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Show California developer may back out of RDA's Main Street parking project by Christopher Smart For the second year running, the Park City Redevelopment Agency's (RDA) proposed parking and commercial com-mercial space, known as the Upper Main Street project, has been delayed and may not be built by California developer Taylor Grant. It remains uncertain whether Grant will follow through with the RDA contract to build 150 parking spaces and 30,000 square feet of commercial space on Main Street across from the Treasure Mountain Inn. However, the Park City Council, acting as the RDA board, noted skepticism at last Thursday's work session. City Attorney Tom Clyde informed the council that Grant had fallen behind in his obligation to put $100,000 in an escrow account. Clyde told the council the only communication communica-tion from Grant was a letter from the developer's attorney that could signal his intention to pull out of the project. Faced with the prospect of another winter season without a parking structure on its Upper Main Street parcel, the council outlined a timetable designed to force Grant to build the project or give notice of intent to withdraw. A second option would allow the RDA to build the parking project itself and then sell development rights on top of the structure. The RDA's plan to sell those development rights to Grant ran aground last year at this time when a soil survey revealed the site had previously been a dump. Consequently, Conse-quently, excavation and foundation cost estimates soared. Grant later came back with a new plan that consolidated the structure on the northern section of the parcel, thereby avoiding poorer soils on the lot's southern extremities. However by that time Park City's short construction season had come to an end. According to the deal struck last November, the RDA would provide the land and $1.1 million in return for 150 parking spaces. In addition Grant would be permitted to build 30,000 square feet of office and commercial space on top of the parking complex if he paid the RDA a fee of $525,000. The agreement also stipulate tw tho top of the southern end of the property be left as an open plaza. In essence, the RDA would be putting up the land and $575,000 for 150 parking spaces. Clyde said Grant may believe that ' the market for Main Street commercial commer-cial space is now glutted because of the coming of the mall, known formally as the Main Street Marketplace. The council instructed Clyde to put a June l deadline on Grant to determine, one way or the other, what his plans are. According to the concensus reached by the council, the RDA will have enough of the construction season left to build the .parking before the onset of ski season. |
