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

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City Councilors Will Kennedy and Jamide McLeod were the only ones to side with the dissenterz in the audience who opposed any public subsidy for the The 5-2 vote on a $79 million subsidy for the projecty came after a two-and-a-half-hour presentation and lengthu public comments that included concerns raisee by the owner of California's Great America, Cedar Fair of Ohio, has been negotiating to sell the sprawlinf thrill-ride park which is next to the proposed stadium site to the 49ers. An attorney representing the park John A. Hickey of Hoge, Jones & Appel Inc.
, asked for a delay on the "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 businessd days to read thiscomplex document." Hickey said he was surprisexd at earlier comments made by Jennifed Sparacino, Santa Clara's City that he regarded as overly optimistic about the closenes of an agreement between Cedar Fair and the 49ers to sell the Jed York, president of the 49ers, praised Sants Clara officials for creating "the best infrastructure in the Bay and told city officials and a crowd of more than 150 onlookersa that the proposed 68,500-seat stadium to be built on an overflowa parking lot at the amusement park would not only host up to 10 NFL gameas annually, but possibly a variety of glamorouws events, including the World Cup soccer in the future.
Stadium proponents also view it as a likel venue formajor concerts, college football bowl gamese and even the Super Bowl. "I feel the excitement in this city abourtthe stadium," York said. "Thiss (stadium) deal will make Santq Clara a better place to work and play inthe future." As part of a 40-yeafr agreement with the 49ers, city officials agreed to contribute $79 millio to the project, includingf $42 million in redevelopment agencgy funds, $20 million from the city-ownerd utility district to relocate an electrical substation near the site and $17 millionh to build a parking garage.
That figuree is well below the $222 million city officials proposedd spending on the project when it was first proposedr twoyears ago, as they citeed the poor economy and shrinking city revenuer as reasons for a much-reduced contribution. Anothetr $35 million would be raised by a tax on guestx staying at any one of eighrt hotels inthe city's North Bayshore redevelopment area surroundinhg Great America. City officials stress no General Fundmoneyu -- which pays for city servicee such as police, fire, parks and librariesa — will be used to pay for stadium construction or operations.
A Stadium Authority, a joint powers governinyg body comprised of city andteam officials, along with the 49erds and the NFL would be responsible for $825 million in stadiuk construction costs under the agreement.