The Park City Council on Wednesday cast a vote that was effectively in support of the broad vision to remake the Snow Park base at Deer Valley Resort, agreeing to a financing option sought by the resort that required action by the elected officials.
The City Council unanimously approved the creation of entities known as public infrastructure districts at the Snow Park base. A summary of public infrastructure districts drafted by a special counsel to the municipal government during the talks with Deer Valley describes them as special districts that are “created to finance public improvements repaid from property taxes and/or special assessments” and that taxes on properties and assessments can be levied only on land that is within the boundary of a district. A public infrastructure district is separated from the municipal government and a debt default by one “does not constitute a default or debt of the City,” the summary says.
A firm linked to Deer Valley is the sole owner of property within the borders. The Deer Valley side desired the creation of the public infrastructure district for the issuance of tax-exempt bonds. They would be repaid by the Deer Valley side or successors via an additional tax on the property.
The creation of the public infrastructure districts is a step as Deer Valley continues to pursue a significant development at Snow Park. The concept entails creating a full-service base at Snow Park after it has served for decades as primarily the location where skiers begin and end the day. The idea involves residences, commercial spaces, a hotel and entertainment. Large garages would be built to account for parking that is lost as the Snow Park lots are developed.
There was no public input at the meeting prior to the vote. The elected officials spent a short time debating the language of the documentation before casting the vote. There was brief mention of the eventual operation of the parking once it is developed, with the Deer Valley side indicating some spots would be private and others would be available for the public.
Hannah Tyler, the Deer Valley vice president of resort planning, told the elected officials the public infrastructure districts are critical to that aspect of the development.
The talks about the public infrastructure districts unfolded in the time after Park City leaders and Deer Valley in late 2023 reached a public-private partnership addressing transportation and housing. City Hall and Deer Valley will each contribute $15 million as part of the partnership.
“We appreciate the Park City Council’s approval of the Snow Park Public Infrastructure Districts. This important step allows Deer Valley to responsibly invest in public infrastructure that supports the community’s goals for improved transit, sustainable growth, and guest and resident experience. We remain committed to working collaboratively with the City to finalize the Public-Private Partnership Agreement and ensure the Snow Park redevelopment enhances the future of Park City,” Deer Valley said in a prepared statement after the vote on Wednesday.
The development of the Snow Park lots is projected to be a multiyear effort with a planned completion prior to the 2034 Winter Olympics, when Deer Valley is slated to be a competition venue.