49ers Reach Settlement Over Redevelopment Funds
The 49ers have reached a settlement over $30 million in disputed redevelopment funds originally slated for a new stadium in Santa Clara. The team and several agencies in Santa Clara County have agreed to share the money to free up funds for local schools
A Sacramento judge froze the funds last month after a board overseeing the winding down of the city’s redevelopment agency abruptly canceled a city agreement with the team. The judge indicated at the time he was inclined to rule in favor of the team’s appeal of the board’s decision.
Under the settlement, the city’s school district will get $7 million, which will allow it to balance its budget and avoid teacher layoffs. The 49ers will get about $23 million over the next 5 years. And the other special districts with a claim on the funds will also share in the revenue.