Sandy outlines Real accord

SANDY — Sandy city officials laid out a wish list Tuesday, detailing everything they want from Real Salt Lake in a development agreement between the city and the Major League Soccer team.

That draft Community Development Agreement, however, will be dissected by Real today and be further analyzed at a July 17 council meeting, during a public hearing.

The City Council discussed terms of a deal with the team Tuesday, as Real continues construction on its $110 million stadium in Sandy. The state and Sandy's terms for Real to receive $35 million of Salt Lake County hotels taxes include acquiring 29 acres of land, selling the property to Sandy and then leasing it back from the city. The terms also call for building a 20,000-seat stadium and maintaining company headquarters in Salt Lake County, with preference given to Sandy.

The team must stay in the state for 25 years or pay back the bonds, according to the terms.

In the agreement, once all sites are considered for a youth soccer academy established by the Utah team with soccer team Real Madrid, Sandy wants Real Salt Lake to give preference to a Sandy location.

"Why shouldn't we have that ability? We're on the line. We're taking the risk. We're asking you to give us preference," said Randy Sant, Sandy's Economic Development director.

Real had originally advertised the academy as being in Salt Lake City. But after disputes earlier this year between team owners and Salt Lake City Mayor Rocky Anderson over the terms of Real funding youth soccer fields, the team announced it would look elsewhere in the state for an academy.

Anderson is still upset over the way the deal went down.

"The idea that Real would construct the academy outside of Salt Lake City is a complete abrogation of what Real has expressed to Mayor Anderson and to Salt Lake City residents," said Patrick Thronson, Anderson's spokesman. "Throughout his extensive efforts to help the team find a permanent home in Utah, Mayor Anderson had the understanding, as perhaps did the Salt Lake City legislative delegation, that Real intended to build the academy in Salt Lake City."

Sandy has secured a bond for the $35 million in hotel-tax dollars, which the Legislature approved earlier this year. Sandy's financial consultants secured private placement for the bonds through New York investment bankers George K. Baum & Co. Those bonds will be issued Aug. 27.

Not having to go through the public market, getting a low interest rate of 4.88 percent and transferring those proceeds to Real more quickly than anticipated created a bond package that pleased the City Council.

"I'd say calling this a good deal is an understatement," Councilman Steve Fairbanks said. "I'm really impressed."