Utah approves $900M for MLB stadium, Salt Lake expansion

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Read more here: https://www.ksl.com/article/50933256/...

HB562 sets up a new Utah Fairpark Area Investment and Restoration District that will help oversee major redevelopment planned for the Fairpark neighborhood and forthcoming Power District in Salt Lake City. It also sets up the framework for state funding of a possible Major League Baseball stadium, in a move that ramps up the state's bid for an expansion team.

HB562 sets up a few things. Once signed, it would create a new investment district this year, including a board that oversees it. The area is slated for major redevelopment with the creation of the Power District, which was boosted earlier this month by the Larry H. Miller Company's announcement that it will invest at least $3.5 billion in the area.

The bill would provide up to $900 million in state funds toward a possible MLB stadium, should Utah land an MLB team by mid-2032. A prospective MLB owner, most likely the Miller Company, would cover the rest of the estimated $1.8 billion project, oversee construction and upkeep, and pay the state a $150,000 per month lease to play in the stadium that the state would own.

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