There’s a new idea to expand Vail’s restricted-deed housing stock. It’s just outside of town at the Kayak Crossing Apartments.
Vail officials, along with city of Avon officials and the EagleBend/Dowd Affordable Housing Corporation, are talking about various options to fund a series of improvements at the 24-year-old complex at the west end of Dowd Canyon.
One of these options is the restriction of deeds of purchase of Vail in the complex of 50 units. This purchase, estimated at between $2.5 and $3 million, would ensure that the apartments are only used for workforce housing. Currently, approximately two-thirds of Kayak Crossing residents work in Vail.
This deed restriction sale would help pay for upgrades, including new windows, siding, and doors, as well as new exterior insulation, asphalt shingles, and heating and hot water systems. improved.
Another option would include purchase by deed of restriction and the cities of Vail and Avon joining as municipal sponsors of the complex. This partnership could include the formation of a regional housing board.
The City of Avon is the current sponsor. Like EagleBend Apartments, the city did not invest any taxpayer dollars in the deal. Instead, the city sponsored the project’s debt, which is covered by revenue generated from the complex.
A third option is an outright purchase by the city. It could cost $15 million or more, according to a new valuation of the resort.
At the Vail City Council meeting on March 4, Vail Housing Director George Ruther said the city was first approached by the company that manages the complex, which has already established a construction schedule. for improvements. Ruther added that the City of Avon currently does not have the financial capacity to pay for the upgrades.
The first two options pose the least risk to Vail, Ruther said. And, he added, an outright purchase would be complicated.
Avon has the right to approve any refinancing agreement and also has the right to pay off the resort’s current debt and take possession immediately. The municipality will be able to appropriate the whole when the debt is repaid.
Avon City Manager Eric Heil told Vail officials his city council supports Vail’s participation in the project and is more comfortable with the second option that combines cities’ efforts.
“This is an exciting opportunity,” said Vail City Council member Travis Coggin, adding that he would support Vail’s outright purchase of the resort.
But Council Member Kevin Foley said the outright purchase could be “a money pit” for Vail.
Gerry Flynn, managing director of Polar Star Properties, told council members he would prefer the second option in which the towns form a partnership, adding that the town of Avon wants to remain involved in the project.
In the end, the board members told Ruther that they wanted to see more detailed options for the second and third options.
“We’ll be back as quickly as possible,” Ruther said.