SLC finalizes agreement with Smith Entertainment Group

SALT LAKE CITY – Salt Lake City leaders have nearly 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 financing plan that includes a sales tax increase.

Salt Lake City Council members 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 the Utah Hockey Club.

The deal will give Smith Entertainment Group the ability to borrow up to $900 million in bonds, which will be used to cover the cost of renovations to the Delta Center and certain other projects within a new sports, entertainment, culture and convention district next to the stadium. .

The City Council also approved a 0.5% sales tax increase that will generate funds over the next 30 years to pay off the bond. In exchange, Smith Entertainment Group plans to implement a new $1 to $3 entry fee that will go toward affordable housing and projects within the area. in addition to other benefits for the city.

The votes fell after a third public hearing on the issue, where the proposal generated support from a handful of prominent businessmen but scorn from several residents and public figures.

Read the full story at ksltv.com.