Discussions about Treasure development quietly restart

City Hall wants a resolution to the long-running dispute about project

Jay Hamburger THE PARK RECORDparkrecord.com

Posted:   05/14/2013 05:11:04 PM MDT

Representatives from City Hall and the Treasure partnership in recent weeks began meeting regularly for the first time since last fall, a high-ranking municipal staffer said in an interview, an indication that there could be movement upcoming in the long-running talks about the project.

Jonathan Weidenhamer, who directs City Hall’s economic development programs and is assigned to the Treasure discussions, did not provide details about the meetings that have occurred recently. He called them “weekly updates” and “progress reports.”

It seems likely Weidenhamer and possibly at least one elected official have represented the City Hall side. The Treasure partnership has typically been represented by a member of the Sweeney family and someone in attendance on behalf of the family’s partner.

The discussions have been held behind closed doors as the sides attempt to reach an agreement on a development blueprint for the Treasure acreage itself as well as the prospects of shifting some of the development rights attached to the Treasure land to another location.

“We want to get it resolved,” Weidenhamer said, adding, “It continues to be a priority.”

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

http://www.parkrecord.com/news/ci_23243034/discussions-about-treasure-development-quietly-restart

Leave a comment

Filed under Treasure Hill News

Treasure negotiations nearing another deadline

Major movement seems unlikely by the fast-approaching date

Jay Hamburger The Park Recordparkrecord.com

The long-running negotiations between City Hall and the Treasure partnership about a conservation deal appear on the verge of collapsing, a scenario that could result in the partnership pressing forward with a polarizing development application after more than 18 months of conservation talks.

The two sides set in December set a March 19 deadline, next Monday, for the current round of negotiations. It seems certain that no agreement will be reached by Monday. It is also highly unlikely an extension to the March 19 deadline could be negotiated by that date since the Park City Council does not meet this week.

The most recent movement in the Treasure talks came in late December as the partnership delivered to City Hall a nearly $93 million price tag for a complete buyout of the development rights on the hillside acreage on the slopes of Park City Mountain Resort overlooking Old Town. Park City leaders rejected the price.

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

http://www.parkrecord.com/ci_20165707/treasure-negotiations-nearing-another-deadline

Leave a comment

Filed under Treasure Hill News

Mayor: counteroffer for Treasure would be ‘fruitless’

He says the nearly $93 million price tag was millions above City Hall’s appraisal

by Jay Hamburger THE PARK RECORD

Real estate negotiations typically go something like this: one side puts a number onto the table, the other side makes a counteroffer and the buyer and seller then attempt to negotiate a price.

That’s not what will apparently happen in the case of the discussions between City Hall and the Treasure partnership about a conservation deal for the partnership’s hillside acreage overlooking Old Town.

Mayor Dana Williams, who is one of City Hall’s negotiators, said in an interview the municipal government is not currently preparing a counteroffer to the Treasure side’s dollar figure. The mayor, a high-ranking real estate agent in the years before the recession, said officials probably will not craft one at all.

“At this point, it’s unlikely City Hall will counter that,” the mayor said on Monday, less than a week after officials made public the Treasure partnership’s price tag for the land.

Please visit the following link for the rest of this article:

http://www.parkrecord.com/ci_19627062

Leave a comment

Filed under Treasure Hill News

Treasure 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 project planned for Creole Gulch above Old Town, 93 million dollars. Park City officials say the price is too high for taxpayers to bear,  so they will no longer pursue that as an option. KPCW’s Linda Gorton has more…

http://kpcw.org/2011/12/treasure-hill-price-tag-too-big-to-consider-say-city-officials/

Leave a comment

Filed under Treasure Hill News

THINC REACTS TO TREASURE NEWS

Members of the Treasure Hill Impact Neighborhood Coalition are disappointed that Park City officials will no longer look at buying out the Treasure project. KPCW’s Linda Gorton has more…

http://kpcw.org/2011/12/thinc-reacts-to-treasure-news/

Leave a comment

Filed under Treasure Hill News

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

Leave a comment

Filed under Treasure Hill News

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.

Leave a comment

Filed under Treasure Hill News