Soccer stadium could drain RDA funds

A new Major League Soccer stadium on the outskirts of downtown could siphon Redevelopment Agency funds away from the core of downtown.

That news was delivered by RDA executive director Dave Oka to the Salt Lake City Council on Tuesday, as the city convened a public hearing on the proposed new Real Salt Lake stadium.

Also Tuesday, Real Salt Lake owner Dave Checketts said he is considering putting a retractable roof on the stadium so it could be used more effectively in winter months. Such a roof would likely increase the cost of the $60 million stadium to $90 million.

Checketts has said he would be willing to fund $30 million of a $60 million stadium if Salt Lake County approves a bond to fund the rest.

Salt Lake County Council members have voiced concern about a stadium bond. The team is slated to play its first season at the University of Utah's Rice-Eccles Stadium.

Real Salt Lake owners have said they will only consider Salt Lake City's 10-acre site (block 22 near 700 South and Main Street) if the city gives them the land for free. Oka said Tuesday that land will cost between "at least" $15 million and $20 million, in addition to the $30 million or more to pay for stadium costs.

Oka said if Salt Lake City does use tax increments to publicly finance a new Major League Soccer stadium on the outskirts of downtown, it will take away almost 80 percent of the new money the RDA has to spend on the core of downtown for eight years — between 2008 and 2015.

That news gave some council members pause.

"I want it to work out, I just don't want to do it to the detriment of the rest of downtown," Councilwoman Jill Remington Love said.

Love said she'd be willing to buy the 10 acres that make up block 22, but only if the acquisition costs are $15 million.

"I'm comfortable with $15 million or less. If we go much over $15 million, it's starting to hurt the RDA's ability to function," Love said.

Mayor Rocky Anderson and his economic advisers insisted the new stadium would be good for all of downtown, strengthening its southern border. Even though it will be expensive, the project will add another component to downtown and create the synergy between downtown projects that city leaders desire, they said.