Vail sets housing fees for 2009
Vail, CO Colorado
VAIL, Colorado ” Vail’s employee housing fee-in-lieu rate has been updated for 2009 as part of an annual requirement to meet provisions of the town’s commercial linkage and inclusionary zoning regulations approved in 2007.
Developers can pay this fee instead of providing employee housing that’s required by the town in the approval process.
The fee-in-lieu rates adopted by the Town Council are:
– $329,206 per employee to be housed for commercial linkage, up from the $166,464 rate used in 2008.
– $398.65 per square foot for inclusionary zoning, up from $301.65 per square foot the previous year.
Participate in The Longevity Project
Since collections began in 2007 the town has collected nearly $500,000 in housing fee-in-lieu payments. The funds are being used to purchase existing housing units in Vail.
The town has set a goal to provide deed-restricted housing for at least 30 percent of the community’s workforce through policies, regulations and publicly-initiated development. The town is now planning for development of 58 for-sale units on town-owned property in West Vail as well as redevelopment of half of the Timber Ridge site.
For more information, call Vail Housing Coordinator Nina Timm at 479-2144.