Park City secures three more months to close on Yard deal
Deadline extended until May as owner seeks change to plat map
City Hall recently secured more time to finalize the acquisition of approximately half of The Yard, a parcel along Kearns Boulevard that leaders see as important to the municipal government’s long-range plans for the busy area.
The closing had been planned by Wednesday. Park City officials and the landowner, a firm under the umbrella of the Bonanza Park partnership of Mark J. Fischer and John Paul DeJoria, negotiated the extension. The Park City Council at a recent meeting voted 4-0 with City Councilor Becca Gerber absent to extend the closing deadline until May 2.
Jonathan Weidenhamer, the economic development manager at City Hall, said officials sought the extension to give the Bonanza Park partnership more time to seek a change to the plat map at the site. The partnership must create a new lot before City Hall will finalize the acquisition. The change to the plat map is not controversial and is expected to be completed before the May 2 deadline.
Weidenhamer said he anticipates City Hall will close on the deal on or before May 2. City Hall and the landowner reached a deal in the spring of 2016 priced at just less than $6 million for 2.29 acres of land in the southern part of The Yard. The parcel is behind The Boneyard Saloon & Kitchen and borders Homestake Road, a Rocky Mountain Power substation, the Recycling Center and a storage-unit business.
Officials see the acquisition as an opportunity to guide the development of the land. They have indicated there could be work force or otherwise restricted housing, transit infrastructure and parking built at the site. Project details have not been finalized, and the design could eventually involve a combination of housing, parking and transit infrastructure.
City Hall previously transferred $60,000 in escrow money to a title company. The remaining $5,940,000 will be transferred into escrow with the title company on Wednesday.
A City Hall report drafted in anticipation of the recent meeting indicated the Bonanza Park partnership filed an application to change the plat map in October and “neither the buyer nor seller anticipated the time necessary” for the application to be processed. The report listed issues like utility details, rights-of-way and parking on the portion of The Yard that is not a part of the City Hall acquisition.
The Park City Planning Commission must make a recommendation on a change to the plat map. The City Council then must vote on the recommendation.
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