Early price estimates show the 10-acre block on the southern edge of downtown proposed for Real Salt Lake could cost $12.5 million. Then there's the interest and $1.2 million to build a TRAX station nearby. Add to that a possible $30 million bond to cover half the construction tab for the stadium itself.
And those numbers don't include the costs the city may shell out to spur other development in the next decade - such as housing, retail, restaurants - around the proposed stadium.
Such details will be discussed tonight as the Salt Lake City Council weighs whether to buy the proposed stadium block - owned mainly by hotelier Earl Holding - between 600 South and 700 South and Main Street and West Temple.
RSL wants either Salt Lake City or Murray to buy land for the stadium, and then the team will ask Salt Lake County residents to raise their property taxes to generate $30 million to help build the $60 million sports venue.
Salt Lake City Mayor Rocky Anderson pitches the stadium as a catalyst for transforming an underused and ailing part of downtown. But council members are wary of the price tag.
"It is a lot of money," said Councilwoman Nancy Saxton, who said estimates have ranged up to $20 million for the land price with interest. "For me [economic development] is the bottom line. Is this good for Salt Lake City?"
RSL officials hope to announce soon if they will pursue a stadium in Utah's capital or in suburban Murray near a TRAX light-rail station at 4400 South.
CEO Dean Howes said the team is analyzing which city would offer it the greatest chance of success. It is also waiting for leaders from either city to say definitively, "Yes, Real, we want you here."
Salt Lake City is appraising the 10-acre block. In addition to buying it, the city apparently would pay to relocate the Mark Miller Toyota that sits there and purchase that auto dealer's property on the block south for an unknown cost.
Anderson also proposes the city build a TRAX stop near 600 South on Main Street. For now, he has dropped his plan to build a public parking garage nearby. Instead, the mayor's office notes there are 4,500 parking spaces within blocks of the proposed stadium.
"It [tonight's meeting] will be the first chance to talk about the value of the stadium versus the cost," Councilman Eric Jergensen said. "I hope the public will come. These are public monies that [could] potentially be used."
If the city buys the land, no money would be left for other Redevelopment Agency projects in the neighborhood.
Councilman Carlton Christensen is leaning toward purchasing the parcel. "I'm having a difficult time thinking of anything in that sector that would generate as much improvement," he said.
However, if the city can't get a reasonable deal on the property, "there is a point in time I'd be willing to say, 'Uncle,' " Christensen said.
Council members will also discuss a draft master plan for the five blocks surrounding the stadium that envisions a thriving southern anchor for Main Street, with new housing, retail, restaurants, a park and a convention center replacing auto dealerships, boarded-up buildings and surface parking lots. Some portions of that plan would cost public money, too, if the RDA buys land to encourage such development. Money would come from anticipated increases in taxes generated by the stadium.
hmay@sltrib.com
