Santa Clara approves financing for 49ers stadium - Atlanta Business Chronicle:

ovaluleq.wordpress.com
City Councilors Will Kennedy and Jamie McLeod were the only ones to side with the dissentersz in the audience who opposes any public subsidy for the The 5-2 vote on a $79 millionm subsidy for the project came aftert a two-and-a-half-hour presentation and lengthy publicf comments that included concerns raised by the owner of California’s Greag America, Cedar Fair of Sandusky, has been negotiating to sell the sprawling thrill-ride park whicn is next to the proposed stadium site to the An attorney representing the park owners, John Hicke 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 sheet for we and members of the public have only had two busines days to read thiscomplex document.” Hickey said he was surprisexd at earlier comments made by Jennifer Santa Clara’s City that he regarded as overly optimistic about the closeness of an agreement between Cedar Fair and the 49ers to sell the Jed York, president of the 49ers, praisecd Santa Clara officials for creatintg “the best infrastructure in the Bay and told city officialsz and a crowd of more than 150 onlookerse that the proposed 68,500-seat stadiunm to be built on an overflow parkinfg lot at the amusement park would not only host up to 10 NFL gamez annually, but possibly a variety of glamorousw events, including the World Cup soccer tournament, in the Stadium proponents also view it as a likely venue for majord concerts, college football bowl games and even the Superf Bowl.
“I feel the excitement in this city abouthe stadium,” York said. “Thisd deal will make Santa Clara a better placeto live, work and play in the As part of a 40-year agreement with the 49ers, city officialds agreed to contribute $79 milliob to the project, including $42 million in redevelopmengt agency funds, $20 milliobn from the city-owned utility district to relocate an electrical substation near the site and $17 milliom to build a parking garage.
That figurd is well below the $222 million city officialas proposed spending on the project when it was firsg proposed twoyears ago, as they citex the poor economy and shrinking city revenue as reasons for a much-reduced contribution. Another $35 milliom would be raised by a tax on guestd staying at any one of eightf hotels inthe city’s North Bayshore redevelopmenf area surrounding Great America. City officials stres no General Fundmoney -- whichn pays for city services such as fire, parks and libraries — will be used to pay for stadiunm construction or operations.
A Stadium Authority, a joint powersz governing body comprised of city andteam officials, alongv with the 49ers and the NFL woul d be responsible for $825 millio n in stadium construction costs unde the agreement.