It was your typical ground-breaking ceremony scene. The people who would be collecting the interest were smiling and the people who would be paying the interest were crying.
"Times like this, I tend to get emotional," said Larry H. Miller as he flicked away a tear. This is the one man in Utah who has an idea how the national debt feels.This is a man whose credit rating is so good he can buy a basketball franchise for $20 million and then buy a 21,000-seat multi-purpose arena for another, oh, $66 million by the time they paint the lines on the floor.
He pays more in interest than guys in New York who make their payments in paper bags to people named Louie.
Miller was feeling no strain yesterday, however, at the official ground-breaking ceremony of the new Jazz arena at South Temple and Fourth West. For one thing, more than a thousand people - most of whom sweat out making mortgage payments each month of a lot less - interrupted their lunch hour to give him a standing ovation.
For another thing, the interest on the loan doesn't begin accruing until July 1 - when the project will collect its first draw of the $66 million. The first draw will be around $3 million. The interest will be a mere $1,000 a day.
It won't be until the late summer of 1991 that the interest will hit its peak - at $17,000 a day.
Or $708.33 an hour.
Or $11.80 a minute.
Which is why the Japanese gentlemen seated on the dais yesterday looked so radiant.
A Japanese Bank - Sumitomo Trust - agreed to loan Miller the $66 million. Their officials were on hand, making sure there really is a 4th South & South Temple in Salt Lake City and Larry H. Miller honest to goodness exists. Mr. Kaneaki Hori of Sumitomo Trust spoke, saying "we realize the significance of this project to the city and state." He didn't specify which country.
For some reason, Miller couldn't find a lender in America. Only when he went to the land that made him his first fortune - by selling their Toyotas - did he find someone who would lend him another fortune.
In case you missed yesterday's ceremonies, a collection of politicians stood up to speak and applaud the project, and entertainer Donny Osmond stood up to adjust his shades. Why Osmond was there, no one was quite sure, including the Soldier of Love himself, who said he'd "heard Larry Miller is a good man," explained that he doesn't live in Utah anymore, and added that he'd "like to be able to do a concert in this building."
As the festivities went on, there was a haunting presence from across the street, where the Triad Center sits, a shell of its original projection. In a similar ground-breaking ceremony not many years ago, Saudi Arabian billionaire Adnan Khashoggi, who recently spent some jail time in New York, talked of grandiose plans for the Triad Center - and then he sailed off in a yacht to sell arms to the Iranians and forgot he'd ever been in Utah.
This history was not lost on master of ceremonies/Jazz president Frank Layden - not a lot is lost on Layden - who interrupted the chain of politician's speeches to read a telegram.
"It says, `Congratulations on the new arena. I've been detained in New York,"' Layden began, "Please give my best to all my friends in Utah. If you need additional money please call.' It's signed . . . Adnan Khashoggi."
Everyone laughed. Even Miller. Even the executives from Sumitomo Trust. No deal is a bad deal at the ground-breaking ceremonies.
After that, the politicians grabbed gold shovels to officially break the ground, and then looked like real city workers by leaning on the shovels to pose for photos.
And Donny Osmond said he might have his next album finished in time for the arena's completion date of Oct. 1, 1991.
And Layden said, "You know, 11 years ago I walked into this valley and said 'This is definitely not the place.'
"Well, I was wrong."
And Larry H. Miller said, "What we need to do now, is we need to come in on time and under budget."