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Commissioners approve developer agreement to build workforce housing in Village at Silver Cliff
Summary
The board approved a developer agreement framework allowing a developer to secure financing for 12 county-owned lots devoted to workforce housing; deed restrictions and a 60% AMI target were central to the agreement.
Custer County commissioners approved a developer agreement in substantially the form presented that lays out how a private developer will develop 12 county-owned lots set aside for workforce housing in the Village at Silver Cliff.
Barry Key, representing the county’s workforce housing committee, said the agreement allows the developer to claim ownership of the lots to use the property as collateral when seeking financing while deed restrictions will revert ownership to the county if the developer defaults. “The idea of the agreement is to protect both sides where, should he veil in any way, effectively the land reverse to the county,” Key said.
Speakers told the board the plan is for 22 dwellings (11 duplexes) with one-, two- and three‑bedroom units targeted at households not to exceed 60% of area median income (AMI). Meeting discussion noted some financing sources, including a referenced program (Prop 123) that could provide up to approximately $55,000 per unit for rental projects but will not fund units above a 60% AMI cap.
County and developer representatives acknowledged blanks remain in the draft exhibits and that the agreement requires completion of exhibit attachments and addresses and some numeric fields before final signature. The board approved the agreement on the motion that staff and counsel would fill in the outstanding exhibits and return the finished documents.
During the motion, commissioners emphasized the benefit to employers and the community from having workforce housing available locally and asked staff to continue coordinating permitting work with the Town of Silver Cliff. The developer was instructed to proceed to the town for necessary permits once the agreement’s attachments are finalized.
Next steps: staff will finalize exhibits, the developer will pursue permitting with the Town of Silver Cliff, and the deed restriction language will be finalized to ensure affordability requirements carry forward on any subsequent sale or transfer.
