Park City family wants $92.9 million for Treasure Hill buyout

By Christopher Smart of The Salt Lake Tribune

The Sweeney family’s asking price for a buyout of their Treasure Hill land abutting Park City’s historic district may be too high even for a community that has spent tens of millions of dollars to preserve open space.

After a closed meeting Wednesday between Park City officials and the Sweeneys, City Councilwoman Liza Simpson said the Treasure Hill acreage could be purchased for $92,925,000. Simpson said that means a deal isn’t likely.

The Sweeneys and their partners, a limited liability corporation called Park City II, have proposed building a 1 million-square-foot project near the Creole ski run and Lowell Avenue that would include a hotel, conference center, restaurant and retail space.

But many Park City residents have criticized the plan as too big. The city had considered purchasing the land as open space.

“I think it is beyond our community’s ability and willingness to bond for the land at that price,” Simpson said. She doubts the council would put a bond that large on the ballot.

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

http://www.sltrib.com/sltrib/news/53163878-78/park-hill-price-space.html.csp

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Treasure Hill Price Tag Too Big to Pursue Say City Officials

By Linda Gorton on December 21, 2011

The Developers have named their price for a total buyout of the Treasure Hill project planned for Creole Gulch above Old Town and Park City officials say the price is too high for taxpayers to bear,  so they will no longer pursue that as an option.

For the past year and a half, city officials and the Sweeney family, the primary owners and developers of the project, have been in talks about the plans to put a large development on the hillside just northwest of the town lift. The Treasure Hill project, as it is known, has had vested rights for years and includes plans for condos, a hotel and more. One of the options officials have considered over the last 18 months, in order to avoid seeing the large project go in, was a tax-payer funded buyout of the plan. Now it looks like that option is off the table.

The Sweeney’s recently provided the city with their estimate of the project’s value and said they would be willing to sell all of their development rights for just under 93 million dollars. After a final meeting between the two parties on Wednesday the city has now announced the two are at an impasse and a full buyout will no longer be considered.

City officials had considered the buyout option after residents expressed interest in the idea but survey’s showed very limited support for a large price tag. Officials estimate the buyout would cost property owners about 78 dollars a year per 100 thousand dollars of assessed value for 15 years. A home valued at just over 7 hundred thousand would pay well over 5 hundred dollars a year. In recent surveys only 17 percent of residents said they would be willing to pay that much.

Instead, officials say they will now focus on a plan to transfer roughly half of the density off of the hillside to other areas of town. Some of it could be transferred to the base area of Park City Mountain Resort. Stay tuned to KPCW Thursday morning, we’ll be talking with Councilwoman Liza Simpson about Wednesday’s meeting and what happens now.

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Treasure buyout priced at nearly $93 million

Dollar figure convinces City Hall to abandon efforts for a conservation deal

by Jay Hamburger, THE PARK RECORD

The Treasure partnership has set a price tag of just shy of $93 million for its development rights on a high-profile hillside overlooking Old Town, City Hall said Wednesday afternoon, a dollar figure that has led the municipal government to abandon its efforts to negotiate an outright buyout.

The figure had been closely guarded since the Sweeney family delivered the price to City Hall on Dec. 12. It had long been expected it would climb into the tens of millions of dollars, and the approximately $93 million is likely within the range anticipated by many people who closely followed the Treasure discussions.

A prepared statement released by City Hall said the figure is “significantly higher” than an appraisal conducted on behalf of the municipal government.

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

http://www.parkrecord.com/ci_19595381

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Majority of Parkites willing to pay higher taxes for Treasure buyout

Survey shows some would agree to pay $500 or more annually to preserve acreage

by Jay Hamburger THE PARK RECORD

Approximately seventy-three percent of Parkites who responded to a City Hall poll last summer, nearly three out of every four people, indicated they are willing to pay at least something additional in property taxes to finance a buyout of the Treasure partnership’s development rights.

The amount they are willing to pay, though, varies considerably. Moreover, approximately 28 percent of the people who were surveyed said they are not willing to pay more in property taxes, the largest percentage group of the eight answers from which the people chose. The 28 percent was 11 percentage points higher than any of the other answers.

The other choices were:

  • $500 or more per year, with 17 percent
  • $400 to $499 per year, with 5 percent
  • $300 to $399 per year, with 7 percent
  • $200 to $299 per year, with 5 percent
  • $100 to $199 per year, with 11 percent
  • $50 to $99 per year, with 13 percent
  • $1 to $49 per year, with 15 percent

The survey was conducted in July and involved 1,200 households selected at random. The response rate was 29 percent. The survey’s margin of error was plus or minus 5 percent.

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

http://www.parkrecord.com/ci_19587451

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Treasure sticker shock? mayor won’t say

The Sweeney side’s dollar figure could be made public early next week

by Jay Hamburger THE PARK RECORD

City Hall through the end of the week guarded the price tag set by the Sweeney family and its partner for a full buyout of the development rights attached to the Treasure land, acknowledging the release could come shortly after a meeting between the sides scheduled on Monday.

The Sweeney side early this week delivered the price tag to City Hall. Park City officials have indicated the number would be made public, but it remains uncertain when it will be released.

Mayor Dana Williams, one of City Hall’s negotiators, said in an interview Thursday night a schedule for the release has not been finalized. He said the negotiating teams representing Treasure and City Hall plan to gather Monday morning to discuss the price tag. The mayor said the Monday meeting will be the first opportunity for the sides to discuss the figure together.

“The developer needs to hear from us what the Council and mayor’s opinion of the price was, before that is made public,” Williams said.

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

http://www.parkrecord.com/ci_19564861

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And the price tag on Treasure is . . . ?

Sweeney family submits to City Hall a dollar figure attached to a buyout

by Jay Hamburger THE PARK RECORD

The Sweeney family late on Monday hand-delivered to City Hall its price tag on a complete buyout of the development rights attached to the Treasure acreage, one of the most significant occurrences in the long-running discussions about the project.

The Sweeney side closely guarded its number. Mike Sweeney, who represents his family in the talks with City Hall, declined to discuss details about the document that was submitted on Monday. He said he left it for City Manager Tom Bakaly. The number was crafted between the family and its New York-based business partner.

It was not clear on Tuesday what will unfold the rest of the week. Jonathan Weidenhamer, who directs City Hall’s economic development programs and has been involved in the Treasure negotiations, said a procedure for releasing the number to the public had not been decided. He said a press release could be issued announcing the figure, but a timeline has not been set.

See the link below for the rest of this article:

http://www.parkrecord.com/ci_19540096

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Park City Mountain Resort to Develop Parking Lots

By Linda Gorton on December 9, 2011

Park City Mountain Resort officials have a bright vision for the future of the resort itself and the industry in general. With that in mind they are looking at finally developing the parking lot area at the resort base. They presented some of the general concepts of their plans to the Park City Council and Planning Commission Thursday. KPCW’s Linda Gorton has more…

http://kpcw.org/2011/12/park-city-mountain-resort-to-develop-parking-lots/

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