Park City council on Tuesday approved a resolution authorizing the offering for sale of sales‑tax special‑obligation revenue bond anticipation notes for the Champtown Star Bond project, allowing the city to issue the approved maximum par amount in multiple smaller financings rather than in a single large sale.

The change was presented by Mike Baldwin of Jefferies, the city's underwriter, and Garth Herman of Gilmore & Bell, the city's bond counsel. Baldwin told the council the original offering hit a difficult market window and several institutional investors declined because of competing high‑yield deals in December. "Some of the investors were just saying no to kind of the [original] deal," he said, describing market fund flows and a preference among investors for phased approaches.

Herman said the adopted resolution would permit the same overall maximum principal amount — $90,000,000 — to be authorized and sold in smaller increments tied to development milestones. "This provides that same amount … can actually be authorized and sold in smaller bites to help with that marketing," he said, adding that each financing would still have to meet statutory interest‑rate limits and obtain approval from the Kansas Department of Commerce. Herman told the council the structural change "does not put the city on the hook for anything" beyond the existing revenue security and that the mayor would sign purchase agreements for each sale followed by council ratification.

Why it matters: splitting a large authorization into smaller issues can make the financings more attractive to investors and allow the project to advance when market conditions improve, while preserving the same maximum authorization and the prior limit on city liability.

The council voted unanimously to adopt resolution 12‑73‑2025 authorizing the phased sales. Baldwin said staff and the investment bankers hope to return to the market in early 2026 when conditions are more favorable, with potential subsequent issues in mid‑year and later phases tied to attainment of development benchmarks.

Next steps: the city will prepare bond documents and pursue phased sales as market conditions and permitted approvals — including the Department of Commerce review — allow.