From Deseret News archives:
Sandy set to OK Real funding accord
The roughly four-page agreement was not yet ready Friday because it was awaiting Gov. Jon Huntsman Jr.'s approval.
In February, the Legislature approved a $35 million funding deal for land and infrastructure at the stadium site in Sandy. That money comes from a cut of Salt Lake County's hotel-tax dollars.
The $35 million will come from 15 percent of Salt Lake County's hotel-tax revenue for the next 20 years. The taxes will begin to be allocated on July 1, 2007, and end June 30, 2027.
Because it is a "pass through," authorizing Sandy's Redevelopment Agency to issue the bonds, two interlocal agreements will be approved.
One will outline that funds collected by the state tax commission that go to the Governor's Office of Economic Development then flow to Sandy's RDA for the bond payment.
The other agreement is among the city, state and county and says the county will continue to charge 4.25 percent for the hotel or transient room tax for at least 20 years.
"This doesn't bind us to do anything, other than the state agrees to give us the TRT they collect," said Randy Sant, Sandy's economic development director. "We'll end up having a development agreement with Real that will outline what we want Real to do."
That development agreement will be discussed in June and will include terms and conditions Real must meet in order to receive an additional $10 million in public funding from Sandy's RDA. The state will set minimum terms with Real, and Sandy can add further conditions.
E-mail: astowell@desnews.com
