Park City Overwhelmingly Votes To Approve the Acquisition of Treasure

Posted by Diana Fulcher on Wednesday, November 7th, 2018 at 3:21pm.

Treasure Approved in Park City

Park City voters on Tuesday overwhelmingly approved a $48 million ballot measure that will fund most of the cost of the acquisition of the Treasure land in a conservation deal, ending more than three decades of uncertainty about the acreage overlooking Old Town along the route of the Town Lift.

According to preliminary totals released on Tuesday night, 2,839 people, or 77 percent, voted in favor of the measure, while 836, or 33 percent, cast nay votes. The voters approved the bulk of the funding needed for the $64 million acquisition of Treasure, as well as a contribution of up to $3 million for an unrelated conservation deal in Thaynes Canyon.

The approval will allow City Hall to finalize the acquisition of the land from the Treasure partnership, consisting of the Sweeney family and a firm called Park City II, LLC. The partnership had spent years in discussions with the Park City Planning Commission about a development proposal encompassing approximately 1 million square feet.

Pat Sweeney, who represented his family in the discussions about the development proposal, said on Tuesday night he is pleased with the result. “They created the opportunity for the citizens to decide the fate of our property. They negotiated an acceptable situation for us,” he said, adding, “The citizens had a chance to make the decision and we’re happy with their decision. I think it’s a fine way for Treasure Hill to turn out.”

Support of the ballot measure was well organized and drew people from across Park City. An opposition movement appeared late during the election season but was unable to sway the campaign.

City Hall projects the property tax increase approved through Tuesday's successful vote will be $194 annually on an $800,000 residence classified as a primary home. The increase is predicted to be $353 each year on a vacation home or a commercial property. The bond will repaid over a term of 15 annual payments.

The results did not include ballots cast in person on Tuesday, ballots placed in drop boxes after 3 p.m. on Election Day or ballots postmarked by Nov. 5 that had not arrived to the county clerk. Summit County Clerk Kent Jones said updated results that factor in those ballots will be released Friday.

Sourced from The Park Record: Click here for the full article.

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