West Valley City to buy Hollywood Connection property for $7M
West Valley City • City Council members voted on Tuesday to buy property on Decker Lake Drive for $7 million, a move designed to persuade the adjacent Hale Centre Theatre to build a second, much larger venue there instead of in another community.
Council members, sitting as the West Valley City Redevelopment Agency board, voted 6-0 to purchase the 14.74-acre plot. The property, at 3217 Decker Lake Drive, is owned by Carmike Cinemas and includes the Hollywood Connection Entertainment Center.
A Redevelopment Agency report says the property, which is near the Maverik Center, will play a key role in the area's renewal. Council members voted unanimously last month to authorize preparation of a plan for an Entertainment District Community Development Area (CDA) along Decker Lake Drive.
Creating a CDA would allow the use of tax increment the taxes generated from the increased assessed value of a property within the area to provide infrastructure and to promote expansion at the site. City Manager Wayne Pyle said Tuesday that even if Hale decides to expand somewhere else, West Valley would have other options for the Carmike property, including putting a commercial or mixed use project on it.
The purchase agreement requires the Redevelopment Agency to pay a $100,000 non-refundable deposit and sets a 90-day escrow period.
West Valley bonded for funds in 1997 to help build the theater in the Decker Lake development, and Hale leases the building from the city, which uses the rent payments to pay for the bonds. Last month, the City Council approved a new lease amendment for Hale Centre Theatre that could keep that venue in the community through 2038.
With all of their shows selling out, Hale officials envision building a multistage venue with about 1,900 seats about triple the current number while maintaining the theater near 3500 South and Interstate 215 in West Valley. Where this expanded theater would be built is still under consideration.
Sandy officials also are trying to snag the new facility and want the theater to go on 11Â½ acres at 9950 Monroe St., a site that would provide prime visibility along Interstate 15. Under that scenario, the theater would be able to expand over 5Â½ acres, with the remaining land set aside for other development.