October surprise: City Hall reveals there’s a buyout offer for Park City Heights
October 31, 2011
An offer has apparently been made to City Hall to purchase its 50 percent stake in the Park City Heights development, a stunning acknowledgement that comes two years after the municipal government paid $5.5 million in taxpayer money to become a partner in the project.
An agenda for a Park City Council meeting scheduled for Thursday sets aside 20 minutes to discuss the offer. A vote on the matter is not on the agenda released on Monday.
According to the agenda, the offer was made as part of a package deal to sell the project to Ivory Homes, a major homebuilder based in Salt Lake City. Park City Heights has not been developed.
City Hall did not immediately release numerous details about the offer, including what Ivory Homes is willing to pay.
The City Council discussion is scheduled to start at approximately 5:30 p.m. at the Marsac Building.
City Hall purchased its 50 percent stake in late 2009 in what was a highly unusual deal for the municipal government. City Hall land deals typically involve acreage that leaders want to set aside as open space. It is also rare for City Hall to partner with the private sector in a development. The $5.5 million deal was with The Boyer Company, which had been the lead developer of Park City Heights prior to City Hall’s involvement.
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Park City leaders acquired the 50 percent stake in an effort to boost the amount of work force housing within the project as well as putting themselves in a position of influence as the development was designed.
City Hall and The Boyer Company in May won a narrow Planning Commission approval for the overall project – 239 units on 239 acres. The approval allows 160 of the units to be built as houses that will be sold on the open market. The other 79 are to be built as work force housing, split between City Hall, The Boyer Company and Intermountain Healthcare, the developer of the nearby Park City Medical Center