$48 Million Treasure Hill Bond Will Be On Novembers Ballot
Park City Council took a vote Thursday, capping off months of discussion--and controversy stretching back over 30 years on the Treasure Hill property.
The council approved a Resolution, putting a Bond before the voters this November for $48 million to acquire the Treasure hillside and exclude any residential and commercial development. The sum also includes $3 million to help acquire a conservation easement for the Snow Ranch Pastures.
The vote was four to zero. Council member Lynn Ware Peak was absent. Assistant City Manager Matt Dias said they took a lot of public input before putting forward a General Obligation Bond to preserve two iconic pieces of property.
The payment of the bond will be over 16 years. The city staff calculates that the cost will be $194 a year, for a primary home at $800,000 of assessed value.
For a business of the same assessed value, the annual cost will be $353.
Council member Steven Joyce added he's heard a misunderstanding, from a number of people, that the city is taking on the whole tab to preserve the Snow Ranch Pastures. Actually, the cost for the conservation easement is $6 million. He said when Utah Open Lands raises $3 million, the city will contribute the other $3 million.
Dias and city budget manager Nate Rockwood said they heard recent public comments and tweaked the ballot proposition set for November 6th.
One more tweak was added last night. Part of the language said that limited improvements would be allowed for public access and parking.
At the suggestion of council members, that was changed to "trailhead parking."
To bring the bond amount down below $50 million, the council eliminated or deferred a number of capital projects, and liquidated the remainder of their open space funds.