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Utah city does bond deal for Real Salt Lake
USA - 15 August, 2007
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The Sandy (Utah) City Council is looking at issuing bonds in an attempt to build a home for MLS Real Salt Lake.
The city council wants USD 35 million issued in bonds. The club also is due to receive a windfall of USD 35 million from Salt Lake County hotel tax.
Roughly USD 20 million would then be used to buy the 23 acres for the site of the stadium. The remaining USD 15 million would go toward development and infrastructure for the 20,000-seat, USD 110 million stadium.
The deal had some opponents, who wanted to hold it to a November vote. It is a nice deal for the club, which will land a 50-year lease at USD 1 a year cost with a 10-year option for extension.
The city council wants USD 35 million issued in bonds. The club also is due to receive a windfall of USD 35 million from Salt Lake County hotel tax.
Roughly USD 20 million would then be used to buy the 23 acres for the site of the stadium. The remaining USD 15 million would go toward development and infrastructure for the 20,000-seat, USD 110 million stadium.
The deal had some opponents, who wanted to hold it to a November vote. It is a nice deal for the club, which will land a 50-year lease at USD 1 a year cost with a 10-year option for extension.
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