SLC finalizes deal with Smith Entertainment Group
Oct 2, 2024, 6:14 AM | Updated: Oct 9, 2024, 11:44 am
SALT LAKE CITY — Salt Lake City leaders have all but finalized an agreement with Smith Entertainment Group on a plan to completely change downtown Salt Lake City. The change is intended to welcome the NHL and retain the NBA through a funding plan that includes a sales tax increase.
Members of the Salt Lake City Council voted Tuesday to approve a resolution authorizing Salt Lake City Mayor Erin Mendenhall to complete a partnership agreement with the owner of the Utah Jazz and Utah Hockey Club.
The agreement gives Smith Entertainment Group the ability to seek up to $900 million in bonds, which will be used to cover the cost of Delta Center renovations and a few other projects within a new sports, entertainment, culture and convention district by the arena.
The City Council also approved a 0.5% sales tax increase that will generate funds over the next 30 years to repay the bond. In return, Smith Entertainment Group plans to implement a new $1 to $3 ticket fee that will go toward affordable housing and projects within the zone, along with other benefits for the city.
The votes came down following a third public hearing on the issue, where the proposal generated support from a handful of prominent business owners but scorn from several residents and public figures.
Read the full story on ksltv.com.
