Salt Lake County OKs selling part of Salt Palace Convention Center
The Salt Lake County Council unanimously voted Tuesday to sell a portion of the Salt Palace Convention Center to Smith Entertainment Group (SEG) for $55.4 million.
Zoom in: The sale involved approximately 6.5 acres of county-owned land located around 55 South and 300 West.
Follow the money: It is expected to improve the Delta Center by doubling the number of events hosted there, which could boost annual sales to more than $400 million by 2034, according to a resolution that included details of the sale.
The deal is expected to bring in approximately $4.9 million in property tax revenue annually once it's developed.
It will also provide funding to the county to help pay for a $1.5 billion renovation for the convention center. Upgrades will include adding a second ballroom and enhancing meeting and exhibit space.
What they're saying: "While this is an amazing investment in our capital city, the impact will ripple deeply across not just the city, but the entire county, state and the region as a whole," SEG executive Mike Maughan told the council ahead of the vote.
State of play: The redevelopment aims to connect key downtown destinations, including the Delta Center, convention center, Abravanel Hall, Temple Square, City Creek Center, Eccles Theater and 2034 Winter Games venues.
"Linking these assets for visitors and businesses prepares the county to host major national and international events more effectively and generate additional revenue from visitors," per the resolution.
The other side: Japantown, as well as the Salt Lake Buddhist Temple and the Japanese Church of Christ.
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