From Deseret News archives:
Financing for Real Sandy finds way to make stadium funding work
Real Salt Lake officials have been lobbying the city and county for months to find a way to come up with $45 million to buy land and build sewers, curbs and other infrastructure for the stadium.
Salt Lake County Mayor Peter Corroon rejected the team's funding plan last month, saying the financial burden was too much for the county to bear. That plan hinged on the fact that Real needs $35 million from the county.
The team wanted the county to raise that money through hotel room taxes. But those taxes are currently funding an expansion of the Salt Palace.
The county and team sources said Monday that Sandy officials have found a way to give Real $6 million now, until revenue from the county's hotel room tax is available. The sources also said that the city will float the bond to finance the stadium, instead of risking the county's financial credibility.
Corroon and his advisers poured over nearly 20 different funding plans with hotel room taxes, but weren't satisfied with any of them.
"I've always said the door is not closed," Corroon said. "My philosophy is, If it's a good deal for the citizens, then we're willing to look at it."
The mayor will be able to take a look at Sandy's plan soon, the county and team sources said. Everything needs to be worked out fast, as Real officials still plan on breaking ground in August.
The new funding plan is tailored to meet Corroon's criteria, the sources said. The mayor has said the project must benefit all county residents, as well as promote youth soccer in the community. In addition, the funding must primarily come from non-Utah residents, as well as protect the county's triple-A bond rating.
Under the new plan, most of the funding for the $145 million stadium would still come from tourists through the hotel room taxes. The county would enter into an agreement with Sandy to funnel $35 million in county hotel room taxes to the city. Sandy would come up with the other $10 million through the city's redevelopment-agency funds. Remaining costs would be covered by Real Soccer through private investors.
With Sandy taking on all financial responsibility for the public funds, the new plan likely wouldn't affect the county's coveted bond rating. In general, city bonds have a "negligible" effect on the county's triple-A bond rating, county auditor Sean Thomas said Monday.
Comments
- Tuesday on TV 12:13 a.m.
- 'Dancing' will fill out finale 12:13 a.m.
- I'll take doc's advice on mammogram 12:12 a.m.
- Editorial: Winning fans' hearts 12:11 a.m.
- Afterthoughts 12:11 a.m.
- Letters: Barzee case like Jeffs' 12:11 a.m.
- Letters: Trump card for believers 12:11 a.m.
- Letters: Can't erase genetics 12:11 a.m.
- Letters: Rushing to judge Palin 12:11 a.m.
- Letters: MLS not BCS 12:11 a.m.
- Real Champions
- Bronco, Kyle rubber match
- Protests against Phoenix LDS temple
- BYU's Lamb, Jorgensen reprimanded
- Plenty on line for rivalry game
- Time for big matchups in WAC, MWC
- RSL wins MLS Cup on penalty kicks
- BCS at-large bids up for grabs
- Hall, Johnson matchup key
- Fans greet returning Real Salt Lake
- Glenn Beck to enter politics?
213 - RSL wins MLS Cup on penalty kicks
196 - Palin plans tour stop in Utah
178 - Palin's book shows she's unqualified
133 - BYU records with win
132 - Bronco, Kyle rubber match
131 - Protests against Phoenix LDS temple
110 - BYU cuts Women's Research Inst.
103 - Officer cleared in Cardall Taser case
103 - Jazz finally win in San Antonio
99
Associated Press Personal Finance Writer Candice Choi offers gift-giving...
Fesenko returning to the bench? Yeah, probably. But I sure hope that he'll...
Real did it. They shocked the world. Just like the Utes last year in the...
I lived in Phx area for years, served on a City board for 7 years. My board...
Joseph Smith charged money for his money-digging ventures, and he took a...
Jared Quayle is a stud. He plays like a beast every time he touches the...
No Phx is not a majority LDS city Mesa is. As far as Tom's comment about...
Lest my Utah friends think I was just going to bang on my own, I think UteFan...
You can read the official declaration online via a photo of the original....
"McFeatters states that what Palin is doing, and doing brilliantly, is being...
don't mean to pick on you but fans from both sides make it easy to despise...



You can be the first to comment on this story.