90 Virginian: staff wants $5M more, but no General Fund for condos

The operating question for 90 Virginian Lane is simple: how much more public cash gets put into this project, and does any of it come out of the General Fund. In a new staff report, housing staff recommend adding $5 million (not $10 million) to the existing land-plus-cash package for the 90 Virginian affordable workforce build, bringing total public investment to $45 million, with the extra $5 million targeted to the rental side only. See: BCC Staff Report — 90 Virginian Lane Affordable Workforce Housing Development.

On the unit mix, staff recommend “Option 1” at 221 homes (326 bedrooms), with 70% rentals and 30% for-sale condos, which is the mix the original developer RFP asked for. The alternative mix (216 homes, 90% rentals and 10% ownership) would shift more heavily toward rentals and larger for-sale units, but staff say it does not meet the RFP requirements and would cut the number of for-sale condos from 60 to 26.

The bigger political tell in the report is the funding split. The $10 million add-on option would put $5 million into rentals and $5 million into the for-sale condo project, and staff notes the Town Manager and County Administrator do not support using General Fund dollars toward the condo buy-down. The recommended $5 million add-on avoids that, keeps the project moving, and leaves room for staff to go find other sources later (mitigation fees, SPET, grants, philanthropy, impact investments) if electeds still want to deepen affordability.