From Deseret News archives:

Stadium deal doomed?

County number-crunchers call it a risky investment

Published: Saturday, Jan. 27, 2007 12:40 p.m. MST
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County number-crunchers also slashed projected attendance figures at Real games: The committee believes Real can get only as many as 12,800 people to buy tickets in 2013, while Real believes nearly 17,000 will pay up.

Checketts said he knows he can achieve Real's projections, because he's a veteran in the sports business.

"Throughout the review of our proposal, the committee has undervalued our experience in building and running professional franchises and entertainment venues," Checketts said. "Further, they have overvalued a pessimistic view that Salt Lake County really doesn't have the people and the market to make this sort of 'major league' project a reality. We continue to disagree with this sort of attitude."

Another weakness in the Real business plan was the financial "uncertainties," according to the committee's recommendation to the mayor. The team has only a "moral obligation" with the county to give the team $10 million in 2011 and another $10 million in 2015. If a future County Council were to decide not to bond for that money, the committee wasn't sure what would happen to the team's finances.

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The other major uncertainty is the amount that Sandy would contribute to the project. The original deal plan, agreed to last August, called for $30 million from the county, $15 million from Sandy and an undisclosed amount from private investors.

The committee believes Sandy can raise only $7.5 million through a redevelopment-agency bond, although no taxing district has committed its money yet.

Sandy Mayor Tom Dolan insists the city can come up with the $7.5 million in redevelopment-agency dollars for the stadium.

"I'm not surprised about anything that happens in Salt Lake County," said Dolan. "We weren't invited to give much input into it, and I think they're using it as a scapegoat in their decision-making process. We know how we can come up with the money for it. But that's really not of interest to them. That's a cop-out."

Dolan said Corroon promised he would call the Sandy leader before he makes his decision next week. Sandy's next course of action will be determined after that, Dolan said.

Although Real insists it can't survive without a stadium of its own, Checketts isn't giving up yet.

"We remain hopeful that Mayor Corroon and the County Council will look beyond politics and have the vision to do what is best for Salt Lake County," Checketts said.



E-mail: ldethman@desnews.com

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