Prospector Square Master Plan Improvement Project
Prospector Square Property Owners Association (PSPOA), the organization that manages a master-planned development encompassing 26 acres of commercial and residential property in Park City’s Prospector Square Neighborhood has contracted with MGB+A to provide a comprehensive master plan to identify key enhancement opportunities for greater activity and greater connectivity to adjacent uses and trail network.
During the Open House on September 20, 2016 regarding the Master Plan, PSPOA Members encouraged the Board to pursue approval of a 15-year loan to finance the Master Plan improvement costs. The Board has and will continue to pursue such loan. However, loan approval and funding will not occur soon enough to allow PSPOA to begin Master Plan construction in conjunction with Park City Municipal Corporation’s (PCMC) reconstruction of Prospector Avenue, which would yield a lot of efficiencies and cost savings for PSPOA.
In light of the loan delays, and to take advantage of the reconstruction of Prospector Avenue, the Board recommends proceeding with a Phase 1 of the Master Plan, in the form of a member-funded, $1,100,000 special assessment to be paid quarterly, over a two-year term (8 total payments).
Phase 1 Scope of Work
- Upgrade of all of PSPOA private sewer system in Prospector Avenue to the Right of Way
- Upgrade of all of PSPOA private sewer system in Parking Lot H
- Complete upgrade of Parking Lot D and Parking Lot H to the full design standards (asphalt, lighting, landscaping, pedestrian connectivity, etc.) of the Master Plan
- Complete landscape upgrade along the perimeter of Parking Lot D to prevent water penetration into the underground parking structure
- New code compliant garbage enclosures for Lots D, E, F, G, H, I along Prospector Avenue
- Funds a reserve account for future capital needs
- Funds the production of construction drawings for all remaining improvements of the Master Plan
- Allows more accurate cost estimates for the remaining Master Plan improvements, based on construction drawings and actual experience in Phase 1
- Satisfies lender’s requirements for future loan approval such as demonstration of ability to pay, establishment of reserve account, completed construction drawings, construction bids, etc., should PSPOA decide to pursue financing
- Allows more time to pursue other funding options while Phase 1 is under construction. Members, lenders and the community will see REAL RESULTS!
Special Meeting - January 10th
The PSPOA Board is conducting a Special Meeting to vote on Phase 1 of the Master Plan Vote, to be held on January 10th, 2017 at Park City Marriott from 5:00 – 7:00 pm.
Additional details of Phase 1 of the Master Plan are reported in this voting package and will be presented at the Special Member Meeting to be held on January 10, 2017.
The PSPOA Board unanimously supports and recommends that the membership approve the special assessment.
We are Committed!
Supporting a less costly and reduced first phase of our Master Plan does not in any way reduce the commitment of the Board to accomplish 100% completion of the entire Master Plan. Following this vote, the Board will immediately begin defining next steps to fund and complete the entire Master Plan.
The presentation for the January 10th Meeting will be available on the website prior to the meeting.