The Town of Mountain Village wants more affordable housing units beyond the 538 that exist today, in addition to a community park. On May 19, Town Council will consider whether or not to enter 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 a park site.
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.
Adams Ranch MV LLC approached the town to gage its interest in acquiring approximately 1.42 acres for a community park. The town’s acquisition of the park site would be contingent upon development approvals. Those include a replat of Lot 640A and adjacent open space in order to create the park site and other approvals, such as an increase in zoning to 45 units from the current 30 sought by Adams Ranch MV LLC. In the event that development approvals are not approved the sale of the park site can be terminated. Nothing within the term sheet obligates the town to approve Adams Ranch MV LLC’s development application as that will have to follow the typical land use process as set forth in the Community Development Code.
According to the non-binding term sheet, the current asking price for the park site is set at $750,000, which Town Council would need to approve, with a closing date no later than 30 days following the final approval of the Rezone, Replat, Conditional Use Permit and Density Transfer Application. To protect the town’s investment, the term sheet requires Adams Ranch MV LLC to begin demolition of Telluride Apartments within the first 60 days following closing.
If Town Council decides to move forward with this acquisition, which would ultimately require a formal Purchase and Sale Agreement with Adams Ranch MV LLC, and Adams Ranch MV LLC receives the necessary development approvals, the existing park area would remain accessible to the public after closing; however, there would be a time with limited to no-park access during construction of the employee housing and new park. Once development is complete, the constructed units would be employee housing units subject to an employee housing deed restriction.
To review the term sheet in its entirety, download the May 19, 2016 Town Council Meeting Packet. The term sheet begins on page 36.