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Deadline for Bonanza Flats is Closing In

Utah Open Lands
Bonanza Flats has a closing date of March 15 but Park City has a second option to push it back to June.

Park City residents voted last November to approve a $25 million bond to purchase Bonanza Flats should it become available. It did and Park City put $1.5 million down but the closing date is coming up fast.

Park City still has to come up with an additional $13 million which, at this point, has not happened.

City Manager Diane Foster said there is a second option.

“At that point city council is going to have to make a decision," Foster said. "Whether they say, ‘Okay we’re not going to make it. We’re going to give up the money we’ve already put in escrow and we’re not going to issue the bond and we’re going to give up the property.’ Or they can actually decide to make a second bond escrow payment for $1.5 million dollars and then continue to June 15. I think one of the signals that city council will probably look at will be, ‘Where are we?’”

Leading the effort to raise the $13 million needed is Utah Open Lands Executive Director Wendy Fisher. She said people from all over are pitching in.

“Utah Open Lands has a $300 thousand pledge we’re trying to match right now," Fisher said. "We’ve had 300 donations come in, there is some discussion about even trying to get money from the state legislature.”

The 300 donations add up to $150 thousand and that $300 thousand pledge is from an anonymous source that came in one day after Valentine’s Day.

Fisher said, “So we hope that with the little time we have left we can really rally everybody together and demonstrate to the city and to the residents that already put some dollars up through the bond, that we can get this done."

Foster said Park City Mayor Jack Thomas and Council Member Andy Beerman are having daily meeting to track the progress being made with ongoing conversations with other government partners.

The $10 million that the city was counting on from other cities, counties and water districts may be prohibited. Foster said it’s a conversation between bond attorneys but Fisher said Bonanza Flats is a unique property.

“You know the interesting thing about this property is that even though the jurisdictional boundaries, which is such a technical part, don’t necessarily coincide for everybody," Fisher said. "The will of the residents from the Wasatch Front to the Wasatch Back is really what’s pulling at the heartstrings of even their leaders to put funding into this and what I have heard, which we don’t have a solid commitment yet from every single jurisdiction, but what I have heard is that has made a tremendous difference and they’re going to find a way.”

Fisher said the goal is to reach $3 million of private funding  and if you want to help match the $300 thousand dollar pledge that is now up and running – Fisher said to call them.

When asked if she how positive she was about coming up with the money for Bonanza Flats – Fisher said  she’s an eternal optimist.