Joint town/county to set remaining financing options for 90 Virginian Lane

Jackson’s Town Council and the Teton County Board of County Commissioners met jointly on April 6 to discuss how to structure remaining public financing for the 90 Virginian Lane affordable workforce-housing development, including (1) how to fund the initial “first $10 million” contribution and (2) options to close a roughly $5 million funding gap in the rental phase. The staff report also asked whether the town should pre-purchase some for-sale condos and whether certain employee or volunteer groups should receive preferences.

The April 6 packet lays out the project’s public-funding history to date — including a $28 million land purchase (with interest bringing that to about $30.1 million unless prepaid) — and summarizes what staff described as more than 20 prior meetings on the project. It also compares the project’s public funding share to prior mixed-income developments and notes other sources being pursued (impact investors, grants, and potential Housing Authority subordinate bond sales).

What happens next depends on the direction given April 6: staff indicated the point of the meeting was to inform finalization of a “suite of documents” needed to move the development forward. Residents can review the full set of questions and funding tables in the meeting packet.

Sources: Regular Joint Meeting Agenda Packet, 90 Virginian Lane Affordable Housing Project Staff Report Packet.