January 10, 2012 > Vote on parking deal for 49ers stadium set
Vote on parking deal for 49ers stadium set
Submitted By AP Wire Service
SANTA CLARA, Calif. (AP), Jan 07 - Santa Clara officials are scheduled to vote next week on a deal over parking for the planned $1 billion 49ers stadium that would clear one of the last remaining hurdles to the project.
The City Council and Santa Clara Stadium Authority are expected to approve the deal between Cedar Fair, owners of Great America Theme Park, the 49ers and the city during meetings on Tuesday, the San Jose Mercury News reports (http://bit.ly/zmmODa).
Cedar Fair had been opposed to ceding part of its parking lot for the stadium and had filed a lawsuit to block the project. But it has since agreed to allow the stadium to be built on one of Great America's overflow parking lots and let fans tailgate and park in the main lot, city officials said on Friday, as they announced details of the agreement.
In return, Cedar Fair would be able to keep more theme park profits during boom years and extend its lease with the city for a discounted rate. The city owns the land the theme park sits on.
Cedar Fair would also receive $12.5 million from the 49ers and drop its lawsuit against the stadium.
``Having this checked off on our list of things that need to be done... is a great relief,'' Santa Clara Mayor Jamie Matthews told the Mercury News. ``It's a fair deal between all parties involved.''
Banks have agreed to loan the city and 49ers $850 million for the 68,500-seat stadium although that loan is contingent on $150 million in funding from the NFL. The city and 49ers are confident that funding will come through.