Utah commits $1,000,000,000 investment for MLB stadium ft. thriving entertainment complex in Salt Lake County

The State of Utah is planning to invest around $1 billion in an entertainment complex in Salt Lake County that would include an MLB stadium. Rumors have been swirling for some time now about plans to have a new stadium in that area, but the amount of public money that would be used in this plan is still unknown to many.

According to the Salt Lake Tribune, Larry H. Miller Company and the Miller family are planning to invest around $3.5 billion in that area. However, Utah's legislative leaders are planning to spend around $1 billion on the MLB stadium along with the thriving entertainment district in Salt Lake County.

As per the plan, the state would reportedly issue bonds worth hundreds of millions of dollars, mostly by borrowing the money. Then, they would repay this debt with revenue generated by an increase to the transient room tax or hotel tax.

During his monthly news conference, the Governor of Utah, Spencer Cox, voiced his support for tapping into the hotel tax funds to help the baseball project in his state. He said:

"I know there’s some conversations right now about the Transient Room Tax. We have some of the lowest taxes in the United States on hotels … so the argument is there’s a little bit of room. Most of those taxes are paid by people outside of the state of Utah, so that’s one area where we’re having discussions and negotiations where I’m open to it. I’m not open to using General Fund money and writing a check to subsidize these at all”

According to reports, initially, after discussion, an increase of 2.5% to the room tax across Salt Lake County was planned for the six counties, namely, Weber, Davis, Tooele, Summit, Utah and Wasatch, as these counties would presumably see some benefits from the baseball team.

However, the increase in taxes might be less than expected, ranging between 1% and 1.5%, to reduce the impact on hotels, but it will be implemented across all 29 counties of Utah.

This deal would be very similar to the one the state made in 2007 for the Real Salt Lake Soccer Stadium in Utah. For the stadium the state diverted around $35 million of the hotel taxes toward the stadium.

The MLB stadium, however, is just one piece of the bigger picture of the development of that area. The lawmakers of the county or the state also plan to create a broader Fairpark entertainment district, which includes hotels, bars, and restaurants.

Salt Lake City MLB stadium set to host multiple events apart from baseball

The state of Utah is planning to build an MLB stadium in Salt Lake City to draw MLB teams to the city. However, according to reports, when completed, the stadium is set to host a list of events apart from baseball, which includes concerts, other community events, etc.

Jeff Robbins, president and CEO of the Utah Sports Commission, shared his view on how this new stadium would help the state. He said:

"Utah attracts a wide variety of sports and entertainment events throughout the year. The addition of a world-class MLB stadium would enhance our ability to attract more key events to the state."

The Larry H. Miller Company has already chosen a 100-acre spot for the multi-purpose stadium. The new stadium is set to be located in the Salt Lake City International Airport and downtown, bordered by I-80, light rail, the Utah State Fairpark and the Jordan River.