A California lawmaker is sponsoring a bill that would help Santa Clara circumvent the way tax revenues from its former redevelopment agency were allocated after redevelopment ended in the state, in an effort to help build a stadium for the San Francisco 49ers football team.

The bill from Sen. Elaine Alquist, D-Santa Clara, bill would help her city divert $30 million in former redevelopment tax money to build the new $1.2 billion stadium, instead of having it flow to other local agencies in Santa Clara County, according to the Sacramento Bee.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.