The plan to build a new mixed use district in Park City has hit another delay, but officials say they are confident the changes will result in a better project.
The city’s proposal now includes a funding commitment of approximately $30 million, which would be pulled from hotel tax revenue.
City staff proposed several other changes, some of which the council did not support, like a 3,000-square-foot cap on commercial businesses and reduced rents for locally-owned stores.
Park City Councilmember Tana Toly, who owns Red Banjo Pizza on Main Street, said offering below-market rents would be unfair to other area businesses.
Councilmember Ed Parigian disagreed.
“The goal of this always was that we wanted places people to go [to] not have to pay the full Main Street prices,” he said.
The new proposal also shows the city is willing to consider building heights of up to 45 feet and a ground lease up to 60 years.
Councilmember Ryan Dickey said he was uncomfortable with the city committing $30 million toward the project, calling the number “arbitrary.” He said that doesn’t take into account the $19 million Park City already paid for the five-acre property in 2017, along with other potential future costs.
Park City Mayor Nann Worel said it’s important not to go into development negotiations with a blank check. The city previously abandoned a plan for the property after costs ballooned over $100 million.
“For us to go into this without saying, ‘This is what we will spend,’ I think is foolish,” Worel said.
The remainder of the council agreed to change the language to say the city is willing to contribute “approximately” $30 million instead of setting a hard limit.
Park City plans to issue the new proposal in the next few days. Developers will have until the end of March to submit their plans.
A private scoring committee will then select the top two offers and forward them to the city council for interviews.
