Park City's expected Bonanza site contribution rose from $30 million to $40 million

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]

The March 19 minutes record two separate 4-1 votes, with Council Members Ciraco, Miller, Parigian and Zegarra in favor and Council Member Toly opposed each time. First, Parigian moved, and Miller seconded, to authorize Brinshore Development to bring an application for the Bonanza 5-acre site before the Planning Commission. Then Ciraco moved, and Parigian seconded, to approve the second amendment. The first vote lets an application go to the Planning Commission. It is not a Planning Commission approval or a building permit. ^[4]

In the minutes, Strategic Initiatives Advisor Michelle Downard described the amendment as extending the agreement to Dec. 31, 2026 with a city contribution of up to $40 million and a city commitment to pay for soil remediation. She said shared third-party predevelopment costs, such as architecture and engineering, would not exceed $1 million, and that the termination fee would be at least $75,000, with the city owing the other party's share of shared costs if it ended the agreement without cause. The council approved the March 19 minutes 5-0 on April 9. ^[4][5]

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]