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.
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.
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.
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
If you have questions, please contact Brian Bernardoni, SAR Government Affairs and Public Policy Director, at brian@sarsummit.com
