DOF Rules Against Football in Santa Clara
Everybody in Northern California is proud of the World Champion Giants., but apparently the 49ers are a different story. The Department of Finance beancounters in Sacramento have nixed a negotiated agreement between the City of Santa Clara and other taxing agencies that would have allowed the city to keep $30 million in tax-increment funds to help finance the 49ers new $1.2 billion stadium.
Voters approved a deal in 2010 that included $40 million in tax-increment funding for the stadium. In June, Santa Clara’s Oversight Committee nixed the deal, but in August a compromise was reached. Stadium backers and school supporters have continued to engage in a publicity war ever since. According to the San Jose Mercury News, the city will ask DOF to reverse its ruling, and if that fails the 49ers will reactivate a lawsuit to try to get the funds back.
Of course, the 49ers say the stadium will begin construction anyway, since the RDA funds are such a minor portion of the financing program. Which makes you wonder why everybody’s fighting so hard over the money.
You can read the Mercury News story here.