City Hall puts millions into Boyer partnership

(Park Record) A crucial step in a landmark deal between City Hall and The Boyer Company won approval on Thursday night, putting the two on the cusp of partnership that would guide the development of a crucial tract of land at Quinn's Junction.

The Park City Council unanimously agreed to a $5.5 million deal with The Boyer Company to purchase a 50 percent stake in 200 acres of land at the southwest corner of the U.S. 40-S.R. 248 intersection, known as Park City Heights.

Officials lauded the agreement as a chance for City Hall to hold an influential role in guiding the development of the acreage, situated along the S.R. 248 entryway. The agreement includes a two-year window for The Boyer Company and City Hall to craft a development plan for the site. If they fail to do so, The Boyer Company could exercise an option requiring City Hall to purchase the firm's remaining stake in the land for another $5.5 million plus interest.

Park City officials envision perhaps building a bloc of work force housing at the site while The Boyer Company is eyeing 100 regularly priced units on the land as well as the worker housing. But the details of the development must still be negotiated between City Hall and The Boyer Company.

Park City Manager Tom Bakaly said the full stake in the land is appraised at between $9 million and $12.1 million.

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