The 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.
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