Park City, UT

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The Park City housing team administers the program, with the Advisory Committee and City Manager making the final decision on Deed Restriction awards.

The Advisory Committee will review each Deed Restriction application and refer a decision to be approved by the City Manager. The Advisory Committee is comprised of:

John Guilds
Elyse Kats
Bill Pidwell
Ian Poor
Lisa Wilkinson

The Lite Deed Restriction Program Advisory Committee was created to review applications, help negotiate, and make recommendations to purchase Deed Restrictions consistent with program guidelines. The Advisory Committee is also tasked with reviewing applications, purchase and sale agreements, deed restrictions, and other forms necessary to support program administration.

Meetings will occur as needed until the pilot program’s funding is exhausted. The Advisory Committee consists of five members plus a City Council Liaison.

Contact

Rhoda Stauffer, Housing Program Administrator

435.615.5152 | rhoda.stauffer@parkcity.org

FAQs

Who is Eligible?

If you are interested in purchasing, remodeling, selling, or doing anything with your home and you live in Park City city limits, you are eligible to apply for funds. If funding is approved, you will enter into a Notice of Deed Restriction Purchase with Park City Municipal Corporation.

Why should I consider Deed Restricting my property?

The City’s goal is to maintain and sustain community for residents, for both long term residents and long term rentals. When you Deed Restrict your property, you help to achieve this goal for the community, and the funding may be used in any way.

What is a Deed Restriction?

A Deed Restriction is an agreement that restricts the use of the property. The Deed Restriction for the Live Park City program is recorded in exchange for funding.

You may review an example Deed Restriction by clicking this link. The linked document is an example of a typical Deed Restriction agreement that participants in the Live Park City program would be asked to enter into in exchange for compensation. Please do not fill out the Deed Restriction document linked above, it is provided here as an example only.

What are the key terms of the Deed Restriction?

The property must be occupied as a primary residence by individuals or rented out long term (6 months or longer).
A qualified renter or buyer must work 30 hours per week within Park City limits.
The Deed Restriction does not impose an appreciation cap.
You may review an example Deed Restriction by clicking this link. The linked document is an example of a typical Deed Restriction agreement that participants in the Live Park City program would be asked to enter into in exchange for compensation. Please do not fill out the Deed Restriction document linked above, it is provided here as an example only.

What happens to the Deed Restriction when I sell my property?

The Deed Restriction remains with the property for all future sales.

Can I rent my property after signing the Deed Restriction?

Yes, you may rent the unit to anyone who will use the property as their primary residence.

How is the is the value of a Deed Restriction determined?

The City and Advisory Committee will use the following methods to determine fair value of your property:

Using comparisons from two properties side by side property values from most recent sale
Review County Assessor recent sale information for similar properties
Schedule an appraisal in case of a property purchase
Determined through owner and Advisory Committee negotiation

How is my property evaluated by the Advisory Committee?

Amongst other factors, the committee will evaluate:

if the property is in a highly walkable area, or is easily accessible to convenient transit
if the property furthers one or more of the Park City Vision 2020 goals
if the property demonstrates demand within the housing market for the product type (studio, townhome, single family home)
if the price per square foot by unit type is in line with market conditions

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