Salt Lake City approved a resolution authorizing a $26 million bond Thursday afternoon that will help in the development of the new Utah Jazz arena.
This move will raise the $20 million needed for a parking terrace, make land and site improvements and finance the acquisition of the 10 acres set aside for the arena, located between South Temple and 100 South and between 300 West and 400 West. It also will bring a development grant for a plaza, said Dick Turpin, deputy director of the Salt Lake Redevelopment Agency.Jazz owner Larry H. Miller is building the new 20,400-seat arena, scheduled for completion by October 1991, because his team has outgrown the Acord Arena in the Salt Palace.
The arena will be financed through a $66 million loan, along with the $20 million from bonds from the RDA. Miller, who owns the Golden Eagles hockey club as well, is leasing the site from the RDA for $1 a year for 50 years.
Although the bond resolution is cleared, the agreement between the RDA and the Miller Arena Corp. isn't quite finished. Attorneys from both sides still need to make minor changes in the language of the contract.
These changes are minor, Turbin said, and do not make a major difference in the concept of the project. He said attorneys had difficulty adjusting their schedules, but he hopes they will approve the contract at the next RDA meeting on Aug. 14 at 4 p.m.
The agreement is about the arena, jointly built by Japan-based Ohbayashi Corp. and Bountiful-based Sahara Construction.