Huntsman favors a stadium
He organizes 'coalition of willing' to seek a way to finance facility
Sen. Curtis Bramble, R-Provo, who is among Huntsman's coalition, joined the governor in saying a Real Salt Lake stadium deal could mirror the way state lawmakers helped pay for Utah's 2002 Winter Olympic venues.
Back then, $59 million in sales tax revenues was diverted over 10 years to the Utah Sports Authority, which helped build and manage the Olympic facilities.
That $59 million was contingent on the Salt Lake Organizing Committee's pledge that state coffers would be paid back if the Olympics turned a profit. When Utah's Games did make money, SLOC was quick to return the $59 million to taxpayers.
"Tens of millions of dollars that were put up eventually were repaid," Bramble said. We want to "find a model that provides a financing mechanism for their stadium but at the same time protects the taxpayers of the state of Utah."
Huntsman agreed a stadium deal could be fashioned after "the model that was used during the Olympics where the public was paid back."
The governor pledged to encourage local governments to "find financing that will be needed to make this venture a success," but he said state funding hasn't been discussed.
MLS Commissioner Don Garber said a payback plan could be an option, although only one MLS team is currently making a profit. The league is only 9 years old, and potential growth in popularity could lead to future profits, Garber said.
"We're very willing and open . . . whether it's paid back over time or if there's another way to look at it," he said.
Another way to look at a public-private stadium package might be public equity in a stadium property, RSL owner Dave Checketts said. For instance, the public might own land where a stadium rests. Then, if the public helped build that stadium, it would increase the property value of that land and the surrounding property.
Many years down the road, if the stadium and land were sold it would have greatly increased in value and the public would reap a profit.
Soccer advocates have consistently stressed that public dollars are justified because they believe the stadium will increase property values and spur economic development.
"The stadium will generate significantly more in tax revenue than vacant land sitting there," Checketts said.
The Utah Taxpayers Association is one group that disagrees.
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