The state legislature is considering the proposal.
There is a tremendous amount of work ahead to make sure that Ryan Smith’s National Basketball Association Utah Jazz franchise and his National Hockey League Utah Hockey Club businesses have a suitable 21st century state-of-the-art-arena to use in Salt Lake City. The present building needs to undergo a massive renovation to make it hockey friendly. NHL teams such as the New York Islanders and the Phoenix Coyotes did poorly in arenas where about a quarter of the seats had obstructed views. But Smith has gotten a preliminary approval for his plans to build an arena-village surrounding his arena although there is an awfully long way to go before it crystalizes. Salt Lake City politicians voted unanimously to endorse a partnership agreement with the Smith Entertainment Group to revamp and remodel a “sports, entertainment, culture, and convention district.” There is no real plan yet and no real money commitment, just a concept for what Smith envisions as his arena-village.
Salt Lake City and Utah taxpayers could eventually be on the hook for at least $900 million to help pay for Smith’s plan. Salt Lake City politicians are expected to approve a 0.5 percent sales tax increase to help pay down the arena-village debt. Also people using the arena could be hit with a $1-$3 ticket fee with that revenue going into Smith’s project. The preliminary Smith-Salt Lake City agreement now will be scrutinized by the Utah State Legislature, if that body approves of the plan, then it goes back to the Salt Lake City city council for final approval. If all goes well, the renovation of the arena will start sometime next spring. Smith wants the arena’s reconstruction to be done in 2027. If there is a failure for some reason, Smith and Salt Lake City politicians can simply negotiate another deal. The Salt Lake City arena game is underway.
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