Park City plans to finalize Bonanza Flats deal on Thursday
June 12, 2017
Park City said on Monday it intends to finalize the acquisition of Bonanza Flats on Thursday, indicating the gap in funding has fallen to approximately $500,000 on the $38 million deal.
Voters in Park City approved a $25 million ballot measure that covers most of the overall price and a broad fundraising effort is ongoing that involves contributions from government entities, corporate donors and individuals.
A statement released by Park City on Monday indicated City Hall's strong bond rating provided a windfall of $2.7 million above the $25 million in bonds approved by voters. Of that sum, City Hall said, $700,000 will be set aside for closing costs and work at trailheads.
"We have always been committed to saving this tremendous landscape," Park City Mayor Jack Thomas said in prepared comments included in the statement. "We want the community to rest assured that we will step up to the plate and purchase the land, but we are reliant on all of the commitments made to date to truly get this across the finish line."
The statement acknowledged the importance of pledged monies during the fundraising efforts and a $1.5 million contribution under consideration as part of the Salt Lake County budget talks.
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