Utah Jazz 20 years ago: Larry Miller secures financing for new arena

After months of conjecture over the future of the proposed new arena, Utah Jazz owner Larry Miller announced this week that he has finalized terms of a loan to build the facility through Sumitomo Trust and Banking Co. Ltd., Los Angeles Agency.

Miller made the announcement in a press conference that also included the news that longtime Jazz guard Darrell Griffith has been signed to a two-year, no-cut contract.

Miller, whose previous plans to obtain financing through a Dutch bank never materialized, spent the winter working unsuccessfully with other financial institutions. Miller said the new loan is a seven-year, $66 million loan.

Miller, who owns a string of car dealerships, said that financial institutions were wary because, "car dealerships are one thing, doing an arena the size of this one is another."

The arena will be completed by October 1991, said Miller. He said the target date for groundbreaking is May 22. The arena is scheduled to be built on a block bordered by South Temple, 400 West, 100 South and 300 West.

The press conference was attended by Salt Lake Mayor Palmer DePaulis, Salt Lake County Commissioner Bart Barker, Jazz coach Jerry Sloan and Utah Gov. Norm Bangerter. Bangerter, who led the crowd in three cheers, said, "You can always tell when something's going on — the politicians don't miss it."

The new arena is expected to house an Olympic-size hockey rink and luxury suites on the 10-acre site. The Jazz have aleady reportedly received commitments on 30 of the proposed 50 luxury suites in the arena. Miller said the arena could be finished by the target date, as long as construction begins no later than June 15. He added that originally the construction crews were expected to work 40 hours a week. "Then it was 80. Now, well, what's 24 (hours) times seven?"