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Park City council votes to allow 20-year special assessments going forward
Summary
After discussion and staff recommendation, the council voted 7-1 on June 10 to extend future residential infrastructure special assessments from 15 years to 20 years; staff said the change would apply to assessments moving forward and that bond counsel and the city’s financial advisor approved applying 20 years for upcoming hearings.
Park City Council voted 7-1 on June 10 to allow future residential infrastructure special assessments to be spread over 20 years rather than the current standard of 15 years.
Staff told the council that the city previously allowed 20-year assessments for neighborhoods that chose concrete paving over asphalt and that in 2022 the council approved a similar extension in that limited circumstance. Staff said several builders have requested extending all infrastructure assessment terms to 20 years to offset rising home-construction costs. Staff reported contacting the city’s…
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