~ Town council sets Jan. 26 review of development agreement between town and Ten Mile Partners for 72-unit project
~ public can comment at hearing
~ ground-breaking possible this spring
~ Town to waive development fees
By Bob Berwyn
SUMMIT COUNTY — The Frisco Town Council will review a proposed development agreement between the town and Ten Mile Partners for the development of the town-owned Peak One parcel into a 72-unit affordable housing development at its Jan. 26 meeting.
The town will contribute the Peak One parcel pursuant to the terms of the development agreement and will waive application fees for the submittal, development approval and building application fees, utility connection fees and real estate transfer taxes.
The review is formally set as a first hearing of an ordinance, with opportunity for public comment on the agreement. The developers could break ground on the 12.86-acre parcel this spring, with market conditions dictating the pace of construction.
As presented in preliminary plans, the homes would range from 800-square-foot cabins to duplexes and single-family homes up to 2,000 square-feet in size, with prices tied to the area median income.
The units will range from small cabins (around 800-square-feet) to single-family homes up to about 2,000-square-feet. The homes will be subject to the standard deed restrictions for affordable housing in Summit County, including appreciation caps and residency requirements. The homes will be sold to full-time residents and people working in Summit County, earning between 80 percent and 160 percent of the area median income ($68,000 to $136,000 for a family of four).
According to the proposed ordinance, the developers will pay a $10,000 fee up-front to the Summit Combined Housing Authority for professional services before and during the development process.
Frisco will set aside part of the affordable housing tax revenue from Measure 5A to buy sewer taps and to help with downpayment assistance.