Bonanza five-acre site: Park City's anticipated contribution rose from $30 million to $40 million in the developer negotiations
The city's July 2025 negotiating agreement with Brinshore Development set a city contribution of up to $30 million. A second amendment approved in March 2026 anticipates up to $40 million and extends the talks to Dec. 31, 2026. No final development agreement is in the records reviewed.
Continuing story: Auditing Park City
Park City's negotiations with Brinshore Development over the city-owned five-acre site in Bonanza Park now anticipate a city contribution of up to $40 million, according to the city's project page. The first exclusive negotiating agreement, approved July 10, 2025, set a city contribution of up to $30 million unless later negotiated. [1]
None of these amounts is a payment. The records reviewed show negotiating terms and a proposed financing source, not a final development agreement. [1][2]
The agreements
The city posted a request for proposals for a development partner on March 4, 2025, and the council, acting as the selection committee, interviewed the top two respondents on May 14, 2025, according to the project page. [1]
The July 10, 2025 agreement had a 180-day term and a $75,000 termination fee owed to Brinshore. [1]
On Jan. 20, 2026 the council approved, on its consent agenda, an amendment that the minutes describe as a 60-day extension. The consent agenda passed 5-0, with Council Members Ciraco, Miller, Parigian, Toly and Zegarra voting aye. [3][1]
On March 19, 2026 the council approved a second amended agreement. The project page lists its terms: third-party predevelopment costs shared 50-50, up to a $1 million maximum; an anticipated city contribution of up to $40 million, or as later negotiated and approved; a termination fee of the greater of $75,000 or Brinshore's third-party costs incurred after execution, up to $1 million; an intent to enter a ground lease at $1 per year for 60 to 99 years; and a term ending Dec. 31, 2026. [1]
Financing and the site
The city's FY2027 budget includes "a proposed $35 million Sales Tax Revenue Bond to support development of the 5-Acre Site" and says the debt issuance process will not begin until projects are ready for implementation. [2]
The project page says the city bought the property for $19.5 million in 2017, funded by sales tax revenue bonds and a transient room tax. It lists a $7.2 million budget approved in September 2024 to put transmission lines underground. [1]
The current design on the project page has 106 housing units in seven buildings and 280 underground parking spaces. [1]
The $30 million and $40 million figures are caps or anticipated amounts in negotiating agreements, not payments. The $35 million bond is a proposal in the budget. These amounts overlap and are not added together. The Ledger could not open the March 19, 2026 minutes, so this story does not report that vote's tally.
Sources
- Park City Municipal Corporation · 5-Acre Site project page and timeline
- Park City Municipal Corporation · FY2027 adopted budget (state audit version)
- Park City Council · Minutes, January 20, 2026
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.