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A few key details stand out in the full proposed agreement:

The arena renovation — needed to help the venue accommodate both the NBA's Utah Jazz and the NHL's new Utah Hockey Club — would pick up in April 2025 and be carried out in various periods over the next few years. It's scheduled to wrap up by October 2027, ahead of the 2027-28 season for both teams.

Smith Entertainment Group can seek up to $900 million in bonds toward the project. Renovations are expected to account for $525 million of any bonds, while the remainder of the funds — about $375 million — would go toward an entertainment district surrounding the arena with projects carried out between 2024 and 2033.

Proceeds from a proposed 0.5% sales tax would go toward repaying debt from the bonds over the next 30 years. The Salt Lake City Council is tasked with approving a sales tax increase, which it must vote on this year.
Salt Lake City would have "no obligation or liability" to pay for any gaps should the tax not fully repay the bond. Smith would have 10 years to complete any project that received public funding, so all projects tied to the tax must be completed by 2034.

There are "extraordinary remedies" should Smith Entertainment Group break a 30-year pledge to play exclusively at the Delta Center — minus a few exceptions like a Winter Classic outdoor hockey game. The company would have to repay what it receives from the sales tax by that point and a "liquidated damages amount," which could cost as much as $250 million. It may also trigger litigation.

Read More: https://www.ksl.com/article/51061494/...

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