From Deseret News archives:
Is Real deal a done deal?
Stadium: Fate of new plan now in Checketts' hands
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The county plan didn't indicate how to split up the rest of the hotel-tax dollars.
Giving just $20 million of hotel-tax dollars to the stadium would leave plenty of hotel-tax revenue for other projects around the county. Salt Lake City's mayor wants to use some of that money to build a downtown performing arts center.
"What we're talking about now is not only financially painless for the county but allows the county those hotel taxes now where they can do so many other good things and much of it in Salt Lake City," Anderson told KSL Newsradio's Doug Wright earlier in the day. "If these folks who have the authority to get this deal done had simply let this opportunity go by it would have been not only an embarrassment, but it would have been detrimental to the interests of everybody in this county."
If Checketts signs off on the deal, the County Council would have to officially vote on the terms. Five members of the council told Corroon they would vote for the plan, and that's enough votes for final approval.
"I'm not sure a public body like Salt Lake County ought to be using tax dollars to help a businessman make money on a retail development," Bradley said.
But Corroon's proposed deal was solid enough to flip Councilwoman Jenny Wilson's vote. She was one of the five council members to vote against the last funding plan in July. What won her over was the fact the county would share the South Towne Exposition Center's future parking facility with Real.
Before, she couldn't get over the fact that Real was asking for hotel-tax money that wasn't available now. It's tied up in Salt Palace expansion until 2010. But by sharing the parking garage, that eliminates the need for up-front funding, Wilson said.
"We had received a revenue stream for parking in Sandy that's right next to the stadium," Wilson said. "We're able now to divert the funding for that across the street, with no additional funding up front, and it will meet our needs to have parking on site and it will basically meet the needs of Real. And that changed the financial situation enormously."
The deal includes one caveat: If Real goes out of business, it will owe the county $10 million. Corroon's plan would also force Real to promise to maintain and play its games in the county for at least 30 years.
Other terms of the deal include a mandate that the stadium be built to environment-friendly standards and that Real would contribute $1 million per year in in-kind tourism promotion.
E-mail: ldethman@desnews.com
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