Town, county to set funding plan for 90 Virginian Lane’s “first $10M” April 6

Jackson Town Council and the Teton County Board of County Commissioners meet April 6 to give staff direction on how to structure the next phase of public funding for the 90 Virginian Lane affordable workforce-housing development — including how to cover the project’s “first $10 million” and how (or whether) to address a separate $5 million gap in the rental portion of the project. The discussion is expected to guide preparation of the final “suite of documents” needed to move the development forward, according to the staff report. (The same staff report appears in both the town and county packets.)

Staff summarized the public investment to date as roughly $28 million for land acquisition (with debt interest bringing the figure to about $30.1 million unless prepayments are made), funded largely through SPET and mitigation funds. The packet also notes earlier pre-development design work ($250,000) and ongoing costs like taxes and insurance (about $149,079), paid using RV park ground-lease revenue on the site.

Beyond the immediate funding question, staff asked electeds to weigh in on several policy and deal-structure items that could affect overall cost and who ultimately benefits — including whether the Town should pre-purchase some condos (framed as asset acquisition rather than a pure subsidy), whether certain employees and volunteers should receive preference to rent or buy, and whether changes to unit mix should be considered. Staff also outlined other funding sources under pursuit, including impact-investor capital via developer Pennrose, potential Housing Authority subordinate bond sales, and grants.

The joint meeting agenda includes the 90 Virginian Lane item as a 120-minute discussion/action slot, with public participation available in person and via Zoom and written comment accepted by email to both bodies. For details, see the staff report packet: 90 Virginian Lane Affordable Housing Project Staff Report Packet and the meeting agenda packet: Regular Joint Meeting Agenda Packet.