{"id":1004068658,"date":"2013-03-13T15:04:04","date_gmt":"2013-03-13T23:04:04","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=109446"},"modified":"2022-12-05T17:51:55","modified_gmt":"2022-12-06T01:51:55","slug":"megahotel-plans-pick-up-steam-from-state-funding-sources-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/megahotel-plans-pick-up-steam-from-state-funding-sources-2\/","title":{"rendered":"Megahotel Plans Pick Up Steam From State Funding Sources"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

In recent years, Salt Lake City\u2019s entrepreneurs and elected officials have recognized the value of developing a convention center and large new hospitality property. Often referred to as the \u201cmegahotel project\u201d, the initiative has been picking up steam\u00a0of late. Legislators have proposed new funding mechanisms to provide approximately $100 million worth of public financing toward the estimated $335 million cost, the Salt Lake Tribune<\/em> noted.<\/p>\n

The state Senate recently passed \"\"<\/a>a measure to provide up to $32.8 million toward the project in annual $3.5 million increments. The funds would be used for land acquisition as well as the development of 85,000 square feet of meeting space.<\/p>\n

The proposed 1000-key convention center hotel would produce as much as $600 million in state and local taxes over the next 30 years, theTribunereported.<\/p>\n

Salt Lake City and Salt Lake County would supply the rest of the $100 million in public financing. Local authorities could redirect sales tax revenue to generate $67 million.<\/p>\n

The city\u2019s requirements stipulate that the project must be developed no more than 1,000 yards from the Salt Palace convention center in order to promote the city\u2019s meetings and conventions business.<\/p>\n

Image of the Salt Palace\u00a0courtesy of user Mangoman88<\/em> via Wikimedia Commons<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Salt Lake City’s entrepreneurs and local officials have spotted the need for a convention center and larfe new hospitality property in recent years, a development that would further the convention and meeting space culture in the area. Mostly referred to as the “megahotel project”, the initiative has been gaining traction over past months up to a point where a number of measures were produced to help with the financing for the much-desired development. Those legislative measures were supposed to provide approximately $100 million-worth of public contribution to the process.<\/p>\n","protected":false},"author":237,"featured_media":1004506857,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1606],"tags":[],"class_list":["post-1004068658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-salt-lake-city"],"acf":[],"yoast_head":"\nMegahotel Plans Pick Up Steam From State Funding Sources - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/megahotel-plans-pick-up-steam-from-state-funding-sources-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Megahotel Plans Pick Up Steam From State Funding Sources\" \/>\n<meta property=\"og:description\" content=\"Salt Lake City’s entrepreneurs and local officials have spotted the need for a convention center and larfe new hospitality property in recent years, a development that would further the convention and meeting space culture in the area. 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