The final item on Thursday’s agenda concerns a new way to potentially increase the number of primary residents in Park City.
A state law passed earlier this year places significant restrictions on how municipalities can regulate the rental market. Park City has since explored creative ways to limit the number of overnight rentals within city limits.
The Live Park City Lite Deed Restriction program was first discussed in July, and staff are back this week with a proposal for a pilot program.
The program would pay homeowners 15-20% of the value of their home in exchange for imposing permanent deed restrictions on properties, eliminating the use of those homes as short-term rentals. Under the new program, participating homes could only be rented for a minimum of six months at a time.
Park City Housing Program Manager Jason Glidden admitted the program has a limited budget to get started.
“We’re asking for $ 1 million for a pilot program to try out this program,” he says. “The concerns are that the money will disappear very quickly.”
While a million dollars may not seem like much in Park City’s dizzying real estate market, Glidden says the pilot program is specifically aimed at homes priced under $ 1 million and could be used to help homebuyers. a first house or companies looking to invest in the housing of their employees. He says the potential to expand the program is there if it proves popular and effective.
“This program is more targeted towards homes that are closer to $ 750,000 or less,” says Glidden. take a look at the program, see how it works, evaluate it, and determine if we’re going to move forward.
The council will also hold a working session on city code changes that affect large-scale events like the Sundance Film Festival.
The city’s economic development director, Jonathan Weidenhamer, said the code changes did not target community events like Silly Market. Instead, the city is looking to reduce the negative side effects of events like Sundance, which has resulted in some Main Street storefronts sitting vacant year-round until festival week, when owners earn exorbitant rental income.
“It’s more about making sure the main street is a lively and party place, and that it’s not filled with real estate offices and things we don’t want to be part of the street,” Weidenhamer explains. . “This is really the conventional chain. order to make sure we don’t have a ton of national retailers on the street. It’s about dynamism and vacancy to make sure that we don’t have people who are only present during Sundance and have no activity all year round.
Other items on the agenda include an update on public art projects, an overview of temporary outdoor rinks during the winter, and a Veterans Day proclamation.
Thursday’s meeting begins at 4:15 p.m. The full agenda and details on how to participate can be found here.