Park City School District issues $38M lease revenue bonds for athletic facilities construction

The Park City School District Board of Education unanimously approved phases one, two and four of an athletics master plan in November.

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Phase one includes building softball and baseball fields by Treasure Mountain Junior High. Phase two will demolish Treasure Mountain, which is closing at the end of this school year. In its place, two soccer fields and eight tennis courts will be built. The soccer fields will also be used for lacrosse and tennis courts can be used for pickleball. Phase four will revamp Dozier Football Field with a new track and turf.

On Tuesday, the board unanimously approved $38 million in lease revenue bonds to fund the plans.

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Lease revenue bonds essentially commit money from future property tax and income tax revenue. School districts can use these bonds to fund construction or renovations.

The bonds will be financed over 20 years and the district expects to pay between $2.5 million to $2.7 million a year for the bonds.

If held until maturity, the district will pay almost $56 million total.

During Tuesday’s board meeting, district Chief Operating Officer Mike Tanner said requests for proposals for the construction manager, general contractor and design engineering services have been released.

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“We hope to have those screened for board recommendation on the 21st of January,” he said.

Tanner said construction on phase one is expected to start in April and run through August 2025. Treasure Mountain Junior High is expected to be demolished in April 2026.