Santa Clara's city council will vote Tuesday on a plan to keep the city's redevelopment money so it can pay for the new 49ers stadium. Trouble is, the plan means paying the state a hefty sum for the foreseeable future.
The San Jose Mercury News says the city would get to keep its redevelopment agency by paying the state through the new "opt-in" program. Cities that opt in get to hold on to most of their property tax revenue, but have to give a cut to the state. In this instance, the state would get $11.2 million this year and $2.7 million every year after that.
The city manager told the Merc while the plan is not ideal, it is the best they can do.
The new 49ers stadium is expected to cost close to $1 billion.
