With record low interest rates and the ability to retain ownership of the property in perpetuity, the Vail Town Council will consider optimizing an alternate arrangement for construction of the Residences at Main Vail during its regular meeting on Tuesday.
The discussion, which is listed on the evening agenda, will focus on options to transition financing of the development from the private sector to town-initiated financing. Opportunities for public comment are available in advance of the meeting by emailing email@example.com or during the virtual meeting by registering at VailGov.com/town-council.
Tuesday’s discussion is a shift in earlier agreements in which the Town Council authorized execution of a development agreement by and between the town of Vail and Triumph Development in March for construction of 72 deed-restricted homes on the town-owned site, located at 129 North Frontage Road West. The agreement had required Triumph to fund the construction, own the improvements and operate the rental housing development.