Housing program to be reviewed by Vail Town Council
An update on the town’s resident housing programs, including focus areas and priority projects, will be reviewed by the Vail Town Council at its evening meeting Tuesday, Sept. 21. The presentation is listed as 7.1 on the meeting agenda, which begins at 6 p.m. in the Vail Town Council Chambers. The meeting will be live streamed on High Five Access Media.
Opportunities for public comment are available in advance of the meeting by emailing firstname.lastname@example.org or will be available in-person at the meeting or virtually by registering at vailgov.com/town-council.
Tuesday’s update will be facilitated by Town Manager Scott Robson and will include a review of housing programs and projects identified in the proposed 2022 budget as well as the five-year capital projects plan. The discussion will also reference the town’s 2027 Strategic Housing Plan, which has a goal to acquire a total of 1,700 resident housing deed-restrictions over a 10-year period since the plan’s adoption in 2017.
Robson’s overview will include a list of focus areas that include: continued investment in and administration of the Vail InDEED program; continued acquisition of a limited number of single-family homes/condos to be deed-restricted and used for community housing; redevelopment of the town-owned Timber Ridge Apartments; construction of housing at the Public Works shops; and potential investment in land acquisition and/or deed restrictions with partner agencies inside and outside the town’s boundaries. Additional housing opportunities are identified in the draft West Vail Master Plan and the Civic Area Plan.
Tuesday’s meeting agenda also includes final authorization by Town Council to publicly finance the Residences at Main Vail to capitalize on historically low interest rates. Construction of the 72 deed-restricted homes on the town-owned site, located at 129 North Frontage Road West, is anticipated to begin next month with completion by May 2023. The town has hired bond underwriter Piper Sandler to facilitate the sale of the $25 million tax-exempt certificates of participation for the homes with a payback over 30 years.
To review a staff memo outlining the housing focus areas and priority projects in detail, visit vailgov.com.