School districts can use lease revenue bonds to fund construction or renovations using rent payments to pay back the funds. The bonds essentially commit money from future property tax and income tax revenue.
The Park City School District Board of Education unanimously approved phases one, two and four of an athletics master plan in November.
Phase one includes building softball and baseball fields by Treasure Mountain Junior High. Phase two will demolish Treasure Mountain, which will be decommissioned after this school year. In its place, two soccer fields and eight tennis courts will be built. The soccer fields will also be used for lacrosse and tennis courts can be used for pickleball. Phase four will revamp Dozier Football Field with a new track and turf.
The board now plans to issue almost $38 million in lease revenue bonds to fund the construction. The bonds will be financed over 20 years. The district expects to pay between $2.5 million to $2.7 million a year for the bonds.
If held until maturity, the district will pay almost $56 million total.
Before issuing the lease revenue bonds, locals will have a chance to share their thoughts with the school board. The public hearing at the district office begins at 6 p.m. Tuesday, Dec. 17.
