Park City moves to explain $64 million Treasure deal
February 7, 2018
Park City officials have scheduled three informational sessions meant to explain City Hall's $64 million agreement to acquire the long-disputed Treasure land.
The first one was scheduled Tuesday evening. The second event is slated on Thursday from 4 p.m. until 5:30 p.m. in Room 301 at the Park City Library, while the final one is set for Tuesday, Feb. 13 from 6 p.m. until 7 p.m. at the offices of the Park City Board of Realtors, 1889 Prospector Ave. The public is invited to each of the gatherings.
A majority of the Park City Council may attend any of the sessions. City Hall staffers plan to make a brief presentation and then field questions.
The sessions are designed to brief the public about what would be, by a wide margin, the most expensive conservation agreement in Park City's history. The deal would depend on Park City voters in November approving a ballot measure expected to be set at approximately $50 million or less.
City Hall and the Treasure partnership in late January reached the $64 million agreement for the municipal government to buy out both of the 50 percent stakes in Treasure. The partnership involves the Sweeney family, which was the historic owner of the land, and a firm called Park City II, LLC.
It seems likely the sessions will draw people interested in the financials of the deal, such as the impact of a successful ballot measure on property taxes, and details of the eventual protection of the land if the agreement is finalized.
Recommended Stories For You
There was concern recently about the prospects of City Hall acquiring Treasure and then setting aside some of the land to develop work force or otherwise affordable housing. Officials have since backed away from that scenario, but some might continue to have questions about that idea.
The three sessions are scheduled shortly before the City Council is expected to hold an important meeting centered on the deal, planned on Feb. 15.