HomeMy WebLinkAbout2025-11-11 VLHA Agenda1
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VAIL LOCAL HOUSING AUTHORITY MEETING
Agenda
Vail Town Council Chambers and virtually by Zoom.
Zoom meeting link: https://vail.zoom.us/j/82534922212
3:00 PM, November 11, 2025
Call to Order (3:OOpm)
Citizen Participation (5 min.)
Approval of Minutes (5 min.)
3.1 Approval of October 13, 2025 - Special Meeting Minutes
Presenter(s): Missy Johnson, Housing Coordinator
2025-10-13 VLHA Meeting Minutes.pdf
Main Agenda
4.1 Housing Project Update
Listen to update on Housing Development Projects.
Presenter(s): Anna Bengtson, Housing Development Specialist
4.2 3rd Quarter Financial Update
Review 3rd Quarter Financials.
Presenter(s): Jake Ship, Budget Manager
2025 3rd Quarter VLHA Financial Update.pdf
4.3 2026 Budget: Resolution No. 5, Series 2025
Approve, approve with amendments, or deny 2026 Budget as
presented on first reading.
Presenter(s): Jake Shipe, Budget Analyst
Background: A resolution adopting a budget and making
appropriations to pay the costs, expenses and liabilities of the
Vail Local Housing Authority, for its fiscal year January 1, 2026
through December 31, 2026.
VLHA 2026 Proposed Budget - Fund Statement.pdf
VLHA Proposed 2026 Budget Line -Item Detail.pdf
VLHA Resolution No. 5 (2026 Budget).pdf
4.4 Consideration of Contract with Impact Finance Center —
Experiential Impact Investing Education
Authorize the Chair to execute a contract with the Impact
Finance Center for the Experiential Impact Investing Education
Program in an amount not to exceed $15,000 plus pre -
approved travel expenses.
Presenter(s): Steve Lindstrom, Chair
TOWN OF VA
5 min
15 min
5 min
20 min
10 min
1
Background: Impact Finance Center previously facilitated an
impact investing workshop for the Town, and has submitted a
proposal to continue this work through a structured two-phase
education and implementation program for consideration by
the Vail Local Housing Authority.
VLHA_Memo_lmpactFinanceCenter.pdf
4.5 EHU Exchange Fee Program
Review and discuss the program as presented.
Presenter(s): Robyn Smith, Housing
Background: On October 21 st, 2025, Vail Town Council
adopted Ordinance No. 20, Series of 2025 amending Vail
Town Code §12-13-5(D)(5) Employee Housing Unit (EHU)
Deed Restriction Exchange Program — Fee in lieu. This
amendment provides an opportunity —subject to Town Council
review and approval —for certain property owners to apply for
release of an existing Employee Housing deed restriction in
exchange for a fee -in -lieu payment to the Town.
External_EHUExchange Fee Update. pdf
5. Matters from the Chairman and Authority Members
6. Adjournment
7. Future Agenda Items
• VLHA biannual update to council
• Impact Finance Center Contract
10 min
8. Next Meeting Date Tuesday December 9th, 2025 at 3:OOpm in Town Council Chambers.
Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website
www.vail.gov. All Town Council meetings will be streamed live by High Five Access Media and available
for public viewing as the meeting is happening. The meeting videos are also posted to High Five Access
Media website the week following meeting day, www.highfivemedia.org.
Please call 970-479-2460 for additional information. Sign language interpretation is available upon
request with 48 hour notification dial 711.
K
AGENDA ITEM NO. 3.1
Item Cover Page
VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT
DATE: November 11, 2025
��I►�il 'iii11%
SUBMITTED BY: Missy Johnson, Housing
ITEM TYPE: Approval of Minutes
AGENDA SECTION: Approval of Minutes (5 min.)
SUBJECT: Approval of October 13, 2025 - Special Meeting Minutes
SUGGESTED ACTION:
PRESENTER(S): Missy Johnson, Housing Coordinator
ATTACHMENTS:
2025-10-13 VLHA Meeting Minutes.pdf
3
Vail Local Housing Authority Minutes
Monday, October 13, 2025
4:00 PM
This Special Meeting is ZOOM ONLY.
Zoom meeting link: https://vai1.zoom.us/j/82534922212
Craig joined just after the resolution was approved. Jason Dietz and Missy Johnson, Town of Vail
Housing Staff were present.
Present:
Steve Lindstrom
Dan Godec
Christine Santucci
Craig Denton
Kristin Kenney Williams
1. Call to Order (4:OOpm)
Special meeting called to order at 4:01 p.m.as a zoom only meeting with a quorum present.
2. Citizen Participation (5
min.) no comments.
3. Approval of Minutes (5 min.)
3.1 Approval of September 23, 2025 Meeting Minutes
Presenter(s): Missy Johnson, Housing Coordinator
Time: 5 min
2025-09-23 VLHA Minutes.pdf
Kristin Kenney Williams made a motion to Approve; Dan Godec seconded the motion Passed (4 -
0).
4. Main Agenda
4.1 Resolution No. 4, Series of 2025, a Resolution Approving the Purchase of a Deed
Restriction Interest in Property (Type III Deed Restriction) in the Town of Vail
Legally Described as Subdivision: Vail Intermountain Dev Sub Block: 8 Lot: 713,
Eagle County, Colorado with a Physical Address of 2932 Bellflower 713, Vail
Colorado; and Setting Forth Details in Regard Thereto.
Presenter(s): Missy Johnson, Housing Coordinator
Time: 5 min
2025-4 VLHA Resolution Deed Restriction Purchase 2932 Bellflower Unit 713.docx
Steve Lindstrom made a motion to Approve; Kristin Kenney Williams seconded the motion
Passed (4 - 0).
5. Matters from the Chairman and Authority Members
Dietz reviewed the administrative process for submitting expenses as reimbursements directly
to finance. These are for small, miscellaneous expenses and more details will follow via email.
4
Williams touched on the final task for members Godec and Denton to set up their VLHA
email addresses and to watch for instructions via email from Sue or Kristin. Housing staff
reconfirmed that a conference room may be arranged for Sue and members if needed.
6. Adjournment
Meeting adjourned at 4:11 p.m.
7. Next Meeting Date Tuesday, November 11.
Vail Local Housing Authority Meeting Minutes of October 13, 2025
2 5
AGENDA ITEM NO. 4.2
Item Cover Page
VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT
DATE:
TIME:
SUBMITTED BY:
ITEM TYPE:
AGENDA SECTION:
SUBJECT:
SUGGESTED ACTION:
PRESENTER(S):
November 11, 2025
N1i1li
Robyn Smith, Housing
Main Agenda
Main Agenda
3rd Quarter Financial Update
Review 3rd Quarter Financials.
Jake Ship, Budget Manager
ATTACHMENTS:
2025 3rd Quarter VLHA Financial Update.pdf
Account Account Description
Fund
800 - Vail Local Housing Authority
REVENUE
Department 0000 - Revenue
31460.00
Middle Creek Mgmt Fee
31462.00
LionsRidge Apartments Revenue Share
31610.00
Interest
31960.00
Ground Lease Revenue
Income Statement
Through 09/30/25
Annual YTD Budget Less % of Prior Year
Budget Amount Actual Amount YTD Actual Budget Total Actual
Department 0000 - Revenue Totals
REVENUE TOTALS
EXPENSE
Department 6700 - Vail Local Housing Authority
33.00 Professional Fees
33.20 Accounting Fees
35.30 Professional Development
70.34 Bank Charges
73.00 Miscellaneous
17,280.00
13,599.96
3,680.04
79
18,381.73
800.00
800.00
.00
100
3,200.00
8,250.00
9,482.86
(1,232.86)
115
15,754.92
.00
.00
.00
+++
35,000.00
$26,330.00
$23,882.82
$2,447.18
910/0
$72,336.65
$26,330.00
$23,882.82
$2,447.18
910/0
$72,336.65
67,700.00
2,500.00
7,500.00
180.00
4,300.00
Department 6700 - Vail Local Housing Authority Totals
$82,180.00
EXPENSE TOTALS
$82,180.00
Fund 800 - Vail Local Housing Authority Totals
REVENUE TOTALS
26,330.00
EXPENSE TOTALS
82,180.00
Fund 800 - Vail Local Housing Authority Net Gain (Loss)
($55,850.00)
Beginning Fund Balance
397,162
Ending Fund Balance
341,312
2,442.38
65,257.62
4
62,125.98
2,500.00
.00
100
2,500.00
1,875.00
5,625.00
25
2,500.00
90.00
90.00
50
150.00
3,073.16
1,226.84
71
1,202.43
$9,980.54
$72,199.46
12%
$68,478.41
$9,980.54
$72,199.46
12%
$68,478.41
23,882.82
2,447.18
91%
72,336.65
9,980.54
72,199.46
12%
68,478.41
$13,902.28
$69,752.28
(25%)
$3,858.24
397,162
393,304
411,065
397,162
Page 1 of 1
7
Balance Sheet
Account
Account Description
Fund
800 - Vail Local Housing Authority
ASSETS
10600
10600.00
VLHA / Checking 1893
10600.01
VLHA / Liquid Asset 8622
14010
14010.00
Prepaid Expenses
LIABILITIES AND FUND EQUITY
LIABILITIES
20100
20100.00 Accounts Payable
FUND EQUITY
29205
29205.00 Fund Balance - Restricted
Through 09/30/25
Detail Listing
Include Rollup Account/Rollup to Account
Current YTD Prior Year
Balance Total Actual Net Change Change %
75,618.08
59,729.17
15,888.91
26.60
335,446.80
339,044.41
(3,597.61)
(1.06)
10600 - Totals $411,064.88
$398,773.58
$12,291.30
3.08%
.00
370.00
(370.00)
(100.00)
14010 - Totals $0.00
$370.00
($370.00)
(100.00%)
ASSETS TOTALS $411,064.88
$399,143.58
$11,921.30
2.99%
.00
1,980.98
(1,980.98)
(100.00)
20100 - Totals
$0.00
$1,980.98
($1,980.98)
(100.00%)
LIABILITIES TOTALS
$0.00
$1,980.98
($1,980.98)
(100.00%)
411,064.88
397,162.60
13,902.28
3.50%
29205 - Totals
$411,064.88
$397,162.60
$13,902.28
3.50%
LIABILITIES AND FUND EQUITY TOTALS
$411,064.88
$397,162.60
$13,902.28
3.50%
Page 1 of 1
TOWN OF VAIL 2025 AMENDED BUDGET
_ SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
HOUSING FUND
_ 2025 1st 2025 2nd 2025
Budget Supplemental Amended Supplemental Amended
Revenue _
Housing Sales Tax $ 5,201,534 $ 5,201,534 $ 5,201,5'
Actuals as of
09/30/2025
Workforce Housing Sales
625,000 625,000
480,000
1,105,000
- Roll forward resale revenue for Pitkin Creek #3B ($625.OK); Estimated
Resale Revenue for Pitkin Creek #7N ($480.OK)
Housing Late Fees
12,300
12,300
12,300 D collections of housing late fee
Government Reimbursements- Vail Home Partners
4,464,816
4,464,816
4,466,846 Repayment of predevelopment costs from Vail Home Partners for West
Middle Creek bond proceeds ($4.5M)
Transfer in from Capital Projects Fund - COP Reimbursement
30,416
Deed Restriction buyout at 363 Beaver Dam Circle ($275.4K); Deed
Deed Restriction Buyouts
- 275,400 275,400
410,000
685,400
590,000 restriction buyout at 315 Mill Creek Cir ($410.OK); Deed Restriction
Buyout at 2349 Chamonix Lane ($180.OK)
Earnings on Investments
50,000 50,000
50,000
330,751
Total Revenue
7,751,534 900,400 8,651,934
5,367,116
14,019,050
12,482,978
Expenditures
Dousing Programs
Annual $2.5M transfer from CPF for InDeed/Community Housing; In
InDeed Program
1,500,000
2,885,645
4,385,645
4,385,645
160,000 2025 $1.OM to be used for TR Habitat Contribution; 2025: Re -
appropriate unspent InDeed funding ($2.9M)
Buy Down Housing
-
150,904
150,904
150,904
- 2025: Re -appropriate utilization of housing fee in lieu towards Buy
Down housing
Timber Ridge Unit Purchases
-
-
-
2026: Commitment to purchase TR units ($17.OM for Community Rent;
$8.OM for Employee Rent)
Placeholder for Buy Down housing purchases; 2025: Re -appropriate
Future Purchases
2,275,000
1,500,000
3,775,000
(547,400)
3,227,600
unspent funding for future purchases ($1.5M); Utilize buy down housing
Placeholder ($547K) for Pitkin Creek #7N
Pitkin Creek Unit #313
-
-
-
494
Pitkin Creek Unit #7N
-
-
547,400
547,400
549,550 Purchase of Pitkin Creek #7N for resale ($547.4K)
Construction Housing Projects
Timber Ridge Habitat Contribution
2,000,000
2,000,000
2,000,000
$2.OM contribution to Habitat to Humanity for TR units
W. Middle Creek Development Predevelopment
-
807,920
807,920
807,920
807,920 Re -appropriate West Middle Creek predevelopment costs ($808.5K)
W. Middle Creek Development Legal Fee Contingency
50,000
50,000
50,000
50,000 Re -appropriate placeholder for West Middle Creek legal costs ($50.OK)
East Vail Parcel Predevelopment
400,000
400,000
400,000
6,350 Re -appropriate placeholder for West Middle Creek legal costs
($400.OK)
Residences at Main Vail Opportunity Fee
50,000
50,000
50,000
- Re -appropriation of remaining RMV opportunity fee
Land Purchas for Future Housing
Re -appropriate purchase of CDOT East Vail parcel ($2.4M); Re-
CDOT Parcel Acquisition Placeholder - East Vail
2,398,502
2,398,502
18,000
2,416,502
2,416,145 appropriate additional funds needed for East Vail CDOT parcel
($18.OK)
East Vail Carnie Parcel
17,900
17,900
17,900
17,851 Re -appropriate purchase of T wide parcel ($17.9K)
Eagle -Vail Parcel Placeholder
50,000
50,000
50,000
-
Total Expenditures
5,775,000
8,310,871
14,085,871
18,000
14,103,871
4,008,310
Operating Income
1,976,534
(7,410,471)
(5,433,937)
5,349,116
(84,821)
8,474,668
TOWN OF VAIL 2025 AMENDED BUDGET
SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
HOUSING FUND
2025
1st
2025
2nd
2025
Actuals as of
_
Budget
Supplemental
Amended
Supplemental
Amended
09/30/2025
Other Finance Sources (Uses
_
Transfer to Vail Home Partners- WMC Contribution
(10,000,000)
(10,000,000)
(10,000,000)
(10,000,000) $10.OM placeholder for W. Middle Creek housin$$ projects
Reduce transfer from PF or West Middle reek $4.5M due to
Transfer from CPF for WMC Contribution (Loan)
10,000,000
(4,464,816)
5,535,184
payback from bond proceeds; Will be trued up at end of year based on
10,000,000
fund balance need
Transfer from/(to) Timber Ridge- Site and Podium
-
(10,541,295)
(10,541,295)
(10,541,295)
(10,541,295)
Total Other Finance Sources (Uses)
(10,541,295)
(10,541,295)1
(4,464,816)
(15,006,111)
(20,541,295)
Surplus (Deficit) Net of Transfers and One -Time Items
1,976,534
(17,951,766)
1
(15,975,232)1
884,300
(15,090,932)
(12,066,627)
Beainnina Fund Balance 7.323.815 16.420.512+— 16.420.512 16.420.512
Ending Fund Balance $ 9,300,349 $ 445,280 $ 1,329,580 $ 4,353,884
Capital Projects Fund
TOV Employee Rental units - 2,046,641 2,046,641 2,046,641 2,042,672 Re -appropriate purchase of Hamlet Chalet #3
10
AGENDA ITEM NO. 4.3
Item Cover Page
VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT
DATE: November 11, 2025
��I►�il .I1]ii1Pi1
SUBMITTED BY: Robyn Smith, Housing
ITEM TYPE: Main Agenda
AGENDA SECTION: Main Agenda
SUBJECT: 2026 Budget: Resolution No. 5, Series 2025
SUGGESTED ACTION: Approve, approve with amendments, or deny 2026 Budget as
presented on first reading.
PRESENTER(S): Jake Shipe, Budget Analyst
ATTACHMENTS:
VLHA 2026 Proposed Budget - Fund Statement.pdf
VLHA Proposed 2026 Budget Line -Item Detail.pdf
VLHA Resolution No. 5 (2026 Budget).pdf
11
2026 PROPOSED BUDGET
SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE
VAIL LOCAL HOUSING AUTHORITY
Proposed
2024
2025
2025
2026
Actual
Budget
Forecast
Budget
Revenue
Middle Creek Revenue Share / Mgmt Fee
$ 18,382
$ 17,280
$ 19,500
$ 19,000
Lion's Ridge Revenue Share / Mgmt Fee
3,200
800
800
800
Interest Income
15,755
8,250
12,000
9,900
Ground Lease Revenue
35,000
-
-
-
Total Revenue
72,337
26,330
32,300
29,700
Expenditures
Accounting Fees
2,500
2,500
2,500
2,500
Operating, Maintenance & Contracts
65,978
79,680
29,680
65,080
Total Expenditures
68,478
82,180
32,180
67,580
Revenue Over (Under) Expenditures
3,858
(55,850)
120
(37,880)
Beginning Fund Balance
393,304
397,162
397,162
397,282
Ending Fund Balance
$ 397,162
$ 341,312
$ 397,282
$ 359,402
12
2026 Proposed Budget: Expenditure Detail
800-6700 - Vail Local Housing Authority, Vail Local Housing Authority
GL Accounts
Comments
Expenses
33.00 - Professional Fees
33.00 - Professional Fees
Legal fees
33.00 - Professional Fees
Contingency placeholder for New Contracts
33.00 - Professional Fees
VLHA Webpage/Email subscription fees
33.00 - Professional Fees
VLHA Meeting Videography - High Five
33.00 - Professional Fees
Impact Finance Center Contract
Total: 33.00 - Professional Fees
Total: 33.20 - Accounting Fees
Total: 35.30 - Professional Development
Total: 53.20 - Meals
Total: 70.34 - Bank Charges
73.00 - Miscellaneous
73.00 - Miscellaneous
2026 Carpenter's Ball (Habitat for Humanity)
73.00 - Miscellaneous
Miscellaneous Events
Total: 73.00 - Miscellaneous
Total Expenses
2026 Budget
7,500
25,000
600
5,000
15,000
53,100
2,500
2,500
5,000
180
3,000
1,300
4,300
67,580
Nov 06, 2025 12:52 PM (PST) Dept Fund Budget with Notes
Page 1
13
RESOLUTION NO. 5
SERIES 2025
A RESOLUTION ADOPTING A BUDGET AND MAKING
APPROPRIATIONS TO PAY THE COSTS, EXPENSES AND
LIABILITIES OF THE VAIL LOCAL HOUSING AUTHORITY, FOR ITS
FISCAL YEAR JANUARY 1, 2026 THROUGH DECEMBER 31, 2026.
WHEREAS, the Vail Local Housing Authority board received and approved the
budget for the fiscal year 2026 on November 11, 2025; and
WHEREAS, in accordance with CRS section 29-1-106 a notice of budget hearing
has been published; and
WHEREAS, a notice of this public hearing to consider the adoption of the proposed
Vail Local Housing Authority budget was published in the VAIL DAILY on the 4th Day of
November 2025; and
NOW THEREFORE, LET IT BE RESOLVED By the Vail Local Housing
Authority of Vail, Colorado, as follows:
The Vail Local Housing Authority board adopts the submitted budget and
appropriates $67,580 in expenditures beginning on the first day of January, 2026, and
ending on the 31 st of December, 2026.
Steve Lindstrom, Chair, VLHA
ATTEST:
Robyn Smith, VLHA, Secretary
14
AGENDA ITEM NO. 4.4
Item Cover Page
VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT
DATE: November 11, 2025
��I►�il [1]ii1Pi1
SUBMITTED BY: Robyn Smith, Housing
ITEM TYPE: Main Agenda
AGENDA SECTION: Main Agenda
SUBJECT: Consideration of Contract with Impact Finance Center —
Experiential Impact Investing Education
SUGGESTED ACTION: Authorize the Chair to execute a contract with the Impact Finance
Center for the Experiential Impact Investing Education Program in an
amount not to exceed $15,000 plus pre -approved travel expenses.
PRESENTER(S):
Steve Lindstrom, Chair
ATTACHMENTS:
VLHA_Memo_ImpactFinanceCenter.pdf
15
IV.
TOWN OF
Memorandum
To: Vail Local Housing Authority
From: Robyn Smith, Senior Housing Coordinator
Date: November 5tt', 2025
Subject: Consideration of Contract with Impact Finance Center— Experiential Impact Investing Education
Purpose
The purpose of this memorandum is to present a proposal from the Impact Finance Center
(IFC) for a two-phase scope of work to support education, opportunity identification, and
initial implementation related to impact investing in the Vail community. The Vail Local
Housing Authority is asked to determine whether to proceed with entering into a contract
for this work.
Background
The Town recently participated in an impact investing workshop facilitated by IFC. IFC has
proposed continuing this work through a structured program titled "Experiential Impact
Investing Education." IFC serves as an educational and technical assistance provider. IFC
does not manage investment assets nor provide investment advice.
Summary of Proposed Scope of Work
Phase I - Opportunity Scan (3-4 months): IFC would conduct surveys and interviews with
nonprofit, business, and fund stakeholders, and prepare an Opportunity Scan Report
identifying community -aligned investable opportunities.
Phase II - Intermediary Scan, Investor Education, and First Investment Execution (6-8
months): IFC would (1) review CDFIs, banks, nonprofit lenders, and related intermediaries,
(2) provide up to 15 hours of investor education, and (3) provide technical support to assist
with execution of an initial place -based impact investment aligned with Vail priorities.
Phase II concludes with recommendations for future scalability.
Total proposed project cost is $15,000 ($5,000 Phase 1 / $10,000 Phase II), with travel
expenses billed separately and subject to prior approval.
Action Requested
The Vail Local Housing Authority is asked to consider a motion to authorize the Chair to
execute a contract with the Impact Finance Center for the scope of work described above,
in an amount not to exceed $15,000 plus pre -approved travel expenses.
16
AGENDA ITEM NO. 4.5
Item Cover Page
VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT
DATE: November 11, 2025
��I►�il [1]ii1Pi1
SUBMITTED BY: Robyn Smith, Housing
ITEM TYPE: Main Agenda
AGENDA SECTION: Main Agenda
SUBJECT: EHU Exchange Fee Program
SUGGESTED ACTION: Review and discuss the program as presented.
PRESENTER(S): Robyn Smith, Housing
ATTACHMENTS:
External_EHUExchangeFeeUpdate.pdf
iVA
rowN of va
75 South Frontage Road West
Vail, Colorado 81657
vail.gov
Date: October 31, 2025
Subject: Employee Housing Unit (EHU) Exchange Fee Program Update
Housing Department
Housing@vail.gov
Employee Housing Unit (EHU) Exchange Fee Program Update
Ordinance No. 20, Series 2025 1 Adopted October 21, 2025 1 Vail Town Code § 12-13-5 (D)(5)
The Town of Vail's Employee Housing Unit (EHU) Exchange Program allows a property owner to
release an existing EHU deed restriction in exchange for either:
1. placing anew deed restriction on another qualifying home, or
2. paying a fee in lieu that the Town reinvests directly into acquiring or creating new deed -
restricted homes for local workers.
What Changed
On October 21', 2025, Vail Town Council adopted Ordinance No. 20, Series of 2025 amending Vail
Town Code §12-13-5(D)(5) Employee Housing Unit (EHU) Deed Restriction Exchange Program —
Fee in lieu. This amendment provides an opportunity —subject to Town Council review and
approval —for certain property owners to apply for release of an existing Employee Housing
deed restriction in exchange for a fee -in -lieu payment to the Town.
In short: This allows property owners to help the Town convert older, less effective deed restricted
housing into funds that can be directly invested in more effective deed restricted housing.
Amended Code Section:
(5) Fee in lieu.
(a) The Town Council may accept a fee in lieu for an exchange EHU
upon a finding that the exchange EHU achieves Town's employee housing goals and
objectives.
(b) The fee in lieu amount shall be based on a market evaluation
prepared by the applicant that analyzes the value of the exchange EHU and the costs
to acquire additional EHUs that help fulfill the Town's employee housing goals.
(c) All fees in lieu shall be due and payable seven (7) days prior to the
execution of the release of a deed restriction as approved by Town Council, and the
proceeds of all fees in lieu shall be used by the Town for employee housing.
1 1 T o w n of Vail
18
Why the Change Was Needed
Since 2002, the Town has averaged only two EHU exchanges per year. Many older deed
restrictions (especially pre-1994) no longer serve local housing needs —they lack rental,
employment, or compliance requirements.
The amendment:
Encourages turnover of underutilized or outdated deed restrictions.
Allows the Town to use Fee -in -Lieu funds to create new or improved housing opportunities
with updated deed restriction language that helps ensure Town housing goals are achieved.
Supports the Town's Housing 2027 goal to acquire 1,000 new deed restrictions and deliver
housing across the full community continuum.
Which Properties Qualify
The EHU Exchange Program may be available to:
• Deed -restricted properties located within the Town of Vail that are candidates for exchange
based on age, utilization, language limitations - or those in which the exchange fee in lieu
proposed is found to achieve the Town's housing goals and objectives.
Which Properties Do NOT Qualify
The EHU Exchange Program is not available to:
Existing deed -restricted units that are price -capped or tied to development obligations or
mitigation (Inclusionary Zoning §12-24 or Commercial Linkage §12-23).
Units owned by the Town or part of Town -developed projects.
Benefits of Exchanging or Paying a Fee -in -Lieu
For Property Owners
• Unlockvalue from an outdated or inactive deed restriction.
• Resolve long-standing compliance or leasing issues.
• Option to contribute financially instead of providing a replacement unit.
For the Community
Converts less desirable deed restrictions into more active, livable employee housing.
Generates housing funds that will be invested in increasing the affordability, variety, and
quality of homes for our year-round working community.
Improves overall housing performance and alignment with current community needs.
How the Fee -in -Lieu Works
Under §12-13-5(D)(5):
• Council may approve a Fee -in -Lieu (FIL) payment if it meets the Town's housing goals.
• The payment is based on a Market Evaluation prepared by the applicant and verified by
staff.
• The evaluation compares:
o The market and restricted value of the current (Exchange) unit, and
o The cost to acquire or produce anew, equivalent or better EHU.
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• All FIL funds go directly to the Town's Housing Fund for community housing.
Submittal Requirements
1. Summary Information: Email to Housing@vail.gov
• Property address
• Owner's name, email, phone
• Description of the existing deed -restricted unit (size, bedrooms, parking, occupancy)
• Current lease and tenant info (if occupied)
• Copy of the recorded deed restriction
2. Design Review Board Approval for Addition
3. Formal Submittal: (Emailed to Housing@vail.gov)
• Items 1 & 2
• Proposed exchange rationale and Fee -in -Lieu proposal
• Market Evaluation
• Compliance history and utilization summary
4. Vail Local Housing Authority (VLHA) recommendation prior to Council review
Review & Approval
1. Optional Pre-screening with Housing Department —Submit 1. Summary information via
email to HousingCa>vail.govto confirm eligibility.
2. Administrative review for completeness
3. Vail Local Housing Authority Recommendation
4. Town Council Public Hearing
For additional information on the Employee Housing Exchange Program, you may contact:
Robyn Smith, Senior Housing Coordinator
Town of Vail Housing Department
970-471-9503 1 RLSmithC@vail.G!ov
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