Town, county to decide $10M split and next steps for 90 Virginian Lane

Jackson Town Council and the Teton County Board of County Commissioners are scheduled to take up the 90 Virginian Lane Affordable Workforce Housing Development at their April 6 regular joint meeting, with staff recommending the boards extend the development-agreement timeline and direct staff to draft the “suite of documents” needed to move the project forward. See the agenda and packet: Regular Joint Meeting Agenda and Regular Joint Meeting Agenda Packet.

The packet frames several near-term funding decisions electeds are expected to give direction on. It notes the town and county have previously agreed to provide an additional $10 million (the “First 10”) toward the development but still need to decide how to split that obligation. The packet also says developer Pennrose is asking for an additional $5 million commitment for the rental portion of the project, and that Teton County has agreed to pre-purchase $5 million in condos at the site.

Staff also flag that contributions could be phased over time — potentially allowing the project to draw on future mitigation-fee collections, SPET revenues, grants, philanthropy, or impact investments — as the ground lease/development agreement documents are finalized for later board action. The April 6 discussion/action item is scheduled for 120 minutes.