The Vail Town Council is preparing to partner with the Eagle County Commissioners and a private developer to increase the supply of local housing through the purchase of deed-restrictions at the 6 West Apartments in Edwards. The apartments will include 120 rental homes in one-, two- and three-bedroom configurations and will be ready for occupancy in November 2018.
Vail’s involvement in the public-private partnership is described in Resolution No. 38 which will be considered for approval during the Tuesday, Oct. 16 Town Council meeting. The resolution, which directs the town manager to execute a purchase agreement with West Edwards Apartments, LLC, is listed as action item 4.4 on the meeting agenda which begins at 6 p.m. with opportunities for public comment.
As proposed, the Town of Vail would acquire 23 deed-restrictions at the 6 West Apartments for a total of $625,000. The homes, 14 one-bedroom, 6 two-bedrooms and 3 three-bedrooms, would be rented at market-rate to qualifying residents who work a minimum of 30 hours per week in Vail. Similarly, the Eagle County Housing & Development Authority is arranging to acquire 13 deed-restrictions.
The partnership helps support the Town of Vail’s goal to acquire 1,000 new deed-restrictions by the year 2027 and represents the first of its kind public-private regional housing collaboration. Funding for Vail’s share of the deed-restrictions would come from the Vail InDEED program administered by the Vail Local Housing Authority.
The development plan for the 6 West Apartments was approved by the Eagle County Board of Commissioners earlier in 2017. The development plan proposed 84 homes, representing 70 percent, to be deed-restricted for resident-occupancy. With the pending acquisitions in place, 100 percent of the new homes at 6 West will be perpetually deed-restricted for housing for persons working within either the Town of Vail or Eagle County.
Under the terms of the proposed agreement with the developer, West Edwards Apartments would manage the leasing of the 36 homes as well as well as verify annual compliance with the terms of the deed-restrictions. For the 23 homes deed-restricted by the Town of Vail, first leasing preference would be given to the town’s municipal employees followed by a second preference given to employees working at a licensed business within Vail.
Since the inception of the Vail InDEED program, 80 deed-restrictions have been acquired within the town’s boundaries. The 6 West acquisitions would represent the first purchases outside the town’s boundaries and would be used to help establish a down valley deed-restriction value and process. The town’s effort to pursue regional housing opportunities has been identified as a top housing initiative by respondents taking part in the 2018 Town of Vail community survey and is included as a priority in the Town Council’s action plan.
For more information on this proposal, contact George Ruther, director of housing, at 970-376-2675, or view Resolution No. 38 here. To comment in advance of the meeting, email the Town Council at email@example.com.