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salt lake city — The Utah State Legislature announced plans to help build a stadium to bring a Major League Baseball team to the state.
While some are upset about spending taxpayer money on this, lawmakers believe it’s a reinvestment on Salt Lake’s west side and will be funded primarily by taxes from out-of-state visitors. It is claimed that there is.
The state won’t just write checks to fund stadium construction; rather, in a newly announced bill, HB562 would create a designated entertainment district from Interstate 80 between 1000 West and Redwood Road. It is proposed to install a.
A board of directors administers it and can levy many taxes to raise the money. Its Board of Directors is comprised of individuals appointed by the Governor, the Speaker of the House, the President of the Senate, one member of the Salt Lake Legislature, and one member of the Fair Park Board of Directors.
Hotel taxes would increase across the state, which lawmakers say would help fund local emergency services.
The bill allows for temporary lodging tax increases, such as car rental taxes. Other taxes under the bill include energy sales and use tax, telecommunications license tax, resort community sales and use tax, and lodging and services tax.
“All of the funds that will be used are funds that we think will be generated by increased activity in Utah. So this is basically a transit room tax, a hotel and rental car tax, and a tax within the project area. ” said Senate President Stuart Adams. “So we believe that the ballpark will actually generate more revenue than we will actually pay for it, and out-of-state residents will pay for it.”
The plan also includes using property taxes generated by the planned development to pay for infrastructure and other amenities within this particular Fair Park district. Adams said he sees the plan as an investment in the area.
“When the tide rises, all boats lift. You can see the tide rising,” he said.
The funds raised will be loaned to the team’s owner, the Larry H. Miller Group, to help build the stadium. Team owners would then pay stadium rental fees from the state. The organization has put in an additional $3.5 billion of its own funds, but the stadium will be owned by the state.
“We negotiated the fact that we would own the stadium. It’s a big deal,” Adams said.
As currently written, the bill would guarantee “half of the actual cost” of stadium development and construction. It must have at least 30,000 seats, parking, lighting, plazas, and plazas. The bill also states that if a team leaves the area before 30 years, the team’s owners must repay the district for the tax dollars used.
Lawmakers have just seven business days to tweak the bill and pass it before Congress adjourns.
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