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Salt Lake City and its Redevelopment Agency would own 75 percent of the facility. Salt Lake County would own 25 percent and operate UPAC through its Center for the Arts, according to the proposed ownership agreement.
City and county officials say UPAC will be an economic boon by luring visitors who will stay over in hotels and shop and dine downtown. LaMalfa described the theater as a "regional" attraction that will draw people from across Utah, as well as Idaho, Wyoming and Nevada.
Utah Performing Arts Center — where the profits will go (in order of priority)
1. $1 million » One-time payment into an operating reserve account.
2. $850,000 » Annually into a capital reserve account.
4. $350,000 » Annually to Salt Lake City.
5. Next $1 million » Split 50/50 between Salt Lake City and Salt Lake County.
6. Any additional profit » To be split 75/25 between city and county.
Source: Proposed operating agreement between Salt Lake City and Salt Lake County.
A study commissioned by Salt Lake City from Nevada-based Garfield Traub Swisher found that UPAC would foster an annual $9.4 million general economic expansion, said Helen Langan, senior adviser to Mayor Ralph Becker.
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