Get AI Briefings, Transcripts & Alerts on Local & National Government Meetings — Forever.
Park City Council approves three taxable industrial revenue bonds and other routine business
Summary
The council unanimously approved three taxable industrial revenue bond ordinances for Murdoch Properties ($6M), Kais Industries ($3M) and Midwest Truck Equipment ($3.5M), adopted a boundary resolution and approved several operational items in a 5-0 series of votes.
Park City’s City Council on Nov. 18 voted unanimously on a set of routine and development-related measures, authorizing three taxable industrial revenue bond (IRB) ordinances, adopting a boundary resolution and approving consent and procedural motions.
The most consequential items were three IRB ordinances presented by Sarah Steele of Gilmore and Bell. Steele described the Murdoch Properties package as a $6,000,000 taxable IRB covering two buildings at 5831 and 5971 North Biggs; she said the arrangement provides property-tax abatement and sales-tax exemption on construction materials and that the company will make a payment in lieu of taxes equal to 25% of the otherwise-assessed tax, equivalent to a 75% abatement. Steele said, “As always, industrial revenue bonds are not an obligation of the city in any way. They don’t count as debt of the city.”
Councilmember Jim Schrader moved to approve Ordinance 12-24-2025; Terry Osborne seconded. The motion passed on a roll-call vote, 5-0.
Steele presented a second IRB for Kais Industries, a $3,000,000 expansion of an existing facility. Steele said Kais had previously received an economic development exemption and elected IRBs for sales-tax exemption benefits. Charles Schwenke moved to approve Ordinance 12-25-2025; Charlie Davidson seconded. The council approved the ordinance, 5-0.
A third IRB covered a $3,500,000 project for Midwest Truck Equipment (facility owner named as Dreamscape in the presentation). Staff said the project qualified for a 100% abatement for five years based on full-time employment levels. Jim moved to approve Ordinance 12-26-2025; Brandy Bailey seconded. The ordinance passed 5-0.
Other votes and procedural items approved on unanimous votes included:
- Approval of the meeting agenda (motion moved by Jim Schrader; seconded by Charlie Davidson). Motion passed 5-0. - Approval of the consent agenda (motion moved by Charlie Davidson; seconded by Jim Schrader). Motion passed 5-0. - Resolution 12-72-2025 delineating the boundaries of the City of Park City as of Dec. 31, 2025 (moved by Charlie Davidson; seconded by Jim Schrader). Motion passed 5-0.
Each ordinance and the resolution were presented as final actions required of the council; staff characterized the IRBs as accommodations to assist in early-year property-tax abatement and construction-material sales-tax exemptions. All formal motions in this meeting were adopted by unanimous votes, 5-0.
Votes at a glance (selected): - Ordinance 12-24-2025 (Murdoch Properties IRB): Passed 5-0. - Ordinance 12-25-2025 (Kais Industries IRB): Passed 5-0. - Ordinance 12-26-2025 (Midwest Truck Equipment IRB): Passed 5-0. - Resolution 12-72-2025 (city boundaries): Passed 5-0.
The meeting continued with presentations and other agenda items after these votes and adjourned following routine governing body reports.
