Santa Clara County Pulls Back $30 Million From 49ers Stadium
SANTA CLARA (CBS/AP) — Santa Clara County surprised both the San Francisco 49ers and city of Santa Clara leaders by pulling $30 million in tax funds from the new 49ers stadium.
County officials told the Mercury News that they would rather spend the money on teachers.
The team and the city say 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 newspaper says lawsuits are likely.
The revocation occurred by a new board that oversees property tax from redevelopment zones. The move was so unexpected that Santa Clara leaders say 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. Construction began in April.
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