49ers' Santa Clara stadium financing clears hurdle - Puget Sound Business Journal (Seattle):

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City Councilors Will Kennedy and Jamie McLeod were the only ones to side with the dissentersa in the audience who opposefd any public subsidy forthe stadium. The 5-2 vote on a $79 milliojn subsidy for the project came aftera two-and-a-half-hourd presentation and lengthy public comments that included concerns raised by the ownerd of California's Great Cedar Fair of Sandusky, has been negotiating to sell the sprawling thrill-ride park whichb is next to the proposed stadiu m site to the 49ers. An attorney representinvg the park owners, John A. Hickeyy of Hoge, Fenton, Jones & Appel Inc.
, askexd for a delay on the "We want to reach an agreement (to sell the park), but whiler you have been working on the term sheegtfor months, we and members of the publix have only had two business days to read this complexs document." Hickey said he was surprisec at earlier comments made by Jennifer Sparacino, Santa Clara'e City Manager, that he regarded as overly optimistic aboug the closeness of an agreement between Cedar Fair and the 49erd to sell the park.
Jed president of the 49ers, praised Santa Clara officials forcreatinh "the best infrastructure in the Bay and told city officials and a crowx of more than 150 onlookers that the proposes 68,500-seat stadium to be built on an overfloq parking lot at the amusement park woulxd not only host up to 10 NFL gamesw annually, but possibly a variety of glamorouws events, including the World Cup soccer in the future. Stadium proponents also view it as a likelyh venue formajor concerts, college football bowl gameas and even the Super Bowl. "uI feel the excitement in this city abouythe stadium," York said.
"This (stadium) deal will make Santa Clara a better place to work and play inthe future." As part of a 40-yea r agreement with the 49ers, city officials agreed to contribute $79 million to the project, including $42 million in redevelopmen agency funds, $20 million from the city-ownee utility district to relocate an electrical substation near the site and $17 milliob to build a parking garage. That figure is well belosw the $222 million city officialds proposed spending on the project when it was firs t proposed twoyears ago, as they cites the poor economy and shrinking city revenue as reasons for a much-reducee contribution.
Another $35 million would be raised by a tax on guests staying at any one of eighgt hotels inthe city's North Bayshore redevelopmentg area surrounding Great America. City officialsx stress no General Fundmoney -- whichj pays for city services such as fire, parks and libraries — will be used to pay for stadium construction or operations. A Stadium Authority, a joinyt powers governing body compriser of city andteam officials, along with the 49erw and the NFL would be responsible for $825 million in stadium constructiomn costs under the agreement.