Utah County will hold a special bond election next month and ask voters to approve $7.7 million in bonds for construction of the Utah Valley Special Events Center.
Commissioners approved a resolution Tuesday setting the election for April 9. If the bond is approved, the county would join with Utah Valley Community College in construction of the $18 million facility on UVCC's campus.In passing the resolution, commissioners said it is their intent to repay the bond with revenue received from the recently passed restaurant tax. However, since Gov. Norm Bangerter has not yet signed the bill into law, the election ballot cannot state the commissioners' intent.
Speaking Tuesday at UVCC, Bangerter said it is his intent to sign the bill. If Bangerter signs the bill, the county can start collecting the tax July 1. It is estimated that the county will receive about $715,000 annually from the tax. It will cost the county about $700,000 annually to repay the bond.
Commissioners said passage of the bond will not mean a property tax increase to residents.
Supporters of the center say Utah Valley is in desperate need of a convention and activity center. The county does not have a facility that seats more than 2,500 people other than the Marriott Center on the Brigham Young University campus. The proposed center would seat between 6,000 and 8,000 people.
Most county cities have passed resolutions supporting the center. The County Council of Governments also passed a resolution supporting the center.