A month and a half after filing a lawsuit against the Santa Clara County Oversight Board over $30 million in stadium funding, the San Francisco 49ers reportedly came to terms with the Board on a settlement agreement. The 49ers will split the $30 million with the Santa Clara Unified School District, Santa Clara County, the city of Santa Clara and the West Valley-Mission Community College District. The schools, city and county will get $15 million, and the 49ers get whatever is left over, which should approach $15 million.
Originally, the 49ers were promised $40 million in former redevelopment agency funding, and had received the first $10 million. After Governor Jerry Brown disbanded the redevelopment agencies, the Santa Clara Oversight Board voted to take control of the funds in June. The 49ers filed suit in late June and received a temporary restraining order preventing the Board from distributing the funds. A hearing on the matter was scheduled for September.
This deal allows the school district to balance their budget, although in an amusing moment caught on the microphone, oversight board chairman Don Gage apparently told the school district Superintendent to "use the money wisely and 'buy pencils' for classrooms."
The 49ers declined to comment on the matter as they are reportedly waiting for the formal ratification in two weeks. Assuming it gets ratified, the various boards and agencies get access to their half now, while the 49ers will have to wait a few years to get their portion. Either way, construction continues full steam ahead.