With the word of the political season being ‘housing’ and fresh into the formation of the Town of Jackson/Teton County Housing Department, officials will meet today and discuss whether or not they can agree to actually put housing on the ground.
At stake is the Jackson Hole Community Housing Trust’s project on Redmond Street. That project would see 28 affordable rental units and could break ground this year. That’s if they get the funding they need, roughly 6 million.
Earlier this year, Mayor Sara Flitner, saying she was tired of just talking about housing, threw the support and 2 to 3 million dollars of funding from the town coffers to the development. That’s on top of 1.6 million dollars that the town spent on part of the Redmond Street property.
In a similar manner, County Commissioner Natalia Macker, along with Commissioners Mark Newcomb and Smokey Rhea, pledged their share of proceeds from the sale of a Housing Authority-owned office building on Broadway. Guestimates are that the building might fetch 1 million dollars.
With that money, the county would have pledged about 500,000 dollars to the project. Proceeds from the sale of the property would be split evenly between the town and county but administered by the joint department. The county is not providing any money from its general fund.
The county will take ownership of part of the real estate if an agreement between the housing department and Housing Trust can be worked out. That discussion is supposed to take place today at the commission’s voucher meeting.
The Mayor and town council will also discuss the proposal today. They will consider issuing $9 million in bonds which would be used to finance the construction. This action would enable the Trust to finance the project through tax exempt revenue bonds which would substantially reduce the financing cost of the project and potentially save the Trust $1.8M over the life of the project.
The total amount of the development is roughly 12 million dollars in total.