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Jackson council backs 50/50 split and approves town funding for 90 Virginian Lane
Summary
The Jackson Town Council directed staff to propose splitting a $10 million commitment for the 90 Virginian Lane affordable housing project evenly with Teton County and authorized the town to use restricted and assigned housing funds for its share, after staff outlined sources and impacts to existing balances.
Town Manager Richard Sinclair told the Town Council on Jan. 20 that staff recommends dividing a $10 million commitment for the 90 Virginian Lane affordable housing project evenly between the town and Teton County and recommended using restricted housing fees first, then assigned housing funds to pay the town’s share.
Sinclair said the town and county acquired the property in 2023 for about $28 million using a mix of specific-purpose excise tax proceeds, prior SNAP funding, county mitigation contributions and town housing funds. He recommended a 50/50 split for the newly discussed $10 million, explaining that it reflects prior practice and simplifies joint negotiations with the county.
Councilor Schechter asked how the proposed $5 million town contribution would affect the town’s housing reserves. Sinclair answered that the town currently holds about $5.3 million in the two housing accounts and that paying $5 million now would leave roughly $337,000 in those balances.
Councilors also asked whether a separate $10 million special-purpose excise tax for town employee housing could be tapped; Sinclair said that employee-restricted funds cannot be used for this community housing request and that the employee housing funds remain restricted to town employees only.
Councilor Speer moved — and Councilor Beaman seconded — a motion directing staff to draft a letter to Teton County proposing that the $10 million be split 50/50. The motion passed unanimously. Council then voted to authorize the town to use restricted and assigned housing funds as presented to cover the town’s portion; that motion also passed unanimously.
Sinclair said staff will relay the council’s preliminary position to Teton County and continue joint discussions in February and March, with final decisions to be made jointly by both jurisdictions.
What happens next: staff will draft the county letter and continue negotiations with Teton County; any final commitments will require future formal action by both governments.
