Park City Council Considers Terms For Two Bonds Funding Treasure Hill
The Park City Council is considering two measures that will authorize the issuance of $80 million in bonds Tuesday. KPCW’s Emily Means has more.
The City Council will vote whether to authorize the terms of the $48 million Treasure Hill and Armstrong/Snow Ranch Pasture general obligation bond that 77% of Park City voters approved in the November election. Prior to the public vote, $16 million was reallocated from the city budget to lower the cost of the bond to $48 million for the ballot. Budget cuts were made to a planned Public Utilities building, Main Street Plaza and a variety of city repairs and improvements. Also, $700,000 was carried over from 2018.
Still, Assistant City Manager Matt Dias says the purchase of the properties is a priority for the city, so the council will consider not only the $48 million bond but also a sales tax revenue bond to partially fund the Treasure purchase and affordable housing projects.
"There are two significant financial items here," Dias said. "First is the $48 million general obligation bond, then the second is a sales tax revenue bond, and we’re using both of these bonds to do three things. The first one is to sort of end the odyssey on the Treasure Hill open-space purchase; the second is the commitment of $3 million towards Snow Ranch/Armstrong Pastures; and the third is there is some money in here for affordable housing and workforce housing. So, two financial instruments, three goals: Treasure, Snow Ranch Pastures and Armstrong and the money towards affordable housing."
Of the $32 million sales revenue bond, Dias says $10 million is allocated for Treasure Hill and $22 million will go towards affordable housing for the second phase of Woodside Park. The City began collecting an additional one-half percent resort communities sales tax in 2013, with revenue directed towards the Capital Improvement Fund to support a variety of projects. Dias says that revenue wasn’t always intended to be used for Treasure Hill.
"We have a 10-year plan for our additional resort community sales tax, and that 10-year plan was augmented in order to do what you just said, which is to put our money where our mouth is," Dias said. "We determined this was a priority for us, so we changed the 10-year plan and allocated resources towards Treasure."
Should the Council approve the sales revenue bond resolution, a public hearing to discuss the issuance of the bonds and their economic impact will take place February 14, 6:00 p.m. at the Marsac Building. The purchase of Treasure Hill is expected to happen in April.