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County approves first reading to buy deed-restricted unit at 86 Hideaway Lane under right of first refusal
Summary
On July 9 Pitkin County commissioners approved first reading of an ordinance to exercise the county’s right of first refusal for a deed-restricted employee housing unit at 86 Hideaway Lane (No Name). Staff said the buy-back price calculation is in progress pending inspection objections and second-reading adjustments.
Pitkin County on July 9 approved on first reading an ordinance to exercise its first right of refusal to purchase a deed-restricted unit at 86 Hideaway Lane in No Name that was sold in March 2023.
Housing staffer Andrew Miller told the board the deed-restriction program typically splits resale proceeds 60/40 between the employee (60%) and county (40%). He reported the original purchase price in March 2023 was $754,000 and that, after accounting for the county’s 40% share and appreciation, the county’s current buyback valuation is approximately $792,009 (staff’s working number: $792,008.85). Staff said inspection objection negotiations could reduce that figure prior to second reading, which is scheduled for July 23.
The ordinance passed first reading by unanimous voice vote. Commissioners asked whether the employee purchaser’s market sale was contingent on another sale; staff said the employee’s contract was already under a standard purchase contract at the time of the request and no contingencies had been reported.
Next steps
Staff will finalize the buyback price subject to any inspection-objection adjustments and bring the ordinance back for second reading and final approval on July 23. A later decision will address disposition or reuse of the unit after purchase.
