The Town of Mountain Village is moving forward with plans to construct a new community park and more affordable housing units. On August 18, Town Council unanimously agreed to proceed with the acquisition of Lot 640A, a 1.21 acre parcel, to develop a park and construct additional affordable housing for the community.
The town had previously entered into a non-binding term sheet with Adams Ranch MV LLC, owner of Lot 640A, setting forth the general terms of a deal for the acquisition of the park site. Town Council’s decision will result in a formal purchase and sale agreement memorializing those terms.
The asking price for the park site is set at $550,000, far lower than the appraised price of $650,000. Based on the term sheet, Adams Ranch MV LLC must submit a Rezone, Replat, Conditional Use Permit and Density Transfer Application to the town, and if that is approved, the town must close on the park site no later than 30 days following final approval. To protect the town’s investment, the term sheet requires Adams Ranch MV LLC to begin a safe and town-approved demolition of Telluride Apartments within the first 30 days following closing.
Nothing in the term sheet obligates the town to approve Adams Ranch MV LLC’s development application. Adams Ranch MV LLC will have to follow the standard land use process as set forth in the Community Development Code. The town’s acquisition of the park site is contingent upon these development approvals, allowing the town to terminate the purchase if these are not obtained. The approvals include, among other things, a replat of Lot 640A and adjacent open space in order to create the park site and an increase in zoning up to 45 units from the current 30.
According to town staff, the park area would remain open to the public after closing of the acquisition; however, access would be limited during construction of the employee housing and new park. When the project is complete, the newly constructed employee units would be subject to an employee housing deed restriction.
Lot 640A, also known within the community as the site where Telluride Apartments sits vacant, garnered the attention of voters last year when a citizen-initiated ballot called for various zoning limits on this lot. The ballot passed with 219 yes votes and 180 no votes in favor of limiting the number of units that could ultimately be built on this site to 45.