Park City puts Treasure decision to voters
Park City weighs bond to preserve hillside land
On Nov. 6, Park City voters will be faced with yet another open space bond. The long-disputed Treasure Hill development on the hillside above Old Town could be purchased by the City, if a $48 million, 16-year bond passes. Up to $3 million of the funding for the Snow Ranch/Armstrong pasture at the base of Thaynes Canyon would also be included in the bond.
Scrambling to make up the difference to the $64 million bond price tag, Park City has delayed the Brew Pub parking lot project, and the sale of fire district property on lower Park Avenue for $1 million. “I just don’t know if it will pass,” says Park City Manager Diane Foster.
“Half of the existing bond debt will be retired in the next seven years,” she adds. “We’re done acquiring land.” This also follows Park City’s acquisition last year, for $19.5 million, of a 5.25 acre parcel in what is called the Arts and Culture District, which is intended to be the new home for the Sundance Institute and Kimball Art Center. In 2016 a $25 million bond passed to help acquire Bonanza Flat, a 1,350 acre piece of land high above town.
Mayor Andy Beerman understands the financial pressures these bonds impose on residents. “About 85 percent of the taxes here are paid by nonresidents,” he says. “The city has not increased base taxes in 30 years. We have to be careful of compounding costs of living. Increases in Park City’s property tax have always been voter approved.” He agrees with Foster that Park City is largely done with growth in Park City.