Park City
UT

Agenda Item
2586

Consideration to Approve a Purchase Agreement Between Bonanza Park, L.L.C., a Utah Limited Liability Company, JP’S NEVADA, LLC, a Nevada Limited Liability Company, Maverik Park City, L.L.C., a Utah Limited Liability Company and Park City Municipal Corporation, for the Bonanza Park East Parcel, Located at Approximately Kearns Boulevard and Bonanza Drive, in a Form Approved by the City Attorney

Information

Department:ExecutiveSponsors:
Category:New BusinessFunctions:Agreement, Contract, Litigation, Public Hearing, Purchase

Attachments

  1. Printout
  2. BonanzaParkEastPurchaseAgreement

Report Body

City Council should consider the following proposal to buy the Bonanza Park East property for $19.5 million for the purpose of creating the Park City Arts and Culture District. Council should review and adopt the attached Letters of Intent between Park City Municipal Corporation and Kimball Arts Center, and Park City Municipal Corporation and the Sundance Institute for the purposed of jointly planning and developing the Park City Arts and Culture District with the intention that both Kimball Art Center and Sundance Institute become primary owners in the District. Kimball Art Center and Sundance Institute will fund and own their own land and construction of their own facilities in the District. City Council should adopt the Municipal Transient Room Tax, a one-percent tax on all overnight lodging, which will allow the first collection of the tax on January 1, 2018. Adoption of the tax at this time will allow the City to issue Sales Revenue Bonds sufficient to close on the property by no later than January 31, 2018 and begin the joint planning process in July. The City will use the Municipal Transient Room Tax to further develop City owned property in the Arts and Culture District, which supports and promotes the Districts intended uses of arts and culture.

 

This item will consider the Bonanza Park East Purchase Agreement.

Meeting History

Jul 13, 2017 6:00 PM Audio City Council Regular Meeting
draft Draft

Discussion