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Park City Council to address speed limits, fractional ownership at Thursday meeting

The Park City Council has a packed agenda for its Thursday meeting. Big topics include the winter transportation plan, local speed limits, and fractional ownership rules.

The Utah Legislature passed House Bill 235 earlier this year, which gives cities and counties power to set speed limits posted on local roads.

Park City staff are now proposing to reduce the speed limit in the historic district to 15 mph, except for Park Avenue and Swede Alley. They are also seeking to post a 20 mph speed limit on what they’re calling “minor collector” roads, such as Monitor Drive and Three Kings Drive.

High traffic roads such as Bonanza Drive and Deer Valley Drive would maintain their 25 mph limit.

Park City Manager Matt Dias told KPCW the city has been trying to find a happy medium.

“The empirical evidence says lower speeds reduce the severity of accidents,” Dias said.

He said there are also problems associated with going too low.

“Arbitrarily low speed limits without improvements in the right-of-way and proper enforcement and otherwise - can backfire. And so again this is a little bit of a balancing act. We’ve received a tremendous amount of public input.”

A map of the proposed changes can be found here.

Park City doesn’t have influence over SR-224 and SR-248, as those are state-owned and controlled by the Utah Department of Transportation (UDOT).

The council is also scheduled to return to the proposed ordinance targeting fractional ownership within city limits.

Although owning property through a limited liability company, or LLC, is a common practice across the country, it has come under scrutiny in recent years in Park City.

In 2020, Pacaso started offering a way for people to buy portions of multi-million dollar Park City homes. Pacaso helps set up the LLC and then offers property management services to buyers.

Many residents have said they 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 proposed ordinance in front of the city council would regulate fractional ownership to parts of the city that allow timeshares and private residence clubs. The code changes aim to keep the use out of primarily residential neighborhoods like Thaynes Canyon and Park Meadows.

Dias said the city plans to revisit the ordinance in three to five years.

“We are trying to protect the quality and sanctity of our primarily residential neighborhoods," Dias said.

"This is a new and innovative means and method for having, owning, and acquiring property in cities and towns perhaps across the country. The focus right now is primarily in these resort-related areas.”

According to a staff report, Park City is one of the first places in the mountain West attempting to write rules for fractional ownership.

A map to where exactly the city would ban fractional ownership can be found here.

The meeting begins in city council chambers starting at 3:30 pm