Post by Logan on Jun 15, 2016 19:01:16 GMT -6
Salt Lake City approves $22 M tax reimbursement for Jazz arena upgrade
SALT LAKE CITY (AP) — The city approved $22.7 million in tax incentives Tuesday for the Utah Jazz’s planned $125 million arena upgrade.
The Salt Lake City Redevelopment Agency board voted 6-0 for a proposal from the Larry H. Miller Group, which owns the Jazz.
“Very thankful for the support we received today,” Jazz President Steve Starks said. “We’ve had great conversations to this point with all stakeholders and they’re excited about the future of the renovation and what it means for our community and the state and Jazz fans. Today’s vote represents the support the community has always had for the organization.”
The tax reimbursement is part of an established incentive program. The Jazz will only receive the money if the value of the arena and the property taxes increase as a result of the improvements. The money would be paid out through the year 2040.
Read more: www.standard.net/State/2016/06/14/City-approves-22-M-tax-reimbursement-for-Jazz-arena-upgrade.html
SALT LAKE CITY (AP) — The city approved $22.7 million in tax incentives Tuesday for the Utah Jazz’s planned $125 million arena upgrade.
The Salt Lake City Redevelopment Agency board voted 6-0 for a proposal from the Larry H. Miller Group, which owns the Jazz.
“Very thankful for the support we received today,” Jazz President Steve Starks said. “We’ve had great conversations to this point with all stakeholders and they’re excited about the future of the renovation and what it means for our community and the state and Jazz fans. Today’s vote represents the support the community has always had for the organization.”
The tax reimbursement is part of an established incentive program. The Jazz will only receive the money if the value of the arena and the property taxes increase as a result of the improvements. The money would be paid out through the year 2040.
Read more: www.standard.net/State/2016/06/14/City-approves-22-M-tax-reimbursement-for-Jazz-arena-upgrade.html