Basin moves forward with bond
January 17, 2015
The 40-day time period in which the Snyderville Basin Special Recreation District’s $25 million bond could have been contested has now passed, allowing the district to move forward with the projects associated with the bond.
"It was wait, wait, wait," District Director Rena Jordan said. "Now its go, go, go.
"I knew it would happen and we were pretty prepared to move forward, but it was a matter of being optimistic," she added.
The Summit County Council approved a resolution on Wednesday authorizing the issuance and sale of the general obligations bonds, which are not to exceed $25 million.
The Snyderville Basin Special Recreation District requested the bond, of which $15 million is focused on open space acquisitions. The remaining $10 million will fund other projects such as the expansion of the Basin Field House and the Park City Ice Arena, $2 million to be earmarked specifically for trail improvements and a possible State Road 224 trail crossing.
The County Council decided to leave the bond on the November ballot, despite a clerical error that could have disrupted its passing. More than 70 percent of residents voted in favor of the bond on Nov. 4, but according to state statute, a bond can be contested and appealed within 40 days, even if it is approved by the voters. The 40-day contest period ended on Dec. 28.
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The Snyderville Basin Special Recreation District Board is working with Zion’s Bank, that was hired as a financial advisor, to prepare for entering the financial market next month.
"It’s a wonderful time to be selling debt, in terms of getting a good interest rate for the district," Brian Baker, with Zion’s Bank, told the council, adding that the district is likely to get a lower rate than what was predicted for the public.
The district plans to enter the market on Feb. 25, with a target closing date of March 11.
Currently, the district is searching for architects to complete design work for the expansion of the field house.
"Our hope is to have an architectural contract negotiated and approved by our board by the first week of February," Jordan said. "And then it’s all about laying out a timeline to make sure we can get the project done. It is our target to have the project done within one year from hiring an architect."
District officials are meeting with Park City Municipal about the potential second sheet of ice for the Park City Ice Arena expansion, but Jordan said that project is still being explored.
"I think that is a long-term project versus these other projects that we believe we can get in the ground this coming year," she said. "The second sheet of ice is working, but it is still very much in the concept stage, in that regard."
The district is also meeting with engineers on a potential pedestrian crossing at the intersection of Bear Hollow Drive and S.R. 224 and have scheduled a work session with the County Council on March 4 to discuss it, Jordan said.
"It’s great that the community supported this bond," Jordan said. "The recreation district is committed to delivering on what we said we would do and we look forward to getting things done."