Salt Lake City and Smith Entertainment Group discuss $900M downtown revitalization plan

SALT LAKE CITY (KUTV) — New details about a proposed contract between Salt Lake City and Smith Entertainment Group to revitalize downtown have been released.

Salt Lake City Council members discussed the proposed contract on Tuesday night.

The proposal details that the most money SEG can get from net bond proceeds is $900 million, which will be paid for the the “revitalization tax” collected by the city over 30 years.

The Utah Legislature authorized the city to issue a 0.5% sales tax for that reason.

Under the proposal, the city will get up to 1% of the tax back.

Starting on July 1, 2025, SEG will put a fee on each ticket sold for events at the Delta Center — $1 per ticket if the ticket is $25 or less, $2 per ticket if the ticket is between $25-200, and $3 per ticket if the ticket is more than $200.

The fees will then go back to the city to spend on affordable housing and other “public benefit initiatives” determined by the city.

Other parts of the proposal include workforce development programs supported by SEG, like college internships and high school shadowing.

SEG will also design an outdoor event space and walkways connecting the district and streets.

MORE on the SLC REVITALIZATION ZONE:

The city council is expected to vote on the proposal on Tuesday, July 9.

After the vote, the revitalization zone committee will have 30 days to review the proposal and vote on it in a public meeting.

Once final approval is given, the city council will vote on whether to pass the sales tax increase.

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