Park City Treasure deal: ‘holy smokes’ that was fast
January 25, 2018
After more than a decade of on-and-off discussions about the Treasure development proposal, a deal for City Hall to acquire the hillside land was negotiated over the course of a single day.
It is an extraordinary turnabout, both in the breakneck pace and the breadth of the agreement. It is also stunning how quickly the deal was made after officials over the years were unsuccessful in other attempts.
The talks about the Treasure development itself were expected to continue at a Park City Planning Commission meeting on Wednesday evening. The meeting was canceled shortly before the panel was scheduled to convene, and several Planning Commissioners were already at the Marsac Building.
Mayor Andy Beerman said the $64 million acquisition price was under negotiation on Wednesday, the day before the number was made public. He said there were several City Hall offers and Treasure counteroffers on Wednesday. State law allows a municipal government to discuss property deals in private, and the numbers attached to the offers and counteroffers remain guarded.
"It was a wild day yesterday," Beerman said.
He also described the agreement as a "very abrupt course correction or turn" on the Treasure side.
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Beerman said the earlier unsuccessful attempts to negotiate an agreement provided groundwork that allowed the quickened pace on Wednesday. City Hall previously considered the land's value and the impacts of an acquisition, the mayor said.
City Hall and the Treasure side had been in negotiations involving the municipal government acquiring a 50 percent stake in Treasure for $30 million. The deal would have involved the Sweeney family's one-half share in Treasure. The other side of the Treasure partnership, a firm called Park City II, LLC, would have pursued a reimagined, scaled-back project under that agreement.
Pat Sweeney, who represents his family in the talks about the Treasure development itself but not in the negotiations about a City Hall acquisition, acknowledged the quick pace on Wednesday.
"It happened yesterday. Holy smokes," Sweeney said.