Jackson weighs $275K ‘reviving’ first-rental/purchase right for town employees

Jackson Town Council discussed whether to pursue buying an Employee Reviving Right of First Purchase or Rental (EROP) — essentially a “floating” priority slot that lets town employees rent or buy a unit from the Community Housing Trust portfolio before it goes to the trust’s general waitlist. The item came up during the March 2 regular meeting. Regular Town Council Meeting Agenda Packet

According to the staff report, the EROP being offered is a reviving right: when a town employee moves out or leaves town employment, the right returns to the town and can be used again by another employee. If no eligible employee can use it when a vacancy occurs, the Housing Trust would then offer the unit to the next household on its waitlist. Staff said the opportunity arose because the current owner — described as a local nonprofit — offered to sell the EROP to the town for approximately $275,000. Town Council Regular Meeting Agenda Packet

The town currently holds 18 EROPs and has 14 additional EROPs previously approved but tied to projects not yet built (six rental rights at Nelson Drive and eight purchase rights at S4 Flats), the report said. Staff recommendation was for council to direct the town attorney to prepare purchase documents so a finalized transaction can return for action at a future meeting. Town Council Regular Meeting Agenda Packet