HomeMy WebLinkAbout2007-10 Establishing the 2007 Payment of Fees-in-Lieu for each Employee to be HousedRESOLUTION NO. 10
Series of 2007
A RESOLUTION ESTABLISHING THE 2007 PAYMENT OF FEES-IN-LIEU FOR EACH
EMPLOYEE TO BE HOUSED, AS REQUIRED BY CHAPTERI2-23, 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 will consider the adoption of
Ordinance Nos. 7 & 8, Series of 2007, with the intent of 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,
m nt off in-lie i on f five 5 m thods b which the miti ation of em to eepayaeesuseoeygpy
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 2006 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
f m I housin rovided in accordanceeachsquarefootoepoyeegp
with Chapters 12-23, Commercial Linkage, and i 2-24,
I 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. 2007 Payment of Fees-in-Lieu Amounts
a. Fee-in-lieu per employee (commercial linkage) _ $131,385
b. Fee-in-lieu per square foot (inclusionary zoning) _ $236.65
3. Effective Date of the Resolution
This resolution shall become effective upon the adoption of Ordinance
Nos. 7 & 8, Series of 2007, more commonly referred to as the ordinances
establishing Commercial Linkage and Inclusionary Zoning in the Town of Vail.
INTRODUCED, READ, APPROVED AND ADOPTED this 3~d day of April,
2007.
yy
Rodney Slifer~Mayor, Town of Vail
V141L
ATTEST:
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Town Clerk
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rele' Donaltlson,N~~~~.•.QT'
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Exhibit A
2007
Fee-in-Lieu Calculation Formula
120% Area Median Income (2-person household)76,800
Affordable Monthly Housing Payment 1,920
Property Taxes/Insurance/HOA (20% of Housing Payment)384
Mortgage Payment 1,536
Maximum Mortgage Amount*230,872
Affordable Purchase Price 243,023
Average Square Feet of Units 825
2006 Median Price per Square Foot (all units)528
Cost per Unit 435,600
Affordability Gap/Payment per Unit in Lieu 192,577
Assumes 5% down, 7% interest for 30 years.
Gap per Employee (1.5 emps/household on average)128,385
Administrative Fee per Employee 3,000
Fee per Square Foot per Employee 233
Administrative Fee per Square Foot per Employee 3.65
Fee-in-Lieu per Employee 131,385
Fee-in-Lieu per Square Foot 236.65
Note -these figures to be established annually by the Vail Town Council)
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