Park City Council approves short-term bonds and development agreements to advance Champtown project

Park City—s City Council on Oct. 28 approved a set of short-term financing measures and associated development agreements designed to advance the Champtown mixed-use project, including a three-year Star Bond anticipation note and Community Improvement District (CID) notes, and the Star Bond development agreement and a CID amendment.

The council approved Resolution 1268-2025 authorizing the sale of the city—s sales-tax special obligation revenue bond anticipation bonds for the Champtown Star Bond Project (Series 2025). The motion, made by Councilmember Jim Schroeder and seconded by Brandy Bailey, passed 6-1; Councilman George Glover voted nay.

The passage clears the way for a temporary, three-year financing instrument that bond counsel Dominic Eck of Gilmore & Bell and underwriter Michael Baldwin of Jefferies described as a short-term note intended to fund initial construction and capitalized interest while the project produces revenue-generating activity. Eck said the notes are special obligations payable only from particular pledged revenue streams and not general obligations of the city. Baldwin said the shorter anticipation note can lower long-term interest costs and provide additional coverage for investors during early development.

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