This is an archived article that was published on sltrib.com in 2007, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Suddenly, it's a Real possibility: Salt Lake County approves $30 million for a soccer stadium, but then Sandy falls short of its $15 million commitment.
What happens then?
Randy Sant, the suburb's economic development director, said Wednesday that Sandy needs the Jordan School District to kick in its share of new property taxes created by Real Salt Lake's stadium project to make the $15 million pledge - a tall order considering the district rejected the move after parents revolted last year.
Without the school money, the suburb can contribute only $11 million, Sant said, provided the project slated near 9400 South State Street includes a hotel and broadcast studio and brings the total value to $135 million.
With just a stadium, the project is valued at $110 million, and Sandy can come up with only $8 million.
"We've basically told [RSL] we can only give you what we can," Sant said. "That becomes your problem."
The gap is significant, officials say, since RSL's private investment partner, Goldman Sachs, insists it will withhold its millions until the public money is in place.
If Sandy comes up short, RSL officials said the team could be forced to take on more private debt or tap more equity from the stadium - something they're not sure they could do.
Another hurdle: RSL has not given Sandy a definitive building plan.
"We're being asked to come up with a number," Sant explained. "We can't come up with a number until Real tells us what it's going to build."
RSL owner Dave Checketts reaffirmed an earlier vow not to get into any battles with the school district and said he simply is focused on securing funding from the county. "You have to get one thing done before you move on to the next problem," he said.
Still, the stadium is such a "big win" for Sandy officials, Checketts added, that RSL doesn't anticipate "any problems with their commitment."
If there is a gap, Checketts said he has no plan to seek more money on Utah's Capitol Hill. And neither, Sant said, does Sandy.
"I can't see the Legislature giving us money for that," he said.
Sandy officials plan to pitch the Jordan district "and see if they are willing to change their mind."