Park City finds monies to keep Treasure bond under $50 million
August 1, 2018
Park City officials on Tuesday indicated there is a possibility of reducing the dollar figure attached to a ballot measure that would fund most of the cost of the acquisition of Treasure in a $64 million conservation deal.
Mayor Andy Beerman and the Park City Council had recently been debating a $50.7 million figure for the ballot measure. A City Hall report prepared in anticipation of an important City Council meeting scheduled on Thursday outlined the possibility of reducing the ballot measure to $48 million.
The $2.7 million reduction includes $1 million in bond premium based on the size of the ballot measure, $1 million in proceeds from the sale of land to another governmental body and $700,000 in estimated surplus monies from City Hall's 2018 fiscal year, which ended on June 30. The $1 million in proceeds would come from a City Hall sale of a small parcel of ground at Quinn's Junction to the Park City Fire District for a firehouse. The City Hall-Fire District transaction is expected to close shortly.
The City Council on Thursday is expected to heavily debate options for the Treasure ballot measure, including ideas to include a $3 million contribution to a Utah Open Lands effort to set aside 19 acres of land on the edge of Thaynes Canyon, known as Snow Ranch Pastures.
The report says one possibility includes combining Treasure and Snow Ranch Pastures in a $48 million ballot measure. Doing so immediately involves $3 million in open space funds raised through sales taxes. The other possibility involves a $48 million ballot measure for Treasure with the elected officials supporting the separate efforts to use the open space funds raised through sales taxes for the Snow Ranch Pastures deal but keeps those monies in reserve for now. City Hall estimates a successful $48 million ballot measure would cost the owner of a $799,214 property classified as a primary residence another $194 annually over the 15-year repayment while the owner of a vacation home or commercial property with that value would pay an additional $353 each year over the course of the repayment.
The City Council meeting on Thursday is scheduled to start at 6 p.m. at the Marsac Building. The elected officials are slated to take public input in addition to the discussion.