TLDR:
- The Utah Legislature has unveiled a plan to help finance a new MLB stadium in Utah
- The plan involves setting up a specific entertainment district and raising money through various taxes
The Utah Legislature has announced a plan to finance the construction of a new Major League Baseball stadium in Utah. The proposed bill, HB562, outlines the creation of an entertainment district in Salt Lake City’s west side, governed by a board appointed by key officials. The funding for the stadium will come from various taxes, including an increase in hotel taxes statewide and additional taxes on rental cars, energy sales, telecommunications, and more.
Senate President Stuart Adams emphasized that the money for the stadium will primarily come from out-of-state visitors, and the stadium will generate more revenue than it costs. The plan also includes using property taxes generated by the development to fund infrastructure in the Fairpark district.
The Larry H. Miller Group, owners of the team, will receive a loan from the state to build the stadium, with the state retaining ownership. If the team leaves before 30 years, they would be required to repay the taxpayer money used. The bill provides bonding for half of the stadium’s cost and outlines specific requirements for the stadium’s design.
Lawmakers have a limited time to make adjustments to the bill and pass it before the end of the legislative session. Supporters of the plan see it as an investment in the area, believing it will benefit the community and bring economic growth to the region.
