Deep Dive
Long reads on how Utah pays for things and how its big projects turned out, first published by The Financial Current.
Every Deep Dive was first published by The Financial Current, our sister publication, and links back to its original.
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How Salt Lake paid for the 2002 Olympics
Utah’s early tax funding, Olympic sponsorships and government services helped stage the Games. The organizers’ surplus financed a lasting sports legacy, but it was only one part of the public bill.
Geneva Steel: a $110 million rescue, then another shutdown
A $110 million federally guaranteed loan helped Geneva Steel emerge from bankruptcy in 2001. Within a year the Utah mill was idle and back in bankruptcy; the government paid $92.1 million on its guarantee, and the equipment was sold to a Chinese steelmaker for $40 million.
RaPower-3: the solar lenses that sold tax benefits before electricity
A Utah promoter sold plastic solar lenses for $3,500 each with the pitch that buyers could zero out their federal taxes. Courts found the technology never worked, upheld a $50 million disgorgement order and denied investors’ credits, and a receiver has spent years chasing the money.
UTOPIA’s growing fiber network and the debt its cities still carry
Utah’s open-access fiber system has added customers and its financing partner has improved. The original agency’s obligations to bondholders and cities remain a separate part of the recovery story.
Utah’s finances: falling debt, substantial reserves and pressure beneath the totals
Utah has built financial cushions and paid down bonds. A review of its state accounts also finds slower growth in budget balances, a sharp preliminary drop in corporate taxes and financial controls that auditors said needed repair.