BIG SKY — Affordable housing remains a critical issue in Big Sky, where local workers from restaurant staff to teachers and EMTs often can’t afford to live in the community they serve.
A proposed development known as Cold Smoke could help change that. We first covered this project last October. Cold Smoke aims to significantly ease the region’s housing crisis.
Watch the story here:
“It will be the largest project that the housing trust has taken on to date,” says David O’Connor, executive director of the Big Sky Community Housing Trust.
The Cold Smoke project would bring 389 permanently affordable homes to local workers, ranging from studio apartments to family-sized housing. All of the homes would be located just off Lone Mountain Trail on a 100-acre parcel.
“This will allow us to take a really big whack out of the affordable housing crisis that's affecting Big Sky right now,” O’Connor says.
After two years of planning, negotiations, and multiple appraisals, the Housing Trust and Lone Mountain Land Company landed on a final purchase price for the property.
“The final purchase price was $39,750,000 for about 100 acres, which in Big Sky is a pretty good value,” O’Connor says.
Before any construction can begin, however, Big Sky voters must weigh in. The May 6 ballot includes a number of complex community bond measures, including the funding mechanism for Cold Smoke.
“There is two different resort tax bond-funded projects on there,” O’Connor explains. “There is the Cold Smoke project for the Housing Trust, and then there is the community park expansion and renovation project,” O’Connor says.
In addition, the ballot includes a general fund levy for Big Sky schools aimed at providing affordable housing for teachers. O’Connor stresses that the Cold Smoke and park proposals won’t raise taxes on property owners.
“Those are both projects funded entirely by resort tax. They don’t touch property owners’ bills whatsoever,” he says. “It enables us to address some of our bigger challenges in the community with the visitor economy,” O’Connor says.
The Cold Smoke funding would come in the form of resort tax bonds, covering both the cost of acquiring the land and building out key infrastructure such as water, sewer, roads, and fire protection.
When asked what would happen if the measure failed, O’Connor says the opportunity could be lost.
“The housing trust won’t be able to proceed with the project, and that land will most likely be developed into high-dollar, market-rate housing,” he says. “Voting yes allows us to take the biggest step we’ve ever taken in this community towards bringing housing affordability and housing equity to all members of the community."
Ballots must be mailed in and received by May 6 to count.
