Treasure buyout priced at nearly $93 million
December 21, 2011
The Treasure partnership has set a price tag of just shy of $93 million for its development rights on a high-profile hillside overlooking Old Town, City Hall said Wednesday afternoon, a dollar figure that has led the municipal government to abandon its efforts to negotiate an outright buyout.
The figure had been closely guarded since the Sweeney family delivered the price to City Hall on Dec. 12. It had long been expected it would climb into the tens of millions of dollars, and the approximately $93 million is likely within the range anticipated by many people who closely followed the Treasure discussions.
A prepared statement released by City Hall said the figure is "significantly higher" than an appraisal conducted on behalf of the municipal government.
City Hall would have been required to seek voter approval for a buyout through a bond measure to raise the money. According to calculations released by the municipal government, a bond valued at nearly $93 million would have cost someone with a $700,000 house $546 annually for 15 years. The cost would have been approximately double for someone who owns a vacation home.
The statement indicated City Hall and the Treasure partnership will continue their discussions about reducing the scope of the project at the Treasure site itself by possibly transferring some of the development rights to a spot uphill from the Park City Mountain Resort base area.