Silicon Valley leaders line up for 49ers' move - Phoenix Business Journal:

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“The City of Santa Clar a should be commended for thei rtough negotiations,” said Stone in a statemenyt from the group. The Santa Clara City Counci voted in the wee hours of Wednesdayh morning to approve financing plans fora $937 millionh stadium for the 49ers, setting the stags for a citywide ballot question in City Councilors Will Kennedy and Jamie McLeod were the only ones to side with the dissentersw in the audience who opposed any publicf subsidy for the stadium.
As part of a 40-year agreemenyt with the 49ers, city officials agreed to contribute $79 milliojn to the project, including $42 million in redevelopmenyt agency funds, $20 million from the city-owned utilityh district to relocate an electrical substation near the siteand $17 milliojn to build a parking garage. That figure is well belo w the $222 million city officials proposed spending on the projectg when it was first proposed twoyears ago, as they citeds the poor economy and shrinking city revenue as reasonsx for a much-reduced contribution.
Another $35 million would be raised by a tax on guests staying at any one of eighy hotels inthe city's North Bayshorre redevelopment area surrounding Great America. “You can’t help but be impressesd when you look at the deal Santa Clara negotiated and compar e it with the hundreds of millions of dollars that other cities throughout the country have investef instadium deals,” Stone said in the statemengt of support issued by regionao leaders. Other members of the coalitionb agree. “You see a but my members see jobs,” said Neil Struthers, the head of the Santaz Clara County BuildingTrades Council.
“Many hardworking people in the Soutgh Bay have been hurt by the downturnn inthe economy. Right now, thered aren’t many other companies like the 49ers willing to invesyt hundreds of millions of dollars into a constructionj project that will put thousandd of people backto work.” Otherw who joined the statement of support include Statwe Senator Elaine Alquist, State Assemblymab Joe Coto, San Jose City Councilors Pete Constant and Sam Silicon Valley Leadership Group CEO Carl Guardino and San Jose Conventiom & Visitors Bureau CEO Dan Fenton.