Bonanza Flats bond passes by wide margin
November 8, 2016
Park City voters on Tuesday overwhelming approved a $25 million ballot measure meant to fund the acquisition of Bonanza Flats, a high-altitude swath of undeveloped land in Wasatch County, according to preliminary results on Election Day.
The ballot measure passed with 70.2 percent of the votes. City Hall put the question to voters to secure a funding source for an acquisition of Bonanza Flats in a conservation deal, if one is negotiated. Park City leaders have cautioned an agreement has not been negotiated. If a deal is not reached, City Hall would not issue the $25 million in bonds.
Bonanza Flats, which is downhill from Guardsman Pass, covers approximately 1,400 acres and is a popular place for recreation lovers.
If City Hall issues the bonds, officials have estimated, someone owning a primary residence valued at $810,000 would pay $122.67 more in property taxes while a person who owns a vacation home or a commercial property with an $810,000 value would pay $223.05 more each year. The bond would be paid off over 15 years.
Bonanza Flats is owned by a firm under the umbrella of Wells Fargo and Midtown Acquisitions, the lenders that brought a foreclosure case against the Talisker corporate family that involved a series of parcels of land in the greater Park City region, including Bonanza Flats.