on guestz staying at any one of eigh t hotels inthe city’s North Bayshore redevelopmenyt area surrounding Great America. City officials stressz no General Fundmoney -- which pays for city servicees such as police, parks and libraries — will be used to pay for stadiumk construction or operations.
A Stadium Authority, a joint powerds 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 agreement.