Economic Development

Department Functions

The primary focus of the Economic Development Department is to market the City of Park City to potential businesses in the area. Not only is the goal to attract more businesses, but also to assist existing businesses to expand when possible. The Department also helps new businesses coming to Park City find sites and to expedite the construction project for them.

Economic Development Incentives

Industrial Revenue Bond (IRB) Tax Exempt

Park City will consider issuing IRBs to provide 100% financing of land, buildings, equipment, and construction. Building materials are exempt from sales taxes. Total tax exemption for up to 10 years is possible. The amount of tax exemption will depend on the number of jobs, and investment.

Enterprise Zone

Park City Enterprise Zone benefits are available for new and expanding manufacturers and service businesses. These benefits include a $2,500 income tax credit for each new job, a $1,000 tax credit for each $100,000 of new facility investment, and sales tax exemptions for new business, construction, and equipment purchases.

Infrastructure Improvement Financing

In areas where infrastructure improvements are required, the City may issue up to 15-year low interest general obligation bonds.