BUSINESS + ECONOMY

SLC Council votes to endorse downtown redevelopment plan with tax increase

Jul 9, 2024, 8:38 PM

A rendering of a proposed downtown redevelopment, including a "sports, entertainment, culture and c...

A rendering of a proposed downtown redevelopment, including a "sports, entertainment, culture and convention center" surrounding a renovated Delta Center. (Smith Entertainment Group)

(Smith Entertainment Group)

SALT LAKE CITY — The Salt Lake City Council voted unanimously Tuesday to recommend the proposed downtown redevelopment zone, which would require a 0.5% city tax increase to partially fund it.

 

The downtown redevelopment proposal includes a renovation of the Delta Center to accommodate the Utah Jazz and the recently acquired NHL Hockey team, owned by the Smith Entertainment Group. That group applied to the city to create the project around the Delta Center, as outlined in SB272, passed during the last session of the Utah Legislature.

The endorsement is a step in the process outlined by the legislation.

The agreement will now head to the State Revitalization Zone Committee for review and approval.

The draft terms allow the group to use up to $900 million from that revitalization tax in Salt Lake City over 30 years. In exchange Smith Entertainment Group has agreed to a host of conditions like the ticket fee, developing the workforce, maintaining gathering spaces, revitalizing Japantown, and, starting next July, keeping all home games of both the Utah Jazz and Utah Hockey Club at the Delta Center.

Smith Entertainment Group estimates it will spend $525 million of the tax increase for the Delta Center remodel and $375 million for other improvements of the downtown-area district. It estimates the plan will generate approximately $1.2 billion in revenue over the life of the agreement.

Read the full story from KSL TV here.

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SLC Council votes to endorse downtown redevelopment plan with tax increase