State Nixes Deal To Divert 49ers Stadium Redevelopment Funds

SACRAMENTO (CBS/AP) – The state of California has vetoed a $30 million deal between the San Francisco 49ers and Santa Clara County officials that would have allowed some of the money voters earmarked for a new stadium to be diverted to local schools.

The California Department of Finance this month rejected a settlement under which about $30 million in redevelopment funds would have been split between the football stadium and the Santa Clara Unified School District.

The finance department said the agreement is invalid because it was struck long after the state Legislature and Gov. Jerry Brown approved a law dismantling the community agencies that oversaw property tax revenues for redevelopment projects.

The decision isn’t expected to slow construction of the new $1.2 billion stadium.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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