Latest news with #RevitalizationZone
Yahoo
17-04-2025
- Business
- Yahoo
Salt Lake City close to sale of Salt Palace land portion as downtown plans heat up
Salt Lake County leaders are close to deciding whether to sell a large portion of the Salt Palace Convention Center land in a deal that would likely factor into Smith Entertainment Group's 'sports, entertainment, culture and convention' district plans. Salt Lake County Council members will decide at an April 29 public hearing on a proposal to sell about 6.5 acres of land near 55 S. 300 West. They spent over an hour in a closed session Tuesday discussing sensitive details, like the price. County officials offered few details about the proposed sale at Tuesday's meeting. Spokespeople for Salt Lake County and Smith Entertainment Group couldn't confirm exact details but said negotiations are related to a portion of downtown revitalization plans. The listed address is located across the street from the Delta Center in the newly designated Capital City Convention Center Revitalization Zone. Project maps list a "Mid Block" at the existing western edge of the Salt Palace. Mike Maughan, a Smith Entertainment Group executive, also referenced a possible vote on April 15 regarding the "Mid Block" when he spoke about development plans at a Utah Governor's Office of Economic Opportunity meeting to approve the zone on April 4. Smith has previously described a plan to tear into the existing structure for a plaza linking the arena to the rest of the district. County officials say they want to rebuild the convention center by constructing a second ballroom. The "Mid Block" is described as a "mixed-use development" that will "be a pivotal piece in facilitating greater east-west connectivity of the downtown core," according to a Governor's Office of Economic Opportunity document. It's listed as part of the "entertainment" portion of the district and is expected to have ties to 2034 Winter Olympic venues, as well. "Connecting the Salt Palace Convention Center to the Delta Center through the midblock will create a space for residents and visitors to enjoy and create easier connections to multiple Olympic venues," the state report says. It is still unclear what it would look like, as the design is part of ongoing negotiations. Tuesday's decision took place a day after Salt Lake County Mayor Jenny Wilson met with Smith Entertainment Group owner Ryan Smith and state leaders, according to the governor's published schedule. Tuesday's update comes a week after Salt Lake City officials finalized the Convention Center Public Infrastructure District. It was decided on days after a state committee approved the Capital City Convention Center Revitalization Zone. They set up a "funding mechanism" for the city and county to pay for projects east of the Delta Center. Each passed, but not without controversy. Major adjustments to the Salt Palace are projected to cost over $1.2 billion, while the renovation of Abravanell Hall and a potential rebuild of the Utah Museum of Contemporary Art could tack on another $230 million. Salt Lake City officials said they were only informed about the addition of "Block 67" to the zone just hours before the Housing and Transit Reinvestment Zone Committee voted to approve it on April 4. They requested a small delay to review the impacts of the addition, which added $300 million to the expected project cost. Their concerns boiled over into the April 8 City Council meeting, where the district was approved. "We are much better if we collaborate and work together and communicate together — and not just bring things up at the last moment," said Salt Lake City Councilman Dan Dugan. Meanwhile, Smith Entertainment Group is close to beginning its long-term plan to remodel the Delta Center, making it easier to handle both the Utah Jazz and Utah Hockey Club. Construction is expected to begin soon, as the season has now ended for both teams and comedian Kevin Hart's tour stop on Friday is the last event on the arena's schedule for months. Arena remodeling is expected to be completed in phases over the next three summers. It remains on track to be completed by the start of the 2027-2028 NBA and NHL seasons.
Yahoo
02-04-2025
- Business
- Yahoo
Salt Lake City nears 'financing mechanism' for massive Delta Center district plans
SALT LAKE CITY — Utah's capital city is inching closer to reaching an agreement that would help finance the culture and convention component of a proposed 'sports, entertainment, culture and convention district' surrounding the Delta Center downtown. Salt Lake City Council members are expected to vote next week to approve a new Convention Center Public Infrastructure District, following a public hearing held Tuesday night. It will mark one of the last steps the city is required to take in setting up the legwork for the entire project. 'If you think of (last year's) participation agreement as a roadmap of where we were going, this kind of completes that map, and it adds more detail to, I guess, the route," Salt Lake City Council Chairman Chris Wharton told Allison Parks, Salt Lake City's deputy city attorney, explained to the council Tuesday that it essentially allows for public infrastructure districts, which are joint ventures between local governments and private developers, to 'help fund the construction of public improvements.' County officials estimate the cost of the projects could exceed $1 billion. Allison Parks, Salt Lake City's deputy city attorney, explained to the City Council Tuesday that it essentially allows for public infrastructure districts, which are joint ventures between local governments and private developers, to 'help fund the construction of public improvements.' Salt Lake City's proposed Convention Center Public Infrastructure District would act 'a little different' from other such districts, she said. It only covers the Delta Center block, but it would serve as the 'financing mechanism' for Smith Entertainment Group's plan to redevelop the arena and the blocks east of it included in the 'sports, entertainment, culture and convention district.' Jennifer Bruno, the City Council's executive director, clarified that even though the district would only cover the arena block, funds could still be spent on the buildings east of the arena, included in a separate Capital City Revitalization Zone. 'This new PID, like traditional PIDs, would be a separate legal entity. It will be a governmental entity and, importantly, the debts will not be liabilities for the city,' Parks added. The district would be funded by a few different sources, including the 0.5% sales and use tax that Salt Lake City implemented as part of its partnership agreement with Smith Entertainment Group last year. It would also pull in money from other tax sources, such as sales/use and property tax increments within the Delta Center block and the three blocks tied to the Salt Palace east of the arena. Parks said there would also be a 'small tax' within just the Delta Center block for 'administrative costs.' City officials held Tuesday's public hearing as it was required by law, but they acknowledge that SB26 gives them very little wiggle room to work with. Salt Lake City Councilwoman Victoria Petro, who was chairwoman of the council during last year's process, called it a 'weird, wonky state-ordained' process that the city has to abide by. As such, it essentially turned Tuesday's hearing into what she called a 'public therapy session' rather than anything substantive that could be used to improve the legislation. 'There is a path that we have to walk, as long as things are legally sound (and) as long as things are in accordance with the statute,' she said. 'There is a predetermined outcome here … and I'm kind of frustrated that it gives the illusion that we can receive feedback.' Tuesday's hearing was much less boisterous than last year's hourslong meetings during the partnership agreement process. Resident Lori Wike was the only person to speak on the measure, voicing concerns about several issues, such as using public funds in private development. She also asked the City Council to potentially hold a second hearing on the matter before voting. But that's something the city doesn't have time to consider. Although the bill officially goes into law next month, it states that the city has until April 15 to submit its proposal to the Utah Governor's Office of Economic Opportunity. It would then go to the Utah Lieutenant Governor's Office to be certified and go into record. Wharton said the City Council will hold a 'special' formal meeting on April 8 to vote on the measure to avoid hiccups in meeting the deadline. 'There were problems waiting until the 15th, and so (this was) our only option,' he said. Despite the new agreements being proposed, Wharton said provisions from last year's agreements are in place. For instance, there's still a $900 million cap on money being used for private development, and anything more generated over the next 30 years would go toward public projects. And while the public hearing likely won't change anything in front of the City Council next week, he said it still provides residents vital information about what's happening downtown. That's important because there are still more steps to go. Smith has until July 1 to reach a lease agreement with Salt Lake County, per last year's agreement. There are a few other state approvals needed before the full framework of the partnership agreement is complete. Once that's over, Salt Lake City's next big step would be design standards on future development within the district. 'The comments still help us on all of the future decisions and all of the related decisions of the district, so I really hope that people continue to reach out and share their thoughts,' he said.
