The following key terms will be recorded in the deed-restriction and be permanently recorded with San Miguel County:
- Each unit must be owned be either:
- An employee of a business with a physical presence within the Telluride R-1 School District boundary who works a minimum of 32 hours per week or
- A business with a physical presence within the Telluride R-1 School District boundary.
- The unit must be an individual owner’s principal place of residence with a physical presence within the R-1 School District boundary. An individual owner may lease a room to a qualified tenant so long as the lease term is at least 13 months.
- In the event the unit is owned by a business, the unit must be leased to a qualified tenant/s who is an employee of a business with a physical presence within the R-1 School District boundary and for a term of at least 13 months.
- The qualified owner or tenant must work an average of 32 hours or more per week at a business with a physical presence within the Telluride R-1 School District boundary.
- There is a 4 percent annual appreciation cap on the sales price of the units.
- There are no income limitations for the owners of the units.
- An owner cannot own more than one Meadowlark unit, except a business may own more than one unit at the discretion of the Town.
- The units cannot be short-term rented.
- The Mountain Village Housing Authority (MVHA) will have the first offer to purchase the property upon resale and in the event of foreclosure.
- When re-selling the unit, if the MVHA doesn’t purchase the unit, it must be sold through the MVHA sale system.