Owners of the Treasure Hill Project and 新爱体育 Municipal Corporation announced a possible alternative to the proposed development at Creole Gulch and Mid Station. The purposed alternative will be contingent upon a voter-approved $24 million bond that would reduce development density by half.
If approved the agreement would provide the City’s acquisition of 50 percent of the project’s density, consisting of the entirety of the Sweeney family’s ownership in the property, by a voter-approved bond in November 2018, and a dramatic project redesign. The goal of the City Council is to immediately initiate a public process to consider approval of the settlement agreement no later than January 2018.
The proposed alternative would consist of the City buying 50 percent of the Creole and Mid Station original master plan development’s residential and commercial density from Sweeney Land Company for $24 million. This can only happen if voters approve the $24 million bond, which is to be placed on the November 2018 ballot. Of the remaining density, approximately half will be zoned for 18 single-family homes in the form of several small subdivisions. The other half will be restricted to a boutique hotel, which will be designed as specified by a new development agreement. In addition, the development agreement is expected to establish maximum development parameters to dramatically reduce the currently proposed massing, as well as substantially reduce excavation, building heights, ski-run relocation and fill. Future development of the site will be led by 新爱体育 II, LLC, which now owns half the land involved in the larger project.
“Given my involvement with this project over the last 12 years as a planning commissioner and Mayor, and having listened to the hours of public testimony and input by residents and the applicant, I am convinced that this is a great alternative for 新爱体育,” stated Mayor Jack Thomas. “I would like to personally thank Teri Orr, executive director of the 新爱体育 Institute, for bringing the parties together and initiating the conversations that began settlement talks. Together with 新爱体育 II, LLC, we continue to discuss and support the possibility of incorporating the 新爱体育 Institute within this project.”
Orr went on thanking all parties for coming to the bargaining table. “Only leaders with vision can make this an opportunity for community choice. We want the 新爱体育 Institute, a longtime community partner, to be included within the future development plans of Treasure Hill and will continue working to that end.”
The City plans to pay an initial installment of $6 million as a reimbursement to the developers for land dedications and direct payments/costs that were made toward earlier phases of the Master Planned Development. The City has also decided to suspend the Main Street Plaza project and re-evaluate future open space purchases. These projects would have been funded by the Additional Resort City Sales Tax.
The community is encouraged to evaluate this alternative. Further details will be provided at the December 13 Planning Commission Meeting at 5:30pm at the 新爱体育 Library, Santy Auditorium, 1255 Park Ave.
For more information, please see the article detailed here in