1 Mercill condo stays workforce-only under perpetual resale limits

A 1-bedroom condo at 105 Mercill Avenue Unit 205 would stay in the workforce ownership pool under a perpetual deed restriction on the Town Council consent calendar, according to the May 18 agenda packet. Staff says the unit is selling and needs a new restriction, replacing the 2023 version tied to the Mercill Avenue Condominiums approval.

The restriction is the kind of detail that matters more than a ribbon cutting: at least one household member must work 1,560 hours a year for a local business, the household must earn at least 75% of its income from local business sources, and the unit must be the buyer's sole primary residence. Renting is generally barred except as allowed by Housing Department rules.

The resale formula also keeps the unit from floating back toward market pricing. After the initial sale, the maximum resale price is capped at the owner's purchase price plus the lower of Denver-Aurora-Lakewood CPI or 3% per year, compounded annually, plus approved capital improvements and other allowed costs. The packet says the broader Mercill approval required 30 workforce units, and this action keeps one of those units enforceably in that lane.