The Sweeney family, the traditional owner of the Treasure land overlooking Old Town, may sell its 50 percent stake in the acreage to City Hall.
If that deal, dependent on a ballot measure, is finalized, the holder of the other 50 percent stake in Treasure would become the developer of a scaled-back project.
The Sweeney family’s partner is a firm known as Park City II, LLC. Many people in Park City are familiar with the Sweeney family, a prominent name and the developer of the Town Lift Plaza, but only a few likely have knowledge of Park City II, LLC or its leader, a part-time Park City resident named Elizabeth Rad.
Park City II, LLC and Rad would hold a greatly expanded role if City Hall acquires the Sweeney family’s stake in Treasure should voters in Park City pass a ballot measure. Officials intend to purchase the Sweeney family’s interest for $30 million in a move that would reduce the breadth of the overall development. The deal would largely be funded by a $24 million ballot measure that would be put to voters in November of 2018
At that point, if the ballot measure passes, Park City II, LLC would be left as the developer of a reworked Treasure project. Park City II, LLC has largely been the silent side of the Treasure partnership. Although the firm is represented at Park City Planning Commission meetings about Treasure, it is typically the Sweeney family that addresses the panel.