clock menu more-arrow no yes mobile

Filed under:

Obtaining Funds

New, 1 comment

Santa Clara's city council will vote today on a plan to keep the city's redevelopment money so it can build the new 49ers stadium, which is expected to cost $1 billion. The trouble is, the city would have to pay the state $11.2 million this year and $2.7 million each year after that. The move allows Santa Clara to hold onto its property tax revenue, but requires the city to reimburse the state for a share of the income. "It's not ideal but to opt in is still the best way to go," said Pam Morrison, the administrative analyst to the Santa Clara city manager. Because "if the redevelopment agency goes away altogether, then it's questionable what we'll be able to do at all." [Mercury News]