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Committee backs WBC application to buy 8.37 acres for affordable housing amid private-equity concerns
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Summary
The Finance Committee voted to forward a resolution supporting a Wyoming Business Council application to purchase 8.37 acres for affordable housing. Staff said the parcel price is $2.9 million, with $500,000 in CDBG and $225,000 from Related Digital pledged; the committee debated developer selection and private-equity involvement before recommending adoption (two members in favor; one opposed).
City staff told the Finance Committee on Nov. 18 that the city plans to apply to the Wyoming Business Council's Business Ready Community program to purchase 8.37 acres for affordable housing. Economic Resource Administrator Renee Smith said the purchase price is $2.9 million and that the city's match will include more than $500,000 from CDBG rollover and a gift from Related Digital.
Renee Smith described the funding plan: "we had planned to use $500,000 from CDBG and $225,000 from Related Digital; we're asking for $2,175,000 from the Wyoming Business Council," which totals the $2.9 million purchase price staff cited.
Developers on the call said the project was developed through multi-year conversations with the mayor and city staff and that a Related Digital grant helped close a financing gap. Mayor Collins said he has worked with the developer and praised the project's focus on workforce housing targeted near 60% area median income; he said the developer had previously discussed larger-scale housing work and that the availability of grant dollars made this site feasible.
Public comment included a Ward 2 resident who urged the committee to resist moving the resolution forward, arguing that real estate development is not a government function and questioning whether a developer with private equity ties (Wasatch/Wasatch Equity Partners) should benefit from public funds. The commenter asserted that subsidized housing can raise private market rents; council members pressed for sources and debated the claim.
Council members discussed developer selection and funding. Supporters noted the match funds are designated (CDBG and a gift) and argued increasing supply should help rents; critics asked for more information about the developer's ownership structure and preferred reviewing the issue at the full council. After debate the committee moved and seconded the resolution and recommended adoption at the full council meeting (Renny and Escobel in favor; Moody opposed).
