Utah Jazz owner Ryan Smith posted this rendering of the proposed downtown sports and entertainment district in FebruaryRyan Smith via X
Jazz owner Ryan Smith said that as part of the deal to “bring an entertainment district to Salt Lake City” with his acquired NHL team, he would receive “control of at least three blocks downtown, unlimited building height, and significant public funding.” We hope to introduce the following.” According to Blake Apgar of the Salt Lake Tribune. These details come from an April 4 application filed by Smith with the city to “begin negotiations for the creation of a new downtown district.” The application is the first part of the process established by SB272, a bill passed this year by the Utah Legislature that “paves the way for $1 billion in public funding for sports districts.”
Mr. Apgar pointed out that Mr. Smith's application to establish a new school district requires:
- A new 99-year lease has been signed for the block currently home to Delta Center.
- Two blocks east of Delta Center are leased from Salt Lake County.
- Authorizes Smith Entertainment Group to “keep the funds generated by the sales tax increase for 30 years,” excluding a 1% administrative fee paid to the city.
- Potentially, tax increment financing would be required, a tool that “allows developers to take advantage of new property tax revenue created in the region.”
- Creation of public infrastructure districts. Such districts “can issue bonds for things like roads.”
The application states, “SEG believes that the project area and surrounding area will be used for desirable purposes where Utah residents and visitors alike will want to visit, shop, recreate, congregate, work, and live on a regular basis.” I believe it will become a reality.” The creation of the district “is dependent on the Salt Lake City Council approving the requested tax increase.” The council “expects to hear further details about the proposals” at Tuesday's meeting (Salt Lake Tribune, 5/2).