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Officials say new analysis shows $5M condo subsidy gap at 90 Virginia Lane; town, county set preliminary funding directions
Summary
At a joint Jackson town-county meeting, staff said the county—s prepurchase of condos does not equal a subsidy and that a $5 million gap remains for the for-sale portion of the 90 Virginia Lane project. Commissioners and councilors pressed for written analysis; the county approved a contingent $4.25M, and the town moved $5M.
Shannon Norton, the staff lead on the 90 Virginia Lane housing project, told the Jackson Town Council and Teton County Commission on April 6 that new information revealed a misunderstanding about how county pre-purchase commitments affect project financing. Norton said pre-purchasing condos gives a government entity the right to own units at fair market value but "that—s not a subsidy," and that the project still faces a roughly $15 million overall gap, including a $5 million shortfall on the condo (for-sale) side.
The disclosure prompted immediate concern from several elected officials, who said the new framing was not clear in materials they had previously reviewed. "The public has no notice,"…
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