Ryan Smith, SEG outline proposal for Salt Lake City entertainment district

Jazz owner Ryan Smith “wants control of at least three downtown blocks, unlimited building heights and a whole lot of public money” as part of a deal to “bring an entertainment district to Salt Lake City” alongside the NHL team he has been awarded , according to Blake Apgar of the SALT LAKE TRIBUNE. Those details came from an April 4 application that Smith submitted to the city, “kicking off negotiations for creating the new downtown district.” The application is the first part of a process laid out by SB272, the bill Utah lawmakers passed this year to “pave the way for putting a billion dollars of public money into the sports district.”

Apgar noted Smith’s application to create a new district calls for:

• A new 99-year lease for the block now home to the Delta Center.

• Leasing two blocks east of the Delta Center from Salt Lake County.

• Allowing Smith Entertainment Group to “keep the money generated by the sales tax increase for 30 years” -- except for a 1% administrative fee paid to the city.

• Potentially requiring tax increment financing, a tool that “allows developers to tap new property tax revenues created in an area.”

• The creation of a public infrastructure district. Such districts are “able to issue bonds for things like roads.”

The application states, “SEG believes the project area and the surrounding areas will become a desired destination where both Utah residents and tourists will want to regularly visit, shop, recreate, gather, work and live.” The creation of the district “relies on the Salt Lake City Council to approve the requested tax increase.” The council is “expected to hear more details about the proposal” at its Tuesday meeting ( SALT LAKE TRIBUNE, 5/2 ).