SUMMIT COUNTY & PARK CITY MUNICIPAL ANNOUNCE TENTATIVE AGREEMENT FOR NEW OPEN SPACE ACQUISITION
Agreement in principle reached with the Boyer Company on approximately 680 acres of new open space
Summit County and Park City, Utah; October 17, 2008 – Summit County and Park City Municipal officials are pleased to announce their conceptual agreement with the Boyer Company to acquire two parcels of approximately 680 acres of open space. Each parcel is approximately 340 acres in size. One parcel is located on the west side of Hwy 224 at Kimball Junction and the other land is located adjacent to Round Valley across Hwy 40 from the Utah Department of Transportation (UDOT) facility.
“We are pleased that the Boyer Company is willing to enter into an agreement to sell us this property to preserve as open space,” said County Commissioner Bob Richer. “We tried to buy the property at Kimball Junction just a year ago and now we’re preserving significantly more open space. In addition, we are eliminating approximately 800 potential residential market units from the Kimball parcel. Many citizens have expressed a desire to protect the Kimball parcel – and now we can do that and also add more open space to Round Valley,” continued Richer.
The City and County open space committees, Citizens Open Space Advisory Committee (COSAC) and the Basin Open Space Advisory Committee (BOSAC), unanimously recommended use of up to $25 million of open space bonds towards the total land acquisition to the Park City Council and the Summit County Commission, respectively. The City and County will contribute $ 12.5 million each to the purchase. Pending completion of the acquisition both the City and the County will share ownership of the Kimball Junction parcel, while Park City Municipal will own the new open space in Round Valley, adjacent to their existing 1,300 acres of Round Valley open space.
“If this deal goes through we would significantly increase the size of our open space holdings in Round Valley and, at the same time, help to preserve nearly 340 acres at our front door. This could be a big win for the citizens of Park City and Summit County,” explained Park City Mayor Dana Williams.
The parties hope to close on the properties on December 15, 2008 and receive deeds at that time. During the period from October 17th to December 15th all of the parties will conduct their due diligence.
The Boyer Company, in a separate matter, has filed an application before the Snyderville Basin Planning Commission to develop the remaining 89 acres within The Kimball Junction Town Center as a Research Park. That process is separate and distinct from this purchase agreement.
About Park City, Utah
Park City, located in Summit County, Utah, is an internationally recognized four season destination resort. Once the second largest silver producing town in the United States, Park City with its three world famous resorts (Deer Valley Resort, Park City Mountain Resort & the Canyons Resort) is home to the United States Ski & Snowboard Association, the Sundance Film Festival and numerous other yearly events. As a major mountain venue for the 2002 Olympic Winter Games, Park City’s reputation for hospitality and sports continues to grow. Park City is widely recognized for pioneering many innovative planning, conservation and artistic endeavors, and stands at the forefront of preserving open space, creating trails, working on affordable housing, and its historic preservation efforts. Park City has an area of approximately 12 square miles and a permanent resident population of approximately 7,500. Visit Park City Municipal’s website at http://www.parkcity.org.
About Summit County, Utah
Summit County, Utah is home to Park City and is considered the outdoor recreational center for the State of Utah with its extensive trail system, golf courses and mountainous terrain. Within the Snyderville Basin of Summit County is the world class Winter Sports Park that served as the 2002 Winter Olympics venue for ski jumping, bobsled and luge. Summit County has a permanent resident population of approximately 40,000. Visit Summit County’s website at http://www.summitcounty.org