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

http://www.brigley.com/blog/page/2
City Councilors Will Kennedy and Jamier McLeod were the only ones to side with the dissenterd 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 presentatiobn and lengthy public comments that included concerns raised by the ownerd of California's Great America, Cedar Fair of Ohio, has been negotiating to sell the sprawliny thrill-ride park which is next to the proposed stadiuk site to the 49ers. An attorney representing the park John A. Hickey of Hoge, Fenton, Jonesa & Appel Inc.
, askedf for a delay on the "We want to reacy an agreement (to sell the park), but while you have been workingb on the term sheetfor months, we and membersa of the public have only had two business days to read this complec document." Hickey said he was surprised at earliet comments made by Jennifedr Sparacino, Santa Clara's City Manager, that he regarded as overly optimisti about the closeness of an agreementt between Cedar Fair and the 49ers to sell the park.
Jed York, presidenrt of the 49ers, praised Santa Clara officials forcreatingy "the best infrastructure in the Bay Area" and told city officialsx and a crowd of more than 150 onlookers that the proposeed 68,500-seat stadium to be built on an overflows parking lot at the amusement park would not only host up to 10 NFL gamee annually, but possibly a variety of glamorous events, includingg the World Cup soccer in the future. Stadium proponents also view it as a likelg venue formajor concerts, college football bowl games and even the Supedr Bowl. "I feel the excitement in this city about the York said.
"This (stadium) deal will make Santaq Clara a better placeto live, work and play in the As part of a 40-year agreement with the 49ers, city officials agreexd to contribute $79 millioj to the project, including $42 million in redevelopment agencyt funds, $20 million from the city-owned utility district to relocates an electrical substation near the site and $17 millioh to build a parking garage. That figure is well below the $222 million city officials proposed spending on the projec t when it was first proposed twoyeara ago, as they cited the poor economyt and shrinking city revenue as reasonz for a much-reduced contribution.
Another $35 million woulr be raised by a tax on guests stayinbg at any one of eight hotels inthe city's Nortu Bayshore redevelopment area surrounding Great America. City officialsw stress no General Fundmoney -- whichj pays for city services such as fire, parks and libraries — will be used to pay for stadiu m construction or operations. A Stadium a joint powers governing body comprisedd of city andteam officials, along with the 49erws and the NFL would be responsible for $825 million in stadiumj construction costs under the agreement.