Park City reaches Treasure deal, but what about an appraisal?

The Treasure land on a hillside overlooking Old Town along the route of the Town Lift is, undoubtedly, valuable.

It is on the slopes of Park City Mountain Resort and just blocks from the shopping, dining and entertainment of Main Street. And there are significant development rights attached to the land dating from the 1980s.

But the real value of the approximately 105 acres remains unknown to the public. City Hall has negotiated a $64 million deal with the Treasure partnership to acquire the land in a conservation deal, meaning Park City’s leaders have pegged the value of the land at that figure. Park City voters are anticipated to decide whether City Hall acquires the land via a ballot measure in November. It would raise approximately $50 million toward the deal with officials in coming months expected to consider funding options for the remainder.

The property’s appraised value, though, is not known publicly, spurring questions shortly after the agreement was announced. The appraised value has not been an overriding issue thus far, but it has been mentioned sporadically

It is something that could eventually embolden critics of the agreement should they attempt to argue that City Hall wants voters to approve the municipal government’s most expensive conservation deal, through what would be the largest-ever bond, without the knowledge of an appraisal.

City Hall has attempted to acquire Treasure outright or negotiate a partial buyout of the development rights several times over the years, but the current deal is the first to advance to a point that it appears to be a possibility. The Park City Council on Thursday is scheduled to consider an agreement with the Treasure partnership that would move the community toward a November ballot measure. The partnership involves the Sweeney family, which is the traditional owner of the land, and a firm called Park City II, LLC.

For the rest of this article please click on the link below:

https://www.parkrecord.com/news/park-city-reaches-treasure-deal-but-what-about-an-appraisal/

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