From Deseret News archives:
Real deal for new S.L. stadium?
Downtown site has a $15.5 million price tag
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Executives representing two other property owners, Capitol Automotive LLC and 7th South Investors LLC, did not return calls seeking comment.
The block sits inside the RDA's West Temple Gateway Project Area, which Oka said has very little money available for projects. The RDA, then, is looking at other ways to finance the project. That financing could come as tax increments, which would take the increased tax revenue the soccer stadium would generate and put that money toward payments on the land.
Such tax increments have been controversial, since they funnel tax dollars away from school districts and other public programs.
Oka said there is a "threshold of pain" at which the RDA would conclude the land was simply too expensive. He declined to specify that threshold.
Several City Council members have suggested they would be amenable to a soccer-stadium deal similar to the deal the city gave Utah Jazz owner Larry H. Miller when he built the Delta Center. Then, the city gave Miller free land if he would pay for the stadium's construction costs.
"I'm more fiscally conservative than others," new Council Chairman Dale Lambert said.
While the stadium will be pricey, the initial designs are attractive, according to those who have seen them. As planned, the stadium would be surrounded by retail store fronts on the sidewalk, with the stadium tucked inside.
"It's broken up into small pieces that look like store fronts going around the whole thing," Internet Properties owner Vasilios Priskos said. "It belongs downtown. It's actually a pretty neat fit."
Salt Lake Chamber President Lane Beattie said the chamber supports keeping the stadium downtown but said he is unsure whether the stadium will be an economic generator.
"A lot of that depends on who's paying for what," he said. "How much are they asking from the citizens? We're going to be very interested in looking at those numbers and seeing what's anticipated and what the economic advantages will be."
The site the city picked was one of nine it considered in the downtown area but was by far the farthest east. The other sites were all west of 300 West with a few in the Gateway Mixed Use District and some farther south, one even past 900 South.
During its first season and until a new stadium gets built, Real Salt Lake will play at the University of Utah's Rice-Eccles Stadium. Soccer advocates have said the 45,000-seat stadium is too cavernous to create a good soccer atmosphere so they want a smaller, soccer-specific stadium of about 20,000 to 25,000 seats. Real Salt Lake officials said they will work to fill the stadium with other events such as concerts and high school sports when the soccer team isn't playing one of its 20 or so home games.
E-mail: bsnyder@desnews.com
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