From Deseret News archives:
Sandy outlines Real accord
Team to analyze proposal; then comes July 17 hearing
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.
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.
Comments
- Fed under fire, public anger mounts 11:28 a.m.
- No quagga mussels at Bear Lake 11:27 a.m.
- Former health chief: Ignore guideline 11:11 a.m.
- Sen. moderates frustrate other Dems 10:57 a.m.
- Yellowstone grizzly deaths down 10:52 a.m.
- Atheist groups flourish on campuses 10:37 a.m.
- Griffin edges Ortiz in split decision 10:26 a.m.
- China mine disaster recounted 10:02 a.m.
- VMI faces sexism accusations 9:56 a.m.
- Mubarak warns Israel over Jerusalem 9:39 a.m.
- Glenn Beck to enter politics?
- BYU records with win
- Police link alcohol to murder
- Jazz outlast Pistons in overtime
- Utah Utes whip SDSU
- Cougars turn focus to dreaded rivals
- Former BYU professor remembered
- Y. coach Hill up for Portland State job
- Cougars put the fun back in football
- Kirilenko heating up for the Jazz
- Buttars wants to limit gay rights laws
194 - Palin plans tour stop in Utah
173 - Glenn Beck to enter politics?
162 - Palin's book shows she's unqualified
122 - BYU records with win
111 - Officer cleared in Cardall Taser case
103 - BYU cuts Women's Research Inst.
100 - Jazz finally win in San Antonio
98 - Utes knock off rival Aggies
93 - Huntsman pleased with Obama
87
A little after midnight Wednesday morning, about 21 hours ago as I write...
There's a lot of reason to leave your plastic home as you shop:
job that will be done on sarah will be done by sarah.
start watching football aka soccer when they start scoring more than 2 goals...
"When Carter warned Iran of a swift and harsh response if any hostages were...
did you know that the caps lock was on on your keyboard?
If a prayer is answered in the affirmative, is it an objective experience of...
no, we don't remember playing rich.
Tier-1: Utah, TCU (2 BCS buster teams) Tier-2: AFA, BYU (2 BCS dreamers)...
We should treat animals with respect because they are God's creations. But...
Rush Limbaugh didn't care for John McCain. He likes Palin more than McCain,...
I was fortunate enough to attend the rally in the villages- there were 25,000...


You can be the first to comment on this story.