In California, Ben Baeder wrote the City of Industry “pulled off a deal Tuesday that potentially saved” Majestic Realty Chair & CEO Ed Roski Jr.'s proposed L.A.-area NFL stadium as it “secured the right to buy the 600-acre parcel near Grand Avenue and the 57 Freeway that Roski has proposed as the site.” The $800M project nearly “was swept up in the turmoil caused by the state's elimination of redevelopment agencies last December.” The land was formerly owned by the city's redevelopment agency, but it was "recently transferred into a state-mandated holding account after redevelopment agencies were dissolved.” Industry's Oversight Board “approved giving the city the right to use General Fund money to buy the land for between $20 million and $26.7 million” (SAN GABRIEL VALLEY TRIBUNE, 8/9).
SHARING IS CARING: In San Jose, Mike Rosenberg reports the 49ers and local education leaders on Thursday “agreed to share millions of dollars dedicated for the team's new stadium to stave off classroom cuts.” The deal will “settle a lawsuit that the 49ers filed against a Santa Clara County oversight board that shell-shocked Silicon Valley in June by seizing redevelopment money voters earmarked for the $1.2 billion stadium and giving it to schools.” Now, stadium construction “can continue at full speed, though the 49ers will have to wait longer to get their money.” The agreement lets the Santa Clara Unified School District “balance its budget -- avoiding teacher layoffs -- by taking in more than $7 million over the next three years from the pot of property tax money previously earmarked for the stadium” (SAN JOSE MERCURY NEWS, 8/10).
COURT REPORT: In Newark, Myles Ma reported Superior Court Judge Peter Doyne Thursday “dismissed” the lawsuit between the NFL Giants and Jets, and Triple Five, the developer of the American Dream project at the Meadowlands. Doyne said in his ruling that the teams “may take up their lawsuit again at a later point.” The Jets and Giants sued after Triple Five “expanded its plans for the site to include amusement and water parks.” The two teams “may take up their lawsuit again once if the [New Jersey Sports & Exposition Authority] approves those plans, Doyne said in his ruling.” Meanwhile, Triple Five said that it was “willing to collaborate with the teams after learning of the ruling” (NJ.com, 8/9).
