HomeMy WebLinkAbout2009-09 Establishing the 2009 Payment of Fees-in-Lieu for Each Employee to be HousedRESOLUTION NO. 9ഀ
Series of 2009ഀ
A RESOLUTION ESTABLISHING THE 2009 PAYMENT OF FEES-IN-LIEU FOR EACHഀ
EMPLOYEE TO BE HOUSED, AS REQUIRED BY CHAPTER12-23, COMMERCIALഀ
LINKAGE, AND FOR EACH SQUARE FOOT, AS REQUIRED BY CHAPTER 12-24,ഀ
INCLUSIONARY ZONING, VAIL TOWN CODE; AND SETTING FORTH DETAILS INഀ
REGARD THERETO.ഀ
WHEREAS, on April 3, 2007, the Vail Town Council adopted of Ordinance Nos. 7ഀ
& 8, Series of 2007, establishing Commercial Linkage and Inclusionary Zoningഀ
requirements in the Town of Vail; andഀ
WHEREAS, pursuant to Sections 12-23-5 and 12-24-6, Methods of Mitigation,ഀ
payment of fees-in-lieu is one of five (5) methods by which the mitigation of employeeഀ
housing required may be accomplished; andഀ
WHEREAS, in accordance with Sections 12-23-5 and 12-24-6, the fees-in-lieu forഀ
each employee to be housed and for each square foot of employee housing requiredഀ
shall be established annually by resolution of the Vail Town Council; andഀ
WHEREAS, the Vail Town Council has determined that the proposed fee-in-lieuഀ
amounts accurately reflect the affordability gap between a two person household earningഀ
120% of the Area Median Income (AMI) and the 2008 Median Cost per Unit; andഀ
WHEREAS, the Vail Town Council finds that this Resolution furthers theഀ
development objectives of the Town and is in the best interest of the Town as itഀ
promotes the coordinated and harmonious development of the Town in a manner thatഀ
conserves and enhances the availability of employee housing within the Town of Vail.ഀ
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THEഀ
TOWN OF VAIL, COLORADO:ഀ
Establishment of Fees-in-Lieuഀ
a. The fees-in-lieu for each employee to be housed or forഀ
each square foot of employee housing provided in accordanceഀ
with Chapters 12-23, Commercial Linkage, and 12-24,ഀ
Inclusionary Zoning, shall be established annually by resolution ofഀ
the Town Council, provided that, in calculating that fee, the Townഀ
Council shall include the net cost (total cost less the amountഀ
covered by rental or sale income) of real property and all relatedഀ
planning, design, site development, legal, construction andഀ
construction management costs of the project, in current dollars,ഀ
which would be incurred by the Town to provide housing for theഀ
employee to be housed or for each square foot of employeeഀ
housing provided in that year;ഀ
b. An administrative fee of $3,000/per employee or $3.65 perഀ
square foot shall be added to the amount set forth in paragraph aഀ
hereof.ഀ
C. Fees-in-lieu shall be due and payable prior to the issuanceഀ
of a building permit for the development.ഀ
d. The Town shall only use monies collected from fees-in-lieuഀ
to provide new employee housing.ഀ
The calculation formula for fee-in-lieu has been attached for referenceഀ
(Exhibit A).ഀ
2. 2009 Pavment of Fees-in-Lieu Amountsഀ
a. Fee-in-lieu per employee (commercial linkage) _ $329,206ഀ
b. Fee-in-lieu per square foot (inclusionary zoning) _ $398.65ഀ
3. Effective Date of the Resolutionഀ
This Resolution shall be effective immediately upon adoption.ഀ
2009.ഀ
INTRODUCED, READ, APPROVED AND ADOPTED this 7th day of April,ഀ
Richard D. Cl6velan , Mayor, Town ofഀ
Vailഀ
ATTES OF 'VA~Iഀ
`fin f~ ~t •ഀ
SSAഀ
Lor ei [Donaldson, Town Clerkഀ
Exhibit Aഀ
2009ഀ
Fee-in-Lieu Calculation Formulaഀ
120% Area Median Income (2-person household)* $80,400ഀ
Affordable Monthly Housing Payment $2,010ഀ
Property Taxes/Insurance/HOA (20% of Housing Payment) $402ഀ
Mortgage Payment $1,608ഀ
Maximum Mortgage Amount* $238,180ഀ
Affordable Purchase Price $250,716ഀ
Average Square Feet of Units 825ഀ
2008 Median Price per Square Foot (all units)** $897ഀ
Cost per Unit $740,025ഀ
Affordability Gap/Payment per Unit in Lieu $489,309ഀ
***Assumes 5% down, 6% interest for 30 years.ഀ
Gap per Employee (1.5 emps/household on average) $326,206ഀ
Administrative Fee per Employee $3,000ഀ
Fee per Square Foot per Employee $395ഀ
Administrative Fee per Square Foot per Employee $3.65ഀ
Fee-in-Lieu per Employee $329,206ഀ
Fee-in-Lieu per Square Foot $398.65ഀ
(Note - these figures to be established annually by the Vail Town Council)ഀ
* As published by the US Department of Housing and Urban Developmentഀ
**Calculated by RRC Associates from the 2008 Eagle County Assessor's Data Baseഀ