For a deal as large as the proposed 49ers stadium in Santa Clara to go through, issues and speed bumps are bound to be encountered. Well, on Friday, that certainly happened, as the Santa Clara County board designated with overseeing property taxes from redevelopment zones voted 4-3 to pull back $30 million in funding previously promised to the 49ers stadium project. County Officials told the Mercury News that the money would instead be spent on teachers.
NinersNation's David Fucillo explains:
As I understand it, the 49ers were covering the $30 million and then they would subsequently be reimbursed by the redevelopments funds. Redevelopment funds have been a source of contention throughout California after the state scrapped the agencies in one of many attempts to clean up the state's budget mess. According to the San Jose Mercury news report, county tax collector George Putris proposed the motion and got a quick vote approving it. Putris stated that the need for these funds was greater at other public agencies, such as school districts.
The move comes as a big surprise to both the team and the City of Santa Clara. Per the AP, "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."
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