Industry News
In a landmark decision, the Big Sky community in Montana has voted to authorize the Big Sky Resort Area District (Resort Tax) to issue bonds backed by future resort tax collections, thereby funding critical community infrastructure, including affordable housing. The approval of the measure will enable the Big Sky Community Housing Trust (BSCHT) to acquire a significant land assemblage in the heart of Big Sky and fund infrastructure improvements to construct 389 permanently deed-restricted homes reserved for Big Sky residents.
The Big Sky Resort Area District is approved to secure bonds for up to $45 million for land acquisition and up to $15 million for the installation of necessary infrastructure. Last month, BSCHT and Lone Mountain Land Co. announced an agreement to purchase the property for $39.75 million.
Located just south of Lone Mountain Trail, the 99-acre site will be part of the Cold Smoke subdivision, the largest community housing initiative in Big Sky’s history. These homes will serve a wide range of local income levels, with affordability tailored to the actual household earnings of the Big Sky workforce. This project caters to individuals and families who form the backbone of the community.
“For decades locals have had no choice but to sit by and watch as more and more of the community’s dwindling land is snapped up for homes that are further and further out of reach. Cold Smoke will for the first time enable us to stop the clock, and ensure there is always a place in Big Sky for our full-time year-round locals to call home. This vote demonstrates how an inquisitive, informed and engaged community can effect real, lasting change. Big Sky has always been willing to step up to the plate to tackle our own challenges, and this vote shows we are more committed than ever to ensuring a Livable Big Sky for all of our residents,” said David O’Connor, Executive Director of the Housing Trust.
This achievement is a shining example of a public-private partnership done right, involving collaboration between the Resort Tax, the Housing Trust, the Water & Sewer District, and Lone Mountain Land Company (LMLC). LMLC played a critical role, taking risk to assemble the Cold Smoke site and ultimately selling it 14 percent below appraised value. The reduced purchase price reflects both the community’s prior investment in wastewater system access rights utilized by the property, as well as LMLC’s ongoing commitment to creating and supporting a Livable Big Sky.
“This is what it looks like when a community comes together to solve its biggest challenges. We’re proud to be part of a partnership that puts housing within reach for the people who power Big Sky every day,” said Matt Kidd, President of Lone Mountain Land Company.
The infrastructure investment supported by the bond issuance will enable the development of roads, utilities, and water and sewer connections, thereby lowering the overall construction cost and ensuring the project’s long-term sustainability.
As Big Sky continues to grow, this vote signals a defining moment: a collective commitment to preserving the heart and soul of the community. The success of this initiative reflects Big Sky’s shared vision to be a place not just to visit, but to call home.
For more information on the project and how to support the May housing bond, visit www.bigskyhousingtrust.org.
