City answers resident questions about fractional ownership in open house next week
Park City Municipal is hosting an open house to answer community questions about fractional home ownership. It’s at the Park City Library on Tuesday, August 16.
Park City Planning Director Gretchen Milliken said the city hopes to hear from anyone with questions and feedback - whether they’re concerned residents or people living in fractionally owned homes.
Representatives from Pacaso, a company that offers fractional ownership in Park City, will be on hand at the open house.
Founded in 2020 by former Zillow executives, Pacaso sets up an LLC and offers property management services to people who buy shares of their homes.
Some residents oppose fractional ownership, calling it a rebranding of timeshares, which are more strictly regulated.
Pacaso says its model is better for communities because more owners of a vacation or second home means more people in town supporting the local economy.
The Park City Council delayed a decision on code amendments targeting fractional ownership in June.
The proposed ordinance would ban that ownership model in specific parts of the city, matching existing zoning requirements for timeshares and private residence clubs.
A work session about fractional ownership will be held during a joint meeting of the Park City Council and Park City Planning Commission on August 30. The city council will hold a public hearing about the new rules in October, ahead of any decision.
The open house will take place on Tuesday, August 16, from 5-6:30 p.m. in room 301 at the Park City Library.