SANDY — The Sandy City Council approved Thursday the last agreement before $35 million in hotel tax dollars are handed over to Real Salt Lake.

The deal was approved for Real's use on its Sandy soccer stadium site in February by legislators. It's taken half a year of negotiations among state, city and the team, but by Tuesday, those bonds will be issued.

"We have delivered," said Randy Sant, Sandy's economic development director. "We've done everything we need to do. Now it's up to Real to make this work."

Filling up the 20,000 seats in the $110 million stadium slated to open in fall 2008 should be Real's main goal, Sant said.

The bond purchase agreement approved Thursday was the "big piece of the puzzle" in getting Real's 23-acre stadium up and running — with the help of up to $45 million in public dollars.

Sandy plans to chip in an additional $10 million in redevelopment agency funds.

"Years from now, if not in the near future, as a community we'll look back on this as one of the best things that has ever happened to the community, not only Sandy but Salt Lake County and the state of Utah," said Councilman Dennis Tenney.

Sandy was able to secure a bonding package for that $35 million. The bonds have been purchased through New York-based All Points Capital, with George K. Baum as the underwriter. The interest rate is 4.88 percent.

"It's quite a kudos to be able to pull this off," said Councilman Chris McCandless, who wore a Real jersey to the meeting.

On top of giving a green-light to the bonds, the City Council also approved using $800,000 from redevelopment agency dollars for a debt reserve fund in case, in any given year, tourism dollars fall short and there's not enough money to make bond payments.

"Because TRT (transient room tax or hotel tax) fluctuates, we're setting up reserve funds," Sant said. "We don't want to default on bonds. It's going to work out real well."

However, before the city dips into those funds, they will first go to a stabilization fund that will be set up for surplus hotel tax dollars to be used for funding shortfalls. If both the surplus fund and debt reserve fund are wiped out, the city has also agreed to chip in money from its budget.

The latter has a "zero" chance of happening, Sant said, because so many other funds have been set up.

He also noted that the city sources will be on a loan basis, meaning hotel room tax money will eventually replenish the funds.

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