Jackson council hears detailed briefing on proposed 90 Virginia Lane employee housing project
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Summary
Council received an informational presentation on the two-part 90 Virginia Lane project — rental buildings and ownership condominiums — including underwriting assumptions, funding constraints tied to SPED ballot language, and outstanding decisions ahead of a joint county meeting March 9.
Councilors spent the bulk of their March 2 meeting briefing themselves on the proposed 90 Virginia Lane employee housing project, a joint town–county effort that would include rental buildings and deed‑restricted condominiums.
The staff presentation, joined by Penrose Development representatives, described two main options under consideration: the town could purchase deed‑restricted condominium units outright for employee use, or acquire rights‑of‑first‑rental/purchase that give town employees priority access without town ownership. Penrose’s underwriter, Shannon Hartz Baker, confirmed the developer has been modeling $5 million toward the condo (ownership) side and another $5 million toward the rental side.
Why it matters: the town has $10 million in voter‑approved SPED (special purpose excise tax) money earmarked for town employee housing but does not yet have the full balance in hand and is constrained by ballot language. Staff explained roughly $18 million of the land purchase was financed with SPED dollars and that ballot language limits job‑associated units to a maximum of 40% of the development (with at least 60% required as community housing). Housing Director April Norton said the overall project cost is estimated at about $169 million and clarified the SPED share and percentage limits.
Council members raised questions about timing and trade‑offs: the town’s employee housing strategy is not yet complete (staff set an expected finish in October), while the Virginia Lane schedule is running ahead of that strategy. Several councilors urged caution about over‑committing the SPED dollars before the town finalizes its housing strategy and discussed mixing ownership and rental approaches so the town retains flexibility.
Staff noted next steps: an informational joint meeting with Teton County and Penrose is scheduled for March 9 to continue the conversation; staff will bring additional details requested by councilors, and no formal action was taken on March 2.
Quotes used in this article are taken directly from the meeting and attributed to the speakers in the meeting record.