Deer Valley Resort postponed what was expected to be a key discussion with Park City’s elected officials on Thursday centered on financing matters related to a partnership between the resort and City Hall addressing the future of the Snow Park base.The postponement occurred as a Thursday meeting of the Park City Council approached and well after City Hall published a report about the matter. Mayor Nann Worel at the meeting on Thursday said Deer Valley requested the item be removed from the agenda, but the topic was not discussed in any depth.Deer Valley is pursuing an ambitious development on the land where the Snow Park parking lots are located. There are longstanding development rights attached to the land, but the resort must secure another set of approvals before work could start. Park City leaders and Deer Valley in late 2023 agreed to a public-private partnership covering transportation and housing as it relates to Snow Park. The municipal government and Deer Valley will each contribute $15 million as part of the partnership. The two sides on Thursday were scheduled to hold what likely would have been a technical discussion about financing possibilities, including a mechanism known as a public infrastructure district and another one called a community reinvestment agency.A public infrastructure district in the case of Snow Park would “allow (Deer Valley) to impose assessments or mill levies on its own (Deer Valley) property to finance public infrastructure including roads, intersections, transportation, parking structures, utilities and other qualifying improvements,” according to the agreement between City Hall and the resort.A community reinvestment agency related to Snow Park could “close a stated project funding gap of ($40 million) to support the new base area redevelopment,” according to a City Hall report drafted in anticipation of the discussion that was delayed on Thursday. A community reinvestment agency project area would be created by the municipal Redevelopment Agency and “use property tax increment (tax increment financing or TIF) from a project area to help pay for infrastructure 
improvements, affordable housing, or other development projects,” the report says.Deer Valley in a prepared statement said the decision to delay the discussion “reflects our commitment to listening to the community and collaborating to explore all viable options for this transformative project.”“The Snow Park project is designed to address key community priorities, including traffic mitigation, enhanced year-round economic vitality, and infrastructure improvements critical for Park City’s long-term success — both in preparation for the 2034 Winter Olympics and for future generations,” Deer Valley said.The resort was not sure when it would return to the City Council for the discussion, but it was “hopeful it will be in the near future.”The postponement of the City Council discussion occurred shortly after a member of the Park City Planning Commission raised the topic of financing during a meeting regarding the Snow Park development concept. Planning Commissioner John Frontero in late October said he desired information about financing mechanisms and said the financing decisions could impact the development timeline. Deer Valley at that time said in a prepared statement in response to a Park Record inquiry an update was planned with the City Council at the meeting on Thursday and would cover “the financial components of Snow Park.”           Deer Valley envisions transforming Snow Park into a full-service base area. The concept includes a hotel, residential units, and commercial spaces. Large garages would be built to account for the parking lost as the lots are developed.The post Deer Valley postpones key talk with Park City leaders about Snow Park financing mechanisms appeared first on Park Record.