A second Utah ski resort may get financial help from taxpayers through the state’s Military Installation Development Authority (MIDA), a public entity tasked with developing land that is owned by or that directly benefits the military.
MIDA is being asked to partner with Sundance Mountain Resort in Provo Canyon to build a new lodge, the Sundance Inn.
MIDA can issue public bonds — which gives developers access to less expensive financing. Then, as the new development raises more in taxes, MIDA can use much of that increased revenue to pay off the debt.
The infrastructure that MIDA would help fund at Sundance, according to adraft plan, would include rooms in the new lodge that comply with the requirements of the Americans with Disabilities Act and accessible offerings for military veterans.
MIDA’s involvement, the proposal says, will help the resort establish a Sundance Veterans Program, paid for with the money the resort saves on development costs.
The total cost for the lodge would be around $35 million, according to the plan. MIDA, the plan says, “intends to issue bonds to fund the hard costs associated with Sundance Inn construction” but also estimates a “minimal sharing of development costs.”
The MIDA board will consider the project Dec. 19 at 9 a.m. Anyone interested can virtually attend here.
See the full story from the Salt Lake Tribune here.
This article is published through the Utah News Collaborative, a partnership of news organizations in Utah that aims to inform readers across the state.