Vail: Town buys West Vail unit
Vail, CO Colorado
VAIL, Colorado –The town of Vail has completed acquisition of its 11th housing unit as part of its ongoing buy-down program with the purchase of a unit at Gore Range Condominiums, a six-unit complex located at 2189 Chamonix Lane in West Vail. The purchase price was $260,000 for the one-bedroom, one-bath unit. The deal closed Wednesday.
The buy-down program was established in 1999. Here’s how it works: The town buys a unit on the open market, and then places a deed restriction on the property. The new unit will be rented to a town employee.
The town has budgeted $500,000 in 2009 for such purchases and has made previously-acquired units available in separate actions to employees throughout the community as well as municipal employees.
In 2008, the town acquired two other units at the Gore Range Condominium complex by using the town’s ongoing buy-down funds and from a portion of the town’s housing fee-in-lieu fund which began collections in 2007.
Following today’s acquisition, the deed-restricted housing inventory within the town of Vail increases to 661 units. Of those, the town controls 45 units as rentals for Town of Vail employees living within the town.
In 2007 the Vail Town Council identified employee housing as one of its top areas of focus. The goal is to provide enough deed-restricted housing for at least 30 percent of the workforce in Vail through policies, regulations and publicly-initiated development.
Current initiatives include the redevelopment of Timber Ridge, the pending construction of a duplex on town-owned property on Arosa Drive, development of approximately 60 deed restricted for-sale units on the town-owned Chamonix property in West Vail and facilitating construction of 124 beds on the North Day Lot by Vail Resorts to meet a housing requirement negotiated previously by the town council.
For additional details, contact Nina Timm, Vail housing coordinator, at 970-479-2144.