A business partner of WallaceвЂ™s paid a visit to the county recorderвЂ™s office in Coalville in the meantime.
“He discovered that probably 80 to 85 % of all (Park City Old Town) lots вЂ“ home lots, and company properties, for the matter вЂ“ had been on the market for fees. So he said, вЂYou understand, i do believe we are able to purchase a lot of those. If that which we do allows Park City rebound, thatвЂ™s likely to be some valuable property.вЂ™
Wallace stated he offered their partner the green light to invest $85,000 to $90,000 to purchase “several hundred” lots.
“after which we told my partner, we stated, вЂYou know, weвЂ™re employed by United Park Mines business, and I think we owe it in their mind to allow them learn about this and find out when they are interested those, or some of these, lots.вЂ™ Well, they did. These were grateful. Plus they purchased about 90 per cent of that which we purchased, for the same cost that individuals had bought (them for).”
In 1962, the mining company sent applications for a brand new federal loan program built to fortify the economies of depressed areas. Utah newsprint writers utilized a 1962 luncheon with president kennedy to lobby on the companyвЂ™s behalf august. Later on that thirty days, the us government authorized a loan of $1,232,000.
Treasure Mountains opens
On Saturday, Dec. 21, 1963, Park City Mayor Will Sullivan slice the ribbon to mark the official opening associated with the brand new resort, Treasure Mountains.