Treasure talks unfold at a quickened pace | ParkRecord.com

Treasure talks unfold at a quickened pace

Park City officials on consecutive days this week are scheduled to discuss a reworked idea for the Treasure development proposal, continuing a fast-paced set of discussions as the sides attempt to make critical decisions about the long-disputed project.

City Hall and the Sweeney family in late 2017 reached an agreement calling for the municipal government to acquire the family's 50 percent stake in Treasure and for the other side of the Treasure partnership, a firm known as Park City II, LLC, to rework the remainder of the project. The deal with the Sweeney family is priced at $30 million, and a ballot measure would be required to raise $24 million of the overall price.

The Park City Planning Commission on Wednesday is scheduled to address Treasure starting at 5:30 p.m. in the Park City Council chambers at the Marsac Building. A hearing is planned. On Thursday, meanwhile, the City Council is slated to discuss Treasure and hold a hearing at a meeting starting at 6 p.m. Members of the Planning Commission are expected to attend the City Council meeting.

The meetings this week are anticipated to focus on a redesigned project that would be pursued should a ballot measure pass. The Treasure proposal as of now involves upward of 1 million square feet and is envisioned as a major resort hotel. A redesigned project would be scaled back to include a boutique hotel and 18 houses. The project would remain on a hillside overlooking Old Town along the route of the Town Lift.

The Sweeney family, the traditional owner of the acreage, in the 1980s secured an overall development approval for the Treasure land and nearby parcels. The land is now under the ownership of the partnership. The Treasure side and the Planning Commission spent more than a decade in off-and-on talks about the project with only moderate progress, leading to the agreement calling for City Hall to acquire a 50 percent stake.

It would be a significant development even reduced by 50 percent, and the location on a high-profile hillside close to the surrounding neighborhood remains sensitive. The City Council at a meeting earlier in January received a range of comments about Treasure from longtime critics, including that a significant excavation would be required for a reworked project and traffic would remain a concern.