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Ballots are hitting Salt Lake City mailboxes and voters in Utah’s capital are being asked if they want the city to take on $85 million of new debt to make an unprecedented investment in parks, trails and open spaces.
You might have questions about it. Here’s what you need to know:
What are the bonds for?
The $85 million bond is a critical funding source for the city’s “Reimagine Nature” plan for parks, trails and open spaces. The City Council adopted the long-range plan in June and is seeking to increase access to public lands as the population grows and more people head outdoors.
If voters approve the issuance of the bonds, it will be the largest one-time infusion of money into the city’s park system.
Where would the money go?
Under the city’s plan:
• $27 million would go toward replacing the shuttered Raging Waters amusement park at 1700 South and 1200 West with Glendale Regional Park. The project would add 17 acres to the city’s public lands portfolio and boost access to open space for west-siders.
(Design Workshop | Salt Lake City) Rendering of features included on the Glendale Regional Park Vision.
• $9 million is slated to improve tree canopies, plant biodiversity and recreational opportunities along the Jordan River.
• $4.5 million is pegged for the east side’s Allen Park to pay for upgrades such as stream restoration.
• $10.5 million is proposed for unspecified parks, trails or open space projects, with at least one project in each of the city’s seven council districts.
• $6 million would go toward developing green space at the Fleet Block in the budding Granary District. The structures on the corner of 800 South and 300 West used to serve as storage and maintenance facilities for city vehicles, but have long been eyed for redevelopment.
• $2 million would go toward fully replacing the playground in Liberty Park.
• $5 million would go toward Fairmont Park improvements.
• $5 million would help to complete the Folsom Trail and add new landscaping.
(Francisco Kjolseth | The Salt Lake Tribune) City Creek resurfacing project would add water and gathering amenities to Folsom Trail, pictured on Thursday, Oct. 20, 2022, near downtown Salt Lake City, which will connect with the Jordan River Parkway Trail.
• $16 million would be set aside for unexpected expenses.
The council will have to budget for each project if voters approve the funding.
How much will it cost you?
If it is approved, the bonds would raise property taxes on the median-priced home of $576,000 by about $54 a year. For businesses or secondary residences of the same value, property taxes would increase almost $100 a year.
Depending on market conditions, if the bonds are issued in two or more installments, it’s possible they may not result in any net increase to the existing property tax burden.
If voters reject the new debt, the property tax burden would be reduced as a result of other bonds being paid off.
How long will it take to pay off the debt?
If voters approve the measure, the debt will take two decades to pay off.
