BREAKING NEWS: Two Utah Entities are Seeking a Combined Total of over $108 Million for Real Estate Work in Weber and Summit Counties, Respectively

Wolf Creek Resort has floated over $69.4 million in "Special Assessment Bonds" for expanded real estate development work in Weber County, while the Park City School District plans to sell more than $38.6 million in "Lease Revenue Bonds" to finance improvements at Park City High School in Summit County.

Wolf Creek Resort of Eden, Utah and the Park City School District in Park City, Utah have each announced plans to float a total of over $108 million combined in bonds to help fund significant real estate development work in Weber County and Summit County, respectively.

Of the two fundraising efforts, Wolf Creek is seeking the greater dollar amount with its placement of $69.43 million of tax exempt, "Special Assessment Bonds, Series 2025" to help finance the public improvement buildout of the next phase of development within its 2,800-acre Master Planned Community located less than 10 miles from Snowbasin, Powder Mountain, and Nordic Valley ski resorts in Weber County.

According to the preliminary offering document published by Piper Sandler, Wolf Creek's underwriter, final maturity on the bonds is 01 December 2044, although expected repayment is 11 years earlier at 01 December 2033.

Perhaps more importantly, the underlying value of the property was appraised at over $208 million.

When development efforts on this newest portion are completed within Wolf Creek Resort's Infrastructure Financing District No. 1, it will support 456 new residential units at full buildout within a 694-acre area.

Additionally, when public improvement work is completed in this newest phase at Wolf Creek, anticipated assessment values per lot are expected to range from a low of $254,000 to upward of $1.33 million per lot.

Upcoming Improvements in Summit County

Conversely, the work in Summit County is being funded by $38.65 million in "Lease Revenue Bonds, Series 2025" which are being issued by the Local Building Authority of Park City School District.

According to the fundraising documents filed by Stifel, Nicholas & Company (the School District's underwriter), the bonds "... are (being) issued to provide funds to

• "finance all or a portion of the land improvements at Park City High School, which include but are not limited to the construction and/or renovation of athletic fields and support buildings and all related improvements and
• "pay costs associated with the issuance of the Series 2025 Bonds."

Interest paid on these bonds will be "... exempt from State of Utah individual income taxes."

According to local media reports, specific work for the Park City School District will include construction on baseball, soccer, and softball fields, tennis and pickleball courts, demolition of Treasure Mountain Junior High, parking lots, and more.

Final maturity on the "Lease Revenue Bonds, Series 2025" is set at 15 March 2045.

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