Treasure Hill and Armstrong/Snow Ranch Pasture Open Space Bond

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On August 16, 2018, City Council voted unanimously to support a $48M Treasure Hill and Armstrong/Snow Ranch Pasture open space bond. This presents Park City residents with the opportunity to make the final decision to permanently preserve and protect Treasure Hill and Armstrong/Snow Ranch Pasture from development.

Both properties are arguably some of the last major pieces of open space available within Park City with significant development potential. The purchase is contingent upon a November 2018 general obligation bond.

The Park City Council and Planning Commission unanimously agreed that, after decades of negotiation and regulatory meetings, who better than the voters of Park City to determine the fate of these properties. Regardless of whether you are for or against the bond proposition, Park City encourages you to familiarize yourself with information about each property and vote on Election Day.

After three decades of public pressure and negotiations with the Planning Commission and City Council, the City is finally able to give residents the power to make their own decision in November.

To preserve these lands, a $48M bond will cost the average primary resident an additional $194 a year in property taxes for 15 years.  The average non-primary residence and business would pay an additional $353 a year for 15 years. 


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City leaders are sensitive to the financial impacts to residents and businesses, and did not enter these discussions lightly. Your leaders are committed to a balanced approach to maintain community values, push back against development pressures, and safeguard our future finances and infrastructure needs.  Our “Complete Community” includes investment in:

  • Affordable Housing: Park City is on track to build 800 affordable housing units by 2026 (Housing budgets were not impacted).

  • Transportation: New projects include the Electric Xpress, Summit E-bike Share, park and rides, and more.

  • Sustainability: City projects are designed and constructed to net zero standards, with the goal to meet net zero/carbon neutral municipal operations by 2022.

  • Social Equity: Ensuring a more inclusive and compassionate community.

  • Open Space: Finishing what others started…we have a long history of valuing our historic Old Town and open spaces, beginning with the McPolin Farm in 1990, controlling sprawl, and maintain the unique beauty and quality of life in Park City.

New Tree

The Purchase and Sale Agreement (PSA) establishes a total purchase price of $64M to buy the land, including a $6M down payment. What is the funding source for the $6M?  The $6M was redirected from the Main Street Plaza (adjacent to Wasatch Brew Pub).  

If the bond fails, what will we get for our $6M non-refundable down payment? The $6M will go towards a 10% density reduction from the project, subject to the terms and timing of a settlement agreement in the PSA. We don’t get our money back, but we do receive a proportionate reduction of the potential development.

Aside from the $6M down payment from the Plaza, where else did was cut to reduce the bond down to $48M?  During the City Council’s regular budgeting process, the Council identified:

  • Canceled plans for a new Public Utilities Building
  • Delayed Old Town street reconstruction projects
  • Delayed Stormwater improvements
  • Cancelled sidewalk repairs and improvements
  • Allocated reserves (revenues in excess of expenditures FY18)
  • Allocated proceeds from land sold to the PC Fire District
  • Allocated all remaining open space funds

If the bond fails, will the City still be able to pursue the 50 percent density buy-down that was proposed earlier in the year? No, the landowners have withdrawn that proposal. If the bond fails, they will pursue the pending Conditional Use Permit, modifying the 17.2 refinement reduced by 10% or otherwise modifying their application. 

What is the status of the City’s bonding capacity? Will this bond crowd out future opportunities? Utah allows City’s to bond at 4% of their total taxable value in any one year. This means Park City has $253M in remaining debt capacity. Thus, plenty of bond capacity remains. We also have an AAA bond rating (the highest rating of any municipality in Utah), which provides Park City with very favorable interest rates. And a general obligation bond allows the voters to make the ultimate decision. 

Why have you determined to keep the land entirely open space and not site affordable housing or attempt to monetize portions of the property (transfer density or allow some limited single family development)?  Our overarching goal is preservation, protection of Old Town, and to push back against the powerful forces of development and its impacts.  When Council was examining financial strategies, the public input and feedback was overwhelmingly anti-development and its associated impacts.  Also, affordable housing was determined cost prohibitive given the expensive development costs as a result of site conditions (steep slopes, excavation, utilities, etc.).