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Teton County commissioners approve conditional steps on 90 Virginian Lane tied to impact investing
Summary
The County directed staff to prepare the suite of project documents for the 90 Virginian Lane affordable workforce housing development only if at least 50% of the required debt and equity (excluding local public funds) is secured from concessionary, socially motivated investors; a friendly amendment requires any investor savings to boost affordability.
Teton County commissioners on May 11 approved a conditional directive for staff to prepare the suite of documents for the 90 Virginian Lane affordable workforce housing project, contingent on securing at least 50% of the project's debt and equity from socially motivated, concessionary investors other than Teton County or the Town of Jackson. The motion was moved by Commissioner Len Carlman and seconded by Commissioner Luther Propst; the recorded County vote was 4-1 with Commissioner Wes Gardner opposed.
The motion requires that funds come on terms more favorable than market rates and from entities such as non-profit charitable organizations, donor-advised funds, socially motivated family offices or similar impact-focused investors. Commissioner Wes Gardner offered a friendly amendment to dedicate any savings resulting from such investing partners directly to project affordability; the amendment was accepted by the motion's proponents and incorporated into the direction the County approved. The motion is recorded in the minutes as carrying for the County following the vote called by Chair Mark Newcomb.
