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Article: Counties in Utah Dream of Levying Property Taxes on Olympic Sites.
- Article from:
- The Bond Buyer
- Article date:
- May 9, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Alleging the 2002 Winter Olympic Games will be more of a financial drain than boon to the local economy, the Salt Lake County Board of Equalization yesterday decided it would levy property taxes on all Olympic venues except the speed-skating oval.
The Salt Lake County Council, which convenes as the Board of Equalization to determine such matters, chose to strip the tax-exempt status provided to Olympic venues in a 1998 agreement that stated those facilities would remain tax-free during their construction stages. Only the Utah Olympic Oval retained its tax-exempt status. If taxed, the oval could have brought in tax revenue of $703,000 a year to Salt Lake County.
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