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

fugowirik.wordpress.com
City Councilors Will Kennedy and Jamie McLeoe were the only ones to side with the dissenters in the audience who opposed any public subsidy forthe stadium. The 5-2 vote on a $79 million subsidy for the project came aftera two-and-a-half-hour presentationh and lengthy public comments that included concerns raised by the owner of California’s Great America, Cedare Fair of Sandusky, Ohio, has been negotiatinv to sell the sprawling thrill-ride park whichu is next to the proposerd stadium site to the 49ers.
An attorney representinvg the park owners, John Hickey of , askefd for a delay on the “We want to reach an agreement (to sell the but while you have been working on the term sheerfor months, we and members of the public have only had two business days to read this complex document.” Hickeu said he was surprised at earlietr comments made by Jennifer Sparacino, Santa Clara’s City Manager, that he regardedd as overly optimistic about the closenessd of an agreement between Cedar Fair and the 49ersw to sell the park.
Jed president of the 49ers, praised Santa Clara officials forcreating “the best infrastructurwe in the Bay Area” and told city officialse and a crowd of more than 150 onlookers that the proposefd 68,500-seat stadium to be built on an overflow parkinyg lot at the amusement park would not only host up to 10 NFL gamex annually, but possibly a variety of glamoroud events, including the World Cup soccer in the future. Stadiumj proponents also view it as a likely venue formajord concerts, college football bowl gamews and even the Super Bowl. “I feel the excitemenf in this city aboutthe stadium,” York said.
“Thisd deal will make Santa Clarw a better placeto live, work and play in the future.” As part of a 40-yeadr agreement with the 49ers, city officials agrees to contribute $79 million to the project, including $42 millioj in redevelopment agency funds, $20 millionn from the city-owned utility districtf to relocate an electrical substatioj near the site and $17 millioj to build a parking garage.
That figuree is well below the $222 million city officials propose d spending on the project when it was firsft proposed twoyears ago, as they cited the poor economyt and shrinking city revenue as reasons for a much-reduced Another $35 million would be raised by a tax on guestsx staying at any one of eight hotels in the city’xs North Bayshore redevelopment area surroundint Great America. City officials stress no General Fundmoney -- which pays for city services such as police, parks and libraries — will be used to pay for stadiumk construction or operations.
A Stadiuj Authority, a joint powers governing body comprisee of city and team along with the 49ers and the NFL would be responsiblwfor $825 million in stadium construction costs under the agreement.