In preparation for the upcoming March 17 lottery application deadline for prospective Vail Chamonix home buyers, the Vail Town Council will be reviewing recommendations for deed restriction requirements, the lottery selection process and other details related to the new housing development during its Tuesday, March 7 meeting. The action item is listed as 7.1 on the evening meeting agenda which begins at 6 p.m. in the Vail Town Council Chambers with opportunities for public comment.
To fulfill the Town Council’s goals of affordability and growing a thriving and balanced community, a deed restriction will be recorded against the 32 new homes stipulating ongoing ownership and occupancy. Once recorded, the deed restriction will run with the land and remain in perpetuity, unless otherwise removed, subject to mutual agreement by all affected parties. During Tuesday’s meeting, deed restriction recommendations for Chamonix Vail proposed by the Vail Local Housing Authority will be reviewed as follows:
- Occupancy shall be limited to owners choosing to continuously occupy the homes, make the home their permanent place of residence, and work at least 30 hours per week at a business licensed within Eagle County.
- Future transfer of ownership shall be through the Town of Vail to a qualified buyer.
- “Non-qualified owners” shall be prohibited.
- Provisions shall exist for circumstances of inheritance.
- Owners may rent part of their homes provided certain requirements are met.
- The Town of Vail shall maintain a first option to purchase on all transfers.
- Owner shall be afforded an opportunity to obtain a “maximum resale price” cap upon the sale of a Chamonix Vail home.
- Acceptance of a deed in lieu of foreclosure assignment shall cause the deed restriction to remain in full force and effect.
- Terms shall be provided to address matters of breach of the deed restriction.
- A partial reimbursement for certain capital improvements costs may be added to the maximum resale price upon sale.
- Owners may not own other residential property in Eagle County.
- No minimum family size requirements exist.
In addition, the Vail Local Housing Authority recommends the following guidelines:
- To maintain affordability over time, the maximum resale price should be correlated to historical changes, (+/-) in the Area Median Income, Median Family Income, Consumer Price Index, etc. within Eagle County. Over the past two decades these indexes have changed 1.64% to 2.48%, respectively. For ease of implementation a 1.5% per Annum adjustment is recommended.
- To avoid unintended consequences of residential property ownership, a qualified buyer may own residential property, land and/or homes, outside of Eagle County.
With nearly 150 prospective homebuyers completing the home buyer questionnaire and expressing interest in taking part in the March 17 application deadline to be followed by the lottery drawing on May 3, the Town Council will have a final opportunity to review the recommended procedures for the lottery selection process at Tuesday’s meeting. The following requirements are recommended:
- Completion of a Chamonix Vail Home Buyer Qualifying Application.
- Demonstrated ability to comply with the terms of the deed restriction if selected for home purchase.
- Demonstrated ability to secure financing for the home type(s) desired.
- Signed acknowledgement of acceptance of the terms of the Chamonix Vail Reservation Agreement and Purchase/Sale Agreement.
- Demonstrated participation and successful completion of a Town of Vail or Valley Home Store sponsored Homebuyer Education Class within the previous 12 months.
- One chance per household for the one home type desired in the lottery selection process per qualifying application.
- Creation of a Chamonix Vail Home Buyer Wait List to address situations of selected home buyers falling out of the home purchase process.
Town staff is recommending a true lottery selection process whereby each participate shares an equal chance of being selected; no weighted preference towards place of residency or place of employment is recommended.
The remaining Chamonix Vail topic to be discussed at Tuesday’s meeting by the Town Council is the project schedule. Two schedules will be presented along with their benefits and tradeoffs, neither of which would impact the March 17 lottery submission deadline or the May 3 lottery selection. The original schedule is based on an expedited construction process to line up subcontractors while simultaneously completing a guaranteed maximum price contract with Triumph Development West, L.L.C., the developer. This schedule has been intended to lock-in lower construction costs. An alternative schedule would take a more conservative approach by slowing down construction activities on the front end until a guaranteed maximum price is locked in on April 28. The schedule options would deliver the first units in either November 2017 or January 2018 with the remaining units completed in either March 2018 or late May 2018.
Chamonix Vail includes five distinctive floor plans with a combination of two and three-bedrooms and numerous amenities, including energy efficiencies, enclosed garages, ample storage space, outdoor patios and a neighborhood gathering space and community garden.
To comment on the Chamonix Vail discussion topics in advance of Tuesday’s meeting, email the Vail Town Council at firstname.lastname@example.org or to review the staff memo, click here. For additional details, contact George Ruther, Community Development Director at 970-479-2145.