The language of the bond for the Treasure Hill and Snow Ranch Pastures is short and sweet, but the same can’t be said for Treasure Hill’s history. Melissa Allison brings us the details:
There are only 206 words in the Park City Open Space bond which is more than 30 years in the making. Ballots will be counted at the close of business on November 6, 2018 – and the community at large will learn whether Treasure Hill will be preserved or developed.
The $48-million bond would cost primary homeowners whose home has an estimate value of $800,000, about $194 annually. Second homeowners and businesses in Park City however, would pay more – about $353 a year.
Those taxes would be in place for 15 years.
Park City Municipal have made it clear their first and primary goal is to preserve the open space which locals and tourists have enjoyed for decades be it on foot, bike or skis.
Exactly what that looks like however, has yet to be determined.
The bond says the purchase would “eliminate any future commercial or residential development, and to make limited improvements for public access, trailhead parking and use.”
Those decisions won’t be made until after the purchase of the bond, should the community vote in favor of its purchase.
The bond also helps purchase an easement which protects the Snow Ranch Pastures – making what some have called, the emerald necklace of Park City, complete.
I’m Melissa Allison, KPCW News.
PARK CITY OPEN SPACE BOND
Shall Park City, Utah be authorized to issue general obligation bonds to acquire, improve and forever preserve open space, park and recreational land located in Treasure Hill and Armstrong/Snow Ranch Pasture in order to protect the conservation values thereof, to eliminate any future commercial or residential development, and to make limited improvements for public access, trailhead parking and use, in an amount not to exceed $48,000,000 and to mature in no more than 16 years from the date or dates of such bonds?
PROPERTY TAX COST OF BONDS
If the bonds are issued as planned, an annual property tax to pay debt service on the bonds will be required over a period of 16 years in the estimated amount of $194 on a primary residence with an assessed value of $800,000, and in the estimated amount of $353 on a business property having the same assessed value.
The foregoing is only an estimate and is not a limit on the amount of taxes that the governing body may be required to levy in order to pay debt service on the bonds. The governing body is obligated to levy taxes to the extent provided by law in order to pay the bonds.