Park City reaches $6 million deal to acquire key Bonanza Park property
May 9, 2016
City Hall has reached an agreement to acquire a large portion of The Yard, a strategically placed parcel of land along Kearns Boulevard that was once envisioned as the site of a major private-sector development but now could advance the municipal government’s aggressive transportation and housing efforts.
The $6 million deal was not made public until the Monday afternoon release of an agenda for a Park City Council meeting scheduled on Thursday. The City Council is scheduled to cast a vote on Thursday authorizing the purchase.
It would be a significant acquisition for City Hall, given the 2.29-acre size, as well as a location that could eventually play a key role in transportation and parking infrastructure. The possibility of developing work force or some other category of restricted housing at the site is also notable. Details about the housing prospects of the location were not immediately available.
"This is an opportunity and location that is crucial and key to the community," Mayor Jack Thomas said, acknowledging that the $6 million is a "significant price" but saying it represents a long-term value and commitment to the community.
The land is behind The Boneyard Saloon & Kitchen and borders Homestake Road, a Rocky Mountain Power substation and the Recycling Center.
The deal is expected to close on Feb. 1, allowing City Hall time to conduct an environmental assessment and consider development ideas.
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The seller is a firm controlled by the Bonanza Park partnership involving Mark J. Fischer and John Paul DeJoria. The Bonanza Park partnership holds ambitious plans to redevelop other parcels in Bonanza Park. The Park Record was not immediately able to contact Fischer.
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