Utah city approves bond for Real Salt Lake stadium

MLS Real Salt Lake will have a home in Sandy, Utah, as the city council has given the approval for a USD 35 million bond issue to go toward a stadium for the club.

The bonds will be backed by Salt Lake County hotel taxes. The stadium cost is estimated at USD 20 million.

"It was a very long process. It was political, with some pretty intense negotiations, but it's going to end up being a good project," said Randy Sant, Sandy's economic-development director. "We were able to pull off something I think a lot of people felt like would never be able to happen."

New York-based All Points Funding has agreed to purchase all the bonds and give Sandy a 4.88 percent interest rate.

The city also will oversee the traffic plan, both for automobiles and pedestrians, with agreements to park at least 4,300 cars off-site during events. The team must provide 1,000 parking stalls on-site or within a five-minute walk. Another 1,000 stalls have to be built within two years of the stadium's opening.

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