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Council approves Centennial settlement term sheet to buy 2.25 acres for future affordable housing
Summary
Council approved Resolution 130, authorizing a term sheet under which the city (with APCHA) would purchase roughly 2.25 acres from the Centennial homeowners association for $7,529,530; proceeds would fund repairs for the HOA and deed restrictions would be updated as part of the agreement.
The Aspen City Council on Sept. 9 approved Resolution 130 (Series of 2025), endorsing a settlement term sheet that would let the city and the Aspen/Pitkin County Housing Authority (APCHA) purchase about 2.25 acres from the Centennial homeowners association for a proposed price of $7,529,530.
Outside counsel explained that the transaction is intended as a compromise to resolve long‑running disputes between Centennial homeowners, the city and APCHA. Under the proposed term sheet, Centennial would provide updated deed restrictions consistent with current standards, and proceeds from the sale would be used to fund repairs the homeowners association has identified.
"The city will gain that acreage and land‑bank it for future affordable housing," the city's special attorney told council, adding that the final acreage will be determined by formal survey and that current numbers remain subject to final contract terms.
The attorney summarized the procedural steps remaining: if council approves the term sheet, the item will go to APCHA's board of directors for approval, and — if APCHA agrees — staff will return with a final purchase contract for council action. Several council members described the vote as a major step toward resolving a dispute dating back to litigation that began in 2016.
Councilor Sam called the development "one of the most massive accomplishments" and urged recognition for the attorneys and staff who negotiated the agreement. Councilors also emphasized that the purchase is a land acquisition and should not be read as a blanket precedent for future HOA matters.
Council voted unanimously to approve the term sheet; the purchase remains subject to final survey, APCHA approval and a final contract.
