Park City reaches $38 million deal to acquire Bonanza Flats
January 11, 2017
City Hall has reached an agreement to acquire Bonanza Flats in a $38 million deal that will be one of the municipal government's crowning conservation purchases.
The Park City Council on Thursday is scheduled to vote on an option agreement with the landowner, a firm called Redus, LLC. Park City voters on Election Day approved a $25 million ballot measure that was meant to fund the acquisition of Bonanza Flats if the approximately 1,400 acres was made available to City Hall.
It was not known on Election Day whether Redus, LLC was interested in selling the land to City Hall. It was not immediately clear how the remaining $13 million needed for the acquisition will be funded. A City Hall release on Wednesday, though, indicated Summit County Councilors and unspecified not-for-profit land organizations are scheduled to participate in a media briefing on Thursday.
Park City officials have said they hoped to draft partners to assist in financing an acquisition.