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Council authorizes intent to issue tax-exempt bonds for Park Center apartment project
Summary
Park City council voted 7-0 to approve a resolution expressing intent to issue multifamily housing revenue (IRB) bonds for a multi‑phase apartment development in Park Center; the resolution authorizes bond capacity and contemplates up to a 75% property tax abatement over 10 years.
Park City’s City Council voted 7-0 Tuesday to adopt Resolution 1248-2025, expressing the city’s intent to authorize multifamily housing revenue bonds (industrial revenue bonds) to support a new apartment development in the Park Center area.
The measure matters because it lets the developer apply two local incentives — a construction materials sales tax exemption and a temporary property tax exemption tied to the IRB program — while the city clarifies project scope and the financing structure before final bond issuance.
City staff told the council the developer, Park City Apartments LLC, originally listed the project on the agenda as a 116-unit complex, but the developer later described the plan as a two‑phase development: a first phase of 118 units and a second…
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