County debt panel backing zoo bond

If Salt Lake County voters approve a $65 million bond for the Hogle Zoo in November, their money is in good hands, according to an assessment that was unanimously approved by the Salt Lake County Debt Review Committee.

Zoo officials plan on raising $20 million in private funds, and they want to combine that with the county's $65 million to revamp the facility's aging exhibits. The debt-review committee looked at the new revitalization plan, as well as the zoo's financial stability and attendance records before making a unanimous positive recommendation Thursday to the Salt Lake County Council and Mayor Peter Corroon.

"I think it's clear to me that it's a viable plan, and the zoo's past performance is a good predictor of future performance," said Jon Bronson, the county's bond counsel. "I didn't see anything way out of line or out of whack."

However, the committee's stamp of approval came with a few conditions. The zoo must build new improvements to LEED building standards, a national program entitled Leadership in Energy and Environmental Design sponsored by the U.S. Green Building Council. County officials said that in all cases, the zoo should try to build with the green-friendly standards.

"It's like Yoda said, 'Do or do not, there is no try,"' said Doug Willmore, the county's chief administrative officer.

The county also needs to work out some ownership issues with Salt Lake City. According to county statute, if the county invests money in the zoo, it must have some sort of ownership interest in that investment, said Dahnelle Burton-Lee, chief deputy district attorney.

The county could own actual land at the zoo, or own the actual improvements that are paid for with county bonds.

"We don't have to own real estate, but we have to own something," said County Treasurer Larry Richardson, who is the debt-review committee's chairman.

Committee members were also uncomfortable with the original deed for the land underneath the zoo. Salt Lake City owns the land now, but the Hogle family can yank it back if any one of several clauses in the deed is not followed.

Willmore said the conditions should all be met within a week. Then, the fate of Hogle Zoo's financial future will be in the hands of the Salt Lake County Council.

The council must vote by Aug. 23 whether to put the $65 million bond question on the ballot.

"The bottom line is, Does Salt Lake County want to be in the zoo business, and own zoo assets?" Richardson said. "We'll have to wait and see."

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