Agenda Item Title:
Title
Interlocal Agreement between Sandy City and the Governor's Office of Economic Opportunity
Body
Presenter:
Kasey Dunlavy, Economic Development Director
Lynn Pace, City Attorney
Body
Description/Background:
The Interlocal Cooperation Agreement between Sandy City and the Governor’s Office of Economic Opportunity authorizes the City to receive state-allocated transient room tax revenues and pass them through to the Larry H. Miller Company for stadium and related infrastructure improvements. These “Allocated Taxes” may only be used for statutorily approved development purposes, and GOEO has confirmed that Sandy City and the proposed use of LHM projects qualify. As the stadium approaches 20 years of use, LHM intends to apply the funding toward the design, renovation, and construction of necessary upgrades and improvements.
Under the Agreement, GOEO will transfer Sandy City’s share of these revenues through June 30, 2047. Overall, the Agreement secures a long-term, dedicated funding stream to support economic development and major recreation and stadium investments in Sandy City. Additionally, If approved, the City will enter into a Memorandum of Understanding with LHM, to ensure both parties can comply with State law and carry out the intentions and purposes of the Agreement, as authorized by State statute.
Please see attached Memorandum, draft Interlocal Agreement and draft MoU between the City and LHM for more detail.
Recommended Action and/or Suggested Motion:
Recommendation
This evening the council should ask any questions and provide input on the proposal. However, no action is needed this evening. The Agreement, Resolution and Memorandum of Understanding will be brought back for further council consideration and possible approval at the December 16th City Council meeting.