Prior to the regular meeting, the Basalt City Council held a public work session with private financial consultant Economic & Planning Systems, Inc. (EPS), who conducted a thorough housing assessment for the City of Basalt and presented their findings and recommendations to the Council.
In 2023, EPS found that the median sales price of a home in Basalt was $1.3 million, with only 11% of sales since 2021 being priced below 150% of the area median income (AMI). For Basalt residents, EPS found that owning a home is a top priority. Of the residents surveyed by EPS, 19% intend to retire within the next 10 years and 20% plan to stay in Basalt.
Due to demand for single-family homes—particularly among people ages 60 and older—EPS recommended that the city expand the income categories in its inclusionary housing ordinance to go beyond the current Category 3 at 120% AMI to a new Category 4 (121-150% AMI) and Category 5 (151-200% AMI). These categories would provide greater access to the market for Basalt’s core home-buying demographic, bridging the gap between the affordable low-income housing market and open-sale homes that typically cost millions. According to Mayor David Knight, the city is currently designing programs with a similar goal to EPS’s recommendation.
Mayor Knight and Council Member Ryan Slack asked EPS representatives what would be a reasonable affordable housing target based on their findings. Concerns were raised about geographic limitations on creating new developments in Basalt. Although EPS did not provide a number for potential residential development, its representatives indicated that the ideal strategy to maximize affordable housing would be to convert existing units rather than rely on new construction.
Basalt’s 2020 master plan had a goal of 400 restricted units. Currently, it’s at 273 units – 127 units short of the mark. “With what we have left, that’s pretty ambitious,” Mayor Knight noted. “But it would be good to sharpen the pencil and see what it actually looks like.”
Apartments to condominiums
Shortly thereafter, the Council returned to its regular meeting, during which a public hearing and second reading was held on the condominium ordinance at the new apartment complex at 133 Emma Road.
The twelve-unit multifamily building, developed by Fork Front Basalt, LLC, was approved by the Town Council on January 25, 2022, with ownership restrictions proposed for three of the units.
Recently, the developer has applied for a change to the previous plan. While the units will not physically change, the developer intends to convert the units into condominiums and allow their sale.
At the first reading of this proposal on July 23, the council approved the condominiumization plan with the condition that the number of restricted units be increased from three to six and that half of the complex be designated as public housing.
In opening this second reading, Councilman Slack raised similar concerns to those he expressed about a similar plan to condominiumize the units being built in Basalt Center Circle (the complex being built on the site of the now-vacant Clark’s Market), specifically criticizing the developers for changing their plans after they had originally been approved.
Aaron Ward of Fork Front Basalt, LLC explained that his organization’s new proposal will simply provide additional flexibility in how the units are managed. While the units can be offered for purchase, Ward explained that the units can still be offered on a rental basis.
“This gives me the flexibility to sell the units protected by title restrictions and keep the units on the open market for rental,” Ward said, adding that he can make the units available for purchase by teachers, hospital staff and other workers essential to the community.
The new plan passed 5-1, with Slack voting against. Councilwoman Angela Anderson abstained due to a conflict of interest.
