FRISCO approves at first reading STR caps and further amendments and requirements.

Last Night the Town of Frisco approved a 25% cap on Short-term rental licenses within the Town on first reading. The current level is at just under 22%, leaving little room for growth in license applications.

 

Summit REALTORS® President Steve Fisher commended the Frisco Town Council for their efforts to collaborate on this substantive piece of STR regulations.  Summit REALTORS® advocated for a cap higher than 25%- such as 30%- but is pleased with ongoing conversations about the issue and that we were able to provide suggested changes that Council accepted. The Council clarified that they would actively monitor the cap, and if the policy needs to be adjusted, they will look at it.  The final vote on the ordinance will occur on Thursday, October 11th. The ordinance will go into effect in November, after a 30-day curing period.  Many thanks to the REALTORS® who attended the meeting, in-person and virtually, and made cogent arguments regarding the ordinance.

 

SAR Leadership is happy that thanks to meaningful conversation, the Town is allowing properties under contract before October 11th to obtain a license.   The Town allows units under construction to get STR licenses as long as they are submitted for a building permit and under review by October 11th.  We are also pleased that the transferability of STR licenses is fairly defined in the ordinance.  Again, pointing to the diversity of the financial stack and the varied ownership structures, closing the door on transfers of licenses in unique circumstances, such as LLC's and family situations, would be an unnecessary market disruption.

 

As REALTORS®, we like to find solutions to complex real estate and property issues such as these.  We fully intend to work with the Town of Frisco in a positive manner in the months and years ahead.

 

The Frisco Town Council voted to approve with one dissenting vote by Council Member Andy Held,  at first reading the following:

 

Agenda Item #2: Estimated Start Time 7:20pm First Reading Ordinance 22­10, an Ordinance Amending the Code of Ordinances of the Town of Frisco, Colorado, by Amending Chapter 110, Concerning the Licensing of Business, at Section 110­38, Concerning the Requirement for a Short Term Rental License; and 110­39, Concerning Short­Term Rental License Application, Term, Renewal and Non­Transferability; all in Order to Establish a Limit on the Total Number of Short­Term Rental Licenses Issued by the Town. 

 

A copy of the full ordinance 22-10 can be found on page 158 of the Town of Frisco packet which can be found here: 

 

https://www.friscogov.com/your-government/councils-and-commissions/council-and-commission-meetings

 

You can view the testimony here: 

The vote begins at the 4:00 mark.

https://m.youtube.com/watch?v=5QBOe3T0rfE