We are pleased that the Treasure Mountain bond was passed. Below is what it could have been if it didn’t pass and the second is what it will always be. Thank you to those that voted in favor of Open Space for all.
This Bond means…
Most people ask about how this bond will affect us.
So, here are the numbers.
- The average Park City resident has an assessed value of $799,000. This is not the sales price or actual market value of the home, just the assessed amount that their taxes are based on. Many homes that would sell for over $2M still have assessed values at $799K or less.
- For a resident with a primary home valued at $799,000 will pay $194/yr.
- For a second homeowner whose home valued at $799,000 will pay $353/yr.
What our Property Tax Debt will look like
Currently, we are paying $6,402,284 per year, paying on 7 bonds which 5 will be paid off in the next 7 years. Then it will increase the amount paid to the Treasure Mountain bond. This is like the debt snowball method. When a bond is paid in full, you roll the money you were paying on that bond into the Treasure Mountain bond. By 2033, the cost of the Property Tax Debt will lower to $5,402,284 with only the Treasure Mountain bond left to pay.
If the purchase of Treasure Mountain and Armstrong Snow Creek Ranch Pastures cost $64M, why is there only $48M bond?
Park City is contributing by spending cuts which includes:
- $6M from postponing the Main Street Plaza (adjacent to Wasatch Brew Pub)
- Cancelled Plans for a new Public Utilies Buidling
- Delayed Old Town street reconstruction projects
- Delayed Stormwater improvements
- Cancelled sidewalk repairs and improvements
- Allocated reserves (revenues in excess of expenditures FY18)
- Alocated proceeds from land sold to the PC Fire District
- Allocated all remaining open space funds
Utah Open Lands will also raise $3M in private donations.
We are happy that Park City residences’ voices were heard, and we will be able to have Open Space for all. With a little impact on us financially, we can make a big difference.