Vail resets employee housing fees
Vail, CO Colorado
VAIL – Vail’s employee housing “fee-in-lieu rate” has been updated for 2010. The fees are part of town law that requires developers to supply affordable housing for employees.
Developers can pay the fees instead of building actual housing. The rates adopted Tuesday are:
• $189,990 per employee to be housed for commercial linkage, down from the $329,209 rate used in 2009.
• $236.65 per square foot for inclusionary zoning, down from $398.65 per square foot the previous year.
The town says the rate is calculated by determining the gap between a two-person household earning 120 percent of the 2009 area median income and the 2009 median cost per unit plus an administrative fee of $3,000 per employee, or $3.65 per square foot.
The town’s housing office says the two-person area median income increased $2,700 from 2008 to 2009 and the Vail median price per square foot decreased to $394.
Based upon such significant swings in the fee-in-lieu amounts and an attempt to provide greater predictability in the fees, the Town Council amended the formula to include averaging the annual fee with the previous fees adopted over the past two years.
Since collections began in 2007 the town has collected nearly $600,000 in housing fee-in-lieu payments. The funds are being used to purchase housing units in Vail.
For additional information, contact Vail Housing Coordinator Nina Timm at 970-479-2144.