If you’ve been into any of the local haunts in Park City recently, you likely heard talk of the Sweeneys, Treasure Hill and a proposed conservation deal.

The land in question rises above town to the west, off Lowell Avenue near the Creole run. [R314R, Park City Mountain Resort]'s Town Lift runs right up the middle of the 124-acre parcel, which is owned by the Sweeney family of Park City who has offered to sell the development rights to the city so it could remain open space.

The 11-figure price tag was a carefully guarded secret until recently when the Park City City Council has voted against paying the Sweeney’s the $93 million they want to keep development off the property. According to a press release from the city, the council decided that the price was too high for a bond issue that would cost the average homeowner an additional $546 in taxes for each of the next 15 years.

City officials say they will continue to negotiate to reduce the density of any development on the hillside with the Sweeneys, who have been trying to develop the property since the 1980s. The most recent plan called for about one million square feet of commercial and residential development on the property.

To view the plans for Treasure Hill, click here. For more information on the project, click here.