Vail Town Council Authorizes three housing purchases
Homes will be used for resale and rental to town employees and employees working in Vail
The Vail Town Council, in its role as a housing leader and employer, has invested in three new home opportunities for the town’s municipal employees and persons employed at businesses in Vail.
At its April 5 meeting, council members approved the purchase of the three homes located in the Vail East Lodging Condominiums, Buffer Creek Condominiums and Pitkin Creek Condominiums, all within the town’s boundaries. The homes are being purchased for $1.9 million total with the town taking possession of the homes near the end of April.
Each of the homes are currently leased to local Vail residents and the town has agreed to honor the terms of the leases to avoid displacing current residents. Funding for the purchase comes from the town’s capital projects and Vail InDEED funds.
In approving the 663 square-foot one-bedroom, one-bath home purchase at the Pitkin Creek Condominiums, the Town Council has instructed staff to record a deed-restriction for resident occupancy on the property and place it up for purchase to a qualifying town of Vail employee. A 3 percent maximum price appreciation cap will be recorded with the deed-restriction along with a first option to purchase provision for the Town of Vail. If no town of Vail employees are interested in purchasing the deed-restricted home, it will then be offered for sale to other Vail locals seeking a home ownership opportunity.
Each of the homes at Vail East Lodging, a 790 square-foot, two-bedroom, one-bath, and Buffer Creek Condominiums, a 1,043 square-foot, two-bedroom, two-bath, will be used for rental housing for town of Vail employees.
“We are the fourth largest employer in the town of Vail and we, too, have challenges with employee recruitment, retention and hiring issues due to the lack of available housing,” said Krista Miller, human resources director. “The Pitkin Creek home provides an opportunity to help one of our valued employees realize home ownership in Vail.”
This is not the first time the town has taken this approach to addressing the housing needs of its employees. In 1997, the town of Vail partnered with the Eagle River Water and Sanitation District to construct the Red Sandstone Townhomes. The Red Sandstone Townhomes are home to employees and their families of the town and the district with priority granted to critical employees of the respective employers.
The Town of Vail employs more than 325 municipal workers to service the needs of the resort community.