HomeMy WebLinkAbout2008-06 Estblishing the 2008 Payment of Fees-in-Lieu for each Employee to be HousedRESOLUTION NO. 6
Series of 2008
A RESOLUTION ESTABLISHING THE 2008 PAYMENT OF FEES-IN-LIEU FOR EACH
EMPLOYEE TO BE HOUSED, AS REQUIRED BY CHAPTER12-23, COMMERCIAL
LINKAGE, AND FOR EACH SQUARE FOOT, AS REQUIRED BY CHAPTER 12-24,
INCLUSIONARY ZONING, VAIL TOWN CODE; AND SETTING FORTH DETAILS IN
REGARD THERETO.
WHEREAS, on April 3, 2007, the Vail Town Council adopted of Ordinance Nos. 7
8, Series of 2007, establishing Commercial Linkage and Inclusionary Zoning
requirements in the Town of Vail; and
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 employee
housing required may be accomplished; and
WHEREAS, in accordance with Sections 12-23-5 and 12-24-6, the fees-in-lieu for
each employee to be housed and for each square foot of employee housing required
shall be established annually by resolution of the Vail Town Council; and
WHEREAS, the Vail Town Council has determined that the proposed fee-in-lieu
amounts accurately reflect the affordability gap between a two person household earning
120% of the Area Median Income (AMI) and the 2007 Median Cost per Unit; and
WHEREAS, the Vail Town Council finds that this Resolution furthers the
development objectives of the Town and is in the best interest of the Town as it
promotes the coordinated and harmonious development of the Town in a manner that
conserves and enhances the availability of employee housing within the Town of Vail.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO:
1.Establishment of Fees-in-Lieu
a.The fees-in-lieu for each employee to be housed or for
each square foot of employee housing provided in accordance
with Chapters 12-23, Commercial Linkage, and 12-24,
Inclusionary Zoning, shall be established annually by resolution of
the Town Council, provided that, in calculating that fee, the Town
Council shall include the net cost (total cost less the amount
covered by rental or sale income) of real property and all related
planning, design, site development, legal, construction and
construction management costs of the project, in current dollars,
which would be incurred by the Town to provide housing for the
employee to be housed or for each square foot of employee
housing provided in that year;
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b.An administrative fee of $3,000/per employee or $3.65 per
square foot shall be added to the amount set forth in paragraph a
hereof.
c.Fees-in-lieu shall be due and payable prior to the issuance
of a building permit for the development.
d.The Town shall only use monies collected from fees-in-lieu
to provide new employee housing.
The calculation formula for fee-in-lieu has been attached for reference
Exhibit A).
2. 2008 Pavment of Fees-in-Lieu Amounts
a. Fee-in-lieu per employee (commercial linkage) _$166,464
b. Fee-in-lieu per square foot (inclusionary zoning) _$301.65
3. Effective Date of the Resolution
This Resolution shall be effective immediately upon adoption.
INTRODUCED, READ, APPROVED AND ADOPTED this 15th day of April,
2008.
0'*90~
Richard D. Clevela ayor, own of
Vail
oRAVO
ATTEST:
orel i Donaldson, Town Clerk
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Eghibit A
2008
Fee-in-Lieu Calculation Formula
120% Area Median Income (2-person household)77,880
Affordable Monthly Housing Payment 1,947
Property Taxes/Insurance/HOA (20% of Housing Payment)
1g558
Mortgage Payment
Maximum Mortgage Amount*234,179
Affordable Purchase Price 243,023
Average Square Feet of Units 825
2006 Median Price per Square Foot (all units)596
Cost per Unit 491,700
Affordability Gap/Payment per Unit in Lieu 245,196
Assumes 5% down, 7% interest for 30 years.
Gap per Employee (1.5 emps/household on average)163,464
Administrative Fee per Employee 3,000
Fee per Square Foot per Employee 297
Administrative Fee per Square Foot per Employee 3.65
Fee-in-Lieu per Employee 1669464
Fee-in-Lieu per Square Foot 301.65
Note - these figures to be established annually by the Vail Town Council)
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