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PARK CITY, Utah (AP) -- Summit County and Park City officials have cut a real estate deal to preserve 340 acres of open space near the Olympic Sports Park.
Salt Lake City developer The Boyer Company was under contract to develop the Kimball Junction area land by Property Reserve Inc., the real estate arm of The Church of Jesus Christ of Latter-day Saints.
The land makes up half of a $25 million, 680-acre deal between the governments and Boyer. The second parcel is 340-acres west of U.S. Highway 40 in an area called Round Valley. It will also be set aside as open space.
Summit County and Park City will split the costs, each paying $12.5 million. The deal is expected to be completed by December. The money comes from open-space bonds approved by voters.
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Information from: The Salt Lake Tribune
(Copyright 2008 by The Associated Press. All Rights Reserved.)
