Announcing name and preliminary details on Lot 644 units
At its regular March meeting the Mountain Village Town Council officially selected a name for the Town’s Lot 644 community housing project and gave direction on the application process for the future development.
The neighborhood will be called Meadowlark at Mountain Village. The name was submitted by Nathan Frerichs during a community-wide naming contest that was held in February. Frerichs’ submission was selected out of 39 submissions from the community.
Frerichs will receive a free Farm to Community CSA share for submitting the winning name.
The Town has partnered with Triumph Development West in a private/public partnership to build these 29 for-sale units in the Meadows neighborhood just above Parker Ridge.
These units will be spread throughout four separate buildings, including a multi-family building with 12 one- and two-bedroom condo units and three townhome-style buildings with a total of 17 two- and three-bedroom condo units.
In addition to selecting the future neighborhood’s name, Council also discussed details of how the future Meadowlark units will be sold.
“Council gave us clear direction that they want to prioritize Town of Mountain Village employees and essential workers who serve the community,” said Assistant Town Manager Michelle Haynes. “Council also decided that units will be allocated through a prioritized points system instead of a traditional lottery system.”
The points system will be based on the following priority:
- Town of Mountain Village employees
- Essential Workers- defined as any person who conducts essential services within the Telluride R-1 School District, which includes healthcare, schools, fire and police protection, basic sanitation and maintenance of utilities and any other worker deemed essential to the Mountain Village community by the Mountain Village Housing Authority Director
- Those who work within the boundaries of the Town of Mountain Village
- Those who work within the Telluride R-1 School District boundary
- Businesses within Mountain Village that wish to rent to employees
Council also approved the following deed-restriction qualifications for Meadowlark ownership:
- 4 percent annual appreciation cap
- There are no income limitations
- The unit must be the owner’s principal place of residence unless rented to qualifying tenants
- An owner cannot own another Meadowlark unit
- At least one resident/owner of each unit must work an average of 32 hours or more per week at a business with a physical presence within the Telluride R-1 School District boundary
- A qualified owner may lease to a qualified tenant so long as the lease is for 13 months or longer
- The MVHA will have the first offer to purchase the property upon resale
Town staff is currently working on finalizing the properties’ deed restriction and the structure of the points and application process.
Once qualified applicants who received priority in the selection process choose their future unit, reservation agreements will be required with a $500 refundable deposit.
While Town staff works with Triumph to iron out final details, the Town has launched a form to gauge interest from the community and allow interested buyers to sign up to receive information about the project as it becomes available.
Please visit our website to fill out the form and learn about required first-time homebuyer classes and other steps interested buyers can start taking now before the application process opens.
