Park City Treasure deal fell by millions of dollars since 2011

untitledThe price of Treasure has dropped sharply in seven years even as real estate prices have steadily risen in Park City during that time.

City Hall announced on Wednesday evening a deal had been reached to acquire the hillside acreage and attached development rights. Officials identified the $64 million price tag the next morning.

The $64 million sum will be widely debated in coming months if Mayor Andy Beerman and the Park City Council agree to pursue the acquisition, something that is a near certainty since it is the elected officials who negotiated the agreement. A ballot measure expected to be set at approximately $50 million or less would be put to voters in November while the remaining multimillion-dollar gap would be funded through other means, including shifting $6 million earmarked to build a plaza in the Brew Pub lot to the Treasure deal.

The $64 million would be, by a wide margin, Park City’s most expensive conservation deal. The $38 million acquisition of Bonanza Flat, finalized in 2017, currently holds that mark. Moreover, an approximately $50 million ballot measure to fund a Treasure deal would set a Park City record as the largest-ever conservation bond, also by a wide margin. The current high, $25 million, was approved by voters in 2016 to put toward a Bonanza Flat deal.

For the rest of this article visit:

https://www.parkrecord.com/news/park-city-treasure-deal-fell-by-millions-of-dollars-since-2011/

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