Real S.L. inching toward $35 million

SANDY — Just two more agreements and $35 million will finally be handed over to Real Salt Lake.

Sandy City Council Tuesday approved a 29-acre Community Development Area where the Real soccer stadium is currently being constructed. The step was one of the final ones needed before Real receives the Legislature-approved $35 million from Salt Lake County's hotel-room tax dollars.

"We're focused on trying to get that $35 million bond issued," said Randy Sant, Sandy's economic development director.

A CDA is a track of the redevelopment agency. Sandy is issuing the bonds through the Sandy Redevelopment Agency, paying the bonds back through Salt Lake County's hotel-room tax. Only the project area for the CDA was created Tuesday, but if all affected taxing entities sign on, up to $10 million in property taxes will be redirected to the stadium project. Sandy plans to go to the taxing entities to see if they will opt in by September or October, but, in the end, may fall short of that $10 million mark.

The $10 million, though, hinges on whether Real complies to a strict parking management plan, a passionate issue for the council and Planning Commission. The plan includes rules such as a minimum of 1,000 on-site parking spots. Dolan said the plan is solid. "This council has been beating it to death," he said.

Sant added, "The penalty is Real has to have this plan in place 120 days before the stadium opens. If they don't, they're going to lose $10 million."

Real leaders attended the public hearing and said afterward that the $110 million stadium is slated for an Oct. 27, 2008, opening. The stadium has been under construction for more than two months now and its progress is documented through pictures and live Web cams on rslstadium.com

Real CEO Dean Howes said several large developers have lined up to tackle the project, including the surrounding acreage Real and Sandy hope will became a large retail development.

"I was extremely pleased that the CDA is moving forward, because that is an extremely important timing issue for us," Howes said.

Also Tuesday, the council discussed a Community Development Agreement with Real between the city, state and soccer team. That agreement outlines everything the city and state want from Real before handing over the $35 million.

Of note: At the state's request, Sandy is no longer asking Real to give a preference to a Sandy location for a youth soccer academy.