Basin Recreation ready to run with bond
November 14, 2014
The voters of area code 84098 have spoken, with more than 70 percent of residents approving the Snyderville Basin Special Recreation District’s $25 million bond.
The bond won 71 percent of the voter’s approval during the elections, mirroring results from the 2010 open space bond, which had overwhelming voter support as well.
The general obligation bond is focused on targeting open space acquisitions and will help fund other projects, such as the expansion of recreational facilities, trail improvements and a possible State Road 224 pedestrian crossing.
A primary resident in the Snyderville Basin will pay approximately $19.25 per year more in taxes, per each $100,000 of a primary home’s market value, according to information from the Snyderville Basin Special Recreation District.
The Summit County Council decided to move forward with the bond despite a clerical error that gave them the authority to remove it from the ballots.
Now that the bond has passed, District Director Rena Jordan said it is time for the district to focus on "making sure we can do all things we said we are going to do."
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The Snyderville Basin Special Recreation District Board met on Wednesday night to discuss the bond election process moving forward, considering the 40-day time period in which the bond can be contested.
The district cannot take ny action on the bond until after the state-required 40-day period is over. It begins after the Nov. 18 county canvass and will end on Dec. 28.
"In the interim, we will be working on requests and proposals so we can get things underway in January," Jordan said.
The Board plans to begin working with Zions Bank, who was hired as a financial advisor, to prepare for entering the financial market sometime in February. Following that timeline, the district will have access to the $25 million at the end of the first quarter in March, Jordan said.
After January, the Board will start the process of hiring an architect for the Fieldhouse expansion, another component of the bond, which will raise $5.5 million for that effort.
The board also approved expanding the contract with the design consultants who are tasked with helping the district understand the feasibility of completing the S.R. 224 pedestrian crossing. The expansion of the contract will cost an additional $14,000.
"We just have to plan to get our ducks in order during the waiting period so that we are not working backward once we are cleared," Jordan said.