Santa Clara County Pulls $30 Milli In 49ers Stadium Funding
A California county has surprised both the San Francisco 49ers and city of Santa Clara leaders by pulling $30 million in tax funds from the new 49ers stadium.
Santa Clara County officials told the San Jose Mercury News Sunday that they would rather spend the money on teachers.
The team and the city said voters had specifically earmarked redevelopment money to help build the $1.2 billion stadium and that the county has no right to keep it.
The 49ers and Santa Clara officials will craft an official response this week. Lawsuits are likely, according the newspaper.
The revocation occurred Friday by a new board that oversees property tax from redevelopment zones.
The move was so unexpected that Santa Clara leaders claim it was done in violation of public notice laws.
Santa Clara voters approved a 2010 measure that allocated $40 million in redevelopment funds for the stadium, which is set to open in 2014.
A 49ers spokesman declined to comment when asked whether the decision could affect stadium construction, which began in April. Officials have said the team would simply absorb the cost if it loses the funds, which amount to less than three percent of the stadium’s total price tag.