Town, county to weigh funding split and preferences for 90 Virginian Lane

Jackson Town Council and the Teton County Commission are scheduled to spend up to two hours April 6 setting direction for the 90 Virginian Lane affordable workforce-housing development, including how the town, county and Housing Authority should structure upcoming funding and what terms should be built into the final development documents, according to the meeting packet. Staff are asking both boards to direct preparation of a full “suite of documents” for the project and to extend the development-agreement timeline. (Regular Joint Meeting Agenda Packet)

The staff report frames several decision points: how to split responsibility for an additional “first $10 million” contribution beyond land and prior commitments; how to close a requested $5 million funding gap for the rental component; and whether the Town should also pre-purchase condos (the County has already agreed to a $5 million condo pre-purchase). The packet also notes the project’s land purchase cost ($28 million, with debt interest listed at about $30.1 million unless prepayments are made) and that the revenue bonds are paid in twice-yearly installments totaling roughly $3 million per year. (Regular Joint Meeting Agenda Packet)

Another topic electeds are expected to weigh is who, if anyone, should receive a preference to rent or own at 90 Virginian Lane. The packet notes the existing “critical service provider” extra-entry system and lists possible expansions (including school district staff, senior-center staff, childcare workers, medical workers, and local/state/federal government employees) as a policy choice that can be accommodated if directed. Staff also lay out potential unit-mix changes and affordability reallocations that could reduce project gaps, but warn some unit-mix shifts could require redesign and delay the schedule. (Regular Joint Meeting Agenda Packet)