Election Day is just around the corner, and one of the most discussed items on Park City’s ballot is a new open-space bond. We at Chin-MacQuoid-Fleming-Harris have had our finger on the pulse of this issue for as long as it’s been discussed, which is over 20 years! We feel it’s important because the land in question is directly in Old Town’s view corridor, which means the outcome of this election will have permanent consequences for us all.  We want you to be fully informed before you cast your vote, so we’ve put together the latest facts for you to consider.

What We’re Buying
The bond amount has finally settled on $48M and would be used to purchase two swaths of land: 100 acres on Treasure Hill and 19 acres near Thaynes Canyon. If the bond gets approval from voters on November 6th, the acreage will be put under a conservation easement that permanently retires all development rights. If the bond does not pass, the proposed development on Treasure Hill could be up to 1M square-feet of hotel, commercial, retail, and residential construction, and the Thaynes Canyon land could be used for 49 single family homes.

The Cost To You
If the bond passes, the property tax for the average primary residence in Park City will increase by approximately $194/year, and the average non-primary residence or business would increase around $353/year.  Non-primary residents own 71% of the property within the city limits, with full-time citizens paying only around 15% of the cost of this bond.

Investment Considerations
Park City is in a very strong financial position to support this bond. With a AAA Bond rating and half of its existing property tax debt being retired in the next five years, there’s no doubt the City can make good on its financial promises. The purchase price of the land is $64M, and Park City Municipal has pledged $16M toward the purchase, leaving $48M to be covered by the bond. If the bond does not pass, the City has said they would pursue buying-down the density of proposed development.

Vote!
All of us at Chin-MacQuoid-Fleming-Harris urge you to vote in the upcoming mid-term elections on November 6th. There are many topics on the ballot that are important to us all, this bond being one. If you are not yet registered to vote, click hereto be directed to the Summit County Voter Registration site. On that site, there is also complete information on all the candidates and issues. Regardless of your stance on the issues, please be sure to exercise your right to express your point-of-view with your ballot!

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