Valley in Brief: Vail buys condo to add to employee housing inventory
May 17, 2017
VAIL — Proceeds from the town of Vail's housing fee-in-lieu fund will be used to purchase a one-bedroom, one-bath unit in West Vail. The 522 square-foot home is at the Gore Range Condominiums, 2189 Chamonix Lane.
The purchase price of $325,000, pending appraisal and other contingencies, was authorized at the May 16 meeting of the Vail Town Council. The town presently owns three other homes in the Gore Range Condominiums.
Following the closing in early June, the home will be added to the town's existing inventory of employee housing units owned by the town to provide rental opportunities for employees in critical positions. Critical positions include police officers, firefighters, E-911 dispatchers, bus drivers and other positions determined to be critical to the sustained operation of the municipal services of the town. To date, more than 20 such homes have been acquired by the town for this purpose.
The town has been collecting housing-fee-in-lieu payments since 2007 after becoming the first community in Eagle County to enact employee housing regulations. The fund has generated more than $4 million since its inception.
For more information, call George Ruther, 970-376-2675.