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Park City council OKs resolution to allow phased Champtown star‑bond financings
Summary
Council approved a resolution enabling the city to offer up to $90 million in Champtown star‑bond anticipation notes in smaller, phased sales tied to development benchmarks to improve marketability; bond counsel and the underwriter said the change does not increase the city's obligation. The resolution passed 7‑0.
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…
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