HomeMy WebLinkAbout07. Vail Town Council EPS Report Presentation Memo 08202019
To: Vail Town Council
From: Vail Local Housing Authority
Date: August 20, 2019
Subject: 2019 Economic Values and Community Benefits of Vail’s Investment in Deed-
Restricted Homes Report
1. SUMMARY
The purpose of this memorandum is to present the findings of the “2019 Economic Values and
Community Benefits of Vail’s Investment in Deed-Restricted Homes Report”. The Report was
commissioned at the direction of the Vail Local Housing Authority and completed by Economic
Planning Systems. Funding for the Report was provided by the Vail Local Housing Authority.
The Report is intended to help direct housing policy and serve as a framework for decision
makers when deciding on matters related to investing in deed-restricted homes in Vail, and to a
lesser extent, the greater region.
The key findings of the Report include:
Each investment in one resident-occupied, deed-restricted home in Vail of $65,000 yields the
following:
1) 5% annual return on investment or $3,200
2) up to $312,650 in community benefits, economic value and opportunity costs to the
community which is an investment multiplier of 4.81X
3) the annual reduction of 8.5 MTCO2e
4) the avoidance of $8,400 in annual business expenses associated with employee turn
over and recruitment
2. BACKGROUND
The availability of homes for residents and employees has been a challenge for Vail for more
than 45 years. As far back as 1973 this issue has been at the forefront of community
conservations regarding the ongoing success of the Vail community and the ability to realize
Vail’s vision to be the premier international mountain resort community. To that end, in 1973,
the Vail Town Council adopted The Vail Plan. That plan document highlighted three areas of
community focus,
1) The need to support and grow a year-round economy
2) The adequacy of public parking facilities and loading and delivery systems, and
3) The importance of housing for persons working in Vail
Today, there are more than 875 homes with deed-restrictions recorded limiting occupancy to
persons living and working in the greater Vail community. A large percentage of these deed-
restrictions were acquired with no expenditure of public funds through partnerships with the
private sector as a result of development impact mititgation. Conversely, many others, like
Timber Ridge Village Apartments, Vail Commons, North Trail Townhomes, Chamonix Vail, were
acquired or developed through the investment of tax payer dollars.
More recently, the Vail Town Council and the Vail Local Housing Authority launched the
innovative Vail InDEED program. The objective of this program is to protect and preserve
existing homes in the community for resident occupancy through the purchase of a deed-
restriction covenant on the property. More than $7.9M has been invested to date resulting in
121 new deed-restrictions and homes for more than 240 Vail residents. The 2019 Economic
Values and Community Benefits of Vail’s investment in Deed-Restricted Homes Report is an
attempt to quantify the value and the benefits of the Town’s investments.
3. EXHIBITS
A. 2019 Economic Values and Community Benefits of Vail’s Investment in Deed-Restricted
Homes Report
Town of Vail Page 2