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.
The tax reimbursement is part of an established 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.
The Jazz plan to pay for the upgrades at Vivint Smart Home Arena up front.
The arena was built in 1991 for $90 million, including $24 million in public money. It is the oldest arena in the NBA that has not undergone a major renovation.