SALT LAKE CITY (KUTV) — New details have been released about a proposed deal between Salt Lake City and Smith Entertainment Group aimed at revitalizing downtown.
Salt Lake City City Council members discussed the proposed deal Tuesday night.
The proposal details that the maximum amount SEG could get from the bond’s net proceeds would be $900 million, which would be put toward a “revitalization tax” that the city would collect over 30 years.
The Utah Legislature authorized cities to impose a 0.5% sales tax for that reason.
Under the proposal, the city would receive a refund of up to 1% of taxes.
Beginning July 1, 2025, SEG will assess a fee on each ticket sold for Delta Center events: $1 per ticket if the ticket price is $25 or less, $2 per ticket if the ticket price is between $25 and $200, and $3 per ticket if the ticket price is over $200.
The fee would be paid back to the city to be used for affordable housing and other “public benefit projects” as determined by the city.
Other parts of the proposal include workforce development programs supported by SEG, such as college internships and high school shadowing.
SEG will also design outdoor event spaces and sidewalks connecting the neighborhood to the street.
SLC Revitalization Zone Details:
The City Council is scheduled to vote on the proposal on Tuesday, July 9th.
After the vote, the Revitalization Zone Commission will have 30 days to review the proposal and vote on it in a public meeting.
If final approval is given, the City Council will vote on whether to pass the sales tax increase.
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