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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; 1 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) _ $236.65 3. Effective Date of the Resolution This resolution shall become effective upon the adoption of Ordinance Nos. 7 & 8, Series of 2007, more commonly referred to as the ordinances establishing Commercial Linkage and Inclusionary Zoning in the Town of Vail. INTRODUCED, READ, APPROVED AND ADOPTED this 3~d day of April, 2007. yy Rodney Slifer~Mayor, Town of Vail V141L ATTEST: S ~ O; Town Clerk s rele' Donaltlson,N~~~~.•.QT' 2 Exhibit A 2007 Fee-in-Lieu Calculation Formula 120% Area Median Income (2-person household)76,800 Affordable Monthly Housing Payment 1,920 Property Taxes/Insurance/HOA (20% of Housing Payment)384 Mortgage Payment 1,536 Maximum Mortgage Amount*230,872 Affordable Purchase Price 243,023 Average Square Feet of Units 825 2006 Median Price per Square Foot (all units)528 Cost per Unit 435,600 Affordability Gap/Payment per Unit in Lieu 192,577 Assumes 5% down, 7% interest for 30 years. Gap per Employee (1.5 emps/household on average)128,385 Administrative Fee per Employee 3,000 Fee per Square Foot per Employee 233 Administrative Fee per Square Foot per Employee 3.65 Fee-in-Lieu per Employee 131,385 Fee-in-Lieu per Square Foot 236.65 Note -these figures to be established annually by the Vail Town Council) 3 O N N N Cri ! d' NO~jGpP- ~M N N r M M M 1`- N GO ~ mod' O N r O N r N O M i~t N r N p O 0 0$ O ~ 0 fir Oy ~ ~ ~ ~ M O N a 0 0 M N t1 CL C7N ooo°~°o c,_ N 7 7 V 7 N C O 4 L1.O c o ~gu..o~womN J