Sandy may fall short on stadium funding

Sandy leaders may not be able to fully hold up their end of a deal to fund a soccer stadium for Real Salt Lake.

The city had pledged $15 million to the project during negotiations in August but now might only be able to come up with $8 million or $9 million.

"We've told Real, 'We can only give you what we can. The rest is your problem,"' said Randy Sant, Sandy's economic-development director. His comments came Wednesday after Salt Lake County's Debt Review Committee held its first meeting to discuss Real's finances.

The only way Sandy can bring in the full amount pledged is if the total value of the project is at least $135 million. That way, the city could collect $15 million in tax-increment bonds, if all the taxing districts — including Jordan School District — were to pledge their tax-increment funding. District officials, however, say residents don't want them to do that.

The $135 million total value for the stadium project includes a hotel and broadcast studio. Team owner Dave Checketts said he would like to build those additional features one day, but for now, he wants local leaders to focus on funding the $110 million stadium.

"I've now brought my vision and dreams to: Let's just get a stadium built," Checketts said. "Let's worry about the other stuff later."

However, if the value of the project is $110 million, and Jordan School District opts out of contributing the district's share of property-tax dollars, Sandy could only come up with $8 or $9 million for the stadium project, Sant said.

Sandy Mayor Tom Dolan, meanwhile, said he will not ask the Legislature to come up with the rest of the money needed to fulfill the $15 million pledge if Jordan School District opts out or the total value of the project remains at $110 million through negotiations.

"I don't think the Legislature is going to give any of their tax money to this project," Dolan said. "They've made that clear from the very beginning."

Dolan also said he would not use proceeds from a possible change in the restaurant tax to fund the stadium. "We have other uses for that," including recreation facilities and a community arts center.

Real officials have said they will not ask any school district to help fund the stadium, but Sandy leaders are required by law to give the district the opportunity to opt in.