Editor’s note: This page will be updated throughout the annexation process.
The Steamboat Springs City Council voted Feb. 5 to annex 191 acres of land west of current city limits between West Acres and Silver Spur north of U.S. Highway 40. The annexation agreement and annexation ordinance have expired, leaving the future of the development unclear.
Brynn Grey Partners is the developer of the project that proposed 450 housing units — one-third of them deed restricted — over the next 16 to 20 years. In addition to a new school, parks and open space, the project would have commercial, mixed-use and large-format retail areas, which are anticipated to included a day care center and grocery store. Brynn Grey previously developed workforce housing projects in Breckenridge and Frisco.
Brynn Grey had until Nov. 12 to acquire the property from its current owner, Steamboat 700. Without this purchase in place, the future of the development is uncertain, though city voters approved the annexation in a referendum election this June. At a minimum, the Steamboat Springs City Council would have to re-execute the annexation agreement and approve another ordinance annexing the property.
By the numbers
• 191 acres: The parcel includes 82 acres of open space, 12 acres for a new school, three acres of parks and two acres that were donated to the Yampa Valley Housing Authority for development.
• 450 units: One-third of the total units will have workforce deed restrictions. The Housing Authority plans to build an estimated 50 of the 158 deed-restricted units on two acres of donated land. The deed restrictions require the owners to work full-time (30 hours) in Routt County, prohibit short-term rentals and cap appreciation.
• 16 to 20 years: Buildout timeframe with 10 units in the first year and 26 units anticipated in each of the following years.
• $700,000s: Target price range of market-price units.
• $300,000 to $499,000: Target price range of deed-restricted units.
• $35,000 to $45,000: Estimated cost of hiring a consultant to conduct the special election.
• Water: Brynn Grey will pay a minimum of $4.67 million into the newly created Water Firming Fund, which the city will use to procure new water supplies. Of the total, $292,000 will be paid before the developers break ground and $15,000 will be paid at the closing of each of the 292 market-priced units.
• Traffic: Brynn Grey will pay a minimum of $3.50 million into the newly created Transportation Firming Fund, which the city will use to pay for road improvements. Of the total, $292,000 will be paid before the developers break ground and $11,000 will be paid at the closing of each of the 292 market-priced units.
• City services: A 1 percent real estate transfer assessment will be assessed on the resale of each unit within the annexation area. The funds will be used to pay for city services, with the exception of snow plowing.
• Snow plowing: Brynn Grey will pay $610,000 to fund the purchase of additional snow-plowing equipment. The funds will be paid to the city prior to breaking ground on the 199th unit, which is expected to be sometime during the eighth year of development. Prior to that, Brynn Grey will provide snow-plowing services.
• Deed restrictions: One-third, or 158, of the units in the project will have workforce deed restrictions, which require the owners and occupants to work at least 30 hours in Routt County (location-neutral employees are an exception). The restrictions also prohibit leases of fewer than six months and cap appreciation at 3 percent annually or the increase in area media income, whichever is higher. Fifty of the 158 deed-restricted units will be built by the Housing Authority and target residents making less than 80 percent of area median income, which was $86,700 for a household of four in 2018. The remaining 108 deed-restricted units are intended for households making 100 to 150 percent of AMI.
• Pioneers: For $100, Routt County residents can join the West Steamboat Neighborhoods Pioneers, a group of people who will have first dibs on deed-restricted units through a lottery. Sign up to be a Pioneer at WestSteamboatNeighborhoods.com.