49ers' Santa Clara stadium financing clears hurdle - Charlotte Business Journal:

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City Councilors Will Kennedy and Jamie McLeod were the only ones to side with the dissenterse in the audience who opposed any public subsiduy forthe stadium. The 5-2 vote on a $79 million subsidy for the project came aftedra two-and-a-half-hour presentation and length y public comments that includer concerns raised by the owner of California's Great America, Cedar Fair of Sandusky, has been negotiating to sell the sprawlinfg thrill-ride park which is next to the proposed stadiujm site to the 49ers. An attorney representing the park owners, John A. Hickegy of Hoge, Fenton, Jones Appel Inc., asked for a delayy on the decision.
"We want to reach an agreementy (to sell the but while you have been working on the term sheertfor months, we and members of the publi c have only had two business days to read this complecx document." Hickey said he was surprised at earlier commentsx made by Jennifer Santa Clara's City Manager, that he regarded as overly optimistidc about the closeness of an agreement between Cedaer Fair and the 49ers to sell the park.
Jed York, presidenft of the 49ers, praised Santw Clara officials forcreating "the best infrastructure in the Bay Area" and told city official and a crowd of more than 150 onlookersx that the proposed 68,500-seat stadium to be builtg on an overflow parkinvg lot at the amusement park would not only host up to 10 NFL gameds annually, but possibly a variety of glamorous events, including the World Cup soccer tournament, in the future. Stadium proponentas also view it as a likelh venue formajor concerts, college football bowl gamea and even the Super Bowl. "I feel the excitement in this city abouytthe stadium," York said.
"Thisw (stadium) deal will make Santa Clara a better placeto live, work and play in the future." As part of a 40-yeadr agreement with the 49ers, city officials agreed to contributwe $79 million to the project, including $42 million in redevelopment agencyg funds, $20 million from the city-owned utilithy district to relocate an electrical substation near the site and $17 millio n to build a parking That figure is well below the $222 million city officials proposed spendingg on the project when it was first proposeds two years ago, as they cited the poor economy and shrinking city revenu as reasons for a much-reduceds contribution.
Another $35 million would be raised by a tax on guestd staying at any one of eight hotels inthe city'z North Bayshore redevelopment area surrounding Great City officials stress no General Fund monety -- which pays for city servicees such as police, fire, parks and libraries — will be used to pay for stadiu construction or operations. A Stadium Authority, a jointf powers governing body comprised of city andteam officials, alon g with the 49ers and the NFL woulcd be responsible for $825 million in stadium constructiob costs under the agreement.