Corroon expects all Real data by Friday
He says he'll decide within a week what to recommend
Then, Corroon says, he'll make a decision "within a week." Corroon will give his verdict to the County Council, which will then vote on whether to approve county funds for the stadium.
Corroon had hoped for a recommendation from the county's Debt Review Committee on Monday, but the committee said it needed more time to evaluate Real Salt Lake's complicated business model.
Members of the committee will meet in private throughout the week, and their work will culminate with a meeting Friday to give Corroon the final word.
"We could be here late Friday night, but we'll get it done," said Larry Richardson, chairman of the Debt Review Committee.
Richardson is scheduled to give the County Council an update today on the committee's progress in evaluating the deal. Real Salt Lake is asking for $30 million in hotel-tax revenue from the county and $15 million in redevelopment-agency dollars from Sandy.
Corroon is anxious to get moving — especially since the Legislature is threatening the county with several damaging bills if the stadium deal doesn't go through.
One rumored bill would redirect restaurant-tax revenues to cities. Salt Lake County uses the money to pay the debt service on bonds for the Salt Palace and South Towne Exposition Center, as well as operating costs at those facilities and several county arts and recreation centers.
Another bill would take away the county's option to give hotel taxes to the team to build the stadium. House Speaker Greg Curtis, R-Sandy, instead wants to use that money to fund a TRAX line to the Salt Lake City International Airport or an expansion at the Hogle Zoo.
To both state and local leaders who have criticized the county for "dragging its feet" in the stadium deal, Corroon said, "I want to make a decision and make it quickly, but I don't want to make it without the facts."
He should have the facts by Friday. Corroon had asked the Debt Review Committee to determine if Real Salt Lake is a worthy business in which to invest public dollars.
Specifically, he asked the committee if Real would be viable long-term, and "if they are going to be able to pay the bills, essentially, and live up to the agreement we've set forth."
When asked if he would approve the stadium deal if the Debt Review Committee gave him a negative recommendation about the team's business plan, Corroon said, "Unlikely, but I keep that door open."
Members of the Debt Review Committee remain concerned about the team's concert projections. Real believes it can book 11 a year at minimum, while an independent financial consultant said the stadium could book six acts at best.
Committee members also still have questions about the team's attendance estimates and parking plans, and the financial viability of the team's proposed radio station.
E-mail: ldethman@desnews.com
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