keport on nous|ng Aordab|||ty Cpnons and Strateg|es

AJJtessloq lotk cltys ColJllocks ullemmo

!"#$$%
Charles 8ukl, karen ooley, hu
AsslsLance rovlded by Susan WachLer, hu, 8lchard volLh, hu, uean Cllver, hu
Contents
1. Lxecuuve Summary
2. MagnlLude of AordablllLy Challenge
3. 8ecommended locus
4. 1heoreucal CpporLunlLy
3. ark Meadows: Lxample Case SLudy
6. Concluslon
7. 8eferences
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# BCBD
Lxecunve Summary
ark ClLy, u1 ls a remarkable place, and lL ls remarkable noL by accldenL. 8oLh lLs uncommon naLural
beauLy and Lhe Lown's characLer have been proLecLed and enhanced Lhrough a serles of lnLenuonal and
sLraLeglc acuons Laken by Lhe communlLy slnce Lhe mld 1970s.
uecades of hard work have leveraged Lhe besL snow on earLh" lnLo converung ark ClLy from a
sLruggllng sllver mlnlng communlLy lnLo arguably Amerlca's besL skl Lown (nauonal Ceographlc). 1he
hard work Lo geL 64 vlcLorlan era bulldlngs onLo Lhe nauonal 8eglsLer has been cenLral ln esLabllshlng
ark ClLy as one of Lhe premesL Lowns ln Amerlca" (lorbes).
8ecause of Lhe foreslghL of ark ClLy resldenLs and Lhelr lannlng Commlsslon, mounLaln vlews from
vlrLually anywhere ln ark ClLy are largely unobsLrucLed, Lhey aord vlslLors and resldenLs allke Lhe
experlence of belng ln a vlbranL, dlverse Lown whlle sull belng ln a largely naLural semng. 8ecause of
leadershlp by cluzens and ClLy Councll, slgnlcanL parLs of ark ClLy's mlnlng hlsLory have been
preserved, leadlng Lo Lhe creauon of a Maln SLreeL unrlvaled ln charm LhaL sull has Lhe rugged good
looks of a 19Lh cenLury wesLern mlnlng Lown" (1ravel & Lelsure).
8ecause of communlLy eorLs Lo proLecL Lhe envlronmenL, more Lhan 7,000 acres have been purchased
wlLh open space bonds, Lhereby buerlng ark ClLy from Lhe sprawllng, land consumpuve developmenL
LhaL has come Lo dene so much of Lhe surroundlng reglon. And because of greaL vlslon and leadershlp
by Lhe buslness communlLy, ark ClLy landed and Lhen successfully hosLed ma[or evenLs aL Lhe 2002
WlnLer Clymplcs, noL Lo menuon 23 Sundance lllm lesuvals.
lor Lhe breaLhLaklng vlews LhaL have been proLecLed, Lhe small Lown charm LhaL has been enhanced,
Lhe vasL expanses of open space LhaL have been conserved, and Lhe world class skllng LhaL makes lL so
envled, ark ClLy ls rlghuully menuoned alongslde klLzbuhel and Chamonlx.
1haL's half Lhe sLory, anyway. 1he oLher half ls LhaL whlle ark ClLy ls lncreaslngly Lhe sLandard agalnsL
whlch WhlsLler, 1ellurlde and nlseko measure Lhemselves, lL ls also menuoned ln Lhe same breaLh as
Aspen - noL for Lhe facL LhaL Aspen ls among Lhe greaLesL places ln Lhe world Lo skl, buL because houslng
ln Aspen ls among Lhe very cosLllesL ln Amerlca. Aspenlzauon, accordlng Lo an Aspen omclal, ls whaL
happens when small Lowns choke on whaL Lhelr charm has broughL Lhem" and lL poses a serlous LhreaL
Lo ark ClLy.
As newsweek noLed ln 1993, Aspenlzauon ls Lhe upscale llvlng deaLh LhaL fosslllzes Lrendy communlues
[LhaL] have been dlscovered by Lhe rlch and famous -- and Lhe greedy and enLrepreneurlal -- [and whlch
become] case sLudles ln overdevelopmenL [wlLh] lavlsh second homes LhaL slL empLy for mosL of Lhe
year whlle Lhree quarLers of Lhe work force, who can'L aord Lo llve Lhere, commuLe."
loreshadowlng wlLh exqulslLe slmllarlLy Lhe senumenLs expressed by so many ark ClLy resldenLs durlng
CommunlLy vlslonlng" ln 2009, Aspen's mayor a decade prlor sald "we don'L wanL Lo be [usL an empLy
Lheme park, full of houses LhaL are occupled only a few weeks ouL of Lhe year. We wanL Lo remaln a real
llfe Lown, wlLh llvlng, breaLhlng people who have real [obs." ?eL Loday, Aspen ls far more empLy Lheme
park" Lhan real llfe Lown."
Whlle ln many ways a mlrror lmage of Aspen, ark ClLy ls forLunaLe LhaL, unllke Aspen, lLs own
experlence wlLh hlgh-end, seasonal developmenL ls noL yeL aL a polnL of no reLurn. Cpuons - whlle
cosLly and complex - exlsL for ark ClLy Lo remaln a real llfe Lown."
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# DCBD
Powever, Lhese opuons are noL llkely Lo exlsL for long

ark ClLy Loday ls far more seasonally" owned Lhan even Aspen lLself.

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5ootces. 2000 ooJ 2010 u.5. ceososes, czbllc.

ark ClLy's houslng cosL-Lo-lncome rauo sLands aL more Lhan Len Lo one.

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5ootces. 2000 ooJ 2010 u.5. ceososes, czbllc.
Llke Aspen, ark ClLy ls a magneL for vacauon home-buylng by wealLhy resldenLs from very hlgh-cosL
new ?ork and Callfornla zlp codes. When second and Lhlrd homes sell for $20-30 mllllon ln upper ueer
valley, Lhe eecLs on Lhe resL of markeL are subsLanual. As Lhe markeL mlgraLes Lo accommodaLe
demand, each square fooL of developable land becomes more cosLly, and Lhe resulL ls an acuLe
aordablllLy problem down Lhe llne.
Whlle four decades of hard work dld lndeed make ark ClLy lnLo a world-class skl desunauon, lL also
made ark ClLy lnLo a very expenslve place. ?ears of sLewardlng Maln SLreeL lnLo becomlng a unlque
and charmlng desunauon have lncreased Lhe deslrablllLy among locals and LourlsLs Lo vlslL and shop ln
ark ClLy. Pundreds of plannlng commlssloner meeungs Lo manage bulldlng helghL and denslLy Lo
malnLaln Lhe Lown's characLer dld [usL LhaL, and, by dolng so, furLher lncreased Lhe demand Lo own
properLy ln ark ClLy. 8onds passed Lo buy open space successfully creaLed a permanenL green buer
around ark ClLy, buL also reduced Lhe supply of developable land, whlch, ln Lurn, lncreased (and
conunues Lo lncrease) Lhe cosL of Lhe remalnlng developable land.
1hese facLors and Lrends are powerful and hlghly lnLerconnecLed:
- llrsL, ark ClLy acuvely Look sLeps Lo lncrease lLs deslrablllLy: Lhe clLy has lnLenuonally kepL bulldlng
helghLs low Lo preserve vlews, and kepL denslues low Lo prevenL congesuon, and Lhe clLy's land
conservauon eorLs on Lhe edges of Lown ensures LhaL resldenLs and vlslLors experlence a beauuful
naLural enLry lnLo ark ClLy and LhaL Lhe area sLays prlsune, unspolled by addluonal developmenL. ln
succeedlng wlLh all of Lhese lnluauves, Lhe clLy lncreased Lhe demand Lo vlslL, and llve ln, and own
properLy ln ark ClLy, parucularly among wealLhy households.
- Second, tbose exoct some steps - llmlung helghL, llmlung denslLy, llmlung lnll developmenL, and
llmlung developmenL on Lhe edge - have decreased Lhe avallable supply of bulldable area, a dlrecL
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# ICBD
consequence of whlch ls prlce appreclauon. Whlle no one lnLenuonally seL ouL Lo creaLe an aordable
houslng problem, Lhe neL of ark ClLy's work has been Lo do preclsely LhaL.
- 1hlrd, when comblned - an lncrease ln demand along wlLh a decrease ln supply - Lhe resulL ls noL
merely prlce appreclauon, buL susLalned and someumes rapld as well as slgnlcanL lncreases ln
houslng value.
- And fourLh, as sales lncreaslngly reecL vacauon home-buylng, ulumaLely whaL's aL sLake more so even
Lhan aordablllLy ls Lhe lssue of local conLrol and Lhe presence of year-round resldenLs. 1he more LhaL
real esLaLe ls owned by seasonal occupanLs, Lhe less dlrecL lmpacL non-seasonal resldenLs wlll
ulumaLely have over land use and zonlng declslons, and Lhe less ark ClLy wlll feel llke a real llfe
Lown."
ln shorL, Lhe reclpe for becomlng greaL ls also a reclpe for becomlng expenslve. More helghL allows for
more houslng, whlch reduces houslng cosLs. 8y chooslng less helghL ume and agaln, ark ClLy has
creaLed an aordable houslng problem. More denslLy allows for more houslng, whlch reduces houslng
cosLs. 8y chooslng less denslLy ume and agaln, ark ClLy has creaLed an even more acuLe aordable
houslng problem Lhan Lhe one Lrlggered by helghL llmlLauons alone. 8y llmlung bulldlng helghL, denslLy,
and Lhe amounL of developable land, ark ClLy has made houslng (or Lhe land avallable for lL) scarce, and
wound up boLh excepuonal and excepuonally expenslve.
lronlcally, many of Lhe lssues ark ClLy soughL Lo prevenL are now lncreaslngly Lhe resulL of Lhe
communlLy's excepuonallLy and hlgh cosLs. Much llke van Cogh - whose blpolarlLy, 1hu[one polsonlng,
Lemporal lobe epllepsy, and Lead/kerosene consumpuon all conLrlbuLed Lo boLh greaLness and madness
- ark ClLy's greaLness ls lncreaslngly havlng serlous lmpacLs on local quallLy of llfe (congesuon) and
envlronmenLal susLalnablllLy (sprawllng land developmenL pressures ouLslde of ark ClLy ln a reglon
wlLhouL reglonal growLh managemenL conLrols ln a sLrong properLy rlghLs sLaLe). lL ls a paradox of
houslng markeL sLrengLh LhaL Lhe very Lools used Lo lncrease llvablllLy oen Lrlgger some of Lhe exacL
ouLcomes LhaL soclally consclous communlues such as ark ClLy seek Lo avold ln Lhe rsL place.
Acnon Des|red kesu|t Cutput Un|ntended kesu|t Cutcome
R-S-' *#-.T', A2-)'2-) U-#V, W);&#2,# X+24-'5 %= 4-=# "#1+;# T%+,-). ,+$$45 W);&#2,# T%+,-). ;%,',
R-S-' Y#),-'5 Z##$ ,S244 '%V) =##4 W);&#2,# X+24-'5 %= 4-=# "#1+;# T%+,-). ,+$$45 W);&#2,# T%+,-). ;%,',
R-S-8). W)[44 *-,'%&-; $&#,#&U28%) W);&#2,# X+24-'5 %= 4-=# "#1+;# T%+,-). ,+$$45 W);&#2,# T%+,-). ;%,',
R-S-' Y#U#4%$S#)' >&#,#&U# %$#) ,$2;# W);&#2,# X+24-'5 %= 4-=# "#1+;# T%+,-). ,+$$45 W);&#2,# T%+,-). ;%,',
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Spraw| + Congesnon
Where does all Lhls leave ark ClLy ln 2013? WlLh low average denslues (3 du/a) ln ark ClLy and an
average bulldlng helghL of 30 feeL, ark ClLy has some dlmculL houslng pollcy declslons Lo make. 1hese
are helghLs and denslues LhaL slgnlcanLly lncrease Lhe quallLy of llfe ln ark ClLy. 8ot tbey ote olso
belqbts ooJ Jeoslues tbot cbooqe tbe cltys boosloq motb. ModeraLe Lo low denslues comblned wlLh
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# KCBD
moderaLe Lo low bulldlng helghLs alongslde subsLanual open space proLecuons qets a hlgh llvablllLy
resulL. 8uL, ln reLurn, Lhls comblnauon qlves away Lhe capaclLy for ark ClLy Lo be home Lo a year-round
mlddle class.
!usL as Aspen and Snowmass have had Lo conLend wlLh congesuon and sprawl LhroughouL Lhe 8oarlng
lork valley owlng Lo workers commuung noL [usL Lo and from Carbondale buL 8le, so Loo ls ark ClLy
now and lncreaslngly golng Lo be conLendlng wlLh Lhe same.
ark ClLy ls aL a polnL ln lLs hlsLory where lL wlll soon need Lo declde lf lLs hlgh houslng cosLs are a
problem LhaL requlres auenuon, or noL. And lf hlgh houslng cosLs are deLermlned by Lhe communlLy Lo
be a problem worLh addresslng, lL wlll need Lo declde how wllllng lL ls Lo do someLhlng abouL lL. And lf lL
ls wllllng Lo do someLhlng abouL hlgh houslng cosLs, ark ClLy musL declde wheLher lL wlll Lackle Lhls
problem by bulldlng hlgher and lf so how much hlgher, or by bulldlng more densely, and lf so how much
denser, or bulldlng on open space, and lf so under whaL condluons and ln whaL ways.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# OCBD
Magn|tude of the Aordab|e nous|ng Cha||enge |n ark C|ty
Pouslng ls aordable when Lhe lncome of a household ls sumclenL Lo procure lL on Lhe open markeL and
Lhereaer Lo be able Lo pay for all Lhe non-houslng expenses LhaL are parL of everyday llfe: food,
LransporLauon, healLh care, Laxes, lnsurance, savlngs, cloLhlng, and so on. WlLh Lhe excepuon of a small
number of very nanclally sLrong households able Lo pay cash Lo own Lhelr homes, Amerlcans elLher
renL, or Lhey become owners over ume (LhaL ls, Lhey borrow money Lo purchase Lhelr homes and
gradually pay o a lender).
As a rellable general rule, abouL one-Lhlrd of a household's lncome wlll go Lowards Laxes, whlch are non-
negouable. 8oughly speaklng, LhaL leaves Lwo-Lhlrds for houslng and everyLhlng else, boLh belng
negouable. As anoLher rellable rule, no more Lhan one-Lhlrd of a household's lncome should be
allocaLed Lowards houslng, leavlng Lhe remalnlng Lhlrd Lo be puL Loward all oLher expenses. lL ls also a
houslng rule of Lhumb LhaL lenders become far less wllllng Lo make loans where Lhe LoLal of houslng
cosLs and oLher credlL obllgauons exceeds 38 of a household's gross monLhly lncome, and where Lhe
slze of a loan exceeds 80 of Lhe bulldlng's value. AL prevalllng lnLeresL raLes, Lhls means LhaL Lhe
maxlmum sales prlce a household can aord" ls abouL 3.3 umes Lhelr annual lncome, and Lhe down-
paymenL requlred Lo purchase a home wlll be equal Lo 20 of Lhls aordable prlce.
8ased on Lhese parameLers, ooly boosebolJs ot 2.96 umes lotk cltys meJloo boosebolJ locome - ooJ
wltb mote tboo 5150,000 lo cosb ovolloble fot o Jowo poymeot - coo cotteotly o[otJ to boy o bome lo
lotk clty. 1hls ls Lhe bolled down essence of Lhe slLuauon Loday.
Annua| Income 8uy|ng ower Med|an nouse Gap
\$$#& W);%S# ]DEE H A#1-2)^ BBMJKEE MNOJBKE MNOJBKE E
Y%V) >25S#)' WS$4-;28%) Y%V) >25S#)' WS$4-;28%) FKNJBKE FKNJBKE
Y%V) >25S#)' 2, >#&;#)' %= /))+24 W);%S# Y%V) >25S#)' 2, >#&;#)' %= /))+24 W);%S# MELEH MELEH
Annua| Income 8uy|ng ower Med|an nouse Gap
\$$#& A-114# W);%S# ]BEE H A#1-2)^ FKDJMFO KDPJEEM MNOJBKE BKPJBID
Y%V) >25S#)' WS$4-;28%) Y%V) >25S#)' WS$4-;28%) FEMJOEF FKNJBKE
Y%V) >25S#)' 2, >#&;#)' %= /))+24 W);%S# Y%V) >25S#)' 2, >#&;#)' %= /))+24 W);%S# MELEH FEDLOH
Annua| Income 8uy|ng ower Med|an nouse Gap
A#1-2) W);%S# ]FEE H A#1-2)^ MOJPKP BONJEED MNOJBKE KBMJBIM
Y%V) >25S#)' WS$4-;28%) Y%V) >25S#)' WS$4-;28%) KDJPEF FKNJBKE
Y%V) >25S#)' 2, >#&;#)' %= /))+24 W);%S# Y%V) >25S#)' 2, >#&;#)' %= /))+24 W);%S# MELEH BEMLBH
When houslng unlLs near workplaces are noL aordable (when Lhe cosL-lncome rauo ls greaLer Lhan 3.3
aL currenL lnLeresL raLes), or when Lhe unlLs LhaL are aordable are noL deslrable (when Lhey do noL
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# MCBD
maLch Lhe preferences of poLenual buyers or renLers), workers lnsLead choose Lo commuLe. Cur
analysls of ark ClLy nds boLh of Lhese facLors behlnd commuung Lo be Lrue.
ln Lhe laLe 1980s and Lhrough much of Lhe 1990s, whlle ark ClLy houslng prlces were hlgh, Lhey were
sull wlLhln reach of ark ClLy's mlddle-lncome wage earners, and Lhe suburban, spllL level producL
avallable aL Lhese aordable prlces was deslrable Lo Lhese households. When Lhls was Lhe case, ark
ClLy was predomlnaLed by full ume resldenL famllles and, Lo borrow from Aspen's mayor, was lndeed a
real llfe Lown, wlLh llvlng, breaLhlng people who have real [obs." Aer Lhe Clymplcs and lnLo Lhe 2000s,
Lhls changed subsLanually. ark ClLy ls now on Lhe verge of loslng lLs mlddle eoutely, Lhe only real
mlddle LhaL remalns are Lhose famllles who boughL ln ark ClLy ln Lhe 1990s or before, and who are land
and house rlch, buL who could noL aord Lo buy Lhelr currenL homes aL Loday's prlces.
As Lhe mlddle conunues Lo shrlnk, lL ls worLh noung LhaL ark ClLy has been excepuonally successful ln
fosLerlng Lhe developmenL of low-cosL renLal houslng, enabllng many workers crlucal Lo Lhe LourlsL
lndusLry Lo be able Lo renL rlghL ln Lown. (8y 2011, ark ClLy housed 841 renLer households wlLh
lncomes below 30 of AMl (or less Lhan $30,000), up from 678 ln 2000.) AL Lhe oLher end of Lhe
houslng specLrum, Lhe prlvaLe secLor ls ably supplylng houslng Lhe Lop Lhlrd wanLs and can aord.
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9#2,%)24 Y##& `244#5
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9#2,%)24 >2&? @-'5 \$$#& \$$#&
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DEH DKH IEH
a#2& "%+)1 >2&? @-'5
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FKEH MOJEEE FKKJEEE IEIJBKE 6DNBJEEE 7
KEH IEH DEH
a#2& "%+)1 r|ced Cut
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PEH IMJEEE MOJEEE BFKJBKE 6KPFJEEE "
KEH IEH DEH
a#2& "%+)1 Verg|ng
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FKH FKH FKH
a#2& "%+)1 >2&? @-'5
8uL lL ls ln Lhe mlddle where ark ClLy's real dllemma now exlsLs. Lven as Lhe number of low-lncome
renLers lncreased, Lhe number of renLer households wlLh lncomes beLween $30,000 and $73,000 (or aL
roughly 80 of AMl) decllned from 214 ln 2000 Lo [usL 132 ln 2011. Slmllarly, famllles wlLh lncomes
from $73,000 Lo $130,000, who used Lo be able Lo buy a home ln ark ClLy, no longer can. 1hese
households - wlLh buylng power ranglng from $260,000 Lo $323,000 - make enough money Lo buy a
home ln Lhe reglon, buL noL enough Lo buy ln ark ClLy ooless tbey ote wlllloq to boy o cooJomlolom.
?eL aL Lhls lncome range, whlch prlmarlly lncludes professlonal young famllles, mosL buyers wanL a yard
and - glven Lhe houslng opuons ouLslde of ark ClLy - are wllllng Lo commuLe ln order Lo have one.
1hese households used Lo be able Lo nd houslng wlLh a yard ln Lhelr prlce range ln ark ClLy - ln Lhe
older poruons of ark Meadows and 1haynes Canyon, and ln rospecLor. now, mosL of Lhese homes are
prlced well ouL of reach: [usL 10 of all slngle-famlly home sales ln Lhe clLy's year-round nelghborhoods
(33 properues) sold for less Lhan $300,000 beLween 2006 and 2011. AL Lhe same ume, Lhose closer Lo
Lhe llmlL of Lhese households' prlce range Lyplcally requlre subsLanual upgrades or updaung. Accordlng
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$%&' %) *%+,-). /0%&123-4-'5 6 7$8%), 2)1 9'&2'#.-#, :: ;<3 =%& >2&? @-'5 A+)-;-$24 @%&$%&28%)
>2.# PCBD
Lo a recenL focus group, many of Lhese homes are Loo small and/or need Loo much work" Lo auracL
buyers.
laced wlLh Lhese opuons (or lack Lhereof), mlddle-lncome households are lncreaslngly chooslng Lo buy
ln Snydervllle, !ordanelle, and elsewhere, and commuLe lnLo ark ClLy. 8y 2011, ark ClLy housed [usL
one-quarLer (0.26) of lLs share of Lhe reglon's owner households wlLh lncomes beLween $73,000 and
$100,000 - whlle Snydervllle 8asln housed nearly lLs share and Lhe resL of SummlL CounLy nearly one-
and-a-half umes lLs share. Slmllarly, whlle ark ClLy housed [usL half (0.39) lLs share of owner
households wlLh lncomes beLween $100,000 and $130,000 LhaL year, Snydervllle 8asln housed nearly
one-and-a-half umes lLs share.
Share of keg|on's.
ark
C|ty
Snyderv|||e
8as|n
kest of
Summ|t County
North
Wasatch
Greater
neber
/44 *%+,#T%41, FLEE FLEE FLEE FLEE FLEE
7V)#& *%+,#T%41, 0.73 1.11 1.03 0.88 1.02
wltb locomes less tboo 525,000 !"#$ !"$% &"'& &"() &"!*
wltb locomes 525,000 to 549,999 !"*# !"$) &"&& !"(' &"%%
wltb locomes 550,000 to 574,999 !"$& !"'* &"+& !")( &"()
wltb locomes 575,000 to 599,999 !"($ !")! &"%' !"+% &"('
wltb locomes 5100,000 to 5149,999 !"') &"%% !"*# !"'$ &"!&
wltb locomes 5150,000 ot mote &"&$ &")' !"+! &"$* !"+!
5ootces. 2007-2011 Ametlcoo commoolty 5otvey, czbllc.
As a resulL, lf ark ClLy does noL do someLhlng Lo provlde unlLs LhaL maLch Lhe purchaslng power and
demand preferences of Lhese households, lncreased Lramc congesuon and more sprawl wlll naLurally
follow.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$%&' %) *%+,-). /0%&123-4-'5 6 7$8%), 2)1 9'&2'#.-#, :: ;<3 =%& >2&? @-'5 A+)-;-$24 @%&$%&28%)
>2.# NCBD
kecommended Iocus
8ecause of lLs LourlsL economy - whlch relles heavlly on low-wage arLs/enLerLalnmenL and
accommodauons/food servlces [obs - ark ClLy has an ongolng obllgauon Lo help house much of lLs
lower-lncome (less Lhan $30,000 per year) workforce who are unllkely Lo nd aordable unlLs on Lhe
prlvaLe markeL. 8ecause of lLs sLrong seasonal houslng markeL, ark ClLy's prlvaLe houslng markeL ls also
lncreaslngly underservlng moderaLe-lncome households ($30,000 Lo $73,000) looklng Lo renL and
mlddle-lncome households ($73,000 Lo $130,000) looklng Lo buy (parucularly looklng Lo buy slngle-
famlly homes wlLh yards).
lor Lhese reasons, ark ClLy should have a Lhree-uered aordable houslng sLraLegy golng forward.
A-114# W);%S#
! 9-).4# b2S-45 Y#'2;T#1C9#S- Y#'2;T#1 *%+,# V a2&1 QFEEJEEE QFKEJEEE
A-114# W);%S#
! @%)1%S-)-+S %& @%%$#&28U# C A+48=2S-45 9'&+;'+&# QKEJEEE QFEEJEEE
R%V#& W);%S# ! "#)'24 /$2&'S#)' C A+48=2S-45 9'&+;'+&# QDEJEEE QKEJEEE
Cur analysls shows LhaL ark ClLy does a very good [ob developlng and parLnerlng wlLh developers Lo
generaLe aordable renLal houslng unlLs for lower lncome households (Lhose wlLh lncomes below
$30,000). ln facL, ark ClLy currenLly accommodaLes Lwlce lLs share of Lhe reglon's renLer households -
and over Lhree umes lLs share of renLer households wlLh lncomes beLween $23,000 and $30,000, a
Langlble lllusLrauon of ark ClLy's genulne commlLmenL Lo Lhls lssue. (1hls ls ln sLark conLrasL Lo
Snydervllle 8asln and norLh WasaLch, whlch boLh provlde [usL a very small fracuon of Lhelr shares of
renLal houslng for Lhese households.)
Share of keg|on's.
ark
C|ty
Snyderv|||e
8as|n
kest of
Summ|t County
North
Wasatch
Greater
neber
"#)'#& *%+,#T%41, 1.92 0.62 0.91 1.41 0.94
wltb locomes less tboo 525,000 &"() !"+( &"+! &"%) &"!)
wltb locomes 525,000 to 549,999 %"&% !"&* !"#$ !"&' &"!&
wltb locomes 550,000 to 574,999 !")( !"$% !"#% &"*( &"+$
wltb locomes 575,000 to 599,999 (")! &"!# !"#& !"&% !"%+
wltb locomes 5100,000 to 5149,999 &"!+ &"'# !"'# '"#% !"%!
wltb locomes 5150,000 ot mote ("!% &"'% !"*% ("%% !"!+
5ootces. 2007-2011 Ametlcoo commoolty 5otvey, czbllc.
Whlle successful, Lhls eorL unforLunaLely consuLuLes Lhe enureLy of ark ClLy's houslng sLraLegy. AL
presenL, Lhe clLy's houslng sLraLegy does noLhlng Lo address Lhe growlng needs of moderaLe- and
mlddle-lncome households, needs LhaL musL be meL lf ark ClLy ls Lo remaln a real llfe Lown."
WhaL ls needed now ls an expanded, dellberaLe, Lhree-parL houslng sLraLegy - focused on provldlng 1)
renLal houslng for Lhe lowesL lncome servlce secLor workers, 2) renLal and for-sale mulufamlly opuons
for moderaLe lncome households, and 3) aordable slngle-famlly homes wlLh yards for mlddle lncome
households - LhaL wlll rely on a range of parLners, nanclng mechanlsms, and houslng producLs.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$%&' %) *%+,-). /0%&123-4-'5 6 7$8%), 2)1 9'&2'#.-#, :: ;<3 =%& >2&? @-'5 A+)-;-$24 @%&$%&28%)
>2.# FECBD
Income Income Income 1enure 1ype kents]r|ce kents]r|ce Dens|ty
R%V
FKJEPE KEJBBE
"#)'24 /$2&'S#)', Y#U#4%$#1 V b#1#&24 *%+,-). G2c
@&#1-',
IFN FJDNK BI6DE R%V
FNLOH OKLDH
"#)'24 /$2&'S#)', Y#U#4%$#1 V b#1#&24 *%+,-). G2c
@&#1-',
IFN FJDNK BI6DE
A%1#&2'#
KEJBBE FEEJEEE
@%)1%S-)-+S 7V)#&,T-$ -) A%1#&2'#45 *-.T Y#),-'5
Y#U#4%$S#)', ]FB6DE 1+C2^
FMKJMME DKEJEEE FB6DE A%1#&2'#
OKH FDEH
@%)1%S-)-+S 7V)#&,T-$ -) A%1#&2'#45 *-.T Y#),-'5
Y#U#4%$S#)', ]FB6DE 1+C2^
FMKJMME DKEJEEE FB6DE
A-114#
FEEJEEE FKEJEEE
b## 9-S$4# 7V)#&,T-$ %= 2 Y#'2;T#1 *%S# V 2 a2&1
-) A%1#&2'# Y#),-'5 Y#U#4%$S#)', ]P6FF 1+C2^
DKEJEEE KBKJEEE M6N A-114#
FDEH FNKH
b## 9-S$4# 7V)#&,T-$ %= 2 Y#'2;T#1 *%S# V 2 a2&1
-) A%1#&2'# Y#),-'5 Y#U#4%$S#)', ]P6FF 1+C2^
DKEJEEE KBKJEEE M6N
1o reach lower lncome households, ark ClLy should conunue, for Lhe mosL parL, dolng whaL lL has been
dolng: maklng eecuve use of federal low lncome house Lax credlLs Lo generaLe hlgh quallLy aordable
renLal aparLmenLs for servlce secLor workers. 1o boLh caLch up and keep pace wlLh pro[ecLed
populauon growLh, ark ClLy should be produclng an average of 8-9 new aordable Lwo- and Lhree-
bedroom aparLmenLs per year for Lhe nexL 20 years, whlle malnLalnlng currenL deed resLrlcLed supplles.
1hls wlll yleld 170 new unlLs whlch, comblned wlLh 714 exlsung aordable renLal unlLs, wlll malnLaln
ark ClLy's approprlaLe balance of supply and demand. 1he LargeL range for Lhese aparLmenLs' renLs
should be beLween $400 and $1,230 per monLh, or aordable Lo households wlLh lncomes beLween
approxlmaLely $16,000 and $30,000 (or aL abouL 20 Lo nearly 70 of AMl). Lvery eorL should be
made Lo ensure LhaL Lhese unlLs are sLraLeglcally locaLed LhroughouL ark ClLy - easlly accesslble Lo
cenLers of servlce-secLor employmenL and noL overly concenLraLed ln parucular nelghborhoods. Cver
20 years, Lhls ls a $23-30M endeavor prlmarlly nanced wlLh Lax credlLs, renLs, and 8uA funds. AL an
esumaLed average denslLy of beLween 24-30 unlLs per acre, ark ClLy wlll need Lo nd and dedlcaLe 6-8
acres over Lhe nexL 20 years Lo meeL Lhls need.
1he clLy's new eorLs almed aL moderaLe-lncome households (Lhose earnlng beLween $30,000 and
$73,000 per year) would largely LargeL slngle professlonals, young professlonal couples, and empLy
nesLers. Accordlng Lo survey resulLs and focus group feedback, Lhese households are looklng for
mulugenerauonal nelghborhoods" and smaller unlLs for senlors and empLy nesLers who wanL Lo
downslze from a full-slze famlly home Lo a smaller properLy," and unlLs ln or close Lo PlsLorlc Cld 1own
(Senlor locus Croup paruclpanL, Survey respondenL). ApproprlaLely prlced renLal unlLs and for-sale
condomlnlums - wlLh key amenlues, and ln a walkable, well-deslgned, mlxed-used semng - would
sausfy Lhese households' houslng needs and demands.
1o boLh caLch up and keep pace wlLh pro[ecLed populauon growLh, ark ClLy should be lncenuvlzlng Lhe
developmenL of an average of 36 new aordable one- and Lwo-bedroom aparLmenLs and condomlnlums
per year for Lhe nexL 20 years. 1hls would yleld 720 new moderaLely prlced unlLs. ln 2012 dollars, LargeL
renL levels and prlce polnLs for Lhe producLs almed aL Lhls cohorL should be beLween $1,230 and $1,873,
and $173,000 and $330,000. 1he ldeal locauons for Lhese unlLs are 8onanza ark and Lower ark.
1hese places are where lncreases ln helghL and denslLy can be accompllshed, where developmenL can
be proLable Lo Lhe prlvaLe secLor wlLh helghL and denslLy bonuses, and where, geographlcally,
moderaLely dense developmenL can be ughLly choreographed Lo colnclde wlLh omce and reLall Lo
generaLe Lhe necessary package of amenlues, walkablllLy, and proL. 1hls represenLs an approxlmaLely
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$%&' %) *%+,-). /0%&123-4-'5 6 7$8%), 2)1 9'&2'#.-#, :: ;<3 =%& >2&? @-'5 A+)-;-$24 @%&$%&28%)
>2.# FFCBD
$190M eorL over 20 years, prlmarlly nanced wlLh prlvaLe morLgages and cosL reducuons enabled by
helghL and denslLy bonuses LhaL ark ClLy wlll have Lo provlde Lo developers. AL an esumaLed average
denslLy of 24 unlLs per acre, ark ClLy wlll need Lo dedlcaLe approxlmaLely 30 acres over Lhe nexL 20
years Lo compleLe Lhls componenL of lLs Lhree-parL houslng sLraLegy.
As ambluous as Lhese goals may be, lL ls qulLe an accompllshmenL already LhaL ark ClLy ls now polsed Lo
achleve Lhem. 1he clLy addresses Lhe renLal houslng needs of households earnlng less Lhan $30,000 a
year very well. And Lhe redevelopmenL plans for 8onanza ark and developmenL plans for Culnn's
!uncuon suggesL LhaL Lhe clLy ls already explorlng Lhe role LhaL helghL and denslLy agreemenLs mlghL
play ln maklng space avallable for addluonal renLal and for-sale mulufamlly properues ln mlxed-used
semngs. So long as ark ClLy does noL sLop lLs eorLs Lo creaLe low lncome renLal houslng, or back o
from lLs plans Lo Lransform 8onanza ark and evenLually Lower ark lnLo mlxed lncome, moderaLely
dense, Lhree dlmenslonal nelghborhoods, meeung Lhese Lwo crlucal uers of Lhe clLy's new expanded
houslng sLraLegy ls well wlLhln reach - and Lhese successes wlll conLrlbuLe greaLly Lo maklng ark ClLy
more dlverse and susLalnable.
WhaL looms largesL - and furLhesL from eorLs already underway - ls Lhe challenge of meeung Lhe
houslng demands of mlddle-lncome households. unllke Lhe moderaLe-lncome slngle and young
professlonal couples and empLy nesLers, who wanL smaller unlLs wlLh less Lo malnLaln, Lhese mlddle-
lncome households (Lyplcally famllles wlLh chlldren) wanL slngle-famlly homes and yards.
1hese are exacLly Lhe famllles LhaL ark ClLy ls lncreaslngly loslng ln Loday's markeL. 8eLween 2000 and
2010, Lhe number of owners under 33 fell, decllnes were greaLesL among owners aged 33 Lo 44 and 43
Lo 34. ln conLrasL, Lhe number of owners over 33 rose dramaucally: Lhe number of owners aged 33 Lo
64 lncreased by 32, Lhe number of owners over 63 nearly doubled (from 199 Lo 370).
5ootces. 2000 ooJ 2010 u.5. ceososes, czbllc.
AL Lhe same ume, Lhe number of famlly households wlLh chlldren llvlng ln ark ClLy decllned by nearly
100 (from 872 Lo 774) whlle Lhe number of famllles wlLhouL chlldren under 18 lncreased by roughly 130
(from 816 Lo 968).
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$%&' %) *%+,-). /0%&123-4-'5 6 7$8%), 2)1 9'&2'#.-#, :: ;<3 =%& >2&? @-'5 A+)-;-$24 @%&$%&28%)
>2.# FBCBD
5ootces. 2000 ooJ 2010 u.5. ceososes, czbllc.
AnoLher lllusLrauon of maLurlng famllles noL belng replaced by younger ones: Cver Lhe course of Lhe
2000s, Lhe number of clLy resldenLs enrolled ln klndergarLen Lhrough Lwelh grade decllned by more
Lhan 200 (from 1,324 Lo 1,121).
>2&? @-'5 >2&? @-'5 >2&? @-'5
BEEE BEFE @T2).#
Z-)1#&.2&'#) '% FB'T .&21# FJDBI FJFBF 6BED
Z-)1#&.2&'#) PD KK 6BP
d4#S#)'2&5: .&21# F '% .&21# I DOD DBI 6DN
d4#S#)'2&5: .&21# K '% .&21# P IEM DKP 6IN
*-.T ,;T%%4: .&21# N '% .&21# FB IMF DPI 6PM
5ootces. 2000 ooJ 2010 u.5. ceososes, czbllc.
1hls ls Lhe crux of Lhe houslng challenge ln ark ClLy Loday and ln Lhe fuLure, and lL should be Lhe core of
Lhe clLy's houslng sLraLegy golng forward. 1hese mlddle-lncome famllles wanL Lhree and four bedrooms
and Lhey wanL a yard - even lf modesLly slzed. lf Lhe markeL ls noL provldlng LhaL ln ark ClLy aL a prlce
Lhey can aord, Lhey wlll conunue Lo nd lL elsewhere, and wlll conunue Lo seule on a 13-20 mlnuLe
commuLe as parL of Lhe deal. lf ark ClLy wanLs Lhese famllles Lo llve ln ark ClLy, whlch ls necessary for
Lhe clLy Lo remaln a real llfe Lown" on Lhe one hand, and Lo have Lhe llghL carbon fooLprlnL resldenLs
soy Lhey wanL on Lhe oLher, lL wlll have Lo nd a way Lo provlde some verslon of Lhls deslred houslng
producL Lo do so.
1hls ls especlally lmporLanL because ark ClLy ls boLh falllng behlnd on produclng such unlLs ooJ olso
lncreaslngly loslng Lhe aordable slngle-famlly homes lL currenLly has - Lhose older homes largely
clusLered ln ark ClLy's year round nelghborhoods (ark Meadows and rospecLor). ClLywlde, over one-
Lhlrd (37) of all slngle-famlly homes were bullL before 1980, Lhose bullL ln Lhe 1960s and 1970s have
medlan values well below Lhose bullL more recenLly - parucularly Lhose bullL slnce 1990 (whlch have
medlan values over $1 mllllon).
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$%&' %) *%+,-). /0%&123-4-'5 6 7$8%), 2)1 9'&2'#.-#, :: ;<3 =%& >2&? @-'5 A+)-;-$24 @%&$%&28%)
>2.# FDCBD
5ootces. 2010 Ametlcoo commoolty 5otvey 5-eot sumotes, czbllc.
AnecdoLal evldence from recenL surveys and focus groups suggesLs LhaL Lhese homes have been
malnLalned buL noL slgnlcanLly upgraded slnce Lhey were bullL. As a resulL, Lhese unlLs are now provlng
hard Lo markeL aL Lhe prlces Lhey are oered. 8aLher Lhan purchaslng a smaller, older unlL wlLh few
upgrades, mlddle-lncome famllles are movlng elsewhere ln Lhe reglon lnLo new, larger unlLs wlLh more
amenlues. 8ullders ln Lhe reglon have predlcLably gured Lhls ouL, and land use and zonlng ln Lhe reglon
have predlcLably allgned wlLh Lhls, hence Snydervllle and Lhe resL of SummlL CounLy have more Lhan
Lhelr falr share of Lhese famllles, and volla: Lhe very sprawl so anaLhema Lo ark ClLy's senslblllues.
Whlle Lhese homes may noL be appeallng Lo mlddle-lncome buyers (of Lhe four properues ln older ark
ClLy subdlvlslons ln ark Meadows currenLly llsLed for sale, Lhree have been on Lhe markeL for over one
year), Lhey are slmng on land wlLh slgnlcanL fuLure value.
When Lhese properues do Lransfer, lL ls unllkely LhaL Lhey wlll nd Lhe tlqbt (JeslteJ) boyet - anoLher
year-round, mlddle-lncome famlly household who wlll help malnLaln Lhe communlLy of permanenL
resldenLs. lar more llkely Lo buy wlll be hlgher-lncome households - llkely seasonal owners - plannlng
Lo Lear down Lhe exlsung sLrucLure, and replace lL wlLh a new home LhaL ls slgnlcanLly larger Lhan Lhe
one lL replaced.
ln ark Meadows Subdlvlslons #1, 2, and 3 (see maps), for example, replacemenL unlLs average one-and-
a-half Lo Lwo-and-a-half umes Lhe slze of orlglnal homes ln Lhe nelghborhood:
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$%&' %) *%+,-). /0%&123-4-'5 6 7$8%), 2)1 9'&2'#.-#, :: ;<3 =%& >2&? @-'5 A+)-;-$24 @%&$%&28%)
>2.# FICBD
1he value of Lhese replacemenL homes ls subsLanually hlgher Lhan Lhe value of Lhe orlglnal homes,
removlng an aordable ownershlp opporLunlLy and lnuenclng Lhe prlce of nearby unlLs and LhroughouL
Lhe ark ClLy markeL Lo a slgnlcanL exLenL.
1hls moves Lhe clLy only furLher from lLs goal of houslng lLs share" of Lhe reglon's mlddle-lncome
homeowners and furLher - and lrreLrlevably so - from Lhe communlLy lL ls Loday, Lhe one LhaL ark ClLy
resldenLs have bullL, Lo someLhlng else.
ln Lhe face of all Lhls, we see lmprovlng Lhe quallLy whlle malnLalnlng (and even lncreaslng) Lhe
aordablllLy of Lhese older unlLs ln cerLaln older subdlvlslons as a key opporLunlLy Lo lncrease Lhe clLy's
supply of aordable homeownershlp houslng geared Loward mlddle-lncome famllles.
1he ob[ecuve of Lhls componenL of Lhe clLy's expanded aordable houslng sLraLegy wlll be Lo 1) &!'()*+
&-. !/-0/1).&2+ 23+ 4&*!+10 ln LargeLed subdlvlslons, 2) *+.+5+1/4 23+0+ 0)2+0 (aL hlgher denslues and
wlLh newer producLs), and 3) 4*/5).+ 23+0+ -+6 4*/.(!20 &2 &7/*.&#1+ 4*)!+0.
ln oLher words, Lhe ob[ecuve ls Lo Lurn exlsung, low- and moderaLe-denslLy slngle famlly houslng (LhaL
sulLed young famllles when lL was bullL buL no longer does, and whlch ls lncreaslng becomlng home Lo
empLy nesLers), oered aL a prlce of $600,000 Lo $800,000, lnLo an appeallng (markeLable) producL for
Loday's mlddle lncome famllles who wanL a new house and a yard buL who can only aord a prlce range
of $330,000 Lo $700,000.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"#$%&' %) *%+,-). /0%&123-4-'5 6 7$8%), 2)1 9'&2'#.-#, :: ;<3 =%& >2&? @-'5 A+)-;-$24 @%&$%&28%)
>2.# FKCBD
1heorenca| Cpportun|ty
lL ls clear LhaL Lhe magnlLude of Lhe aordablllLy challenge now faclng ark ClLy ls subsLanual. ark ClLy
has become more Aspenlzed Lhan even Aspen. lL has also been made clear LhaL Lhere are a nlLe
number of varlables LhaL ark ClLy - or any communlLy - can puL Lo use auempung Lo address Lhls
challenge.
1o reduce Lhe cosL of houslng, one area LhaL can be lnuenual ls so cosLs (lnLeresL raLes, pro[ecL
plannlng and deslgn). 1hls ls helpful, buL ulumaLely of only nomlnal lmpacL on cosL reducuon. AnoLher
area ls hard cosLs. Pard cosLs are Lhe cosLs of Lhe maLerlals and labor, and Lhese can be reduced by
maklng unlLs smaller and by speclfylng less expenslve maLerlals and meLhods. 1hls ls useful, and wlll
have more of an lmpacL Lhan so cosL reducuon, buL overall - especlally ln an expenslve markeL llke
ark ClLy - wlll reduce nal cosLs Lo Lhe buyer or renLer only somewhaL. 1he real galns are made
Lhrough denslLy and helghL, whlch allow for more unlLs per acre, because land cosLs are spread furLher.
As prevlously noLed, ark ClLy has applled Lhese cosL reduclng Lechnlques very well ln lLs uullzauon of
Lhe low-lncome houslng Lax credlL program Lo dellver hlgh quallLy aordable renLal unlLs for low lncome
workers. And as noLed, we sLrongly encourage ark ClLy Lo conunue LhaL focus, boLh ln preservauon of
exlsung unlLs, and ln creaung new houslng as well.
1o malnLaln ark ClLy as a genulnely year-round communlLy, lL wlll be necessary Lo encourage Lhe
developmenL of nelghborhoods and homes deslgned Lo be appeallng and aordable Lo mlddle lncome
famllles wlLh many oLher greaL cholces ouLslde of ark ClLy. 1here are noL a loL of opuons for achlevlng
Lhls, buL Lhere are some.
Cne example would be Lo converL Lhe clLy's golf course aL 1haynes Canyon urlve lnLo a mlxed-use
developmenL conLalnlng a range of houslng Lypes aL varlous prlce polnLs. WlLh an average denslLy of
seven dwelllng unlLs per acre, Lhls could yleld as many as 430 new homes, maklng a very slgnlcanL
lmpacL.
lL ls an opuon LhaL would challenge Lhe clLy Lo make hard cholces regardlng prlorlues. Cn Lhe one hand,
Lhe publlc golf course ls a valuable economlc developmenL Lool. lL ls also space LhaL ln lLs currenL form
preserves lmporLanL slghL llnes LhaL Lhemselves are crlucal quallLy of llfe lngredlenLs ln ark ClLy. Cn Lhe
oLher, lL ls one of a small number of slLes where developmenL cosLs can be manlpulaLed Lo creaLe
aordable ouLcomes, Lhereby boLh helplng Lo keep lotk clty lotk clty and mlugaLe sprawl. ln maklng a
cholce abouL Lhe fuLure dlsposluon of Lhe publlc golf course Lhen, ark ClLy would really be maklng a
cholce abouL whaL ls more lmporLanL: aordablllLy and havlng a year round communlLy, or golf and
vlew sheds.
ln addluon Lo Lhe redevelopmenL of Lhe publlc golf course as an example of one posslble approach Lo
Lake, Lhe longer-Lerm redevelopmenL of oLher exlsung nelghborhoods ls useful Lo conslder.
1he besL locauon for a larger-scale underLaklng ls llkely ark Meadows. 1haL ls where a comblnauon of
older, harder-Lo-markeL homes and seasoned morLgages makes such redevelopmenL, whlle complex,
lmmlnenLly posslble.
Clvlng auenuon Lo a redevelopmenL eorL ln ark Meadows, for example, and on Lhe approxlmaLely
400 properues ln ve older subdlvlslons Lhere (whlch cover roughly 600 acres), becomes a very
subsLanual way Lo address Lhe slgnlcanL aordablllLy challenge ark ClLy faces, especlally lf consldered
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# FOCBD
over a 40 year umellne. Cver four decades, Lhese subdlvlslons could be redeveloped Lo provlde denser
deLached and seml-deLached unlLs as well as some senlor houslng.
lncreased denslues can help reduce Lhe cosL of lndlvldual unlLs, buL lL ls unllkely LhaL denslLy alone wlll
be enough Lo make Lhese new unlLs aordable Lo households earnlng beLween $73,000 and $130,000 a
year. 1o brldge Lhe remalnlng cosL gap, we recommend LhaL ark ClLy uullze a land LrusL ln Lhls area Lo
purchase, hold, and lease Lhe land under Lhe redeveloped unlLs. We have deLermlned LhaL Lhe
comblnauon of denslues hlgh enough Lo reduce consLrucuon cosLs yeL low enough Lo allow for sumclenL
yards, along wlLh a land LrusL, can provlde homes wlLh markeLable amenlues and sales prlces beLween
$330,000 and $323,000.
1here are several slLes LhaL mlghL accompllsh Lhls. 8edeveloplng poruons of ark Meadows over a long
perlod of ume ls an lllusLrauon of how ark ClLy could Lake a comparauvely so submarkeL of year
round resldences LhaL wlll evenLually become second homes, and program lLs fuLure Lo be boLh year
round and aordable for mlddles lncome famllles. ark Meadows provldes a speclc example of how
dellberaLe acqulsluon and lnll redevelopmenL could, over 40 years, Lransform a handful of older low-
denslLy slngle use developmenLs lnLo a vlbranL seL of new nelghborhoods.
Such a hypoLheucal long-Lerm eorL would lnvolve repurposlng cerLaln sLraLeglcally locaLed publlcly
owned parcels, probably acqulrlng and reposluonlng Lhe golf course, and Lhen obLalnlng slLe conLrol of
properues ln ve Lo seven subdlvlslons.
An eorL of Lhls magnlLude would be approxlmaLely $1.18 ln houslng developmenL acuvlLy. lL would be
prlmarlly nanced wlLh prlvaLe morLgages and cosL reducuons enabled by speclc denslLy lncreases and
reduced land cosLs LhaL ark ClLy would have Lo convey Lo developers Lhrough new zonlng and Lhe
creauon of a land LrusL mechanlsm.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# FMCBD
ark Meadows: Lxamp|e Case Study
lL ls clear LhaL Lhe magnlLude of Lhe aordablllLy challenge now faclng ark ClLy ls subsLanual.
czbLLC proposes LhaL ark ClLy Lhlnk abouL sLraLeglcally reposluonlng Lhe oldesL subdlvlslons ln ark
Meadows for redevelopmenL.
1hese subdlvlslons lnclude ark Meadows 1, 2, 3, and 3, and McLeod Creek. (lL may also make sense Lo
LargeL SmlLh and Wlllow 8anch due Lo Lhelr locauon - one LhaL could beuer llnk ark Meadows 1 and 2
Lo Cld 1own.)
1he bulk of Lhe parcels ln Lhese subdlvlslons are developed slngle-famlly loLs. 1hese subdlvlslons are
near a slgnlcanL amounL (293 acres) of publlcly owned land and also a prlvaLely owned golf course (180
acres), some of whlch may be approprlaLe Lo redevelop. oruons of publlcly owned areas LhaL are
deslgnaLed open space could noL be developed, of course, buL would, naLurally, remaln as amenlues Lo
oseL denser developmenL Lhan now exlsLs. 1he school dlsLrlcL's land ln Lhe nelghborhood should be
consldered ln such a concepL as well.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# FPCBD
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Note that the pub||c|y owned parce|s conta|n bond-hnanced acqu|s|nons that proh|b|t future deve|opment, m|||tary owned
property, des|gnated tra||heads, and areas owned by the ark C|ty Schoo| D|str|ct.
Note that the pub||c|y owned parce|s conta|n bond-hnanced acqu|s|nons that proh|b|t future deve|opment, m|||tary owned
property, des|gnated tra||heads, and areas owned by the ark C|ty Schoo| D|str|ct.
Note that the pub||c|y owned parce|s conta|n bond-hnanced acqu|s|nons that proh|b|t future deve|opment, m|||tary owned
property, des|gnated tra||heads, and areas owned by the ark C|ty Schoo| D|str|ct.
Note that the pub||c|y owned parce|s conta|n bond-hnanced acqu|s|nons that proh|b|t future deve|opment, m|||tary owned
property, des|gnated tra||heads, and areas owned by the ark C|ty Schoo| D|str|ct.
Note that the pub||c|y owned parce|s conta|n bond-hnanced acqu|s|nons that proh|b|t future deve|opment, m|||tary owned
property, des|gnated tra||heads, and areas owned by the ark C|ty Schoo| D|str|ct.
Note that the pub||c|y owned parce|s conta|n bond-hnanced acqu|s|nons that proh|b|t future deve|opment, m|||tary owned
property, des|gnated tra||heads, and areas owned by the ark C|ty Schoo| D|str|ct.
Note that the pub||c|y owned parce|s conta|n bond-hnanced acqu|s|nons that proh|b|t future deve|opment, m|||tary owned
property, des|gnated tra||heads, and areas owned by the ark C|ty Schoo| D|str|ct.
Note that the pub||c|y owned parce|s conta|n bond-hnanced acqu|s|nons that proh|b|t future deve|opment, m|||tary owned
property, des|gnated tra||heads, and areas owned by the ark C|ty Schoo| D|str|ct.
5ootces. 5ommlt coooty Assessots O[ce, czbllc.
lf ark ClLy were Lo conslder underLaklng a decades long redevelopmenL of an area llke ark Meadows,
we would propose sLarung wlLh a masLer plan for Lhe developable publlcly owned land and Lhe
acqulsluon of Lhe Colf Course (hase 1, ve years).
A second phase would lnclude Lhe acqulsluon of properues or developmenL rlghLs for 174 properues ln
ark Meadows Subdlvlslons #1 and #2.
hase 3 (lnluaLed ve years aer Lhe sLarL of Lhe eorL) would focus on Lhe 94 parcels ln ark Meadows
Subdlvlslon #3.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# FNCBD
hase 4 (also sLarung ve years aer pro[ecL lncepuon) would address Lhe 92 parcels ln McLeod Creek
and ark Meadows Subdlvlslon #3.
An opuonal hase 3 could focus on SmlLh and Wlllow 8anch (lf approprlaLe).
Cf greaLesL lmporLance ls Lhe facL LhaL ark Meadows ls now aL lnevlLable rlsk of redevelopmenL by Lhe
prlvaLe secLor ln ways cerLaln Lo resulL ln Lhe evenLual loss of Lhe bulk of ark ClLy's mlddles class famlly
houslng sLocks. 1he land ls Loo valuable Lo Lhe markeL Lo keep ark Meadows ln Lhe mlddle ln
perpeLulLy. lor Lhls reason, oot redeveloplng ark Meadows ls every blL Lhe declslon LhaL redeveloplng
lL would be.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# BECBD
Locanon hase ears Current Use arce|s Acreage Strategy]Acnon Descr|pnon of Iuture Use
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>2.# BFCBD
Conc|us|on
A response Lhls bold ls ln order because Lhe houslng aordablllLy problem ark ClLy now faces ls so
serlous. 8eLween Lhe vall LhaL ark ClLy does noL wanL Lo be (because of aesLheuc concerns) and Lhe
Aspen LhaL ark ClLy has nearly become (because of Lrends ln seasonal ownershlp and houslng cosLs),
Lhere ls only one way Lo successfully move forward: Lhe developmenL of moderaLe denslLy
nelghborhoods deslgned Lo be appeallng Lo mlddle lncome famllles wlLh loLs of oLher greaL cholces
locaLed ouLslde of ark ClLy. 1he besL locauon for Lhls Lype of underLaklng ls llkely ln secuons of ark
Meadows, where Lhe comblnauon of older, harder-Lo-markeL homes and seasoned morLgages makes
such redevelopmenL, whlle complex, lmmlnenLly posslble. 8uL oLher locauons should be consldered.
1he key ls golng Lo be land cosLs, Lhe slngle mosL lmporLanL drlver of aordablllLy, one shaped by helghL
and denslLy and locauon.
ark ClLy does noL have Lo be vall, whlch lL abhors. 8uL ln avoldlng becomlng vall, lL has come rlghL up
Lo Lhe edge of becomlng 1ellurlde or Aspen, whlch ark ClLy also loaLhes. 1he margln beLween dense,
hlgh, and ugly (vall) and hlsLorlc, charmlng, and beauuful (Aspen) consuLuLes Lhe smallesL lmaglnable
room ln whlch Lo operaLe. ln eecL, Lhls requlres someLhlng of a Coldllocks sLraLegy, LhaL ls, ndlng Lhe
sweeL spoL for denslLy, helghL, auLhenuclLy (preservauon), vlews, and open space LhaL wlll resulL ln boLh
charm and aordablllLy. SanLa Monlca, Aspen, and 1ellurlde blew lL. 8reckenrldge ls blowlng lL.
CharlesLon, 8oulder, Chapel Plll, and oLhers dld noL even Lry. noL really. ark ClLy can do Lhls, and ln
vlslonlng ln 2009 sald lL wanLs Lo and ls ready for Lhe challenge. WhaL ls needed wlll be an aggresslve
sLraLegy Lo sequence and sLage varlous phases of acqulsluon and redevelopmenL over 40-30 years. 1hls
wlll requlre abouL $18 ln forward commlLmenLs Lo fund land and properLy acqulsluons and Lhe purchase
of developmenL rlghLs or Lhe opuon Lo buy cerLaln parcels aL a laLer daLe, Lo cover Lhe cosL of holdlng
Lhe land ln anuclpauon of posslble redevelopmenL, and Lo subsldlze unlLs' ulumaLe resale prlces.
lL wlll requlre Lhe esLabllshmenL of a land LrusL wlLh Lhe capaclLy Lo acqulre roughly $300M ln land over
four Lo ve decades (aL currenL dollars). lL wlll requlre modlfylng Lhe zonlng of older, esLabllshed ark
ClLy subdlvlslons from an average of 3 Lo 4 unlLs per acre Lo beLween 7 and 9 unlLs per acre. lL wlll
requlre Lhe developmenL and use of a range of acqulsluon Lools Lo purchase developmenL rlghLs. 8oLh
urban deslgn and archlLecLural lssues are especlally cruclal for success. 1herefore, along wlLh zonlng
changes, Lhere should be accompanylng focus on redeslgnlng Lhe nelghborhoods Lo enhance communlLy
amenlues (llke passlve and acuve green space), lmprove llnkages beLween Lhe nelghborhoods and
nearby mlxed-use and commerclal zones, and lmprove Lhe deslgn of lndlvldual unlLs and sLreeLscape
elemenLs more broadly.
1hls clearly consuLuLes a ma[or shl ln how Lo Lhlnk abouL aordable houslng ln ark ClLy, lf noL ln uLah,
whlch has hlsLorlcally focused narrowly on Lhe lowesL lncome workers and Lhelr famllles. ark ClLy does
Lhls admlrably well and, as noLed earller, should conunue Lo do so, boLh Lhrough preservauon and new
consLrucuon. 8uL Lhe markeL has evolved ln ark ClLy Lo Lhe edge of an aordablllLy cll so resembllng
Lhe Aspen markeL LhaL wlLhouL a serlous commlLmenL Lo Lhe mlddle, ark ClLy's aordablllLy gap for
moderaLe- and mlddle-lncome households wlll soon become Loo cosLly Lo mlugaLe.
Cf course, no one has a crysLal ball. 8uL Lhe daLa sLrongly suggesL LhaL Lhe loomlng fuLure for ark
Meadows - aordable Loday as Lhe foundauon of a hedge sLraLegy Lo achleve mlddle class aordablllLy
golng forward - ls as Lhe cerLaln slLe of Lear downs and new seasonal consLrucuon, [usL as noL so long
ago, Cld 1own experlenced overslze lnll Lo meeL markeL demand. WlLhouL an lnLenuonal sLraLegy Lo
redevelop aordably, ark ClLy wlll be more Aspenlzed Lhan Aspen.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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>2.# BBCBD
keferences
volLh, 8. . and S. M. WachLer, 2012. 1he AordablllLy Challenge: lncluslonary Pouslng and CommunlLy
Land 1rusLs ln a lederal SysLem.
W);4+,-%)2&5 T%+,-). 2)1 ;%SS+)-'5 42)1 '&+,', ]@RG,^ 2&# 'V% S#;T2)-,S, +,#1 '% -);&#2,# 'T# ,'%;? %= 20%&1234#
T%+,-).L GT-, ;T2$'#& #c2S-)#, 'T# $%'#)824 %= 'T#,# S#;T2)-,S, '% $&%U-1# 4%).6'#&S ]h1+&2345i^ 20%&1234# T%+,-). -)
'T# \)-'#1 9'2'#,J VT#&# 'T#&# -, ,'&%). 4%;24 .%U#&)S#)' 2)1 ,-.)-[;2)' ;%S$#88%) 2S%). 4%;24 f+&-,1-;8%),L W)
$2&8;+42&J -' 2,,#,,#, 'T# &%4# %= 42)1 U24+# ;2$'+&# -) #)234-). 'T#,# S#;T2)-,S, '% $&%U-1# =%& ,+;T T%+,-).L
ooley, k., 8ukl, C., and knowlLon, 1, 2012. 8alanced CrowLh SLraLegy CuLllne, Analysls and
recommendauons Lo Lhe ark ClLy Munlclpal Corporauon
/)245,-, %= &#.-%)24 .&%V'T '&#)1, 2)1 =%&#;2,', 2, 32,-, =%& 1#U#4%$-). 2) -);4+,-%)2&5 $%4-;5 2;&%,, S+48$4# 9+SS-' 2)1
j2,2';T @%+)'5 f+&-,1-;8%),L
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>2.# BDCBD