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City advances Salt Flats land bank with letters of intent for homeownership and mixed‑income projects
Summary
City Council approved two separate letters of intent for parcels in the Salt Flats land bank: Bridal Homes LLC (48 deed‑restricted homeownership units) and Vertical (mixed‑income for‑sale development with 43 homes, 23 deed‑restricted). Bridal Homes' LOI passed 7‑0; Vertical's LOI passed with a 6‑0‑1 tally (one abstention).
The Grand Junction City Council approved two letters of intent Wednesday to transfer small parcels in the city‑owned Salt Flats land bank to private developers who plan homeownership and mixed‑income for‑sale projects.
By vote, council authorized the City Manager to sign a letter of intent for Bridal Homes LLC to acquire two lots (combined roughly 3.07 acres) for a proposed 48‑unit deed‑restricted homeownership development; the motion passed by voice vote with no recorded opposition. The LOI sets the purchase price at zero for subdivision and resale to individual purchasers and requires 48 deed‑restricted units at or below 100% AMI for a minimum 30‑year deed restriction.
Council also authorized a separate LOI for Vertical to acquire three Salt Flats parcels (roughly 3.42 acres) for a proposed 43‑unit for‑sale project with mixed incomes. Vertical’s proposal includes up to 23 units restricted at 100% AMI…
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