Park City's expired Main Street agency must spend its remaining money by Dec. 31, 2026

Park City's adopted budget for fiscal 2027 says the Main Street redevelopment agency "expired in 2021" and that recent state legislation requires all of its remaining funds to be spent by Dec. 31, 2026. ^[1]

The statement appears in the budget's list of changes between the tentative and final budgets, alongside the elimination of a $30,000 Main Street RDA Historical Preservation Board grant. ^[1]

Our Oct. 15 story reported the four redevelopment agency fund balances listed in the FY2026 budget. This story adds the audited FY2025 figures for the Main Street funds and the closeout deadline. ^[2]

The audited balances

The city's FY2025 annual financial report shows the Main Street redevelopment capital projects fund ending the year at $1,528,671, down from $1,914,208, after $463,536 in capital spending. The Main Street special revenue fund ended at $930,944, up from $892,478. Together the two funds held $2,459,615 at June 30, 2025. ^[2]

The special revenue fund's original FY2025 budget listed $455,000 for economic development; the final budget listed $50,000, and actual spending was $7,300. The fund received $570 in tax increment that year. ^[2]

What the budget plans

The FY2026 revised budget table lists $2,290,000 of capital spending for the Main Street RDA capital fund and $50,000 of materials, supplies and services for the special revenue fund. ^[1]

The FY2027 original budget table lists no spending for either fund. It shows an ending balance of $968,572 for the special revenue fund and an ending balance of negative $588,860 for the capital fund. ^[1]

The budget documents reviewed do not include a closeout schedule showing what has been paid, what remains committed, or how any balance after Dec. 31, 2026 would be handled. ^[1]

Update, Oct. 17, 2026: what state law says about leftover money

S.B. 228, the Community Reinvestment Agency Amendments sponsored by Sen. Wayne A. Harper and Rep. R. Neil Walter, passed the Senate 25–0 and the House 58–1 in the 2026 session. ^[3]

The law defines the dormancy period as ending six months after a project area's funds collection period ends, and says a project area dissolves when its dormancy period ends. An agency may extend the dormancy period once, for up to two years, after a hearing and with a resolution and an ordinance. ^[3]

It also says "an agency with project area funds remaining at the end of the dormancy period shall return a proportionate share of the unexpended funds to each taxing entity." A project area that allocated funds and began a dormancy period before May 6, 2026, "shall: (a) be dissolved five years after the day on which the project area began the dormancy period; and (b) distribute any unexpended funds" the same way. ^[3]

The bill removed the earlier rule, under which the dormancy period ended five years after the funds collection period ended or five years after the section took effect, whichever was later. ^[3]

The budget does not say which of these provisions Park City applies to the Main Street area, and The Ledger found no newer Park City record on the area's balance. ^[1]