From Deseret News archives:
Outside firm to evaluate Real finances
The county's Debt Review Committee voted unanimously Tuesday to bring in someone from the outside to evaluate the team's financial viability. The move came after Salt Lake County Mayor Peter Corroon asked for an unbiased look to see if the team will be able to survive for years to come.
"We think it would be good for the public to see a truly independent analysis of the team and its finances," said Doug Willmore, the county's chief administrative officer.
A private consultant will review all aspects of the team's financial operation, including its investment partners, marketing plans and ownership details.
Corroon ordered the Debt Review Committee to investigate the team's finances after making a promise he wouldn't hand over $40 million in hotel taxes to the team without assurances that Real will stay in business.
The team wants to use the money to build a 42-acre, $180 million stadium and adjoining hotel and broadcast studio in Sandy. Salt Lake County and Sandy plan to give the team $55 million in public subsidies through hotel taxes, redevelopment agency funds and a shared parking lot. Construction won't start until a contract is signed, and that won't happen until the Debt Review Committee makes a final recommendation, team spokesman Tom Love said.
A consultant has not yet been hired, but Corroon will likely sign one within the next week or so, Willmore said. After a 30-day investigation, the consultant's report will then go back to the Debt Review Committee.
County Auditor Sean Thomas, who sits on the committee, said the committee will then make a recommendation.
"It can be as broad as, 'This is a credible project and viable,' to as narrow as, 'There is a problem with parking,'" Thomas said.
The independent consultant will also help the mayor's fiscal staff and Debt Review Committee out by doing thorough analysis during an extremely busy time of the year in the county: budget season.
"We appreciate someone else being able to do some of the heavy lifting as far as the analysis," Willmore said. "We definitely would appreciate another pair of eyes on it to give us advice."
E-mail: ldethman@desnews.com
