Treasure Hill – An Opportunity to Protect & Preserve Park City

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Treasure Hill Existing Condition

Treasure Hill Existing Condition

Photographic Simulation

Photographic Simulation

Park City residents have an opportunity to permanently preserve and protect Treasure Hill from development – arguably the last major developable piece of land within historic Park City and end 30 years of uncertainty. The purchase price is $64M and contingent upon a November 2018 voter-approved general obligation bond, estimated to fall between $50M-$55M.

The Park City Council and Planning Commission unanimously agreed that, after decades of negotiation and regulatory meetings, this decision should be made by the resident and voters of Park City. Regardless of whether you decide to be for or against the possible bond proposition, Park City encourages you to familiarize yourself with the factual information on this site, attend open houses, and other information sessions, and most importantly- vote on election day! 

Putting the decision to the voters is based upon decades of community input and a financially sound funding strategy. The financial strength of the City is due to conservative budgeting combined with a vibrant resort economy and extensive network non-primary residential properties and lodging.

City Council believes $64M is a realistic price based on comparable projects, professional input, and strong market forces driving Park City’s real estate market. The City plans to defer several capital projects in order to reduce the bond to between $50 to $55 million.

71% of property in Park City is owned by non-primary residential owners or investors:

    • Primary residents only pay 15% of Park City’s property & sales taxes – the rest is paid by second homeowners, hotels and investment property (71%) and businesses (9%).

    • “Locals,” or primary residents, will only pay approx. $8M on a $55M bond.

 Park City’s strong financial position includes:

    • An AAA Bond rating – the highest available;

    • Half of Park City’s existing property tax debt will be retired over the next 5 years;

      • Park City’s current debt limit is less than .5% of total taxable value (well below State mandated requirements);

      • Park City’s debt limit is $312 million, which leaves $253 million in remaining capacity.

    • Park City has among the lowest municipal property tax rate in Utah. Utah rates in the lowest 5% of property tax rates in the nation.        

 Please view the 6/5/18 Panel Discussion Presentation for more information on the bond cost.