Town, county direct Pennrose on 90 Virginian Lane phasing and oversight

Jackson Town Council and the Teton County Commission used a March 9 special joint meeting to give staff direction on outstanding “key questions” for the 90 Virginian Lane affordable/workforce housing neighborhood — a Pennrose-led plan for 221 permanently deed-restricted homes on a 5.15-acre Housing Authority-owned site in Jackson’s Neighborhood High (NH-1) zone. The goal was to settle phasing, funding timing and oversight tools before final development and ground-lease documents are brought back for approval. Town Council Staff Report

Staff framed decisions around whether to build the rental phase (161 homes across three buildings) or the for-sale phase first, how to “ensure both phases … get built,” when the previously discussed $10 million in Town/County funding should be contributed, whether electeds will commit up to an additional $10 million, and whether the Jackson/Teton County Housing Authority should hold a “Special Limited Partner (or equivalent) interest” and/or a sub-developer role in the rental phase to protect public objectives. Town Council Staff Report

The project’s current public contribution is described as roughly $40 million (land plus $10 million cash commitment), with staff emphasizing the decision’s long-term implications for local housing supply and affordability bands. Staff said the March 9 direction would be used to finalize a “suite of documents” including a development agreement and ground-lease option/ground leases for the rental and for-sale components. Town Council Staff Report

Editor’s note: The agenda item was listed as a discussion/action item on the county’s March 9 joint-meeting agenda. Board of County Commissioners Meeting Agenda