The Parcel
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Municipal Finance Public Hearing Notice
NOTICE IS HEREBY GIVEN that on April 6, 2022, a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 (the “Code”) will be held with respect to a proposed plan of financing providing for the issuance by the California Municipal Finance Authority (the “Authority”) of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Code in one or more series issued from time to time, including bonds issued to refund such exempt facility bonds in one or more series from time to time, in an amount not to exceed $50,000,000 (the “Bonds”). The proceeds of the Bonds will be used to: (1) finance or refinance the acquisition, construction, improvement and equipping of The Parcel Phase I, a multifamily rental housing project located at Tavern Road & Center Street (APN 035-010-020), Mammoth Lakes, California; and (2) pay certain expenses incurred in connection with the issuance of the Bonds. The facilities are to be owned by Mammoth Lakes Pacific Associates, a California Limited Partnership (the “Borrower”) or a partnership of which Pacific West Communities, Inc. (the “Developer”) or a related person to the Developer is the general partner.
The Bonds and the obligation to pay principal of and interest thereon and any redemption premium with respect thereto do not constitute indebtedness or an obligation of the Authority, the State of California or any political subdivision thereof, within the meaning of any constitutional or statutory debt limitation, or a charge against the general credit or taxing powers of any of them. The Bonds shall be a limited obligation of the Authority, payable solely from certain revenues duly pledged therefor and generally representing amounts paid by the Borrower.
The hearing will commence at 4:00 p.m. or as soon thereafter as the matter can be heard, and will be held in the Town Offices, 437 Old Mammoth Road, Suite Z, Mammoth Lakes, California. Interested persons wishing to express their views on the issuance of the Bonds or on the nature and location of the facilities proposed to be financed or refinanced may attend the public hearing or, prior to the time of the hearing, submit written comments.
Additional information concerning the above matter may be obtained from, and written comments should be addressed to, Town Clerk, Town of Mammoth Lakes, P.O. Box 1609, Mammoth Lakes, California 93546 or emailed to clerk@townofmammothlakes.ca.gov.
Phase 1 Construction is Underway!
What will be included in Phase 1?
- 80 units of affordable housing
- 1 manager's unit
- Daycare
- Indoor community space
- Public park
When will the units be available to rent? Rental is anticipated in fall of 2023
How do I get on the list for a unit? Please call the Pacific Companies at (855) 452-8250
Phase 1 Details:
Phase 1 includes 81 units within two buildings, with 66 units in the larger building and 15 units in the smaller building. The project also includes covered podium parking, a daycare facility, community area, and public park. The unit composition and sizes are as follows: 
Construction Update
Construction has begun on Phase One and the majority of the tree removal has been completed. The street connections from Center Street through to Tavern/Laurel Mountain Road have been cleared and grading is beginning on the road infrastructure and building pads. The anticipated occupancy of the project is Fall 2023.
The public road network (Tavern Road, Center Street, Chaparral Road) will be largely completed as a part of Phase 1. Funding for the road improvements will be provided by the Infill Infrastructure Grant as well as local sources. On October 20, 2021, the Town Council allocated $1.2M in local funding for public infrastructure associated with The Parcel. Town staff continues to work with TPC to determine funding gaps and will seek out grant funding for Parcel infrastructure prior to allocating the $1.2M for this purpose.
Phase 1 Affordability
The apartments within Phase 1 will serve a range of affordability with the majority of the units at 60% AMI. The net rents for units within the development will range from approximately $350 per month at the low end to $1,500 per month at the high end. Rental rates will be based on the annual income of the applicant. 
* Click here for more information on Area Median Income
Schedule
On site work began on September 9, 2021 and TPC is working with local contractors and hopes to rough grade during this construction season, weather permitting.
* May be revised due to financing, weather, etc.
Parcel Update: Town Council Approves 2021 Parcel Master Plan and Phase 1 Design Review
On Wednesday, February 3, the Town of Mammoth Lakes reached a significant milestone in its efforts to deliver affordable housing to the community. The Town Council approved the Phase 1 Design Review Application that will allow the first 81 units of affordable housing to be built on the 25-acre "Parcel" site located south of Main Street and west of Laurel Mountain Rd. “The Parcel” has long been slated for housing the working residents of Mammoth Lakes but private ownership of the land and the immense cost of delivering workforce housing has prevented development. “Until now!” Town Manager Dan Holler stated with excitement. “We are thrilled to start working toward meeting the critical housing shortages that have long been identified and hope to have apartments ready for occupancy in early 2023.”
The February 3 Town Council action is the culmination of almost five years of work to bring more affordable housing to Mammoth Lakes. The Town began real estate negotiations with the private landowner in 2017 which led to the Town’s purchase of the land in 2018. The community of Mammoth Lakes embraced the Town’s bold step and organized a Housing Summit in November of 2018 which brought housing experts from all over the country to Mammoth Lakes to discuss issues and solutions. The Town Council funded the “Plan the Parcel” effort which included dozens of community meetings and a weeklong charrette and resulted in a January 2021 Town Council approval of the 2021 Parcel Master Plan for the property that allows for the development of up to 580 permanently affordable housing units for residents of Mammoth Lakes in the coming years.
The Pacific Companies (www.tpchousing.com) based in Eagle, ID was selected as the Town’s development partner in 2019 after a significant outreach effort and due diligence. As one of America’s most prolific developers of workforce housing, The Pacific Companies (TPC) is deeply committed to addressing this need by partnering with local governments, social service providers, and corporate equity investors—together creating sustainable community assets. TPC developed its first apartment project in Mammoth in 2004 and has worked throughout the Sierra Nevada since that time. “Partnering with the Town of Mammoth Lakes on this significant project is an honor and privilege” adds Caleb Roope, President and CEO of The Pacific Companies. “The community has worked very hard, spent significant public funds and staff dedication to reach this place where we can submit to the State for financing.”
While 2020 brought challenges on a global level, it did not slow down the Town’s affordable housing goals. The Town and The Pacific Companies were awarded a $20 million Infill Infrastructure Grant to support critical infrastructure development and the Town expects site work to begin summer 2021 and occupancy of the units to occur in 2023.
Construction of 80 units at below 120% AMI as part of Phase 1 of the project will be a significant step towards accommodating the “fair share” of the regional housing need in Mammoth Lakes as identified in the updated Housing Element’s Regional Housing Need Allocation (RHNA). Mammoth’s RHNA for 2019-2027 is 155 units with 90 units at moderate income and below (up to 120% AMI). Once completed, the project will also address a substantial portion of the workforce housing need identified in the 2017 Community Housing Action Plan housing needs assessment, which found that 595 units are needed to address current housing shortages and keep up with future demand. This includes approximately 121 ownership units and 230 rental units for moderate income households and below (351 total units at ≤120% AMI). While the majority of units to be developed on the Parcel site are intended to be rental units at or below 120% AMI, the Master Plan allows for up to 15% of units (up to 87 units total) to be homeownership units.
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TOWN AWARDED $20 MILLION GRANT FOR THE DEVELOPMENT OF THE PARCEL
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TOML RECIBE UNA SUBVENCIÓN DE $20 MILLONES PARA LA URBANIZACIÓN DEL TERRENO THE PARCEL
| La Ciudad de Mammoth Lakes, junto con Pacific West Communities, Inc. de Eagle, Idaho, su socio seleccionado para urbanización, han recibido una subvención de $20,601,216 dólares del Departamento de Vivienda y Desarrollo Comunitario de California (California Department of Housing and Community Development, HCD por su sigla en inglés), para ser usada en el diseño y construcción de infraestructura para el terreno llamado The Parcel. Haga clic aquí para leer más... |
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Town of Mammoth Lake Engages Their Community to “Plan the Parcel”
The Town of Mammoth Lakes is a unique resort getaway town tucked away in the Sierra Nevada Mountains and is the only incorporated community in rural Mono County. It is home to many visitors throughout the year seeking a snowy adventure in the winter or hiking, mountain biking and fly-fishing in the summer. Residents of Mammoth Lakes welcome the visitors and part-time residents, but the constant flow of vacationers causes a unique challenge for the town. Because of the influx of visitors, the town suffers from a larger impact on emissions than the year-round population. Also plaguing the town, along with most California communities, is the need for housing, especially affordable housing. As with other resort areas, the price of existing housing stock and the presence of numerous second-home owners, leaves little housing available to lower-income full time residents and part-time residents have seasonal or temporary jobs alike. Click here to read more from the Institute for Local Government.
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FINAL Concept Plan for The Parcel
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What is The Parcel?
The Parcel (formerly known as the Shady Rest Tract) is a 25-acre undeveloped site located in Mammoth Lakes at the west end of Tavern Road, between Manzanita Road, Center Street, and Laurel Mountain Road. The Parcel has long been zoned to fulfill a significant portion of the existing affordable housing need in Mammoth Lakes, as well as to provide other community benefits described on page 25 of the 2007 General Plan. In accordance with the recommendations of the 2017 Community Housing Action Plan, the Town of Mammoth Lakes purchased the Parcel in 2018 and has initiated a Conceptual Land Use Planning process for the site known as “Plan The Parcel”. One of the primary goals of the Plan The Parcel process, which is anticipated to last through the end of 2019, is to gather feedback from the community to incorporate into the future design and development of the site. By providing your feedback at Upcoming Events or through various opportunities on our Engage Mammoth Lakes online feedback website, you can help ensure that development of the Parcel will not only provide much needed affordable housing but will also create a unique and vibrant place that Mammoth Lakes residents and visitors can enjoy.
This page and its sub-pages include a summary of ongoing "Plan The Parcel" Conceptual Land Use Planning efforts for The Parcel.
Stay Informed and Involved!
- Join The Parcel NOTIFY ME email/text message list
- Contact Sandra Moberly, Community and Economic Development Director for questions or additional info:
- email: theparcel@TownofMammothLakes.ca.gov
- phone: (760) 965-3659 (please leave a message)
- Engage Mammoth Lakes! Online survey and feedback platform
- Find us on Social Media:
