Park City plans Yard acquisition info sessions
November 11, 2016
City Hall has scheduled meetings on Tuesday and Wednesday designed for people who want to learn details about the municipal government's plans to acquire half of The Yard and then pursue a development that could involve housing, a parking garage and a transit hub.
The meetings are scheduled as an important date in the acquisition timeline approaches. City Hall has a Dec. 9 deadline to delve into details of the approximately 2.29-acre parcel, a process in real estate transactions known as due diligence. The land is located along Kearns Boulevard and is adjacent to The Boneyard Saloon & Kitchen, the Recycling Center, a Rocky Mountain Power substation, Homestake Road and a storage-unit business.
The municipal government intends to pay $6 million for 50 percent of The Yard. The land is now under the ownership of the Bonanza Park partnership. The Yard is a key parcel in the partnership's vision for the redeveloped district.
The closing date on the acquisition is scheduled on Feb. 1.
The meetings on Tuesday and Wednesday were organized to provide the public with more details prior to the Dec. 9 deadline. The deadline date of Dec. 9 is also important as the day that City Hall must transfer $60,000 in escrow money to a title company if officials move forward with the acquisition.
There will be high-level staffers at the meetings. Jonathan Weidenhamer, the economic development manager, Community Development Director Anne Laurent and Alfred Knotts, who is the transportation planning manager, are scheduled to attend.
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Weidenhamer said staffers have been in discussions with representatives of the nearby Iron Horse district and homeowners associations that represent people who live close to the site.
He said City Hall continues to consider concepts for development at the site and no proposal has been finalized.
Officials see the acquisition of 50 percent of The Yard as a move that could advance City Hall's transportation programs, housing efforts or both. They are two priorities of the mayor and City Council. Leaders are aggressively pursuing a housing program meant to provide options for people otherwise priced out of Park City's resort-driven real estate market. The transportation plank of City Hall's work plan aims to reduce traffic by encouraging more people to use public transit.
The meeting on Tuesday is scheduled from 8 a.m. until 9:30 a.m. at Ritual Chocolate, 1105 Iron Horse Drive. The meeting on Wednesday is scheduled from 4:30 p.m. until 6 p.m. at Windy Ridge Café, 1250 Iron Horse Drive.