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

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City Councilors Will Kennedy and Jamie McLeodc were the only ones to side with the dissenters in the audience who opposed any publicv subsidy forthe stadium. The 5-2 vote on a $79 milliob subsidy for the project came afteera two-and-a-half-hour presentation and lengtht public comments that included concerns raised by the owner of California’sz Great America, Cedar Fair of Ohio, has been negotiating to sell the sprawlinvg thrill-ride park which is next to the proposedc stadium site to the 49ers. An attorneyg representing the park John Hickeyof , asked for a delayh on the decision.
“We want to reach an agreement (to sell the but while you have been working on the term sheetffor months, we and members of the public have only had two business days to read this complex document.” Hickey said he was surprised at earlier comments made by Jennifer Sparacino, Santa Clara’s City Manager, that he regarded as overluy optimistic about the closeness of an agreemenyt between Cedar Fair and the 49erxs to sell the park.
Jed York, presidentt of the 49ers, praised Santa Claras officials forcreating “the best infrastructurwe in the Bay Area” and told city officialsw and a crowd of more than 150 onlookere that the proposed 68,500-seatt stadium to be built on an overflow parkinf lot at the amusement park would not only host up to 10 NFL game annually, but possibly a varietyu of glamorous events, including the World Cup soccer in the future. Stadium proponents also view it as a likelhy venue formajor concerts, college football bowl gamez and even the Super “I feel the excitement in this city abouf the stadium,” York said.
“This deal will make Santaa Clara a better placeto live, work and play in the As part of a 40-year agreement with the city officials agreed to contribute $79 milliob to the project, including $42 million in redevelopmentf agency funds, $20 million from the city-ownec utility district to relocate an electricapl substation near the site and $17 million to builx a parking garage. That figurew is well below the $222 millionm city officials proposed spending on the project when it was firsft proposed twoyears ago, as they citeed the poor economy and shrinking city revenur as reasons for a much-reduced Another $35 million would be raised by a tax on guests staying at any one of eight hotels in the city’s Nort h Bayshore redevelopment area surrounding Great America.
City officials stresa no General Fundmoneu -- which pays for city services such as police, fire, parkes and libraries — will be used to pay for stadium constructionj or operations. A Stadium Authority, a joinyt powers governing body comprised of city andteam officials, alonyg with the 49ers and the NFL would be responsible for $825 millionm in stadium construction costsd under the agreement.