From Deseret News archives:
Sandy moving forward without county funds for Real stadium
City plans to borrow $10 million from redevelopment areas
The city plans to create a commercial development area to fund a 20-year bond for the money, economic development director Randy Sant told the City Council in a work session Tuesday.
Money that might have come from the county will instead be borrowed from other redevelopment areas in Sandy.
The $10 million deal was part of the Real development agreement the city agreed to last year. The soccer company will be required to finalize parking arrangements and complete commercial development guidelines in order to receive the money, Sant said.
The $10 million is the last step in a $45 million public funding package for the $110 million sports stadium.
If the new plan is approved, the bond would be paid through money Real would have paid in property taxes, Sant said. The borrowed money would be backed up by a pledge of franchise taxes.
Property-tax money would fund about half the payments, at least at first, Sant said. The rest of the payment would be borrowed from property-tax funding being raised by places such as the South Towne Mall. That money will be eventually be repaid.
Only Sandy and a few small taxing entities such as the water and district will forego their portion of property taxes to fund the bond. The school district and county also collect property taxes, but neither is expected to offer its portion.
Annually, the commercial development agreement will garner at least $150,000, Sant projected.
Sandy City has been tweaking its plan since Salt Lake County Mayor Peter Corroon notified the city in late April that the county would not contribute.
Council members Tuesday expressed frustration at the county's opting out but were amenable to Sant's plan.
The City Council could take action on the plan as early as June 10.
E-mail: rpalmer@desnews.com
Recent comments
I think Sandy is moving in the right direction. They will rival...
Congrats Sandy | May 29, 2008 at 11:41 a.m.
Nancy Workman-- Real credibility there. One politician giving her...
Reader | May 28, 2008 at 3:10 p.m.
To Nancy Workman.... Just another politician... good luck with that
I wonder as well | May 28, 2008 at 12:11 p.m.
- Tavernari has matured 10:02 p.m.
- Meet the climbing mayor 10:00 p.m.
- 5A football: Hawks, Miners ready 9:59 p.m.
- Taylor Swift CMA entertainer of year 9:55 p.m.
- Prep football playoff games today 9:40 p.m.
- 5 men charged with child sex crimes 9:39 p.m.
- Provo convention center close 9:38 p.m.
- London latest in pilot drinking cases 9:37 p.m.
- Utah: $850M budget shortfall 9:35 p.m.
- Study: 10 states face budget crises 9:35 p.m.
- SLC council OKs gay rights policies
- Utah Jazz have a problem at point
- 'Love story' of crash victim ends
- BYU football recruit turning heads
- Alta's Ohai is Ms. Soccer 2009
- Prep football: Felt's Facts Week
- 12 Utes return to Texas
- Cougars' defensive hoops clinic
- Wyoming writer amazed by BYU
- Gays get Mormon support in SLC
- House passes health care bill
285 - SLC council OKs gay rights policies
239 - TCU showdown has big implications
193 - Senators want food tax restored
157 - Cougars crush hapless Cowboys
155 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - S.L. vote pending on gay protections
109 - No 'backlash' for pioneers, gays analogy
108 - Pratt pleads not guilty to sex charges
100
This week, I'm compiling my annual list of restaurants serving...
Good luck Rebels and lets go get a win!! You guys have been playing for this...
"However, researchers warned that Utah's conservative leanings may be...
We love you and will keep your family in our prayers. May the Lord bless you...
So how many trips will he be making to Washington, D.C. or wherever this...
I don't believe we have our own draft pick this coming offseason...only the...
CANADA VS. USA Stats for all countries available at the World Health...
Emily was my second cousin, and the little sister I never had. Mary and Felix...
Prove yourselves on Saturday, then talk your smack.
understandable even if PHO did beat them the other night. It is the losses at...
The Cougar Nation being petrified that Utah might win TCU is humorous. Utah...

