Independent Housing Calculation

Click Here to see the Application that was approved for recommendation by the Housing Subcommittee this week.

AFFORDABLE HOUSING MITIGATION SUMMARY

1. There will be a requirement for the new commercial in the Warehouse to provide affordable housing, as per our Land Use Code (LUC). This week we were approved for an independent calculation of employees per 1,000 sq ft of Net Floor Area from the LUC 4.5/per 1,000 sq ft to .5/per 1,000 sq ft, based on current operations of Telluride Arts. 
2. This is important because it enables us to move forward without providing affordable housing on site. (The LUC calculation would otherwise require 3906 Sq Ft of affordable housing on site.)
3. This will be reevaluated by the Telluride Housing Authority Subcommittee (THAS) based on your findings and our ultimate plan for use.
4. The additional sq ft scenarios will change that rate based on use--For instance, if we are going to have a bar/cafe, that employee number will be bigger because it's a high impact use, triggering more housing. I know you have numbers you use--and they're pretty big. We will want to pare those down as much as possible while still being realistic about staff.
5. At the 6,000 aq ft scenario, at the .5/per 1,000 rate, the affordable housing requirement is 434 sq ft. because it's under 500 sq ft, it does NOT have to be provided on site--and can be bought out at the required rate prior to receiving a building permit. $228 x 434 = $98,952. At the 6,000 sq ft scenario, this would be the additional affordable housing mitigation fee, and needs to be added to the budget.
6. For the other sq ft scenarios, we will need to show 1.) the amount of sq ft

PARKING

1. In our contract with the owners, Meriwether, we have 6 parking spaces that will be built in their new underground lot adjacent to the property.
2. 1 parking space required  per 1000 sq ft light use commercial.
3. For high impact--like bar cafe--it's 1.5 per 1,000
4. The buy-out rate is $50,000 per space. I am checking on this.

WE ULTIMATELY EXPECT TO ASK FOR A WAIVER OF HOUSING AND SOME PARKING...but as we discussed previously, we need to engage our decision makers in thinking about why this makes sense by illustrating the impact on the project.

There's a provision for Historic Landmark Buildings that I am exploring.