Top Stories July 5, 2016

Redmond Rental Housing Discussions Today

by Jackson Hole. Media

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.




Comments 3
  • At this rate we will have 1000 “affordable” units for ONLY $428,571,000!

    If we can manage to do this in, say, ten years, we might be able to keep up with the housing needs of projected commercial development.

    Sounds like a bargain to me. Let’s get after it.

  • Government should not use taxpayer dollars to subsidize private sector employee housing. Subsidizing the employment costs of private entities is corporate welfare.

    There is nothing wrong with government purchasing units in this development for it’s own employees, but it has to be at a price that make sense.

    I’m calling for a Workforce Housing Overlay that will provide bonus density for employment based deed restricted housing in the walkable urban core of Jackson. That way employers and employees will have the opportunity to take care or their own housing needs without massive taxpayer subsidies.

  • Public money should not be used for housing unless you want to house vets you have people with no construction background making decisions and building these projects and further eating tax dollars deregulate and let resorts and tomahawk shops solve thier employee issues- more housing on public funds is welfare not one more time to subside housing so resorts can make an even higher profit- lastly the bed tax is bs you keep advertising for more folks to visit further presiding our community- off the sedate tit if you can’t afford to be no one owes you entitlement so the resorts can make more and you can live your dream not on my dime have you no pride?

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