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    Home»Bonds»Park City School District to fund new sports fields with lease revenue bonds
    Bonds

    Park City School District to fund new sports fields with lease revenue bonds

    October 30, 2024


    Despite decreasing district enrollment, interim Superintendent Caleb Fine said sports participation has steadily increased over the years.

    “We’ve seen about a 50-student increase in student-athletes the last three years. So we are seeing significant participation in student athletics, over 700 [total students] last year,” he said.

    The district board of education has considered various athletic facility plans over the last seven months as it tries to balance sports needs. The board now plans to move forward with three phases: phases one, two and four.

    In phase one, softball and baseball fields will be built near Treasure Mountain Junior High. Phase two will demolish Treasure Mountain after it’s decommissioned at the end of the school year. In its place, soccer fields and tennis courts will be added. Phase four would revamp the Dozier Football Field with a new track and turf.

    The combined projects would cost around $36 million and Fine said they would not require any more money from taxpayers.

    “There’s a way to do lease revenue bonds, and we are currently allocating about $1.9 million out of capital every year for our construction projects,” he said. “Well, those construction projects are wrapping up, so we’re able to reallocate that funding to paying for the fields and turf.”

    Fine said the interest rate on the lease revenue bonds is very low and considering the needs of students, it would be best to get them the facilities they need sooner rather than later.

    The current softball and baseball fields cannot be used during winter and early spring. The lacrosse and soccer teams compete for playing time on existing soccer fields. Fine said the new fields will help students compete at the same level as other districts.

    Phase three includes renovating the existing Park City High School gym and building a field house and parking. This phase would cost upwards of $90 million. The district is examining options to fund these additions including a potential tax increase.

    “One of the reasons the board likes phases one, two and four is they’re able to move quickly on that while still offering the flexibility to the future to determine really how to best utilize that space and the funding,” Fine said. “But there is a plan in place that allows the future board and the community to see how this could be phased out.”

    Fine said the field house and gym renovations are part of the master plan because they provide facilities close to students. While the district has looked into collaborating with Basin Rec and Park City Municipal, Fine said it’s ideal for students to have sports facilities on their school’s campus. This is especially beneficial for students who can’t drive and allows practices to begin immediately after school.





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