Tuesday, August 15, 2006

Ground broken, now where's the money

On Saturday, David Beckham got to try out a new job as ditch digger for Real Salt Lake. By all accounts, it went well and there is already talk of Becks being called up to the English national dig team.

It was a time of celebration for Real Salt Lake as they were finally getting their new stadium. However, word soon came that the deal to pay for the stadium was not done, so maybe a gun was jumped.

Which brings us to today's Salt Lake County Council meeting. The same council that voted down a proposal last month is planning on voting on a new proposal tonight. What has changed? That question cannot be answered in full as all negotiations have been done in private. However, here are the changes that we know about:

- Real Salt Lake will be allowed to use part of the new hotel tax to purchase land beneath the stadium as long as it is leased from the county at "fair-market value."

- A $20 million parking garage to be owned by the city will move from its original location to RSL stadium site. The county will get about $250,000 a year in parking revenue,

- RSL will add a 50ยข surcharge to tickets that will go to the country accounting for about $150,000 a year.

- The county will issue about $20 million in bonds starting in 2011. The county would use that money to buy some assets from Real, which could then retire part of its debt for the stadium.

- The city of Sandy will contribute $15 million in tax-increment redevelopment funds for infrastructure.

- RSL will donate $7.5 million to Salt Lake City's planned soccer complex.

The Salt Lake Tribune has taking an informal roll call vote of the council members and it looks like five plan to vote 'yes', three plan to vote 'no' and one is leading towards a 'no' vote. If those numbers pan out, RSL could have a deal by tonight.

Update: The council has voted and the plan has passed 5-4. "In the end, Councilwoman Jenny Wilson proved to be the decisive vote for what Corroon called a "letter of intent" to get the stadium deal done."

Don't forget the US Soccer Carnival part IV.

Labels: ,


Post a Comment

<< Home