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Home My WebLink About2026-01-13 VLHA Agenda1.Call to Order (3:00pm) 2.Citizen Participation (5 min.) 3.Approval of Minutes (5 min.) 3.1 Approval of December 9, 2025 Meeting Minutes 2 min Presenter(s): Robyn Smith, Senior Housing Coordinator 3.2 Approval of December 16, 2025 Special Meeting Minutes 2 min Presenter(s): Robyn Smith, Senior Housing Coordinator 4.Information Update 4.1 Housing Project Update 15 min Listen to update on Housing Development Projects. Presenter(s): Anna Bengtson, Housing Development Specialist 5.Executive Session pursuant to: C.R.S. §24-6-402(4)(b)(e) to hold a conference with the Vail Local Housing Authority's legal counsel, for the purposes of receiving legal advice on specific legal questions; to determine positions relative to matters that may be subject to negotiations, develop a strategy for negotiations, and instruct the negotiators; on the topics of: 1. contract for service with Impact Finance Center; 2. Powers and duties. 6.Any Action as a Result of Executive Session 7.Main Agenda 7.1 VLHA + Housing Semi-Annual Update to Vail Town Council 60 min Review, discuss, and provide feedback Confirm alignment on 2026 housing priorities. Provide feedback and direction on the proposed narrative spine for the February 17 presentation and joint session with Town Council. Presenter(s): Steve Lindstrom & Jason Dietz VAIL LOCAL HOUSING AUTHORITY MEETING Agenda Vail Town Council Chambers and virtually via Zoom. Zoom meeting 1 | Pre-Executive Session | https://vail.zoom.us/j/81133239787 Zoom meeting 2 | Post-Executive Session | https://vail.zoom.us/j/83110634258 3:00 PM, January 13, 2026 2025-12-09 VLHA Meeting Minutes.pdf 2025-12-16 VLHA Special Meeting Minutes.pdf 1 7.2 North Trail Townhomes HOA Rent 15 min Review lease rate and direct staff to maintain or modify. Presenter(s): Robyn Smith, Senior Housing Coordinator 8.Matters from the Chairman and Authority Members 9.Staff Update 10.Adjournment Memo_VLHA_SemiAnnualUpdate_Prep_01132026.pdf 2001 Lease Agreement with North Trail Townhomes Homeowners Association Inc for Leasehold Condominium.pdf MEMO_VLHA_NorthTrailTownHomes_LandLeaseRentReview_0113206.pdf Future Agenda Items Next Meeting Date Tuesday, February 10, 2026 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. 2 AGENDA ITEM NO. 3.1 Item Cover Page DATE:January 13, 2026 TIME:2 min SUBMITTED BY:Robyn Smith, Housing ITEM TYPE:Approval of Minutes AGENDA SECTION:Approval of Minutes (5 min.) SUBJECT:Approval of December 9, 2025 Meeting Minutes SUGGESTED ACTION: PRESENTER(S):Robyn Smith, Senior Housing Coordinator VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2025-12-09 VLHA Meeting Minutes.pdf 3 1 Vail Local Housing Authority Minutes Tuesday, December 9, 2025 3:00 PM Virtually by Zoom Only: Zoom meeting link: https://vail.zoom.us/j/83110634258 Present: Steve Lindstrom Dan Godec Christine Santucci Craig Denton Kristin Kenney Williams Staff: Anna Bengtson, Housing Development Specialist Missy Johnson, Housing Coordinator Jason Dietz, Housing Director Robyn Smith, Senior Housing Coordinator 1. Call to Order (3:00pm) Steve Lindstrom called the meeting to order at 3:05pm; Quorum was established. 2. Citizen Participation (5 min.) Jessica Copeland introduced herself as a Vail resident since 2023 with experience in outdoor education and sustainable design. She expressed interest in community housing and remaining engaged with local housing efforts. No further public comment. 3. Approval of Minutes (5 min.) 3.1 Approval of November 11, 2025 2025-11-11 VLHA Meeting Minutes.pdf Kristin Kenney Williams made a motion to Approve ; Christine Santucci seconded the motion Passed (4 - 0). Craig Denton joined the meeting at 3:11pm after vote. 4. Main Agenda 4.1 Housing Project Update Listen to update on Housing Development Projects. Presenter(s): Anna Bengtson, Housing Development Specialist Time: 15 min Bengtson provided updates on Timber Ridge, Southface, and East Vail parcels. Timber Ridge: Courtesy walkthroughs completed; formal inspections scheduled. Building D underway. 4 2 199 units reserved/under contract. EHU credit interest increasing with active development proposals. Preparation underway for resident welcome packet - board conversation emphasized messaging around Vail’s housing story, community engagement, and using Timber Ridge to strengthen the civic voice of residents. Southface: Winterization underway; earthwork progressing. Continued alignment on phased occupancy planning and 2026 construction schedule. East Vail: Field work completed for Environmental, Geotech, and Survey. Staff coordinating zoning/entitlement path with Planning. 4.2 2025 Holiday Party Choose a date, time and place for the holiday party. Presenter(s): Robyn Smith, Senior Housing Coordinator Time: 5 min Board agreed to hold the holiday gathering Monday, December 22, 2025 at 4:00 PM at a venue to be selected by staff, preference for supporting a local business benefiting from Timber Ridge workforce housing. Smith to distribute calendar invite and confirm venue. 4.3 Impact Finance Center Listen to update on Vail Place Based Impact Investing update. Presenter(s): Steve Lindstrom, Chair Time: 10 min Discussion continued on engaging the Impact Finance Center (IFC) to develop place - based impact investing strategies focused on missing-middle homeownership and targeted housing projects. IFC and VLHA are converging on a primary pilot concept: Long-term mortgages serving households roughly 80–200% AMI, above Habitat’s core clientele (<80% AMI) possibly using Habitat’s zero-interest loan model as a conceptual roadmap; secondary pilot concept East Vail townhomes financing. Board expressed interest to proceed and direction to resolve outstanding questions: Scope, timeline, and deliverables must be clearly defined. Ownership of collateral must rest with VLHA/Town. Board and staff workload expectations need clarification. Directed Staff to arrange Special VLHA meeting with IFC for structured Q&A. Target date: December 22, 2025 at 3:00 PM (backup: December 16). Board members agreed to submit questions in advance to facilitate productive discussion. 4.4 Preparing for Semi Annual Update Discuss preparing for the semi-annual housing update and joint presentation to Town Council anticipated for February 2026. Presenter(s): Steve Lindstrom, Chair & Robyn Smith, Senior Housing Coordinator Time: 10 min Discussion covered: February 2026 presentation to highlight progress, challenges, short and long - term housing strategy, and desired results to be achieved. Regular VLHA meeting on January 13, 2026 will serve as the main strategy and framing session. 5 3 Key themes emerged: The board is taking an active role in regional housing conversations shaping upcoming regional decisions (e.g., potential regional authority, shared tools, financing mechanisms). Looking beyond major housing projects under construction - East Vail in pipeline and more. Funding constrained; misinformed rhetoric may have contributed to failure of recent Ballot Issue 2A for dedicated housing funding – highlighting importance of community engagement and communication. Housing Needs Assessment reaffirms persistent gap is affordable homes to sustain year -round, rooted resident population. Opportunity for a new long-range housing vision; looking beyond the 2027 target to a new 10– 20 year horizon. Near term opportunities include Vail Indeed 2.0, and innovative solutions to tackling the triad of challenges: availability, affordability, and variety. Board concurred January 13 VLHA meeting to serve as primary strategy session and review draft framing materials. Directed staff to circulate key guiding documents, frameworks, and housing needs assessment for Board members to reflect on long-range population and community housing outcomes, rental vs. ownership balance, priority tools and policy directions to propose to Council in support of strategic plan. 5. Matters from the Chairman and Authority Members Williams highlighted Colorado Gives Day. Board agreed Town Manager should be invited to holiday gathering pending availability. Further acknowledgement of bandwidth considerations for IFC engagement. 6. Adjournment Lindstrom adjourned the meeting at 4:14 PM 6 AGENDA ITEM NO. 3.2 Item Cover Page DATE:January 13, 2026 TIME:2 min SUBMITTED BY:Robyn Smith, Housing ITEM TYPE:Approval of Minutes AGENDA SECTION:Approval of Minutes (5 min.) SUBJECT:Approval of December 16, 2025 Special Meeting Minutes SUGGESTED ACTION: PRESENTER(S):Robyn Smith, Senior Housing Coordinator VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2025-12-16 VLHA Special Meeting Minutes.pdf 7 Vail Local Housing Authority Meeting Minutes of December 16, 2025 Page 1 of 2 Vail Local Housing Authority Minutes Tuesday, December 16, 2025 3:00 PM SPECIAL MEETING Virtually ONLY by Zoom. Zoom meeting 1 | Pre-Executive Session | https://vail.zoom.us/j/82663345666 Zoom meeting 2 | Post-Executive Session | https://vail.zoom.us/j/81069012739 Present: Steve Lindstrom, Chair Dan Godec Christine Santucci Craig Denton Kristin Kenney Williams Staff Present: Anna Bengtson, Housing Development Specialist Missy Johnson, Housing Coordinator Robyn Smith, Senior Housing Coordinator 1. Call to Order (3:00pm) Chair Lindstrom called the Special Meeting of the Vail Local Housing Authority to order at 3:01 p.m - quorum was established. 2. Main Agenda 2.1 Consideration of Contract with Impact Finance Center Authorize the Chair to execute a contract with the Impact Finance Center in an amount not to exceed $25,000 plus pre-approved travel expenses. Presenter(s): Impact Finance Center Background: Impact Finance Center previously facilitated an impact investing workshop for the Town. The Vail Local Housing Authority has requested to discuss contracting for additional services as proposed by Impact Finance Center. Time: 30 min _Phase I & II_ Financial Innovation and Impact Investing for Vail .docx.pdf Chair Lindstrom provided background on IFC’s September 2025 impact investing seminar and subsequent discussions that led to IFC submitting a proposal for consideration. Explains the VLHA is considering sponsoring an additional series of educational webinars and sessions, clarifying the distinction between the VLHA and the Town of Vail. 8 Vail Local Housing Authority Meeting Minutes of December 16, 2025 Page 2 of 2 Dr. Stephanie Gripne, Alexis Halbert, and Dawn Rocky from Impact Finance Center. IFC representatives described their investor education model, intermediary relationships, and conceptual approach to structuring capital to meet housing needs while aligning investor expectations. Board members asked questions regarding potential application to local housing initiatives, including mortgage assistance and future development opportunities. Discussion ensued. Smith clarified governance boundaries and public meeting requirements for VLHA decision- making. General alignment was expressed by both VLHA and IFC on roles and process. No action was taken. 3. Executive Session Kristin Kenney Williams made a motion to Adjourn to Executive Session pursuant to: C.R.S. §24-6 -402(4)(e) to determine positions relative to matters that may be subject to negotiations, develop a strategy for negotiations, and instruct the negotiators regarding: contract for service with Impact Finance Center.; Christine Santucci seconded the motion Passed (5 - 0). 4. Any Action as a Result of Executive Session The Vail Local Housing Authority returned from Executive session at 4:16pm. Kristin Kenney Williams made a motion to Authorize to authorize the Chair to work with legal council and staff, to draft and enter into a contract in an amount not to exceed $25,000 plus pre-approved travel expenses, for a period of up to 12 months with a start date to be determined, for the services proposed by Impact Finance Center.; Christine Santucci seconded the motion Passed (5 - 0). 5. Adjournment Chair Lindstrom adjourned the meeting at 4:18pm. 6. Future Agenda Items • VLHA biannual update to council 7. Next Meeting Date Tuesday, January 13th 2026 at 3:00pm 9 AGENDA ITEM NO. 4.1 Item Cover Page DATE:January 13, 2026 TIME:15 min SUBMITTED BY:Anna Bengtson, Housing ITEM TYPE:Information Update AGENDA SECTION:Information Update SUBJECT:Housing Project Update SUGGESTED ACTION:Listen to update on Housing Development Projects. PRESENTER(S):Anna Bengtson, Housing Development Specialist VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 10 AGENDA ITEM NO. 7.1 Item Cover Page DATE:January 13, 2026 TIME:60 min SUBMITTED BY:Robyn Smith, Housing ITEM TYPE:Main Agenda AGENDA SECTION:Main Agenda SUBJECT:VLHA + Housing Semi-Annual Update to Vail Town Council SUGGESTED ACTION:Review, discuss, and provide feedback Confirm alignment on 2026 housing priorities. Provide feedback and direction on the proposed narrative spine for the February 17 presentation and joint session with Town Council. PRESENTER(S):Steve Lindstrom & Jason Dietz VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: Memo_VLHA_SemiAnnualUpdate_Prep_01132026.pdf 11 Memorandum Page 1 of 12 To: Vail Local Housing Authority & Housing Department Staff From: Jason Dietz, Housing Director & Robyn Smith, Senior Housing Coordinator Date: January 8, 2026 Subject: VLHA + Housing Semi-Annual Housing Update to Council I. PURPOSE This memo supports VLHA review and preparation for the February 17, 2026 VLHA + Housing semi- annual update to the Vail Town Council. The update will present housing results delivered since the last report and outline the housing solutions to be pursued in 2026. To support informed discussion, this memo includes key excerpts, data summaries, and priority actions. The VLHA is asked to conflrm alignment on 2026 priorities and provide feedback on the proposed narrative spine that will guide the Council presentation and joint session facilitation. II. OUTCOMES TO BE ACHIEVED • Conflrm alignment on 2026 housing priorities • Provide feedback and direction on narrative spine for presentation and joint session. III. ROLES & RESPONSIBILITIES The roles and responsibilities of the Vail Town Council, the Vail Local Housing Authority, and the Vail’s Housing Department staff are uniquely different when it comes to achieving the Town’s vision and adopted housing goal. In summary, the roles and responsibilities are: Vail Town Council | policy and flnal decision maker. Vail Local Housing Authority | technical adviser and consultant Housing Department | administration and implementation The Vail Town Council shall be the flnal decision maker on these important policy matters. The Housing Authority’s role, as a commission appointed by the Vail Town Council, and further authorized by the State of Colorado (C.R.S. 29-4-209), among other matters, is to consult and advise the Vail Town Council on housing-related matters including forwarding recommendations on each of, or all the following topics: • housing policy • implementation strategy • land use regulation • negotiation strategy • program administration • funding options • project management • flnancing alternatives The Housing Department works at the direction of the Vail Town Council and Town Administration to administrate and implement the policies and objectives of the Vail Town Council. 12 Page 2 of 12 The table below highlights the varying roles and responsibilities: Vail Town Council Vail Local Housing Authority Vail Housing Department • Set policy • Direct staff • Establish priorities • Authorize funding • Incur debt • Acquire property • Identify critical actions • Adopt budgets • Forward recommendations • Lead special projects • Oversee programs • Conduct research • Commission reports and studies • Advise decision makers • Issue debt free of TABOR • Propose Initiatives • Administer programs • Manage projects • Verify code compliance • Implement day-to-day operations • Oversee budgets • Staff boards IV. GUIDING DOCUMENTS & FRAMEWORKS A. Vail Housing 2027 Principles Reference link: Vail Housing 2027 The long-standing foundation for housing work remains grounded in three elements which continue to structure the Town’s strategic approach to housing: 1. A clear goal – expanding the supply of resident-occupied deed-restricted homes. 2. Adequate and stable means – ensuring predictable funding and flnancial tools. 3. An empowered method – maintaining proactive, nimble decision making that accelerates delivery of homes. B. 2024 Housing Policy Statements (“Housing Commandments”) Reference link: 2024 Housing Policies The 2024 Housing Policy Statements adopted by Town Council via Resolution 13, 2024 continue to anchor all housing work and guide priority setting. Those policy statements are included here in their entirety: 1. Housing IS Infrastructure - Deed-restricted homes are critical infrastructure in Vail. 2. Housing Partners – We use public/private partnerships and actively pursue local and regional solutions to increase the supply of deed- restricted homes. 3. Private Sector Importance – We foster a proactive and solutions- oriented 13 Page 3 of 12 environment that promotes private sector investment to create deed-restricted homes. 4. Leverage Financial Strength – We take an entrepreneurial approach and use our flnancial strength and acumen to acquire deed-restrictions. 5. Breakdown Barriers – We align our land use regulations, building and energy conservation codes, and administrative procedures to achieve our vision and housing goal, and development applications are thoroughly, timely and efficiently reviewed….getting to “yes” is our shared objective. 6. Funding Creates Deed-Restrictions – We pursue a predictable, consistent, and reliable sources of funding to obtain deed-restrictions and maintain the Town’s housing programs, including grants, low interest loans, tax exempt bonds, and similar sources of municipal flnancing. We do this in partnership with the Vail Local Housing Authority to capitalize on the debt capacity of the Authority and minimize the Town’s exposure to flnancial risk. 7. People Promote Community – We ensure opportunity and access to the Town’s housing programs and initiatives through a clear, equitable, and easy to administer process for housing selection. 8. No Net Loss - No net loss of resident-occupied, deed-restrictions. 9. Keep Up With Demand - New development, both residential and commercial, is obligated to mitigate its incremental impact on the demand for resident-occupied, deed-restricted homes. Payment in lieu may be needed at times, is but the least preferred method of mitigation. 10. Deed-restrictions Beneflt Vail Businesses – Preference to leasing and ownership of deed-restricted homes is granted to employees and employers of businesses located within the municipal boundaries of the Town of Vail. 11. Full Range of Home Options – We pursue housing solutions that provides for the continuum of housing needs of all residents of the Vail community, including both higher and lower density residential developments for varying area median income wage earners. 12. Funding is Policy – The Vail Town Council will fund housing opportunities and solutions as deed-restricted homes are an investment in the greater Vail community. C. VLHA aligns with Housing Department Vision & Mission Reference Links: • VLHA.net • Vail.gov/housing Vision | Resident Housing as Infrastructure “We acknowledge that the acquisition of deed-restrictions on homes for Vail residents is critical to maintaining community. Therefore, we ensure an adequate supply and availability of homes for residents and recognize housing as 14 Page 4 of 12 infrastructure in the Town of Vail; a community support system not unlike roads, bridges, water and sewer systems, fire, police, and other services of the municipal government.” Mission | Deed-Restrictions – we make, manage, measure them. The Housing Department exists to advocate and advance the Town’s vision as the leader amongst mountain resort communities in ensuring the availability of homes for year-round Vail residents. We preserve and protect existing and future homes for resident occupancy by acquiring deed-restrictions obtained through public/private partnerships, strategic initiatives, regulatory obligations, innovative programs and collaboration within the community and the region. D. Vail Town Council Strategic Priorities (MONITOR FOR CHANGE JAN 2026) Reference Links: • Town Council Strategic Plan Landing Page • Town Council 5-Year Strategic Plan adopted 2024 • Town of Vail Strategic Plan Dashboard The Vail Town Council adopted its 5-Year Strategic Plan on May 7, 2024, to create real and meaningful results for our residents, businesses, and guests. It addresses the most important issues identifled in surveys, plans and community conversations and provides a framework to align both human and flnancial resources to address our community’s most important issues. Those priorities are included below in their entirety: 1. Create a strong community and create affordable housing opportunities With ever increasing housing costs causing a lack of opportunity for employees working in Vail to make a home in Vail, or even within 30 to 40 miles of Vail, the sustainability of our economy and community are threatened. This has resulted in a net loss of population for both the Town of Vail and Eagle County as a whole. Although a pioneering spirit has always been required to call Vail home, without a continuum of new housing and business opportunities in Vail the next generation of residents, community leaders, and business owners may not be readily present in the future. 2. Support our Workforce 15 Page 5 of 12 Given the high cost of living in the Vail Valley, retaining employees, and creating a succession of business and community leaders is threatened. Maintaining a high level of customer service to support Vail’s vision requires creating a succession of business leaders and retaining high performing and experienced employees in the community. 3. Provide an Authentic Vail Experience Vail’s vision of being the premier mountain resort community despite a trend towards homogeneity in the ski industry will be achieved by creating programming and events authentic to Vail’s pioneering and entrepreneurial spirit. We are a community that celebrates the sport of skiing and mountain town living. 4. Transportation The increasing number of commuters traveling to and from Vail for business and pleasure impacts public safety, generates an expensive need for parking, reduces the guest experience by causing parking on the Frontage Roads, and contributes to carbon emissions. 5. Environmental Sustainability Our sensitive alpine environment supports our economy, and the Town must continue to be a responsible steward of our sensitive natural resources and should continue to be a leader in environmental sustainability for mountain resort communities across the world. E. Eagle County Housing Needs Assessment Reference Link: 2025 Eagle County Regional Housing Needs Assessment The Eagle County Regional Housing Needs Assessment (April 2025) concludes that housing affordability and availability have reached a structural crisis driven by tourism demand, second - home ownership, wage–housing mismatches, and constrained supply, with impacts now extending county wide, and likely beyond the geographical scope of the area studied. Over the next 10 years, the study projects a countywide housing need of 6,375 units, consisting of 2,638 units to ‘catch up’ and address the existing shortage and 3,736 additional units to keep up with employment growth and retirements. If every one of the approximately 1,337 units identifled in the county-wide housing development pipeline is delivered, the net need would be reduced to 5,038 units. For Vail speciflcally, the appendices show a total 10-year housing need of 1,182 units, broken into 480 units of existing shortage and 703 units of projected future need. The approximately 570 units currently under construction at Timber Ridge and Southface are already counted as existing - the net need of 1,182 units will not be reduced upon completion. Key takeaways: 1. Vail alone accounts for ~1,180 units of need over the next decade. 16 Page 6 of 12 2. Market-rate housing does not meaningfully serve households below ~ 200% AMI. Households below this threshold generally require some form of housing subsidy or are pushed to accept unsustainable cost burdens - or displacement. 3. Over 80% of housing need in Vail and Eagle County is at or below 160% AMI. 4. Existing shortage is nearly half the problem. Of Vail’s ~1,180-unit need, ~480 units refiect current under-housing, meaning people are already doubled-up, cost burdened, displaced, or commuting long distances. 5. Employment-driven demand continues to outpace housing supply under current conditions. The HNA identifles wage stagnation, job growth, and worker replacement due to retirements as major contributors to housing need, indicating that without sufficient housing delivery, unmet demand persists and compounds over time. 6. Delay has compounding costs—flnancial, social, and political. Every year of under-production exacerbates displacement, and narrows feasible solution space. The most effective unit is the one delivered yesterday. F. EPS Environmental Value of Housing Reference: PDF attachment titled “EPS Environmental Impact of Housing” This document makes the case that investing in resident (workforce) housing in the Town of Vail produces outsized economic, environmental, and community returns that far exceed the cost of development. Using a modeled scenario of 100 housing units, it shows how local housing reduces commute times and carbon emissions, fllls critical workforce positions, boosts household spending and sales tax revenue, improves local services and the guest experience, and avoids major downstream costs like structured parking construction and chronic worker turnover. Altogether, these combined beneflts amount to an estimated $663,661 in annual return per housing unit, reinforcing that resident housing is not a subsidy but a high-leverage community investment that stabilizes Vail’s economy, character, and long-term viability Key takeaways: 1. Resident housing pays for itself many times over: ~$663k annual return per unit when economic value, community beneflts, and avoided costs are combined. 2. Big climate and mobility wins: 100 units eliminate ~39,000 commute hours and reduce ~810 MTCO₂e annually. 3. Stronger economy, better service: More fllled jobs, higher household spending, better guest experience, and more reliable local services. 4. Avoided costs matter: Millions saved by reducing parking construction, worker turnover, training, and lost productivity. V. SUMMARY OF PROGRESS ON 2024 STRATEGIC ACTIONS A. Vail InDEED Program — 2025 Performance 17 Page 7 of 12 The Vail InDEED program continues to be impacted by the rise in interest rates and the decline in inventory. • Total number of deed-restrictions purchased | 178 • Total Housing Investments to date | $13,604,118 • Total number of deed-restrictions acquired in 2025 | 2 • Cost per deed-restriction | $73,397 • Cost per square foot | $87 • Cost per bedroom | $45,680 • The Vail InDEED fund remains adequately appropriated at approximately | $4M B. Funding and Financial Tools Work in 2025 focused on strengthening predictable flnancial tools for both development and deed - restriction acquisition. • Ballot Initiative 2A – a 6% STR excise tax as dedicated funding source for housing – failed by 32 votes. • Vail Home Partners deployed as the Town’s non-proflt corporation serving as the flnancing and ownership vehicle for Southface • $3.75m Eagle County contribution for additional Habitat for Humanity units at TR2.0 • InDEED x Good Deeds joint investment in Pitkin Creek buy down • Sponsored a place-based impact investing seminar for Impact Finance Center C. Project Pipeline Progress The major housing pipeline continues to shape the supply trajectory through multiple development and redevelopment opportunities: • Timber Ridge Village Apartments — under construction, First Closings tracking for January 2026 • Southface | Under construction • East Vail CDOT Parcel | Aquired and in process for platting and re-zoning. D. Initiatives and Policy Modernization Progress continued on key initiatives intended to support the Town’s long-term housing goals. • Zoning Applied: Community Housing Zone District and West Vail Multifamily Overlay District applied to (2) private properties. • Advancement of EHU Exchange Program improvements • Eagle County Housing Needs Assessment published 18 Page 8 of 12 VI. 2026 HOUSING PRIORITIES TO ADVANCE TO COUNCIL Create a Strong Community Through a Continuum of Housing The VLHA and the Town of Vail Housing Department exist to create a continuum of deed -restricted homes — taking many forms, for all phases of life — because our people are the secret ingredient to Vail’s world-class sauce. Our mission directly supports Town Council’s priority to strengthen community by expanding affordable housing opportunities — ensuring current and future generations can live, work, and thrive in Vail. By advancing a continuum of housing, the Town can counter rising housing costs, stabilize population loss, sustain the local workforce and economy, enhance quality of life, and preserve Vail’s long-term vitality — now, and in perpetuity. A. Redevelop Policy, Data, & Decision-Making Infrastructure. Intentionally align housing policy, code, and land use with modern business intelligence, analytics, user-centered interfaces, and AI-enabled workfiows so the Town’s housing systems operate as one. Working in tandem, these tools and frameworks connect the means and methods of housing delivery directly to the outcomes the community expects—supporting innovation, excellent customer service, strong compliance, and consistent and predictable results by design. • Align housing policy, zoning, and land use through the Title 12 rewrite, including streamlined entitlements for deed-restricted housing consistent with DOLA and Prop 123 requirements, implementation of the West Vail Master Plan, and employee housing mitigation requirements designed to produce desired results. • Deliver clear, reliable reporting and analytics for staff, the VLHA, and Town Council to support timely, data-informed decisions. • Track the full lifecycle of deed-restricted homes—including resale, appreciation, default, foreclosure, and compliance outcomes—to ensure accountability and optimize policy. • Modernize compliance, lottery, and deed-restriction workfiows through a comprehensive housing database that improves consistency, transparency, and customer service. • Evolve enforcement tools and processes, including evaluation of civil penalties and administrative hearings, to support fair, efficient, and predictable compliance. • Leverage data and AI-enhanced tools to improve internal workfiows, resident services, and program design while reducing friction and administrative burden. • Refresh long-range planning goals, including a deflned target stabilized resident population, and updated inputs to the 2027 Housing Strategic Plan. B. Create a Financial Catalyst for Affordable Homes. Activate the flnancial strength and acumen of the Vail Valley to design, test, and scale market-compatible flnancial tools that lower the cost of ownership of deed-restricted homes and expand housing options across the continuum. By exploring the viability of a purpose-built 501(c)(3), a strategic partnership with a compatible organization, or impact investors aligned with the housing mission, the Catalyst enables faster iteration, disciplined risk management, and scalable impact beyond traditional municipal and market constraints. 19 Page 9 of 12 • De-risk investment opportunities to unlock lower-interest, market-compatible flnancing, using data, underwriting discipline, and deed-restriction tools (guarantees, ROFR, right to redeem). • Scale proven affordability partnerships, including Habitat for Humanity at Timber Ridge and Habitat-style mortgage buy-downs across AMI levels. • Build revolving, durable capital sources to supplement existing sales-tax and capital-fund allocations. • Advance the EHU Exchange Program and EHU Credit Program as a complementary affordability and capital-efficiency tool. • Explore alternative low-interest loan products beyond Fannie/Freddie to expand access and reduce long-term housing costs. • Evaluate lodging and STR-based revenue options, informed by legal constraints, ballot history, and stakeholder engagement. C. Support Development Projects & Partnerships. Focus on delivering housing by actively advancing priority projects, securing strategic sites, and partnering with public and private developers to move homes from concept to completion. This initiative positions the Town as a coordinated, capable facilitator—aligning land, capital, policy, and infrastructure to accelerate delivery of deed-restricted and workforce housing while reducing friction for development partners. • Deliver priority Town-led housing projects, including Timber Ridge Village, Southface, and the East Vail CDOT parcel. • Position the Town to partner or lead State Land Board Phase I development, advancing the continuum of housing opportunities. • Advance land banking and redevelopment readiness, including positioning for acquisition of strategic parcels. • Actively facilitate private-sector housing development by coordinating approvals, infrastructure, and policy alignment. • Support major mixed-use and workforce housing partnerships, including West Lionshead (Vail Resorts / East West), Cascade Village, Lunar Vail, Highline, and West Vail Commercial. • Reduce development friction through coordinated Town support, ensuring projects move predictably from entitlement to delivery. VII. PROPOSED NARRATIVE SPINE FOR THE FEBRUARY 17 SEMI-ANNUAL UPDATE AND JOINT SESSION The February 17 joint session and semi-annual update is anticipated to be a 60-minute session, including a 20-minute presentation from the VLHA, a 10-minute contribution from Economics & Planning Systems, and 30 minutes reserved for discussion. The narrative spine is offered as a proposed framework to help structure the semi -annual update— supporting presentation fiow, effective time management, and a focused, productive conversation with Town Council. By establishing a shared sequence and emphasis, the spine is intended to promote clarity, keep the discussion anchored on outcomes and priorities, and create space for meaningful dialogue rather than reactive or fragmented conversation. 20 Page 10 of 12 The VLHA is encouraged to review the proposed narrative spine and share feedback, suggestions, or reflnements to ensure it refiects the Authority’s intent and supports a successful February 17 session. A. The Work in 2026: Three Priorities (What We Are Doing) • Redevelop Policy, Data, & Decision-Making Infrastructure • Create a Financial Catalyst for Affordable Homes • Support Development Projects & Partnerships These priorities describe how housing work is being operationalized across policy, capital, and delivery. B. The Means in 2026: How the Work Is Being Done Execution is guided by a shared operating posture: • Entrepreneurial | Willing to test, iterate, and scale solutions—retiring what does not work and doubling down on what does. • Innovative | Applying modern tools, data, and flnancial approaches to solve today’s housing challenges. • Dynamic | Responsive to market conditions, project realities, and community needs as they evolve. These efforts are enabled by 3 core means: • Support for action • Alignment on outcomes • Exceptional communication C. Proof of Progress: Results Since the Last Update The update will highlight tangible housing results delivered since the prior semi-annual update. These outcomes demonstrate execution capacity and organizational alignment. • Timber Ridge, Southface, East Vail CDOT • Habitat x ECO x Timber Ridge Partnerships • Progress toward 2027 Housing Goal D. Why the Work Continues: Persistent Need 21 Page 11 of 12 Housing need remains measurable and ongoing, as documented in the Housing Needs Assessment. E. Human Context: Persistent Need For many working residents, housing insecurity is not a temporary condition but a long -term reality without intervention. F. Why the Work Continues: Economic & Community Beneflts Housing stability supports workforce retention, service quality, business continuity, and long -term community vitality. G. Human Context: Economic & Community Beneflts People are — and have always been — Vail’s essential ingredient. Housing is how that ingredient is retained. H. Why the Work Continues: Public Mandate Community engagement, surveys, and feedback consistently demonstrate support for housing solutions, even when speciflc tools are debated. I. Human Context: Public Mandate The data show a clear mandate: meeting basic needs such as housing, childcare, and mental health creates the conditions for alignment around what makes Vail, Vail — land, water, wildlife, experience, and culture. 22 Page 12 of 12 J. Why the Work Continues: Displacement Upon sale, approximately 95% of locally owned and occupied homes convert to second homes or investment properties. This condition is observable and ongoing. K. Human Context: Displacement The community’s longing for what once was is an indicator of neighbors, workers, and vibrancy already lost. L. Banner / North Star The VLHA and the Town of Vail Housing Department exist to create a continuum of deed -restricted homes — taking many forms, for all phases of life — because our people are the secret ingredient to Vail’s world-class sauce. Goal: Create a Strong Community Through a Continuum of Housing. VIII. ACTION REQUESTED • Review, discuss, and provide feedback • Conflrm alignment on 2026 housing priorities. • Provide feedback and direction on the proposed narrative spine for the February 17 presentation and joint session with Town Council. Provide feedback and direction on the proposed narrative spine for the February 17 presentation and joint session with Town Council. IX. NEXT STEPS • February 10, 2026 | VLHA Meeting – flnal review of narrative spine. • February 17, 2026 | Semi-annual update and joint session and to Town Council. • March 10, 2026 | Align the 2026 priorities with staff work plans and VLHA calendar. 23 AGENDA ITEM NO. 7.2 Item Cover Page DATE:January 13, 2026 TIME:15 min SUBMITTED BY:Robyn Smith, Housing ITEM TYPE:Main Agenda AGENDA SECTION:Main Agenda SUBJECT:North Trail Townhomes HOA Rent SUGGESTED ACTION:Review lease rate and direct staff to maintain or modify. PRESENTER(S):Robyn Smith, Senior Housing Coordinator VAIL LOCAL HOUSING AUTHORITY AGENDA ITEM REPORT ATTACHMENTS: 2001 Lease Agreement with North Trail Townhomes Homeowners Association Inc for Leasehold Condominium.pdf MEMO_VLHA_NorthTrailTownHomes_LandLeaseRentReview_0113206.pdf 24 MEMORANDUM DATE: May22, 2001 TO: Lorelei Donaldson FROM: Mary Ann ,~~~G~ ~ SUBJECT: North Trail Townhomes Lease Agreement Please place the attached original Lease Agreement in the fire safe. 1o~s0 ~.~ Attachment Tiw~' `~~"rh~"~' a illlltlllllfll 25 75~ ~ 82 ~ ~d Page: 1 of B 05103!2001 09:03 Sara J Fisher Eagle, CO 204 R 40.00 D @.00 LEASE AGREEMENT rrd THIS LEASE AGREEMENT is made effective as of the 3-"' day of ~~ , 2001, between the TOWN OF VAIL (Vail) and North Trail Townhomes Homeowners Association, Inc. (HOA). RECITAL Vail is the owner of a parcel of real property described on Exhibit A (Land). Vail has determined, after an extensive review of proposals and public hearings, that to acc.,~~.Ylish its objective of affordable housing and other public objectives with minimal cost to Vail, it is necessary to lease the Land to HOA to create a leasehold condominium. SECTION l Lease: Vail hereby leases to HOA and HOA hereby leases from Vail, subject to all the terms and conditions of this Lease, the Land, as depicted on attached Exhibit A. SECTION 2 Term of Lease:This Lease shall be effective upon execution. The term shall be from the date of this lease and thereafter for ninety-nine (99) years. SECTION 3 Rent: For the first ten (10) year period of the term this lease is in effect, the Lessee shall pay as rent to the Town the sum of one dollar ($1.00) per year. On the 10"' year anniversary of this lease agreement, the Town Council or the Vail Housing Authority shall review the rent paid by the Lessee, and upon such review, in its sole discretion, may increase said rent to an amount not to exceed the fair rental value of the premises. The Town shall conduct such a review at subsequent five (5) year intervals during the term of this lease agreement, and after each such review may have the option in its sole discretion to increase the rent by an amount not to exceed the fair rental value of the premises. SECTION 4 Lease and Title to Improvements: HOA shall cause this Lease and all Improvements to become a leasehold common interest community under Colorado Law; specifically, a leasehold 26 I~~NII411111 f~I~YI111PIIIII11IR111111111011 ea56o8 p condominium. This Lease and all Improvements shall be subject to the declaration for such leasehold condominium. Vail shall review and approve the declaration, bylaws, condominium map and any other documents establishing the leasehold condominium. Each Employee Housing Unit shall be a condominium unit and shall be conveyed to individual owners. The remainder shall be Common Elements designated for common ownership. Common Elements shall be maintained at the expense of the HOA. SECTION 5 Assignment: This Lease shall not be subject to assignment. SECTION 6 Affordable Housing: Employee Housing Units shall be sold only to qualified buyers. Vail shall establish the qualifications for such buyers before the first sale of an Employee Housing Unit. Vail shall have the right to modify such qualifications as to any subsequent buyer or buyers of a Unit. All Employee Housing Units shall have such qualifications placed of record in Eagle County, Colorado. After the initial sale to a buyer, the owner of such unit shall only sell such unit with Vail acting as the listing agent. Resale of such Unit shall be to a buyer meeting the then current qualifications established and recorded by Vail for a purchaser of an Employee Housing Unit. This paragraph shall act as a deed restriction on the Employee Housing Units, shall be binding upon successors and assigns of the first purchasers of the Employee Housing Units, and shall run with the Employee Housing Units. Vail shall review and approve the form of deed used for sale of Employee Housing Units. SECTION 7 Maintenance and Charges: HOA covenants that throughout the applicable term of this Lease, it will, at its sole cost and expense, clean and maintain the Improvements now or hereafter erected or located on the Land in an appropriate manner, and will keep the same in good working order and condition and shall promptly, and at its' own cost and expense, make all repairs to all parts of the Improvements necessary to keep the Improvements in a condition comparable to new condition, ordinary wear and tear excepted. When used in this Lease, the term "repairs" shall include replacements or removal when necessary. All such repairs shall be equal in quality to the original work. The HOA shall pay when due all charges for janitorial 2 27 III'NIn~I~~~Nluhll~'~hlN~l~l~a56o~aq „ and landscaping services, trash removal and snow removal, fuel, water, gas, sewer, electricity, other utilities and services, and all other charges of every kind and nature, extraordinary or ordinary, general or special, unforeseen or foreseen, whether similar or dissimilar to any of the foregoing, incurred in the use, occupation, maintenance, operation or possession of the Improvements throughout the applicable terms of this Lease or any extension or renewal thereof, shall indemnify, protect and save harmless Vail from any liability thereof. Should HOA fail to pay any such charges, or to maintain the Improvements or to make or commence to make any repair or replacement required by this paragraph for a period of thirty (30) days after receipt of written notice of the necessity for same by Vail to the HOA, Vail at its option with respect to a condition on the Improvements but outside the interior of the units and which poses an immediate risk of personal injury, may pay any such charges or make any such repair or replacement, and any sums paid by Vail for such purposes shall be repaid by HOA to Vail on the first day of the calendar month next following payment thereof. SECTION 8 A. Insurance: The HOA shall place and maintain at all times during the applicable term, at its expense, a public liability insurance policy covering the Project and insuring the HOA and Vail with limits of at least two million dollars ($2,000,000.00) for any number of persons injured or killed in one accident and one million dollars 1,000,000.00) property damage resulting from any occurrence upon the Project including any sidewalk or driveway contiguous to or abutting the Project). Upon notice by Vail to the HOA such amount of insurance shall be reviewed each ten (10) years and increased or decreased in an amount based upon the Consumer Price Index for Denver, Colorado, or a similar index if such index is no longer published. The base year shall be 2001. B. Vail's Non-Liability: Except for the direct acts of Vail or Vail's failure to act as necessary to discharge its obligations under this Lease, Vail shall not be liable for (i) any damages to the Improvements or Units or any part thereof, or (ii) for any damage to any person or property if caused by fire or other casualty, regardless of the cause thereof. HOA will release, indemnify, and defend Vail of and from all liability for such damages and will assure that all insurance policies shall include a clause waiving rights of subrogation against Vail. 28 m~u~~~uu~u~uHnni~~ ~esw~:,. SECTION 9 Notices: If either party desires to give notice to the other in connection with and according to the terms of this agreement, such notice shall be by registered or certified mail and it shall be deemed given when deposited in the United States mail with postage prepaid and such notices are addressed as follows: Town Manager Town of Vail 75 S. Frontage Road Vail, Colorado 81657 President No h Trail ~w~ omes Homeowners Assn., Inc. i~-• ~'t~" --- Vail, Colorado 81658 4 29 u~~~n~~~~~~nq~u~~~~~~~, -uoawe,,,~ IN WITNESS WHEREOF, the parties hereto have duly executed this Lease Agreement for Private Devel~y~,~ent as of the day and year first above written. TOWN OF VAIL A Colorado municipal corporation Robert W. McLaurin, Town Manager ~y~~~Ey"~a~~~;~,,~~ L~,j, Attest: ~ ~ j n .,......... n By rel Donaldson, Town Clerk NORTH TRAIL TOWNHOMES HOMEOWNERS ASSN., Inc. A Colorado non-profit corporation B~~~/tM,Gt/~ . Secretary) reasurer 5 30 STATE OF COLORADO ) ss. COUNTY OF EAGLE ) 7' The foregoing instrument was acknowledged before me this3,~.~,...,day of-I~ 2001, by Robert W. McLaurin, Town Manager of the Town of Vail. Witness my hand and official seal. My commission expires: ~{/et~O3 n~ ~~ STATE OF COLORADO ) ss. COUNTY OF EAGLE ) it.i G+d:C Gsv l~Qw_ Notary Public The foregoing instrument was acknowledged before me thisfic4 day of~~+~a~; 2001, by ~/..c~.RJ c~,t~.~J , .~G~cw~,~.~as~ of the North Trail Townhomes Homeowners Association, Inc. a Witness my hand and official seal. My commission expires: S!//~.3 7 G~?~ ~a Nota4`y Public i~uu~iq~i~uia~hu~ha~ ~fipa~, ,~ 6 31 PARCEL DESCRIPTION A PARCEL OF LAND SITUATED IN A PART OF LOT 1, BLOCK H, VAIL DAS SCHONE -FILING No. 2, A RESUBDIVISiON OF LOTS 1-4, TOWN OF VAIL, COUNTY OF EAGLE, STATE OF COLORADO, PER THE PLAT THEREOF RECORDED FEBRUARY 13, 2001, AT RECEPTION NUMBER 7499{}7, IN THE OFFICE OF THE EAGLE COUNTY CLERK AND RECORDER, SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS; BEGINNING AT THE NORTHWESTERLY CORNER OF SAID LOT 1; THENCE ALONG THE BOUNDARY OF SAID LOT 1 THE FOLLOWING FIVE COURSES: 1 } N81 `43'00"E 145.50 FEET; 2} 528'50'00"W 62.54 FEET; 3) 549' 35'23"E 135.81 FEET; 4} S44`36`00"W 19.00 FEET; 5} 55.13 FEET ALONG THE ARC OF A CURVE TO THE LEFT WITH A RADfUS OF 362.32 FEET, AN INTERIOR ANGLE OF 08'43'04" RND A CHORD WHICH BEARS S40`14'28"W 55.07 FEET; THENCE DEPARTING SAID BOUNDARY N80`23'23"W 47,65 FEET; THENCE 509'47'27"W 21.16 FEET; THENCE N81'27'41 "W 124.69 FEET TO A POINT ON THE WESTERLY BOUNDARY OF SAID LOT 1; Ti-IENCE N01'51'00"E 171.87 FEET TO THE POINT OF BEGINNING. iiMini~ii~ni~M~~~i~hiniuiiu~i~i, =~o,wp;, e» uet ~u,i 30091 o . a f~~~~ ~~~'~JJ/~~~ ieiL ~r~4~S \``\\ U Q Q L3Ade a z,, 4 ~ i U] OF a xw~ X00 OW A~Ca"5 A w as -a W ~ U tY ~+ o d N F O dOB{~: SHEET 1 aF 2 32 r r ~ B.L. uNP~ar POINT 0 BEGINN{N B.L.M. LOT 1. RANGE at WEST ~ THE BTii PRiNCIPAI MEREDtAN SECTION ttt, TOKTISHIP S souTr+ LOT 1 va+e, aas sct~o~E r~LtNG No. t ~ SCALE: i " = 50' INIdINI~INIIII~IIINIIIINIIIIAI~MI~INI~II ~a'w.,~ f roo~w yo' 8`43'04" 32' 2' 3' a~' a`~ 4'zepw O z of z ~~ Ow~a v rn oo~ vao z~' a W q~~ t~SAW R. ~a~a W~ Uxw o ,~ o w O y c Joel: ~ ATE: 03/t2/ SHEET 20F2 t nT a 33 Memorandum Page 1 of 1 To: Vail Local Housing Authority From: Jason Dietz, Housing Director & Robyn Smith, Senior Housing Coordinator Date: January 9, 2025 Subject: North Trail Townhomes – Land Lease Rent Review I. PURPOSE To present the required land lease rent review for the North Trail Townhomes property and request VLHA direction on the annual rent to be billed by the Town of Vail. II. BACKGROUND In May 2001, the Town of Vail entered into a 99-year land lease with the North Trail Townhomes Homeowners Association, Inc. to support the creation of employee housing through a leasehold condominium structure. Lease Terms – Rent Review • Initial Rent: $1.00 per year for the first ten (10) years of the lease. • Review Authority: On the 10-year anniversary and every five (5) years thereafter, the Town Council or the Vail Local Housing Authority is authorized to review the rent. • Adjustment Standard: Upon review, the rent may be increased, at the Authority’s discretion, to an amount not to exceed the fair rental value of the premises. Current Practice • The Town of Vail Finance Department has continued to bill the HOA $1.00 annually. • No record has been identified of a formal VLHA rent review or adjustment for this lease in recent years. III. STAFF RECOMMENDATION Town of Vail Housing Staff recommends affirming the continuation of the $1.00 annual rent rate. IV. ACTION REQUESTED Finance has requested that VLHA formally consider the lease rent and provide direction. Specifically, VLHA is asked to: 1. Affirm continuation of the $1.00 annual rent, or 2. Direct staff to pursue a rent adjustment consistent with the lease (up to fair rental value), including any supporting analysis deemed appropriate. V. ATTACHMENTS A. 2001 Lease Agreement with North Trail Townhomes Homeowners Association Inc for Leasehold Condominium.pdf 34