Park City council approves resolution to call public hearing on TIF district at 69th and Broadway

Park Citycouncil on Feb. 10 voted unanimously to approve a resolution calling a March 24 public hearing on whether to create a tax-increment financing (TIF) redevelopment district at 69th Street North and Broadway.

Dominic Ek of Gilmore & Bell opened the discussion by outlining the TIF process: a TIF does not raise new taxes but redirects taxes generated by new property valuation in a defined area to pay eligible project costs, with district formation followed later by a project plan that would set the share of increment and details.

Tim Austin of Iron Horse Development told the council the roughly 145-acre site was largely in the FEMA 100-year floodplain and that remediation would require significant earthwork. He said the developercs concept envisions about 83 acres to be filled for development (roughly 66 acres for mixed-use residential and 17 acres to remain industrial), with housing types ranging from single-family to duplexes and garden-style multifamily. Austin estimated the private investment at between $59 million and $79 million, an expected TIF increment of about $18 million and a budgetary captured TIF of roughly $4.25 million.

Austin and his team described the projectcs drainage rationale: a county study identified roughly 920 acre-feet of additional storage needed in the West Branch of Chisholm Creek basin, and the studycs mitigation estimate was about $25 million. Because much of the parcel sits in mapped floodplain, developers would need to raise and fill the site and obtain FEMA letters of map revision to permit construction; Austin estimated average fill of about 3 feet, roughly 330,000 cubic yards.

Council members pressed on risk and safeguards. Austin said developers would post letters of credit and special-assessment petitions similar to other developments, and that if the market failed to produce expected value the developer would remain obligated on assessments; subsequent owners would pay property taxes on the site if it were sold. Bond counsel and staff emphasized that the Feb. 10 resolution only calls a public hearing; specific TIF terms, percentages of increment, and the project plan would be decided in subsequent steps and subject to additional public hearings and planning commission review. County and school-district jurisdictions will also be formally notified and have statutory review opportunities.

Councilmember Jim Schrader moved to approve resolution 12-75-2026 to call a public hearing; John Wells seconded. The motion passed 6-0.

Next procedural steps: the council will hold a public hearing on March 24; if the council moves forward, the city will return with a project plan and development agreement for further hearings and approvals.