RSL might be able to sell seven of the 29 acres it owns near 9256 S. State St. twice.

Sandy's Redevelopment Agency (RDA) is considering buying the entire parcel and then giving the seven acres left over after the stadium is built back to RSL - if the team proposes a worthy economic development project.

The franchise could then sell the land - again - to a commercial developer to get the $6 million RSL will need to make up a shortfall in its stadium construction fund, Economic Development Director Randy Sant told the City Council.

The team's investor, iStar Financial, has made it clear, Sant said, that if RSL cannot make money off the seven acres, it must guarantee it has the $6 million needed to complete the stadium.

The New York-based investment firm has committed $65 million to the stadium, but won't release the money until Sandy issues $35 million in bonds, backed by Salt Lake County hotel taxes allocated by the Legislature earlier this year. Sandy expects to issue the bonds in late August after a development agreement with the team is complete.

But Councilman Stephen Smith questioned whether the city should give RSL land to help it fill a private funding gap.

"If that's the scenario that would go forward, I would prefer to acquire less land from [RSL] in the beginning," Smith said. "I have a little heartburn over purchasing the ground from Real using [transient-room tax] money, then carving off a piece and giving it back to them."

Sant said both options - buying 22 or 29 acres from Real - are being explored. Sandy has to find enough expenses to use the full $35 million, he said. The state has asked the money be spent on land, parking, infrastructure, landscaping and traffic mitigation.

On Tuesday, the City Council, acting as council and the RDA board, approved a Community Development Area at the stadium site that will enable Sandy to fulfill its pledge for up to $10 million toward the project. The CDA, which must be in place for Sandy to issue any stadium bonds, is open to legal challenge for 30 days before it becomes official.

Increased property taxes generated within the CDA would pay off Sandy's $10 million bond - to be issued summer 2008 - if seven other taxing entities, including Salt Lake County and Sandy Suburban Improvement District, agree to forfeit their share of the revenue.

Real Salt Lake must have its parking management plan, including formal arrangements for 4,300 off-site parking stalls, in place before it can spend the $10 million in tax-increment funding.

The team, which had hoped for a July 4, 2008, opener against Real Madrid, now plans to open the stadium Oct. 27, 2008.

rwinters@sltrib.com