PARK CITY, UT— Park City Municipal Corporation and the owners of the Treasure Hill Project are negotiating an agreement to purchase 100 percent of the Treasure Hill Project to permanently preserve the hillside as open space and prevent any future commercial or residential development. The parties have an agreement in principle to provide a final purchase agreement and sale price for City Council and community consideration at their regularly scheduled City Council meeting on Thursday, February 1, 2018.
The proposed buyout would consist of the City purchasing the entire project, ending decades of community uncertainty. The purchase would be contingent upon a voter approved general obligation bond to be placed on the November 2018 ballot.
The City had already suspended the Main Street Plaza project and is currently reevaluating other ways to reduce the ultimate bond amount for voters to approve. In addition, the City will consider additional capital projects and other expenditures that can be deferred in order to reduce the amount of the bond.
Further details will be announced as soon as they are available and provided at the February 1, 2018, City Council Meeting at 6:00 pm at the Park City, City Hall.
For more information, please contact Dena at 435-659-9347 or Quinn at 435-640-1854