SPET Funds

 

Teton County has received many benefits from the Special Purpose Excise Tax (1% sales tax) (SPET) that is voted on by the community from time to time. To get on the ballot, each project must apply to the Town and County for approval.

The voters have given a total of 14.3 million dollars in SPET funds for affordable workforce housing. The following chart shows how the funds were used and what types of units were created

2001 SPET Uses

$9,300,000       
    Ownership Units  Rental Units 
  Rounded     
 Millward Development  $900,000  49 0
 Habitat Land/Infrastructure  $140,000 11   0 
 Snow King Apartments  $270,000  0  24
 Pioneer Homestead  $628,000   0    25 
 Wilson Park Development  $250,000  19  0
 5-2-5 Hall $1,424,000  12   0 
 The Grove $4,135,000  48  20
 Portion of Rains Property $1,200,000  Land   
 Bond Expenses $53,000 Soft Cost  
 Scherr-Thoss Land $300,000  Soft Cost  
 Total  $9,300,000  139  69

2006 SPET Uses

$5,000,000       
    Ownership Units  Rental Units 
  Rounded     
 Portion of Rains Property  $750,000  Land  
 260 W. Broadway  $1,100,000  Commercial Building  
 Mantey Property  $2,100,000    3
 Wilson Park Development  $1,050,000  Included in upper chart  
 Total  $5.000.000    

The Rains Property, and the Mantey Property are placeholders for future affordable housing. The building located at 260 W. Broadway is slated for redevelopment of affordable rental units. It currently has office space including JTCAH's offices but will be redeveloped when The Grove is completed.