As you know, Summit County bonded for $50 million last year to preserve open space and agricultural lands. This August, the county signed an option to purchase 8,600 acres or rugged land from the 910 Cattle Company. The property is located behind the Jeremy Ranch development.
Given the size of the prize and what they think of as “free money,” the County Council hastily approved the option to buy the ranch for $55 million. They gave the seller a $15 million non-refundable deposit, and did so without significant public input, without customary due diligence, and without a set of formal appraisals. To maintain the option for up to four years, the county also agreed to pay the seller $150,000 per month in interest since it cannot currently pay the $40 million balance.
I have never seen or heard of anyone anywhere doing anything like this. In my opinion, the County Council has acted recklessly and is guilty of a serious omission.
We all love open space and wildlife habitat, but in the face of its current fiscal crisis, the county’s PR has neglected to tell the taxpayers about the $150,000 per month interest payment it has to make on the unpaid $40 million. Those payments represent 2.1% of the county’s annual budget, and they are NOT credited against the $40 million. The county has admitted that it does not currently have the $40 million, but it has not disclosed the mandatory interest payments.
Gerald A. Jackson
Park City