We have deep reservations about providing $55 million in public subsidies to a new Real Salt Lake stadium in Sandy. In fairness, however, we note that an agreement between RSL and Real Madrid to create a soccer academy in Salt Lake City could bring new bucks into the economy.
Unfortunately, as with the Sandy stadium, there are many details unavailable to the public about the new deal between RSL and its namesake in Madrid.
RSL honcho Dave Checketts told Utahns last week that he had reached a 10-year agreement with Real Madrid for that Spanish futbol powerhouse to pay half the cost of a $25 million training facility in Salt Lake City. About 200 young players 12-18 years old would go there to develop their soccer skills.
The agreement also would bring RSL players to train in the rain on the plains of Spain each February, and the Madrid team would play an exhibition against RSL every other year in the new Sandy stadium.
If the soccer academy were funded entirely with private dollars, that would be a significant investment in Salt Lake City that would create jobs, broaden the tax base and bring new money into the local economy.
Checketts has not said that he would seek public subsidies to help build the academy. If he were to do that, it could change the economic development value of the project.
In the meantime, the Jordan School District board must decide whether to participate in the $15 million tax-increment funding package for the Sandy stadium. By some accounts, the school district would be tapped for at least one-third of that funding. Remember, though, that the school district would be contributing its share of new property tax revenues generated by the stadium for a set period of time. If the stadium were not built, it would not see any of that income. Of course, if an entirely private project were built, those revenues would all flow to the district.
The tax-increment package for the stadium still is being developed. It's hard to judge its merits, or the soccer academy proposal, without all the numbers.
