Salt Lake County Council approves funding agreement for Real soccer stadium

Bonds to pay for a stadium for Real Salt Lake will now be a little be cheaper for taxpayers, after a vote today by the Salt Lake County Council.

The council approved an interlocal agreement that says the county will continue to collect hotel-tax revenue for the next 20 years. The state will then take a portion to fund the team's future home in Sandy.

The county didn't have to agree to the accord. The state will carry out the deal with or without the county's cooperation.

But by agreeing to sign the agreement, Sandy city officials can reduce costs on securing a bond to finance the stadium.

The agreement is one of the loose ends the state is trying to tie up on the $35 million deal that the Utah Legislature approved in February for land and infrastructure for a soccer stadium in Sandy.

Salt Lake County Mayor Peter Corroon had all but killed the stadium deal in January, saying it was an "unsafe investment" of taxpayer dollars, since the team could easily default on bills with only minor shortfalls in ticket sales.

Weeks later, the state came to the rescue by using the county's $35 million in hotel-room tax revenue.

"What's done is done," Corroon said today.

He said he signed the agreement last week in an effort to save taxpayers some money on the interest rates on the bonds. "More public money would go for the actual value of land and infrastructure."

The agreement says the county will continue to charge a 4.25 percent tax on hotel rooms for at least 20 years. The state will then take 15 percent of that revenue over those years to raise $35 million for the stadium project.

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