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The Vail Town Council is seeking public comment on proposed terms for a possible pre-development agreement with Triumph Development that would enable a potential housing development in East Vail to be built with 100 percent of its rental homes deed-restricted. The proposed terms of a potential agreement have been scheduled for a public discussion at the Tuesday, March 19 evening Town Council meeting and community members are encouraged to provide public comment. The action item is listed as 5.2 on the agenda which begins at 6 p.m. in the Town Council Chambers.
The East Vail parcel, located just north of the Interstate 70 interchange, is owned by Vail Resorts and is being sold to Triumph Development for deed-restricted residential development and open space. In 2017, the 23.3-acre property was rezoned from its original Two-Family Residential district to two distinct zoning classifications – the western portion of the site, representing 5.4 acres, was rezoned to the Housing district and the remaining 17.9 acres was rezoned as Natural Area Preservation district.
While the Housing district requires at least 70 percent of the development to be deed-restricted, the Town Council has been exploring financial options to acquire the remaining 30 percent of the deed-restrictions to meet its 100 percent goal. This would potentially result in a deed-restricted development of approximately 130 to 140 one- and two-bedroom, for-rent homes for Vail residents. Any residential development built on the East Vail parcel is subject to review and approval by the Planning and Environmental Commission.
The draft terms outline a series of proposed steps that would transpire over the next 10 years beginning with town acquisition of the entire 23.3-acre property for a purchase price of $4 million. As proposed, Triumph would sign a 10-year ground lease with the town and agree to purchase the 5.4 acre housing parcel back from the town for $2.5 million. On or before the end of the 10-year agreement, the town would recover the $2.5 million for a total net investment of $1.5 million for acquisition of up to 45 deed-restrictions, or approximately $33,000 per deed-restriction The draft terms propose permanent ownership of the eastern portion of the property by the town as well as annual matching grants for bighorn sheep awareness and habitat restoration to be shared by the town and the developer over the course of the 10-year ground lease.
Details of the proposed pre-development agreement are included in a draft term sheet available for public review. To forward comments in advance of the March 19 public hearing, email the Town Council at firstname.lastname@example.org.