The Redevelopment Agency of Salt Lake City yesterday approved $22.7M in "tax increment financing in support" of a planned $125M renovation of Vivint Smart Home Arena, funds which represent 18% "of the project's total cost," according to Jasen Lee of the DESERET NEWS. The Larry H. Miller Group said that project improvements will include "safety and security upgrades, updating existing heating ventilation and air conditioning systems, installation of a new photovoltaic solar panel system, along with plaza, concession, seating and premium suite upgrades." With financing now in place, LHM "will be able to update the aging 19,911-seat building." LHM officials have been involved in a planning process with arena construction and renovation specialists, the ICON Venue Group and SCI Architects, to "conduct a comprehensive review of possibilities, best practices, potential budgets and other recommendations."
Over the life of the agreement through '40, the $22.7M amount "would be reimbursed to the Larry H. Miller Group through the agency's portion of annual property tax income." LHM BOD member Steve Miller said that the group "will pay for the renovations up front" (DESERET NEWS, 6/15). In Salt Lake City, Aaron Falk in a front-page piece notes LHM will also get about $6.7M -- approximately $306,000 a year -- that "would come from tax increment the RDA collects from other parts of the city's Central Business District project area." RDA Vice Chair Derek Kitchen said that he "would have liked to see the state or some other entity help cover" that $6.7M. He added that he "worried about taking money away from the project area that could otherwise go toward homeless issues, transportation or public art" (SALT LAKE TRIBUNE, 6/15).
