Town, county to decide how to structure 90 Virginian Lane’s next $15M

Jackson Town Council and the Teton County Board of County Commissioners are scheduled to spend up to two hours April 6 on the next major financing decisions for the 90 Virginian Lane affordable workforce-housing development. The joint bodies are being asked to give staff direction on how the Town, County and Housing Authority should structure the project’s next tranche of funding — framed in the staff report as the “first $10 million” — and separately how to close a stated $5 million gap on the rental portion of the project. See the staff report in the joint packet: Regular Joint Meeting Agenda Packet.

The staff report lays out several additional policy choices that could affect both project finances and who ultimately benefits: whether the Town should pre-purchase condominium units, and whether “certain employees and volunteers” should receive a preference to rent or own at 90 Virginian Lane. The April 6 agenda identifies the 90 Virginian Lane item as the meeting’s lone discussion/action topic, with public-comment instructions included on the agenda. Regular Joint Meeting Agenda.

In the background section, staff characterize 90 Virginian Lane as one of the “last large infill workforce housing opportunities in Town” and summarize prior funding sources to date (including land acquisition costs, mitigation funds, general funds and SPET-backed financing). The direction from April 6 is expected to inform finalization of the “suite of documents necessary for this development to move forward,” according to the packet.