How much will it cost to ensure Park City open space?

By Christopher Smart

To stop a 1 million square-foot development, how much are Park City taxpayers willing to pay the Sweeney brothers Ed, Mike and Pat, for 124 acres of land abutting the historic district?

The answer to that question is eagerly awaited by Old Town residents who say the Treasure Hill proposal is too big for the neighborhood, and would create traffic and public safety hazards, among other problems. The price tag is expected to be announced at a Dec. 15 City Council meeting.

A recent appraisal put the value of the land at $48 million. Some observers say that could be well shy of what the Sweeney brothers believe the project is worth.

Ed Sweeney said Friday he could not comment on whether $48 million is enough. “We’ll cross that bridge when we come to it,” he said.

He was referring to a vote the City Council will make this week to extend a “letter of intent” from the municipality to the Sweeneys. The measure that officially continues negotiations is expected to pass easily and will ask the Sweeneys to provide a selling price.

See link below for the rest of the article:

http://www.sltrib.com/sltrib/news/52990099-78/park-million-council-sweeneys.html.csp?page=1

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