PARK CITY — Majestic mountains surrounding this tony ski town erupt in sprays of yellow, orange and red against a background of dark pine as autumn slowly creeps in on summer.

Only clearings for ski runs and the tightly packed rooftops of homes and condos interrupt the wholesome vista. And residents here, whether they be ski bums from Mexico or farmers from old mining families, like it that way.

Since 1998, Park City has borrowed — and spent — nearly $40 million for open space in and around town limits. That spending was supplemented by $10 million from Summit County. Together, the purchases have directly checked development, according to the officials tasked with spending the money. But it's almost gone.

With only $460,000 left in the bank, residents and city officials are talking about passing another bond. They want to purchase land out from under the Sweeney family to prevent building of a massive hotel next to Park City Mountain Resort.

"That would be the one piece that citizens might rally around," said Park City environmental sustainability manager Diane Foster. "In that case, people might be willing to look at another bond."

Although one of the top reasons cited for buying open space is to control impending development, Park City isn't against growth, she said. It's simply seeking balance.

Buying land could even save money in the long run because it will never require municipal services like a development would. Even commercial development doesn't pay for itself over a span of decades, Foster said.

"As somebody once said, 'Cows don't go to school,' " said Utah Open Lands Executive Director Wendy Fisher. "More growth to pay for growth is a misconception. The bottom line is that open space preservation is never going to stop growth, but it's going to balance growth."

Voters in 1998 and 2002 approved $10 million bonds by margins of 75 percent and 80 percent, respectively. They passed a $20 million bond in 2006.

The borrowed money is being repaid through property tax receipts, so both full- and part-time residents pay, Foster said.

The vast majority of residents continue to support open space funding, but others worry it is unnecessary given the vast stretches of federal land in Utah.

"I'm a believer that you have to be very careful," said one-time mayoral candidate R. Dan Portwood. "There are certain corridor areas that you'd like to preserve, but I think the city has to be careful about doing open space purchasing. … It's reached a point where it needs to stop."