City Hall on Wednesday evening said late-hour negotiations are underway with the Treasure partnership in an effort to reach an agreement to acquire all the development rights attached to the hillside land.
It is another dramatic moment in the long-running discussions about the project. The announcement was made just before the Park City Planning Commission was scheduled to address the controversial project.
Mayor Andy Beerman declined to discuss details about the price.
City Hall had been in negotiations involving acquiring a 50 percent stake in Treasure for $30 million, with $24 million of that sum needed through a ballot measure.
That deal was reached with the Sweeney family, the traditional owner of the land. The Sweeney family’s partner in the Treasure land, a firm called Park City II, LLC, would have retained its stake under that scenario and pursued a reimagined, scaled-back project.
The current talks involve Park City II, LLC’s 50 percent stake in addition to the Sweeney family’s one-half share.