Treasure Hill and Armstrong/Snow Ranch Pasture Open Space Bond

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We are proud to bring closure to what has been an almost 30-year community journey. On November 6, 2018, Park City residents voted (77% for and 23% against) to pass the Treasure Hill and Armstrong/Snow Ranch Pasture open space bond. The land is to remain permanently preserved and protected from development.

On August 16, 2018, City Council voted unanimously to support a $48M Treasure Hill and Armstrong/Snow Ranch Pasture open space bond. This presented 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 was contingent upon the November 2018 general obligation bond.

The Park City Council and Planning Commission unanimously agreed that, after decades of negotiation and regulatory meetings, the voters of Park City were to determine the fate of these properties. 

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

The Park City Council has reduced its budget by $16M to decrease the bond amount to $48M.

Did you know?

  • 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 and sales taxes – the rest is paid by second homeowners, hotels and investment property (71%) and businesses (9%).

  • Park City’s strong financial position includes:
    • 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 $312M, which leaves $253M in remaining capacity.
      • Park City has among the lowest municipal property tax rates in Utah. Utah rates in the lowest 5% of property tax rates in the nation.

  • For additional financial information, view the August staff report.