HomeMy WebLinkAbout2025-02-04 Agenda and Supporting Documentation Town Council Afternoon Meeting1.Site Visit to Vail Transportation Center (11:30am)
241 South Frontage Road East, Vail, CO 81657 (60 min.)
2.Break (12:30pm)
3.Call to Order (1:00pm)
4.Presentation/Discussion (1:00pm)
4.1 Parking Infrastructure Discussion (1:00pm)45 min.
Listen to presentation and provide feedback.
Presenter(s): Greg Hall, Public Works Director
Background: Provide Town Council with an update on the
recently completed Structural Assessment of the Vail village
and Lionshead Parking Structures.
4.2 Summer Managed Parking Discussion (1:45pm)45 min.
Listen to presentation and provide feedback.
Presenter(s): Greg Hall, Public Works Director and Stephanie
Kashiwa, Parking Operations Manager
Background: Update Council on the discussions with Parking
and Mobility Task Force regarding 2025 summer parking
operations and potentially initiating managed parking during
the summer.
4.3 Vail Transportation Center Expansion Planning & Design
Project Presentation (2:30pm)
45 min.
Listen to presentation identifying an outline of project, process,
and opportunities; and confirm direction.
Presenter(s): Tom Kassmel, Town Engineer; Lou Bieker & DJ
Gratzier, 4240 Architecture Inc.
Background: The Town of Vail has contracted with the 4240
Architecture Inc. team to complete the planning and design of
the future expansion of the Vail Transportation Center. The
VAIL TOWN COUNCIL MEETING
Afternoon Session Agenda
Vail Town Council Chambers and virtually by Zoom.
Zoom meeting link: https://vail.zoom.us/webinar/register/WN_IBwA-O-eS721Mizu3dYyDQ
11:30 AM, February 4, 2025
Notes:
Times of items are approximate, subject to change, and cannot be relied upon to determine what time
Council will consider an item.
Council Memo 020425 - Parking Structure Structural Assessment
Council Memo 2.25 - Summer Managed Parking (002)
2.25 Council Summer Managed Parking
Summer Parking Public Comment
1
planning and design process will utilize the recently adopted
Vail Mobility and Transportation Master Plan as a guideline to
identify the future needs for a new and updated Vail
Mobility/Transit & Arrival Center.
4.4 Non-Profit Housing Corporation Formation Discussion
(3:15pm)
30 min.
Listen to presentation to provide feedback.
Presenter(s): Jason Dietz, Housing Director and Carlie Smith,
Finance Director
Background: Update Council on the West Middle Creek Village
Apartments Development and approve the formation of the
Non-Profit Corporation.
5.DRB/PEC (3:45pm)
5.1 DRB/PEC Update (5 min.)
6.Information Update (3:50pm)
6.1 January 14, 2025 VLHA Meeting Minutes
6.2 January 2025 Revenue Update
7.Matters from Mayor, Council, Town Manager and Committee Reports (3:50pm)
7.1 Matters from Mayor, Council, and Committee Reports (15
min.)
7.2 Town Manager Report (5 min.)
Proposed Vail Social Date: September 9th
7.3 Council Matters and Status Update
8.Executive Session (4:10pm)
(30 min.) Executive Session pursuant to:
1. C.R.S. §24-6-402(4)(b) - to hold a conference with the Town Attorney, to receive legal
advice on specific legal questions regarding Short Term Rentals; and
Council Memo 2-4-25
2025.01.29 - VTC 2_4_25 TC Meeting Final
250204 WMC Formation Memo
Financing Update- Current Rates (1.24.2025)
Ordinance 1 Series 2025 Authorizing the Creation of the Corp
Loan Agreement (FOR FILING)
Bylaws-Vail Housing Partners (FOR FILING)
Quit Claim Deed (FOR FILING)
Promissory Note (FOR FILING)
Articles of Incorporation (FOR FILING)
PEC Results 1-27-25
2025-1-14 VLHA Minutes
250204 Revenue Update
TM Update 020425
250204 Matters.docx
2
2. C.R.S. §24-6-402(4)(a) - to consider the purchase, acquisition, lease, transfer or sale of
any real, personal or other property interest, C.R.S. §24-6-402(4)(b) to hold a
conference with the Town Attorney, to receive legal advice on specific legal questions,
and §24-6-402(4)(e) to determine positions relative to matters that may be subject to
negotiations develop a strategy for negotiations and instruct negotiators and on the
topic of Resolution No. 9, Series of 2025, A Resolution Approving the Termination and
Release of Restrictive Covenant for the Property known as 363 Beaver Dam Circle,
Vail, CO 81657.
9.Recess 4:40pm (estimated)
Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website
www.vail.gov. All Town Council meetings will be streamed live by High Five Access Media and available
for public viewing as the meeting is happening. The meeting videos are also posted to High Five Access
Media website the week following meeting day, www.highfivemedia.org.
Please call 970-479-2460 for additional information. Sign language interpretation is available upon
request with 48 hour notification dial 711.
3
AGENDA ITEM NO. 4.1
Item Cover Page
DATE:February 4, 2025
TIME:45 min.
SUBMITTED BY:Greg Hall, Public Works
ITEM TYPE:Presentation/Discussion
AGENDA SECTION:Presentation/Discussion (1:00pm)
SUBJECT:Parking Infrastructure Discussion (1:00pm)
SUGGESTED ACTION:Listen to presentation and provide feedback.
PRESENTER(S):Greg Hall, Public Works Director
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
Council Memo 020425 - Parking Structure Structural Assessment
4
TO:Vail Town Council
FROM:Greg Hall, Director of Public Works, and Transportation
John King Facilities Manager
Stephanie Kashiwa Parking Operations Manager
DATE:February 4, 2025
SUBJECT: Parking Structure Structural Assessment
I.SUMMARY
The purpose of this item is to:
Provide Town Council with an update on the recently completed Structural Assessment
of the Vail Village and Lionshead Parking Structures
Discuss the findings as it relates to the Capital Maintenance Budget and longer-term
options and alternatives regarding comparing life cycle cost analysis of the structures.
Provide staff direction regarding 2025 Capital Projects
Provide staff direction on further investigations regarding funding sources to offset the
increased capital maintenance costs.
II. BACKGROUND
The Town of Vail hired the structural firm of JR Harris to perform a structural assessment of the
town’s two major parking structures Vail Village and Lionshead. JR Harris has been working
with the town over the past 30 years. The last major assessment was performed in 2014 with a
limited assessment regarding double twin tees in 2019. This structural assessment was
performed with greater inspection of both structures. The town blocked off portions of the
garage being inspected so there were no cars to block visual and physical access allowing for a
comprehensive and complete inspection. This is only the structural assessment of the garage
components. It should be noted there are other systems which are also reaching the end of their
useful life. These include fire and carbon monoxide alarm systems, fire sprinkler systems,
lighting and electrical systems, mechanical venting systems, as well as snow melt, elevators,
plumbing and drainage systems. The town will be assessing these systems in the next couple of
years. The structural assessment is the most critical to address.
The Vail Village structure is now 50 years old, and the Lionshead Structure is 45 years old. The
expected life of a parking structure is 50 years. Even though the two structures are near the end
of their useful life, it does not mean they are in disrepair. What it does mean is like an older
automobile or house, the maintenance costs are going to be more expensive going forward. The
useful life of an asset can be extended with investments in key components of the asset.
5
Town of Vail Page 2
The parking structures are like roadway bridges. They are designed to move both by
temperature changes through the seasons, and as vehicles(loads) are placed on them. This
constant movement over the years wears on members and components of the structure. Left
unchecked the structure will overtime require replacement. The major difference between Vail
parking structures and roadway bridges is the weight differential that bridges experience with
much heavier truck loads over their life and the significant use of deicing chemicals. Besides
movement which introduces cracks, moisture and chlorides used for deicing cause issues with
the reinforcing and integrity of the structure.
The combined value of the Town’s two parking structures are in the $200-$300 M dollar range
regarding full replacement cost. Keeping the asset well maintained will allow the structures to
last well into the future. Deferring maintenance or allowing deterioration to go unchecked is a
recipe for a much larger financial investment up to and including replacement.
If the town were forced to replace the structures, being able to finance not one but the two
structures for replacement is outside the Town’s current bonding capacity. A second issue with
full replacement, is the time to take down and then replace the structures. A project of this size
could not happen in an 8-month period between ski seasons. The summer season regarding
parking transactions is nearly equal to the winter season. The loss of parking during the
extended construction period would be a significant hardship on the Town’s economic vitality. In
the future if there were additional parking supply options this would allow for a more realistic
phasing of replacement someday.
The town over the last 5 years has spent on average nearly $ 800,000 dollars on capital repairs,
the majority of this being structural repairs however there have been other components and
improvements performed as well.
III. STRUCTURAL ASSESMENT RESULTS
The full reports are included at the following links.
Vail Village report: 241231-3206-VTC SCA Report-1.pdf
Lionshead report: 241231-3206-Lionshead SCA Report-1.pdf
This memo will provide a high-level overview of the resulting report.
The reports are very detailed and list repairs into categories of Urgent, High, Medium and Low
importance. The value of the repairs was provided by both the engineer and at a macro level by
the construction company which has completed recently most of structural repairs for Vail. The
timing of the repairs is being evaluated regarding the amount of work that can be accomplished
within the shoulder seasons and how much work is reasonable for a contractor to take on
understanding workloads for at least this coming season.
The town staff is focused on the work identified as High and Medium and the timeframe of the
next five years. We are comparing these projected costs to the current 5-year capital budget. In
addition, with setting a realistic budget going forward beyond the nest five year’s work identified.
We know while the first 5 years work has been identified, and over this same timeframe
additional items will become apparent. We have been provided a reasonable value to budget
6
Town of Vail Page 3
on-going to further help the town understand life cycle analysis regarding the two structures as
well as the necessary revenue stream that will required to meet this obligation.
Vail Village
Priority Rating Cost
Urgent On-site maintenance only
High $2,133,688
Medium $2,728,713
Low $1,488,788
Total $6,351,188
Lionshead
-Urgent (U):Repairs to deficient items that require immediate attention for repair or
replacement.
-High (H):Repairs to deficient items that will have a more immediate impact on
functionality if not addressed in the next 0-2 years.
-Medium (M):Repairs and modifications to early-stage deficiencies and other items that
help protect the building from further damage. These repairs are recommended within
2-5 years.
-Low (L):Repairs to deficiencies that do not currently prevent the system from
functioning but could adversely impact the performance over time if not addressed.
These repairs are recommended in the next 5-10 years.
In addition, the level of deterioration and corrosion tends to increase at an exponential rate over
time. Necessary repairs can escalate, especially if there is a lag between the site observations
Priority Rating Cost
Urgent On-site maintenance only
High $ 632,444
Medium $4,565,390
Low $ 782,206
Total $6,070,040
7
Town of Vail Page 4
and repair construction. Additional observations should be conducted if repair construction
starts one year or later after the observations were performed for this report.
The Vail parking structures with an aggressive capital maintenance program, and renovation of
key systems, can continue to have the useful life of the structures extended beyond a typical
parking structure. The on-going costs to maintain these assets will increase, however compared
to a full replacement, it maybe the option best suited for the Town.
In Depth Repair Discussion
Topping Slabs:
The topping slabs serve multiple purposes including: 1) provides a durable surface to withstand
the wear and tear from vehicle traffic, 2) protects the concrete structure below, and 3) performs
compositely with the double tees below, allowing them to work together as a single unit for
increased strength and stiffness. Loss of this composite action can reduce strength of the floor
structure and affect structural performance. Additionally, if the deck surfaces are not repaired
and maintained, further deterioration will likely occur.
Repairing cracks in topping slabs often involves routing and sealing the cracks to a specific
depth and width. Repairs to delaminated and spalled topping slabs depend on the type, extent,
and depth of concrete deterioration. Repair options include full- or partial-depth replacement of
the entire topping slab or localized area.
Precast/Prestressed Structural Members:
Cracks in double tees, precast beams, corbels, and columns can allow moisture and chlorides
to penetrate the structure, leading to reinforcement corrosion and further concrete deterioration.
Epoxy or polyurethane injection can be used to seal cracks and protect against water infiltration,
though these have limitations when it comes to active cracks. If delamination or spalling is
present around cracks, partial-depth or full-depth concrete patch repairs may be necessary.
Repairing spalls is critical for maintaining structural integrity and reducing moisture infiltration.
The process involves removing damaged concrete to expose the underlying reinforcement.
When reinforcement is exposed, the concrete surrounding the reinforcement should be removed
to fully expose the bar circumference so that the patch can fully encapsulate the bar and restore
its development. Exposed reinforcing bars may require augmentation if they have lost significant
section to corrosion, and they often receive surface preparation through media blast and then
protection with corrosion inhibiting coating before the concrete repair materials are installed. For
spalls at precast member connections, full-depth repairs may be necessary to fully encapsulate
the connection and reinforcement.
Precast/Prestressed Structural Members - Connections:
In parking structures, the mechanical connections between precast/prestressed concrete
members are important for maintaining overall structural stability and preventing further
concrete damage.
8
Town of Vail Page 5
Wall to Wall:
Wall panel connections help distribute lateral loads and prevent the shifting or misalignment of
precast elements. Damaged or deteriorated connections can compromise load transfer and lead
to structural issues. Repairs to wall panel connections may involve introducing additional steel
components and performing concrete repairs to restore the connection.
Double Tee to Double Tee:
Connections between double tees serve multiple purposes, including transferring vertical loads
between tee flanges and linking adjacent double tees to form horizontal diaphragms. These
diaphragms transfer lateral loads to shear walls or other lateral force resisting systems. A failure
in individual connections along a joint can potentially cause a "zipper effect," where adjacent
connections fail in sequence, leading to double tee flange damage. Additionally, double tee
connection failures can accelerate joint sealant deterioration due to increased differential
movement at the joint. When replacing sealants between double tees, all exposed double tee
connections should be inspected and repaired as necessary.
Double Tee Flange to Wall:
The lateral system of a parking structure must effectively transfer lateral loads from the
horizontal diaphragms to the vertical elements of the lateral force-resisting system, such as
concrete shear walls. This load transfer is often made via welded connections between
embedded plates in both the double tee flanges and precast walls. These connections can
become ineffective when significant corrosion or concrete deterioration occurs, often due to
water infiltration from the decks above. Repairing these connections typically involves
establishing an alternate connection between the double tee flange and the wall to restore
lateral load transfer. This can be accomplished using anchored dowels with adhesive or angles
with threaded rods.
Bearing Pads:
Bearing pads below precast/prestressed structural members play a critical role in
accommodating the movements due to gravity and lateral loads as well as movements due to
thermal effects. Properly functioning pads deform under these movements, preventing damage
to the supporting concrete members.
At the VTC, the bearing pads have been wearing down due to abrasion, tearing, and
displacement (referred to as "walking"), particularly on the east end of the P4 deck. When the
pads fail, the tee stems may bear directly on the concrete supports, leading to friction forces that
can crack or break the supporting corbels or the double tee stems. This creates serious
structural issues. Therefore, replacing damaged pads is critical to prevent further deterioration
of the structure.
Given the premature tearing observed in previously replaced pads, we recommend replacing
the damaged bearing pads with new bearing pads designed for the unique conditions at this
structure. We also recommend verifying the bearing pad product installed in the bearing pad
9
Town of Vail Page 6
replacement work approximately five years ago and potentially having the manufacturer review
the quality of the product.
Water Management System:
A water management system in a parking structure is critical for maintaining structural integrity
and prolonging the lifespan of the structure. Frequent exposure to water from rain, snow, and
deicing salts can lead to the deterioration of concrete and corrosion of steel elements, causing
structural damage. Furthermore, water can seep into cracks, freeze during colder months, and
expand, exacerbating the damage through freeze-thaw cycles. Water intrusion is often the
leading cause of structural damage in parking structures, as demonstrated by the conditions
observed in this study.
To illustrate the potential for damage caused by water infiltration, Photo 1(a) and 1(b) were
taken at two adjacent double tee stems bearing on same continuous wall corbel. While these
photos were taken less than five feet apart, the corbel shown in Photo 1(b) exhibits significantly
more deterioration compared to the corbel in Photo 1(a). The primary difference between the
two locations is the excessive water infiltration at the location in Photo 1(b), which has led to
considerable concrete deterioration and exposed, rusted reinforcement. In contrast, the corbel
in Photo 1(a) shows minimal signs of water exposure or damage.
Photo 1(a) and 1(b): Example photos taken five feet apart that illustrate the potential for damage
caused by water infiltration.
Expansion Joints:
Expansion joints are designed to accommodate movements within the parking structure caused
by temperature fluctuations, lateral loads, and other environmental factors, while also
minimizing water infiltration to the structure below. By allowing controlled movement, these
joints help prevent cracking and structural damage. Typically, expansion joints have a lifespan
of around 10 years, but this varies based on the product, installation quality and traffic
conditions. Repairing an expansion joint involves removing the damaged joint material, cleaning
the joint edges and installing new joint material.
If delamination or deterioration is present in the adjacent concrete, these issues should also be
addressed during the repair.
The current expansion joint system used at the VTC consists of extruded thermoplastic-rubber
sealing glands with punched flanges embedded in an elastomeric concrete nosing material.
While these joints provide some flexibility, they have experienced significant
damage due to heavy vehicle traffic and snowplow use. This damage has led to substantial
water infiltration, resulting in concrete deterioration.
An alternative option for expansion joint replacement is armored shoulder expansion joints,
which are commonly used in highway applications. These joints feature steel-reinforced edges
that provide enhanced durability against the high-impact forces from trucks, buses, and
snowplows. Additionally, the double tees adjacent to the joints can be stiffened either along their
full length or at the flanges to reduce differential movement on either side of the joint. This
10
Town of Vail Page 7
approach may be particularly beneficial near the expansion joint at the bus lanes, where
significant joint movement has been observed. Furthermore, speed bumps within the garage
should be relocated to at least one bay away from expansion joints to reduce vehicle impact
loads near the joints. Each of these measures can contribute to reducing the frequency of
repairs and lowering long-term maintenance costs.
Joint Sealants:
Damage to parking structure joint sealants leads to water infiltration. Sealant damage often
includes cohesive failures within the sealant (i.e., cracks) and adhesive failures between the
sealant and substrate, allowing moisture and debris to penetrate the joints. Staining and
efflorescence may be observed from below, indicating water infiltration. Precast joint sealants
generally have a life expectancy of seven to ten years, though this can be shortened by
exposure to direct sunlight and/or heavy vehicle traffic. It can also be shortened due to non-
uniform concrete joint edges caused by concrete deterioration, which can prevent an adequate
bond between the sealant and the concrete surface.
A joint sealant replacement program should be implemented. Proper joint preparation is critical
for sealant performance. Joints must be clean, defect-free, and have uniform edges. When
these conditions are not met, spalls and deterioration along the joints may necessitate repairs to
recreate a uniform joint edge for proper sealant installation. Failing to take this additional step
can significantly reduce the life expectancy of the joint sealants, potentially shortening it to as
little as one to three years.
Traffic coating membrane:
A traffic coating membrane protects the concrete surface from moisture and chloride
penetration. These membranes can bridge small cracks and provide additional protection to
large cracks after routing and sealing repair work. However, traffic coating membranes are not
effective when installed over surfaces with heavy paste erosion or other forms of concrete
deterioration, and therefore may not be an effective option for aged structures. The membrane
also becomes ineffective in areas with imperfections such as holes or tears. Traffic coating
membranes can be effective for 10 years or more, although their lifespan may be reduced when
exposed to direct sunlight and/or heavy vehicle traffic.
11
Town of Vail Page 8
Recommended Repair Frequency
IV. BUDGET IMPACTS
Below is the 5-year Capital Budget as approved.
2025 2026 2027 2028 2029
Parking
Structures
1,697,00
0
1,275,00
0
1,315,00
0
1,405,0
00
1,245,0
00
2025: Placeholder for beautification at Vail Transit
Center ($200.0K); 2024-2029: Various repairs including
deck topping replacement, expansion joint repairs,
ventilation, HVAC, plumbing and other structural repairs
The Town of Vail in the 2025 budget and planned for the remaining 4 years of the approved
budget the transfer of $5M of General Fund reserves into a Parking Structure Capital Reserve
account. These funds were being placed into this reserve like a HOA setting aside reserves for
future major renovation/and or replacement. The intent of the reserve was not to pay for yearly
ongoing capital maintenance, but to build up a substantial fund to assist in a major renovation
project or reduce to some extent the amount of bonding needed in the future.
The 5-year capital budgets minus the $200,000 in 2025 for aesthetic improvements totals $6,737,
000 which included over the 5 years $ 5,334,000 of structural repairs. The recommended
Repair
Approx.
Interval
(years)
Notes
Structural Repairs
Topping slab repairs 5 Cracks,spalls,and delamination in decks topping slabs.
Precast/prestressed concrete
member repairs
5 Cracks,spalls,and delamination in decks and concrete framing
members.
Bearing pad replacement 50 Bearing pads can last for the design life of the parking structure,
but need to be replaced when there is slippage, crushing and
tearing, or cracking.
Material testing 5 Chloride ion concentration and pH analysis to determine presence
of carbonation.
Water Management Repairs
Replace joint sealant 7 Ongoing replacement of sealant at control joints and routed cracks
is typical at parking structure decks. The service life of joint sealants
can be shortened by exposure to direct sunlight and/or
heavy vehicle traffic
Repair expansion joints 2 Repairs are typical in the life span of the joint,particularly when
subjected to snowplows.
Replace expansion joints 8 Standard warranties range between 5 to 10 years,depending on the
manufacturer, product, and conditions.
Replace traffic coating 8 Standard warranties are 5 years or more, depending on the
manufacturer, product, and conditions.
Apply penetrating sealer 5 Resealing may be necessary every 3 to 5 years in high-exposure
areas.
12
Town of Vail Page 9
structural costs over the next 5 years with engineering and construction administration and testing
totals adding a 5 % cost increase per year equals $13,903,000. The one item excluded from this
total is the repairs to the structural deck where the buses operate. This is not a full replacement
of the deck but repairs as noted and is estimated at $965,000. The reason for excluding this
currently is the anticipated improvements as part of the Vail Transit Center improvements which
the design process is just kicking off.
The shortfall over the first 5 years is $ 10,470,000 for structural repairs. Projecting out over the
following 5 years 2030-2034, based on a cost/SF which was recommended as appropriate
budgets for life cycle cost estimating. The estimated shortfall for structural analysis is assumed to
be $ 12.285,000. This assumed a higher price per SF for the Vail Village Structure as compared
to Lionshead. The report also recommends performing the structural assessment every 5 years
and the budgets amounts can be further refined after each assessment.
V. POLICY AND FUNDING
The town in the past has stated the parking structure operations should pay for themselves and
any left-over revenue should help offset the cost of operating the free transit system. The transit
system was originally funded through the ski lift tax. At that time ½ was for operation and ½ was
for capital investment/replacement. The combined parking and ski lift tax revenues along with a
small federal transit operating grant amounts to $ 16.2 M.
The actual budget of the parking operations division budget does not include the costs of
utilities, repairs and operations performed by the town’s facilities department, snow removal and
snow melt costs, landscaping costs, all these costs are carried in other Public Works divisions
within the overall department budget.
There are also costs from other departments such as a portion of administrative costs for both
transit and parking, these include finance and payroll, human resources, risk and insurance
costs as well as a portion of general town administration. The other cost not attributed to these
operations is the ever-increasing cost of housing town staff.
The capital replacement cost of buses can be annualized, and these costs have been partially
offset with grants. The town does not charge itself rental fees of assets specifically the bus barn
and portions of the rest of the public works shop. Core Transit is being assessed rental costs by
both Eagle County and Avon for use of their bus storage and maintenance facilities.
The cost of both parking including previously budgeted capital maintenance and transit
operations and the public works operating costs in other public works divisions attributed to the
parking structures in addition to an annualized cost of bus capital replacement were tracking to
covering both these capital and operating costs with the revenue of parking and ski lift tax
during the last parking rate increase.
Parking revenue increases are not linear, when compared to utility companies or other services
in which charges are increased annually to cover increases in costs. Parking revenues are
increased when a rate change takes place and reflect more stepped increases in revenue when
rates/policies are changed which has been more on a 5-year basis in the past.
13
Town of Vail Page 10
Going forward, the funding of the additional capital costs will need to be generated. There are
various ways to reach the goal.
First and foremost is to examine increasing parking revenue. This concept is users pay for the
cost of parking. The structure is used 24 hours a day and 365 days a year. Currently the town
charges for winter daytime parking with an overnight fee. Discounts are parking revenue losses.
The town provides ½ price discounts to locals during non-peak days. 30% of current parking
transactions are using a pass or local discount. Since local trips are approximately 70% of
users, the market share of the local pass use is 40-45%. In addition, any free period is where
revenue is not being generated by users. First hour free, Free after 3 and the 7 months between
end of ski season and the beginning of ski season. The number of transactions between
Memorial Day and the end of September rivals the number of transitions (users) during winter
months. The town could review and implement any number of changes to rates and policies
within parking to generate more revenue to pay for the capital costs of parking.
Other options include not having parking revenue supplement transit operations, even though
this is not a direct budgetary relation, in the past additional parking revenues have been used to
increase transit service. There was a saying those who drive help pay for those who ride, since
Vail didn’t collect bus fares. The “on paper” additional transit operation shortfall as parking
revenue is focused on parking capital could be by other revenue sources.
Use the money set aside for the Parking Structure reserve to pay for the increased capital costs,
this may help in the short term but is not sustainable as the money was being funded from
setting aside existing general fund reserves.
Investigate other creative revenue and financing scenarios. There is also a desire to up the
parking experience with enhanced parking guidance systems, aesthetic and safety
improvements, the cost of these enhancements currently not budgeted.
VI. ACTION REQUESTED
2025 capital parking structure improvements
Award design contract to JR Harris for all the identified high priority projects.
Staff Request for Town Council permission to negotiate the 2025 structural repairs with
Restruction Construction, they are a specialty parking structure repair contactor, who has
performed most of the structural repairs for the Town over the last 5 years and highly
recommended by the Town’s structural engineer as well as town staff on their past
performance. If permission is granted, the town staff will return with two options performing
work within the approved budget and an option which may more realistic look at the work
needing to be performed over the next couple of years and the time needed and disruption
impacts noting limiting work performed during times where it less impactful to users, but may
extend longer into the summer season where we have the ability to isolate the work and
function without impacting parking capacity and the guest experience.
Direct staff during the summer management discussion on whether the town staff through the
Parking and Mobility Task Force further investigate parking revenue generation options,
14
Town of Vail Page 11
including community and business engagement for possible implementation yet this year. A
final decision in early April would be the timeline for implementation.
Future Life Cycle Scenarios
Staff can prepare a more in-depth analysis of Parking Structure Life Cycle cost review,
regarding some various scenarios, which include:
o current enhanced capital maintenance
o an option which includes the work of the enhanced capital maintenance with a much
more concentrated rehabilitation along with review of all systems of the structure and
anticipated life and replacement costs.
o an option of potential replacement with some General Contractor input on construction
duration and possible phasing, rough order of magnitude costs to compare the town’s
options going forward including financing and logistic implications.
15
AGENDA ITEM NO. 4.2
Item Cover Page
DATE:February 4, 2025
TIME:45 min.
SUBMITTED BY:Greg Hall, Public Works
ITEM TYPE:Presentation/Discussion
AGENDA SECTION:Presentation/Discussion (1:00pm)
SUBJECT:Summer Managed Parking Discussion (1:45pm)
SUGGESTED ACTION:Listen to presentation and provide feedback.
PRESENTER(S):Greg Hall, Public Works Director and Stephanie Kashiwa, Parking
Operations Manager
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
Council Memo 2.25 - Summer Managed Parking (002)
2.25 Council Summer Managed Parking
Summer Parking Public Comment
16
1
TO:Vail Town Council
FROM:Parking and Mobility Task Force
Greg Hall, Director of Public Works, and Transportation
Stephanie Kashiwa Parking Operations Manager
DATE:February 4th, 2025
SUBJECT:Consideration of Summer Managed Parking
I.SUMMARY
The purpose of this item is to:
Provide Town Council with an update on the Parking and Mobility Task Force (P&MTF)
discussion regarding summer parking operations and the consideration of initiating
managed parking.
Provide pros and cons of summer managed parking, as well as the viability.
Provide a summary of summer 2024 parking and mobility operations.
II.BACKGROUND
The Vail Parking & Mobility Task Force met on January 16
th, 2025, to review the Transit
Optimization Plan, CORE Transit updates, as well as discuss the pros and cons of initiating
managed parking for the 2025 summer season.
Summer Managed Parking Discussion
The goals of what a managed parking program in the summer season would aim to achieve
include:
o Support the Town Council Strategic Plan
Reduce the percentage of vehicles parking that originate from Eagle County
(outside of Vail) from 40% to 30%
Reduce the percentage of vehicles parking that originate from Vail from
~32% to 20%
Reduce 2014 baseline carbon emissions by 25% by 2025, 50% by 2030,
and 80% by 2050
o Provide additional revenue for supporting and promoting alternative modes of
transportation.
o Provide additional revenue for maintenance and capital repairs.
o Provide management tools for parking demand.
o Provide additional data collection on parking and mobility.
Concerns with implementing a managed parking program in the summer include:
17
2
o Providing options for our economic drivers.
Concerns with the effect on business activity, special events and sales tax if
there is a paid parking fee.
Concerns with a negative impact on employees and employee retention.
o There is less data to base decisions on for summer parking management than the
winter season. There is minimal pass use, Ford Park lot use, and Vail Athletic
Fields lot use data.
o Operational challenges including messaging and outreach to the community,
creating a simple rate structure and pass offerings that would complement winter
operations and achieve goals, staffing needs, long term storage of vehicles,
additional transit service.
Managed parking programs similar to what is used in winter could help support the
reduction of vehicles parking that originate from Eagle County and/or Vail. Additional data
could be collected to understand the needs and use. During summer seasons, information
such as parking pass use or outlier lot use is lacking.
Additional revenue could provide general funds to support and promote alternative modes
of transportation to a single occupancy vehicle.
Additional revenue could be provided for the capital repairs and routine maintenance
needed for our parking facilities and transit facilities.
o A structural assessment was performed on the Vail Village and Lionshead
structures with an estimated $12,421,228 in capital structural repairs recommended.
Over the next five years this is an increase to current budgets of $ 10,470,000. This
does not include routine maintenance, other reoccurring capital maintenance for the
other items such as mechanical ventilation, lighting, fire/CO alarms, painting, etc., or
parking user enhancements.
Implementing a paid parking rate would act as a deterrent to driving, helping to reduce our
GHG emissions.
Implementing a paid parking rate would be used to manage parking demand. Events,
anticipated construction projects, and closures for major capital repair could cause high
demand during the summer season.
The town has over the past 20 years experienced two times lasting 2-3 years significant
construction activity which has greatly impacted parking. The town is about to enter another
period of increased construction activity which will have an impact on parking availability.
Summer 2024 Parking and Mobility Operations Summary
o Free daytime parking with overnight rates in Vail Village structure, Lionshead
structure, and Red Sandstone garage.
o Event paid parking rate was $15 or free for 4+ passenger carpool vehicles.
57 total paid event parking events
35 total managed parking events
o 529,068 transactions over 129 days. The transaction count does not include Ford
Park or Vail Athletic Fields/Soccer lots unless there was a paid event.
Average of 4,101 transactions per day.
Winter 2023-2024 saw 681,636 transactions over 164 days, which averages
out to 4,153 transactions per day.
o CORE ridership is up 46% YoY for June through August.
18
3
o The Vail Transit Intown is up 20.6% YoY for June through August.
o The Vail Transit outlying routes, excluding Timber Ridge, is up 6.7% YoY for June
through August.
Summer Managed Parking 2025
The Town staff and the Parking and Mobility Task Force would like Town Council direction
regarding if any further investigation and work to prepare a recommendation of a summer parking
program should be pursued for consideration for this summer. There will be a lot of concern and
emotions over any process. It is important for all to be heard and understood, evaluate concerns
and issues both real and perceived in determining the pros and cons, impacts and benefits that
need to be considered. This takes both time and emotional energy to properly develop and carry
out the right program for Vail to move forward with. Prior to any additional discussions, is this the
time to continue these efforts for review and ultimately a decision by the Town Council. The Task
Force in the end believed the Town should pursue managed parking, this summer but wanted the
council’s direction.
V.ACTION REQUESTED
Provide direction to the Parking & Mobility Task Force if a managed summer parking program
recommendation should be developed at this time.
If the direction is yes, provide guidance regarding information /analysis that would need to be
provided to better understand and evaluate the issues and the council would like the Task Force to
consider in a recommendation as well for the council to use to be able to decide on a 2025
summer parking program by the beginning of April 2025.
19
Summer Managed
Parking
FEBRUARY 4TH, 2025
20
Summer Managed Parking –Goal Setting
Parking & Mobility Task Force: January 16th, 2025
◦Discussed intended goals of moving to managed summer parking
◦Discussed pros and cons with the Parking & Mobility Task Force
21
Summer Managed Parking –Goal Setting
Support the Town Council Strategic Plan
◦Reduce the percentage of vehicles parking that originate from Eagle County (outside of Vail)
from 40% to 30%
◦Reduce the percentage of vehicles parking that originate from Vail from ~32% to 20%
◦Reduce 2014 baseline carbon emissions by 25% by 2025, 50% by 2030, and 80% by 2050
Additional revenue for:
◦supporting and promoting alternative modes of transportation
◦maintenance & capital repairs
Management tools-manage use of lots during high demand
◦Expected future demand from upcoming construction projects
◦Data collection
22
Support & Promote Alternative Modes of
Transportation
Community messaging and outreach about available modes of transportation
◦Vail Transit ~ CORE Transit ~Shift Bikes ~Sole Power & Sole Power Plus ~ CDOT services
~Carpooling
Provide general funds to support:
◦Vail Transit ~ Shift Bikes ~ Sole Power & Sole Power Plus ~ Bike lane maintenance ~ EV
charging infrastructure ~ Carpooling ~ Car share ~Transit improvements ~Pedestrian
improvements ~bike lane improvements
Incentivize alternative modes of transportation -Provide a deterrent from
driving a single occupancy vehicle to Vail
◦Reduce GHG emissions
◦Reduce the local trips that impact these numbers
23
Additional Revenue for Maintenance and
Capital Repairs
Vail Village Lionshead
High = 0-2 years
Med= 2-5 years
Low = 5-10 years
Vail Village Lionshead
“Structural Assessment” & Repair Recommendations
Over the next 5 years, the current capital maintenance
budget leaves the Town short $10,468,000.
24
Additional Revenue for Maintenance and
Capital Repairs
Parking structures are typically designed with a life expectancy of ~50 years,
provided they receive proper design, construction, and maintenance.
At 50 years old, the VTC parking structure has reached the normally planned
service life for a modern parking structure, and additional repairs are needed to
extend its service life.
The Town should be investing an additional $2 million – $2.5 million a year for
ongoing capital maintenance.
Vail Village Lionshead
“Structural Assessment” & Repair Recommendations
25
Parking Management Tools
Manage use of lots during high demands
◦Event parking
◦Demand from anticipated construction projects
◦Closures for major capital maintenance projects
◦Closures will cause reduced parking capacity
◦Data collection: pass use, duration, capacity
26
Potential Concerns –
Effects of Managed Parking
◦We need to understand and provide solutions for our economic drivers
◦Impact to business activity, Special events
◦Potential reduction in sales tax due caused by sensitivity to parking fees
◦Business employees- recruitment & retention
◦Less data to base decisions on and to refine policies compared to winter parking operations
◦Pass data, Ford park lot, & VAF lot
27
Summer 2024 Operations Summary
Free daytime parking in all lots
Vail Village & Lionshead overnight charge: 4am-5am, $35
◦$565,000 revenue
◦VV - Avg 99 vehicles overnight
◦LH – Avg 23 vehicles overnight
Red Sandstone overnight charge: 4am-5am, $15
◦Avg 10 vehicles overnight
◦$38,000 revenue
Event Paid Parking: Pay at entry, $15 or Free for 4+ (Carpool)
28
Summer 2024 Summary
5 road days ~ 12 VV fills (9:10-12:52) ~ 6 LH fills (9:45-13:15)
Events: 57 paid events, 35 managed events
Passes offered:
◦Overnight employee pass, 1 total
◦Summer Condo Pass, sold 20 total
◦Premier, extended into summer, 23 used
◦VV Business Premier, extended into summer, 33 used
◦LH Business Premier, extended into summer, 3 used
◦*Do not guarantee spots
29
Summer 2024 Summary
529,068 transactions, 129 days
◦Transactions do not include Ford Park lot
or Vail Athletic Fields/Soccer lot unless
there is an event.
Avg 4,101 transactions/day
◦Vail Village makes up 52% of
transactions
◦Lionshead makes up 31% of
transactions
Winter 2023-24 Comparison
681,636 transactions, 164 days
Avg 4,153 transactions/day
30
Summer 2024 Summary
Vail Transit & CORE Ridership
June July August
2023 69419 118744 76204
2024 83897 133258 97996
Change 20.9%12.2%28.6%
June July August
2023 44270 60388 48283
2024 47356 66287 49834
Change 7.0%9.8%3.2%
31
Vail Village Vs. Lionshead – Summer
Road Days VV fills LH fills VV Transactions LH Transactions Avg. Transactions/Day
Summer ‘18 17 26 44 349,299 227,835 4,947
Summer ‘19 14 23 41 338,406 209,230 4,683
Summer ’20 N/A - COVID
Summer ’21 8 36 6 361,614 157,271 4,516
Summer ’22 N/A – shortened season, equipment install
Summer ’23 6 20 7 341,828 159,749 4,009
Summer ’24 5 12 6 273,158 163,978 4,101
32
Managed Parking Operational Challenges
Messaging and community outreach
Creating a simple rate structure and pass offerings that compliments winter operations
Guaranteed parking causes closers with empty spaces
Event parking management and lot use
Staffing needs – pass sales and operations
Long term storage/hotel use
Cash handling – change/coins
Would likely require enhanced transit services
33
Consideration of Summer Managed
Parking
Action requested:
Provide direction to the Parking & Mobility Task Force if a managed
summer parking program should be considered at this time.
◦If yes, provide guidance regarding information needed to better provide
understanding and evaluate the issues council would like the task force to consider in
a recommendation, as well for the council to be able to decide on a 2025 summer
parking program by the beginning of April 2025.
34
35
From:alisonw
To:Council Dist List
Subject:A quick note on Summer Parking Discussion Today
Date:Tuesday, February 4, 2025 11:49:37 AM
Hi Town Council Members,
I am sorry that this is so late but I wanted to reiterate some comments I made at the last
Parking Advisory Committee meeting. I completely understand why we want to encourage
guests and locals to utilize the bus system and charging for parking is definitely a way to do
this. However, I offer up the flipside of not charging for summer parking in that our free
summer parking is unique to other resort communities and it sets us apart. Free summer
parking is kickass and according to the hats and stickers being distributed recently we are
promoting "Vail is Kickass", so why would we take away our most kickass feature that
directly impacts our visitation? We should be promoting our free parking for mid week
travelers, locals and guests during the summer to increase sales tax revenue.
I do feel we could find a compromise and charge for busy summer times, like 4th of July
week, to encourage carpooling and mass transit commuting on that wonderfully crazy day.
Maybe a test study this summer would be a better option and just charging for Sunday
Farmer's Market days, Mountain Games weekend, 4th of July, and see if our numbers decrease
in visitation. There could be a parking convenience fee added to any construction permits that
are granted in TOV to make money off of numerous construction vehicles taking up spots in
the summer.
Finally, I know the point from the Parking Committee that the majority of cars parking in the
summer are employees, and to that I say, why is that so bad? A huge bargaining chip for Vail
business owners to retain winter employees thru the summer is the fact that they are able to
park for free for work. This is a good thing as they are able to retain staffing levels which
ultimately provides a better experience for our guests. Couple this with the fact that our
employees are being forced farther and farther down valley to live, and providing them with a
little reprieve from a 45 - 60 minute + bus ride work commute each way for a couple months
is a nice thing to do.
I know we have gone around and around on all of this and there are new factors to consider
with Dobson and Evergreen renovations looming but I just wanted to offer up a few thoughts
from the business community before you all decide.
Good luck today on all items on the agenda. The VCBA truly appreciates the time and effort
each of you puts in on behalf of our community and town. And I very much appreciate you
allowing us to have a voice and listening to/considering all that is being said.
Best regards,
Alison Wadey
Alison C. Wadey
Executive Director
Vail Chamber & Business Association
241 South Frontage Road Suite 2 Vail, CO 81657
36
Office: (970) 477-0075 Mobile: (970) 376-1661
www.vailchamber.org
Community-Inspired Guest Experience
37
AGENDA ITEM NO. 4.3
Item Cover Page
DATE:February 4, 2025
TIME:45 min.
SUBMITTED BY:Tom Kassmel, Public Works
ITEM TYPE:Presentation/Discussion
AGENDA SECTION:Presentation/Discussion (1:00pm)
SUBJECT:Vail Transportation Center Expansion Planning & Design Project
Presentation (2:30pm)
SUGGESTED ACTION:Listen to presentation identifying an outline of project, process, and
opportunities; and confirm direction.
PRESENTER(S):Tom Kassmel, Town Engineer; Lou Bieker & DJ Gratzier, 4240
Architecture Inc.
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
Council Memo 2-4-25
2025.01.29 - VTC 2_4_25 TC Meeting Final
38
To:Town Council
From:Public Works Department
Date:February 4, 2025
Subject:Vail Transportation Center Expansion Planning & Design Kick-Off
I.SUMMARY
The Town of Vail has budgeted $1.5 Million to complete the planning and design of the
future expansion of the Vail Transportation Center. Half of the cost (up to $750,000) will
be reimbursed as a part of the Multi Modal Option Fund grant awarded to the Town in
the fall of 2022. The purpose of the project is to update and expand the Vail
Transportation Center to accommodate current and future needs. Transit use growth of
the Vail Transit Center has exceeded current capacity during peak season and is
anticipated to grow with the success of Core (EVTA), the expansion of Bustang, and the
success and expansion of Town of Vail transit services. The planning and design
process will utilize the recently adopted Vail Mobility and Transportation Master Plan(pg
104-106) as a guideline to identify the future needs for a new and updated Vail
Mobility/Transit & Arrival Center.
The Town has contracted with 4240 Architecture Inc. to facilitate and execute the
planning and design process.
The Project is broken down into four phases:
Phase I Confirming Goals & Needs and Initial Programming Concept Analysis
Phase II Conceptual Design
Phase III Design Development/Entitlements
Phase IV Final Design & Construction Documents
Phase I of the project will reconfirm the Mobility & Transportation Master Plan goals and
needs for the Vail Transportation Center, identify additional design opportunities that
create a sense of arrival and gateway into Vail Village, and reengage critical
stakeholders and the public to receive input, comments, and ideas regarding the VTC
Expansion.
The purpose of this Council session is to kick-off Phase I.
39
Town of Vail Page 2
Review Vision, Goals, Needs & Preliminary Concepts of the Go Vail 2045 –
Mobility & Transportation Master Plan.
Review Schedule & Funding
Introduce the Project Team
Review Example & Precedent Transit Center and Arrival Center projects.
Review Public Engagement process.
Review similarities of this process to the Lionshead Transit Center & Welcome
Center process that occurred 15 years ago.
II.RECOMMENDATION
Staff recommends Council review material, listen to presentation, and provide
preliminary comments and discussion on the project and process.
III.ATTACHMENTS
Presentation
40
THE VAIL TRANSPORTATION CENTER EXPANSION
41
The Vail Transportation Center Expansion
GO VAIL 2045
SCHEDULE & FUNDING
PROJECT TEAM
PROCESS/ NEXT STEPS
42
The Vail Transportation Center Expansion
GO VAIL 2045 - VAIL MOBILITY & TRANSPORTATION MASTER PLAN
43
The Vail Transportation Center Expansion
GO VAIL 2045
Vail Mobility & Transportation Master Plan | June 2024
Chapter 01: Introduction & Executive Summary12
Go Vail 2045 was a
two‑year process in
which community input
was sought for all
transportation modes,
parking, traffic calming,
loading & delivery,
and special events.
Recommendations are based on analyses of existing
conditions, projections for future travel, inclusion of
emerging technologies, and community feedback.
The recommendations are detailed in the following
chapters. Some of the highlights include:
•More frequent/Year‑round transit
•New North Frontage Road bus route serving new employee
housing
•Potential microtransit pilot program
•Expansion of regional transit service in coordination with
Eagle Valley Regional Transit Authority (RTA)
•Mobility hubs
•Conversion of transit fleet to Zero Emission vehicles
•Vail Transit Center Expansion
Transit
•Demand mitigation through mobility passes, mobile
apps, incentives, on‑demand transit, fare free bus
service between the majority of Eagle County and Vail.
•Mitigate overflow parking impacts through
improvements to frontage roads, parking area
expansions, future development parking.
•Widening existing paved Multi‑Use
Recreational trails to 12 feet
•New paved trails
•New bike lanes & wide shoulders
•Potential Frontage Road diets
•Amenities along sidewalks and trails
ParkingBicycle and Pedestrian
44
The Vail Transportation Center Expansion
Chapter 02: Vision & Goals16 VISION STATEMENTThe Go Vail 2045 Vision Statement was developed by updating the
2007 Vail 20/20 vision statement with input and feedback from staff,
the public, and Town Council.
Vail is recognized as having a comprehensive
multimodal transportation system with well‑integrated
alternative transportation options which reduce the
number of single occupant vehicle trips and overall
vehicle miles traveled to, from, and within Vail.
Enhance Accessibility and Connectivity Transit, walking,
and biking are highly encouraged, comfortable, safe,
affordable, reliable, and convenient, supported by state-of-the-
art infrastructure, emerging mobilities and technologies, as well
as education and outreach programs.
Vail’s transportation system is designed to support the
sustainability of the natural environment and contribute to the
Town’s Climate Action goals as well as to provide equitable
access to economic, recreational, and other opportunities.
Those who choose to drive are welcomed with a well‑
maintained roadway system and clear direction for
locating Vail’s managed parking areas and alternative
fuel vehicle stations. Loading of goods, services, and
passengers is efficient and clearly designated through
the town’s dispersed loading and delivery system.
Traveling between Vail and regional destinations within the
intermountain area and the Front Range is reliable, convenient,
safe and seamless by public transit, AGS/Light Rail, or private
vehicle. Convenient connections to the nearby airports make
year-round travel to Vail easy from anywhere in the world.
COMPREHENSIVE MULTIMODAL
TRANSPORTATION SYSTEM
TRANSIT, WALKING & BIKING ARE
HIGHLY ENCOURAGED
SUPPORT THE SUSTAINABILITY OF THE
NATURAL ENVIRONMENT
EQUITABLE ACCESS TO ECONOMIC,
RECREATIONAL AND OTHER OPPORTUNITIES
WELL MAINTAINED ROADWAY SYSTEM &
CLEAR DIRECTION FOR LOCATING VAIL’S
MANAGED PARKING AREA
RELIABLE, CONVENIENT, SAFE AND
SEAMLESS BY PUBLIC TRANSIT, AGS/LIGHT
RAIL OR PRIVATE VEHICLE
GO VAIL VISION STATEMENT
GO VAIL 204545
The Vail Transportation Center Expansion
17GO VAIL 2045VISION STATEMENT OVERALL GOALS
ENHANCE ACCESSIBILITY
AND CONNECTIVITY
•Implement a comprehensive safe
multimodal transportation system
that includes well‑maintained roads,
pedestrian‑friendly pathways, and
efficient public transit options.
•Foster connectivity between
different neighborhoods, recreation
areas, and commercial hubs
to promote accessibility for all
residents and visitors.
SUSTAINABLE MOBILITY
•Promote and invest in sustainable
transportation modes, such as
transit, electric vehicles, bicycles,
and walking, to reduce the town’s
carbon footprint.
•Explore innovative technologies
and partnerships to enhance
sustainability, such as electric
charging infrastructure, smart traffic
management, alternative fuels, and
green transportation initiatives.
•Manage peak hour traffic volumes
to existing levels so that roadway
network improvements are limited to
those identified in this plan.
RESILIENT
INFRASTRUCTURE
•Develop and maintain resilient
transportation infrastructure that
can withstand the challenges posed
by extreme weather events and
changing climate conditions.
•Invest in robust and adaptable
road systems, bridges, and transit
facilities to ensure long‑term
functionality and safety.
INNOVATIVE
TECHNOLOGIES
•Embrace cutting‑edge technologies
to enhance transportation efficiency,
safety, and user experience.
•Explore the potential of smart city
solutions, autonomous vehicles,
and data-driven decision-making
to optimize traffic flow and improve
overall transportation performance.
PRESERVATION OF
VAIL’S CHARACTER
•Develop transportation solutions
that respect and preserve the
unique character of Vail, balancing
the need for modernization with
the town’s aesthetic and cultural
identity.
ECONOMIC VITALITY
•Support local businesses by
ensuring convenient and accessible
transportation options for residents
and visitors.
•Explore partnerships with the
private and public sectors to
enhance transportation services
and infrastructure while contributing
to the economic vitality of the
community.
GO VAIL PROJECT GOALS
GO VAIL 204546
The Vail Transportation Center Expansion
25GO VAIL 2045
Community Outreach Results
Phase one of outreach, taking place
in the summer of 2022, focused
on how people travel to, from,
and within Vail, and the strengths
and weaknesses of the existing
transportation network. We heard
from 228 survey respondents during
phase one and spoke with roughly
150 people in person across four
intercept events. Conversations
at the intercept events involved
educating the public about the
projects, encouraging people
to take the online survey, and
discussions about what is working
well and what they would like to see
improved about transportation in
Vail. This section summarizes the
results of the survey and intercept
conversations from Phase 1.
SUCCESSES AND
CHALLENGES
Both through survey responses
and conversations at intercept
events we were able to identify
four major components of Vail’s
existing transportation system
that are working well. Namely,
walking and biking are easy and
comfortable, sidewalks and trails
are well maintained, local buses are
frequent, free, and easy to use, and
navigating by car is easy (Figure 1) .
The primary challenges identified
with the existing transportation
network included conflicts between
pedestrians and bikers in dismount
Figure 1: What is working well
with transportation in Vail?
Figure 2: What is challenging
about transportation in Vail?
Phase One Summer
2022
zones and on trails, finding places
to park or load passengers, a desire
for more local and regional bus
services, and traffic congestion
(Figure 2).
A project page was created
for Go Vail 2045 on the Town
of Vail’s public engagement
website,https://www.engagevail.
com/, at project kick-off. The
Go Vail 2045 page was updated
at key project milestones with
summaries of engagement
opportunities both online
and in‑person, analysis and
outreach results to date, and
preliminary recommendations
for comment. The project page
also provided the opportunity
for continuous interactive
engagement between the project
manager and the public via
comment sections and e-mail.
ENGAGE VAIL GO VAIL COMMUNITY OUTREACH
GO VAIL 204547
The Vail Transportation Center Expansion
Chapter 03: Public Engagement26
WHO WE HEARD FROM
Of survey respondents, 46% stated
they worked in Vail and 53% of
survey respondents stated they
lived in Vail full-time. A proportion
of the respondents did not live or
work in Vail, but owned vacation
homes, operated a business, or
primarily visited for recreation
and services (Figure 3). Overall,
the survey captured a variety of
respondents with different interests
and roles within the community.
HOW PEOPLE TRAVEL
We asked respondents how they
most commonly travel within Vail
and to and from Vail. For in-town
transportation, the preferences of
respondents varied significantly
by season. In the fall and winter,
riding the bus was the most popular
way to get around, with 37% of
respondents saying it was their
primary mode of transportation.
However, in the spring and summer,
31% of respondents said they
primarily drove alone, and only
17% took the bus as a primary
mode of transportation. There were
relatively high rates of walking
and biking in town, although these
numbers were lower in the fall
and winter months; biking as a
primary mode of transportation fell
significantly in the fall/winter, to only
2% of respondents (Figure 4).
Figure 3: What is your primary relationship with the Town of Vail?
Figure 4: How do you travel within Vail?
27GO VAIL 2045
When asked how respondents most
commonly travel to and from Vail, the
majority said they either drove alone
or carpooled. Some respondents
identified ridesharing, Bustang, and
ECO Transit, or wrote in other forms
of transportation such as van‑ride
services and flying. In general, people
get to and from Vail primarily by
driving, although in the summer 6% of
respondents state they use regional
bike trails (Figure 5).
COMMUNITY SENTIMENT
ABOUT I70
Community members were also
asked what they experienced as
the top impacts of I 70 on the Town
of Vail. Of respondents, 76% of
respondents viewing noise as a
negative impact to the community
(Figure 6).
Figure 5: How do you travel to & from Vail?
Figure 6: What do community members see as the top impacts of I 70?
GO VAIL COMMUNITY OUTREACH
GO VAIL 204548
The Vail Transportation Center Expansion
GO VAIL 2045
Figure 47: Transit Vision
GO VAIL COMPREHENSIVE TRANSIT VISION
GO VAIL 204549
The Vail Transportation Center Expansion
PREVIOUS STUDIES: TRANSIT ENHANCEMENTS BY TOV
Go Vail 2045
Transit Center Needs
Accommodate 15-20 Taxi / Shuttle /
Uber
Accommodate 18-20 Bus Bays:
Vail Transit + 3 Bus Bays,
EVTA +4-7 Bus Bays,
Bustang/Charter +2 Bays
50
The Vail Transportation Center Expansion
PREVIOUS STUDIES: TRANSIT ENHANCEMENTS BY TOV51
The Vail Transportation Center Expansion
FUNDING
Funding Opportunities:
Planning & Design (2025-2026)
Awarded MMOF $1.5M (50/50) Grant - Use by end of 2026
Construction (TBD 2027+)
CDOT Current 10 Year Plan (2023-2026) $6.4M
Town of Vail Budget (2026) $2.0M
Other Partners TBD (i.e. Core)
Transit Facility Grants TBD -Typical 80/20 Match
52
The Vail Transportation Center Expansion
SCHEDULE
2/4 – Town Council Meeting
2/5 – On Site Team Charette – Brainstorm ideas
and next steps needed
Feb. / March – Council: Review Brainstorm
vetted ideas/review material to be posted to
Engage Vail/review and potential survey ques-
tions needed or just asking for feedback
TBD – Post Material to Engage Vail prior to
Community Meeting
3/25 – Community Meeting
April – Council: Review Community feedback/
provide initial recommendations/Council feed-
back
May – Council: Final Recommendation based
on review and feedback to move forward to
Phase II (up to 3 concepts)
WI
N
T
E
R
-
S
P
R
I
N
G
2
0
2
6
:
E
N
T
I
T
L
E
M
E
N
T
S
SU
M
M
E
R
-
F
A
L
L
2
0
2
5
:
C
O
N
C
E
P
T
D
E
S
I
G
N
JA
N
U
A
R
Y
-
M
A
Y
2
0
2
5
PHASE 3PHASE 2PHASE 1
53
The Vail Transportation Center Expansion
Architect:
4240
Transportation:
LSC Transportation Consultants
Community Engagement:
Trestle Strategy Group
Landscape:
Confluence
Structural:
KL&A
Civil:
Harris Kocher Smith
MEP:
RTM
Sustainability:
Group 14
Cost Estimating:
Cumming Group
Economic Modeling:
EPS
PHASES 2 & 3
PROJECT TEAM
PHASE 1
WI
N
T
E
R
-
S
P
R
I
N
G
2
0
2
6
:
E
N
T
I
T
L
E
M
E
N
T
S
SU
M
M
E
R
-
F
A
L
L
2
0
2
5
:
C
O
N
C
E
P
T
D
E
S
I
G
N
JA
N
U
A
R
Y
-
M
A
Y
2
0
2
5
54
The Vail Transportation Center Expansion
55
The Vail Transportation Center Expansion
PRECEDENT PROJECTS
(TRANSIT + EXPERIENCE)
56
The Vail Transportation Center Expansion
PRECEDENT PROJECTS57
The Vail Transportation Center Expansion
PRECEDENT PROJECTS58
The Vail Transportation Center Expansion
PRECEDENT: RUBY PARK TRANSIT CENTER - ASPEN59
The Vail Transportation Center Expansion
PRECEDENT: WHISTLER GATEWAY LOOP - WHISTLER, BC60
The Vail Transportation Center Expansion
PRECEDENT: OLD TOWN TRANSIT CENTER - PARK CITY, UTAH61
The Vail Transportation Center Expansion
PRECEDENT: FRISCO TRANSIT CENTER - FRISCO, CO62
The Vail Transportation Center Expansion
PRECEDENT: UNION STATION - DENVER, CO63
The Vail Transportation Center Expansion
PRECEDENT: TRANSBAY TRANSIT CENTER - SF, CA64
The Vail Transportation Center Expansion
PRECEDENT: SACRAMENTO VALLEY STATION - SACRAMENTO, CA65
The Vail Transportation Center Expansion
PRECEDENTS
PRAGUE CENTRAL STATION
PRAGUE, CZECH REPUBLIC
GANGMAN
INTERMODAL TRANSIT CENTER
SEOUL, SOUTH KOREA
66
The Vail Transportation Center Expansion
PRECEDENT: ONE BEAVER CREEK - BEAVER CREEK, CO 67
The Vail Transportation Center Expansion
41
LOWER PLAZA_ARRIVE
4240 + CONFLUENCE: MAYFLOWER RESORT ARRIVAL LODGE68
The Vail Transportation Center Expansion
4240 + CONFLUENCE: MAYFLOWER RESORT ARRIVAL LODGE69
The Vail Transportation Center Expansion
The Vail Transportation Center Expansion
PHASE 1 TEAM
70
The Vail Transportation Center Expansion
PROJECT TEAM
Architect:
4240
Transportation:
LSC Transportation Consultants
Community Engagement:
Trestle Strategy Group
Landscape:
Confluence
Structural:
KL&A
PHASE 1
JA
N
U
A
R
Y
-
M
A
Y
2
0
2
5
71
The Vail Transportation Center Expansion
4240 AND LSC: LIONSHEAD TRANSIT & WELCOME CENTER72
The Vail Transportation Center Expansion
EXISTING VTC TRANSIT FUNCTIONS
buses
- Vail Transit (9 routes, ADA)
- Core Transit – Hwy 6 Route, Valley Route, Minturn Route,
Leadville Route, Express Route
- Bustang/Pegasus
- Greyhound
- Airport Shuttles
- Limo / Uber / Lyft
other uses
- Public Information / Ticketing
- Restrooms
- Staff room
- Limited EV charging
- Micromobility (Bike share, car share)
- Arrival Center
POTENTIAL EXPANDED FUTURE TRANSIT FUNCTIONS
- Additional EV charging (Town, Core)
- Additional fixed routes
- Accommodation for larger vehicles
- Additional driver facility needs
- Passenger amenities
- Microtransit
- Connections to future Advanced Fixed Guideway
LSC TRANSPORTATION CONSULTANTS73
The Vail Transportation Center Expansion
4240 AND TRESTLE: VAIL CIVIC AREA MASTER PLAN74
The Vail Transportation Center Expansion
TRESTLE STRATEGY GROUP75
The Vail Transportation Center Expansion
TRESTLE STRATEGY GROUP76
The Vail Transportation Center Expansion
4240 & CONFLUENCE: ONE SNOWMASS BASE VILLAGE ARRIVAL CENTER77
The Vail Transportation Center Expansion
PROCESS / NEXT STEPS
78
The Vail Transportation Center Expansion
EXISTING VAIL TRANSIT CENTER79
The Vail Transportation Center Expansion
PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 80
The Vail Transportation Center Expansion
PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 81
The Vail Transportation Center Expansion
Vail Lionshead Transit StationEast Lionshead Circle Portal
Identify Sub‑Areas Within Overall Study Area
PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 82
The Vail Transportation Center Expansion
PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 83
The Vail Transportation Center Expansion
Vail Lionshead Transit Station
Pedestrian Overpass
pedestrians
vehicles
bus bays
pedestrian plaza
most direct
path to ski
hill
Resolve Pedestrian / Vehicular Conflicts PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 84
The Vail Transportation Center Expansion
Vail Lionshead Transit Station
descend into
pedestrian only
environment dedicate majority of
existing grade to
vehicular movements
Pedestrian Overpass
Resolve Pedestrian / Vehicular Conflicts PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 85
The Vail Transportation Center Expansion
Vail Lionshead Transit StationArea H: East Lionshead Circle
private
driveways
public
sidewalk
eastbound
drive lane
westbound
drive lane
saw tooth
bus/shuttle
drop off
expanded
pedestrian
circulation lionshead parking
structure
Possible Curbside Bus Drop‑off South of LHPG
land‑
scape
buffer
bike
lane
PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 86
The Vail Transportation Center Expansion
PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 87
The Vail Transportation Center Expansion
59
Part 04 -Relative Costs by Option
Auxiliary Building Replacement Costs by Option
Two Story Building
This cost reflects demolition,
new construction, full
program replacement,
addition of Retail Space, Town
Info. Center, PLUS 2,300sf of
new Program including
(Larger Great Room, Public Ski
Lockers, Additional Public
Restrooms) within New
Building, Minimal Landscape /
Hardscape
Full Building Replacement
(New 2 story building with
expanded program) –
Total 8,060 sq. ft. Enclosed
Space
$5.6 –6.4m @ 8,350sf
Basement Ski Valet Deleted
Three Story Building
This cost reflects demolition,
new construction, full program
replacement, addition of Retail
Space, Town Info. Center, PLUS
2,300sf of new Program
including (Larger Great Room,
Public Ski Lockers, Additional
Public Restrooms) within New
Building, Minimal Landscape /
Hardscape
Full Building Replacement
(New 3 story building with
expanded program) –
Total 8,060 sq. ft. Enclosed
Space
$6.3 –7.2m @ 8,650sf
Hybrid
This cost reflects demolition,
new construction, full program
replacement, addition of Retail
Space, Town Info. Center, PLUS
3,700sf of new Program
including (Larger Great Room,
Public Ski Lockers, Rooftop
Amenity Space, Additional
Public Restrooms) within New
Building, Minimal Landscape /
Hardscape
Full Building Replacement
(New 3 story building with
expanded program) –
Total 9,460 sq. ft. Enclosed
Space
$6.1 –7.0m @ 9,750sf
Basement Ski Valet Deleted
PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 88
The Vail Transportation Center Expansion
PREVIOUS DESIGN PROCESS: LIONSHEAD TRANSIT & WELCOME CENTER 89
The Vail Transportation Center Expansion
PROCESS/ NEXT STEPS 90
The Vail Transportation Center Expansion
PROCESS/ NEXT STEPS 91
AGENDA ITEM NO. 4.4
Item Cover Page
DATE:February 4, 2025
TIME:30 min.
SUBMITTED BY:Carlie Smith, Finance
ITEM TYPE:Presentation/Discussion
AGENDA SECTION:Presentation/Discussion (1:00pm)
SUBJECT:Non-Profit Housing Corporation Formation Discussion (3:15pm)
SUGGESTED ACTION:Listen to presentation to provide feedback.
PRESENTER(S):Jason Dietz, Housing Director and Carlie Smith, Finance Director
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
250204 WMC Formation Memo
Financing Update- Current Rates (1.24.2025)
Ordinance 1 Series 2025 Authorizing the Creation of the Corp
Loan Agreement (FOR FILING)
Bylaws-Vail Housing Partners (FOR FILING)
Quit Claim Deed (FOR FILING)
Promissory Note (FOR FILING)
Articles of Incorporation (FOR FILING)
92
TO: Vail Town Council
FROM: Finance Department
Housing Department
DATE: February 4, 2025
SUBJECT: West Middle Creek Village Apartments Update
I. SUMMARY
The purpose of this memo is to provide the Council with an update on the West Middle Creek
Village Apartments development (“WMC”) and approve the formation of the Non-Profit
Corporation.
II. BACKGROUND
On December 17, Town Council provided direction to continue moving forward with the WMC
development based on limits surrounding the financing structure. The chart below summarizes
the financial structure approved by Council as well as changes in interest rates and the impact of
those changes to the overall financing structure since the December 17th Council meeting.
Dec 5 2024
Jan 23 2025
50 basis point
cushion from
Dec 10
Aggregate Interest rate 5.16% 5.55% 5.61%
Housing Revenue Bonds $133.8M $129.2M $122.0M
COPs $45.0M $52.3M $59.2M
Town subsidy $106.0K $822.0K $3.0M
• Up to $60M in Town-issued Certificates of Participation (COPs) collateralized by Town
assets.
o Issued by Town of Vail
o 40-year maturity
o Structured with a 1.0X debt coverage ratio
o 3 years of capitalized interest (interest paid by COP proceeds during the
construction period)
o Collateralized assets still being finalized
• $134M in Housing Facilities Revenue Bonds
o Issued by Non-Profit Corporation (Vail Home Partners) controlled by the Town to
protect the Town’s debt capacity and credit rating
o 40-year maturity
o Structured with a 1.3X debt coverage ratio
o 3 Years of Capitalized Interest (Interest paid from bond proceeds during the
construction period)
93
Town of Vail Page 2
• $10M cash from the town structured as a promissory note from the town to the corporation.
o Paid back with project revenues when revenues and NOI are deemed to be
sufficient.
o 0% interest rate
• Up to $3M in additional cash subsidy from the Town in the first few years of operation to
help fund debt service payments exceeding NOI.
• Up to 30% of the development can be rented at “market”, currently assuming 140% of AMI
levels, however the “market rents can go up or down to balance project needs and market
needs
III. DISCUSSION
Current Proposed Financial Model
The current recommended financing structure remains the same as what was previously
presented to Council and includes a Housing Facilities Revenue Bond (previously called an
Essential Function Bond) with a subordinate Town of Vail issued Certificate of Participation
(COP). A Housing Facilities Revenue Bond is a government-purpose tax exempt bond used to
finance affordable housing projects, secured by the net operating income (NOI) from the
housing development and a deed of trust on the property.
Because the project requires financing beyond what the bonds can provide, given the current
interest rate environment and rental rate assumptions, the Town would need to provide a
Certificate of Participation (COP) for the remaining amount of financing. A COP is an effective
tool for government finance because it is a tax-exempt lease-financing agreement and not
subject to TABOR requirements for a ballot question to voters. It does require annual
appropriation of debt service payments by the Town Council. Town participation in the project's
financing through a COP also provides confidence to the bond market that the local government
supports the project. This will lead to better interest rates for the housing revenue bonds,
thereby providing more capacity for the revenue bonds and decreasing the otherwise required
sizing of the COPs.
Since the Town Council meeting on December 17, 2024, interest rates have increased, resulting
in an aggregate interest rate increase for the project of 39 basis points from 5.16% to 5.55%. As
a result, the 40-year Housing Revenue Bond proceeds have decreased from $133.8M to
$129.2M, corresponding with an increase of $7.3M to the Town of Vail issued COP proceeds
from $45.0M to $52.3M. The increase in interest rates also impacts the additional subsidy
(above the $10.0M) that the town may need to cover for debt service payments within the first
few years of operations (2029 and 2030) from $106.0K to $822.0K, increasing the likelihood the
rental revenues would not be able to cover the full cost of the debt within the first several years.
Please refer to Attachment A for updated debt service schedules for the Bonds and COPs
based on interest rate as of January 24, 2025.
Early “call” options to allow for greater flexibility in future years continue to be evaluated.
Formation of Non-Profit Corporation
The Town’s next step in moving forward with the WMC project is to form the non-profit
corporation with Ordinance 1, Series of 2025. The corporation will be the entity contracting with
the developer, Corum Real Estate, issuing the Housing Revenue Bonds, and then overseeing
the operations. Staff proposes that the non-profit corporation be named “Vail Home Partners,”
the name of the already existing collaborative partnership between the Vail Local Housing
Authority and the Town of Vail, with the unified goal of creating workforce housing for those who
live and work in Vail. Board seats for the new corporation will include the following positions:
94
Town of Vail Page 3
• Deputy Town Manager
• Town of Vail Finance Director
• Town of Vail Housing Director
• Town of Vail Public Works Director
• Vail Local Housing Authority Representative
The ordinance also authorizes the transfer of the West Middle Creek parcel from the town to the
corporation and gives the corporation approval to issue the housing revenue bonds. The
execution of the land transfer will not take place until just before the bond sales. Parameters
around the debt issuance of the COP will be discussed at the next Council meeting on February
18th; the formal approval for issuance of the Housing Revenue Bonds will be via resolution and
approved by the newly formed Board. In addition, the ordinance acknowledges the corporation
will enter into a loan with the town for the $10.0M cash contribution and repayment of the COP.
Also included in your packet is a copy of the articles of incorporation and bylaws referenced in
the ordinance, along with the promissory note, loan agreement, and quick claim deed.
Updated Timeline
Action/Process Date Responsible party
2nd Reading of Town Council Authorizing
creation of non-profit; bylaws and articles
of incorporation
Feb 18, 2025 Butler Snow, Staff
1st Reading: Town Council Authorizes
parameters for COP Issuance
Feb 18, 2025 Butler Snow, Hilltop,
Staff
Building permit Feb 28, 2025 Corum
2nd Reading: Town Council Authorizes
parameters for COP Issuance
March 4, 2025 Butler Snow, Hilltop,
Staff
Development Agreement Approval with
final GMP
March 4th, 2025 Corum, Butler
Snow, HPWC
Vail Home Partners Board Approves
Revenue Bond Financing Resolution
Week of March
4th
Butler Snow, Hilltop,
Staff
Bond and COP Closings April 22, 2025 Piper Sandler,
Hilltop, Staff
Summary
In summary, the financing model will remain highly sensitive to the interest rate environment
and final cost estimates. Staff and our financial team will continue to monitor interest rates over
the next two months to coincide with the project’s GMP pricing for a final go/no-go decision by
the week of March 24th based on the current schedule and dependent on the approval of the
development agreement.
Staff will return to Council on February 18th with an ordinance authorizing the issuance of
certificates of participation (COPs). The COPs would not go to market until April and only if
interest rates allow the COP amount to remain within those limits.
IV. ACTION REQUESTED OF COUNCIL
In the evening session, Town Council will be asked to approve Ordinance No. 1, Series 2025,
authorizing the formation of the non-profit corporation.
95
pipersandler.com | 3
1.Current Rates
96
pipersandler.com | 4
Preliminary Debt Service Graph
-
5.0
10.0
15.0
20.0
25.0
30.0
12
/
3
1
/
2
0
2
5
12
/
3
1
/
2
0
2
6
12
/
3
1
/
2
0
2
7
12
/
3
1
/
2
0
2
8
12
/
3
1
/
2
0
2
9
12
/
3
1
/
2
0
3
0
12
/
3
1
/
2
0
3
1
12
/
3
1
/
2
0
3
2
12
/
3
1
/
2
0
3
3
12
/
3
1
/
2
0
3
4
12
/
3
1
/
2
0
3
5
12
/
3
1
/
2
0
3
6
12
/
3
1
/
2
0
3
7
12
/
3
1
/
2
0
3
8
12
/
3
1
/
2
0
3
9
12
/
3
1
/
2
0
4
0
12
/
3
1
/
2
0
4
1
12
/
3
1
/
2
0
4
2
12
/
3
1
/
2
0
4
3
12
/
3
1
/
2
0
4
4
12
/
3
1
/
2
0
4
5
12
/
3
1
/
2
0
4
6
12
/
3
1
/
2
0
4
7
12
/
3
1
/
2
0
4
8
12
/
3
1
/
2
0
4
9
12
/
3
1
/
2
0
5
0
12
/
3
1
/
2
0
5
1
12
/
3
1
/
2
0
5
2
12
/
3
1
/
2
0
5
3
12
/
3
1
/
2
0
5
4
12
/
3
1
/
2
0
5
5
12
/
3
1
/
2
0
5
6
12
/
3
1
/
2
0
5
7
12
/
3
1
/
2
0
5
8
12
/
3
1
/
2
0
5
9
12
/
3
1
/
2
0
6
0
12
/
3
1
/
2
0
6
1
12
/
3
1
/
2
0
6
2
12
/
3
1
/
2
0
6
3
12
/
3
1
/
2
0
6
4
12
/
3
1
/
2
0
6
5
Mi
l
l
i
o
n
s
Bond Net DS COP Net DS NOI (3% Growth)
Preliminary; subject to change.
Combined debt service exceeds projected NOI in 2029-30
(Estimated overage of $822k)
97
pipersandler.com | 5
Preliminary; subject to change.
Preliminary Debt Service Schedule (Senior Revenue Bonds)
Period Principal Interest Gross
Debt Service
Retained
DSRF Earnings
DSRF Earnings
& Release
Capitalized
Interest Net Debt Service NOI (3.0% Growth)Debt Service
Coverage Ratio
12/31/2025 - 3,714,538 3,714,538 (225,252) 225,252 3,714,538 - - -
12/31/2026 - 7,429,075 7,429,075 (450,504) 450,504 7,429,075 - - -
12/31/2027 - 7,429,075 7,429,075 (450,504) 450,504 7,429,075 - - -
12/31/2028 - 7,429,075 7,429,075 1,126,259 450,504 3,714,538 2,137,775 3,906,840 1.83
12/31/2029 - 7,429,075 7,429,075 - 450,504 - 6,978,572 9,071,925 1.30
12/31/2030 - 7,429,075 7,429,075 - 450,504 - 6,978,572 9,344,083 1.34
12/31/2031 - 7,429,075 7,429,075 - 450,504 - 6,978,572 9,624,406 1.38
12/31/2032 - 7,429,075 7,429,075 - 450,504 - 6,978,572 9,913,138 1.42
12/31/2033 - 7,429,075 7,429,075 - 450,504 - 6,978,572 10,210,532 1.46
12/31/2034 - 7,429,075 7,429,075 - 450,504 - 6,978,572 10,516,848 1.51
12/31/2035 - 7,429,075 7,429,075 - 450,504 - 6,978,572 10,832,353 1.55
12/31/2036 - 7,429,075 7,429,075 - 450,504 - 6,978,572 11,157,324 1.60
12/31/2037 - 7,429,075 7,429,075 - 450,504 - 6,978,572 11,492,044 1.65
12/31/2038 - 7,429,075 7,429,075 - 450,504 - 6,978,572 11,836,805 1.70
12/31/2039 - 7,429,075 7,429,075 - 450,504 - 6,978,572 12,191,909 1.75
12/31/2040 - 7,429,075 7,429,075 - 450,504 - 6,978,572 12,557,666 1.80
12/31/2041 - 7,429,075 7,429,075 - 450,504 - 6,978,572 12,934,396 1.85
12/31/2042 105,000 7,429,075 7,534,075 - 450,504 - 7,083,572 13,322,428 1.88
12/31/2043 320,000 7,423,431 7,743,431 - 450,504 - 7,292,928 13,722,101 1.88
12/31/2044 560,000 7,406,231 7,966,231 - 450,504 - 7,515,728 14,133,764 1.88
12/31/2045 815,000 7,376,131 8,191,131 - 450,504 - 7,740,628 14,557,777 1.88
12/31/2046 1,090,000 7,332,325 8,422,325 - 450,504 - 7,971,822 14,994,510 1.88
12/31/2047 1,390,000 7,271,013 8,661,013 - 450,504 - 8,210,509 15,444,346 1.88
12/31/2048 1,715,000 7,192,825 8,907,825 - 450,504 - 8,457,322 15,907,676 1.88
12/31/2049 2,065,000 7,096,356 9,161,356 - 450,504 - 8,710,853 16,384,906 1.88
12/31/2050 2,445,000 6,980,200 9,425,200 - 450,504 - 8,974,697 16,876,453 1.88
12/31/2051 2,850,000 6,842,669 9,692,669 - 450,504 - 9,242,165 17,382,747 1.88
12/31/2052 3,285,000 6,682,356 9,967,356 - 450,504 - 9,516,853 17,904,229 1.88
12/31/2053 3,755,000 6,497,575 10,252,575 - 450,504 - 9,802,072 18,441,356 1.88
12/31/2054 4,260,000 6,286,356 10,546,356 - 450,504 - 10,095,853 18,994,597 1.88
12/31/2055 4,805,000 6,046,731 10,851,731 - 450,504 - 10,401,228 19,564,435 1.88
12/31/2056 5,385,000 5,776,450 11,161,450 - 450,504 - 10,710,947 20,151,368 1.88
12/31/2057 6,020,000 5,466,813 11,486,813 - 450,504 - 11,036,309 20,755,909 1.88
12/31/2058 6,695,000 5,120,663 11,815,663 - 450,504 - 11,365,159 21,378,586 1.88
12/31/2059 7,420,000 4,735,700 12,155,700 - 450,504 - 11,705,197 22,019,944 1.88
12/31/2060 8,200,000 4,309,050 12,509,050 - 450,504 - 12,058,547 22,680,542 1.88
12/31/2061 9,030,000 3,837,550 12,867,550 - 450,504 - 12,417,047 23,360,958 1.88
12/31/2062 9,925,000 3,318,325 13,243,325 - 450,504 - 12,792,822 24,061,787 1.88
12/31/2063 10,880,000 2,747,638 13,627,638 - 450,504 - 13,177,134 24,783,641 1.88
12/31/2064 11,900,000 2,122,038 14,022,038 - 450,504 - 13,571,534 25,527,150 1.88
12/31/2065 25,005,000 1,437,788 26,442,788 - 12,463,930 - 13,978,857 26,292,964 1.88
Total:129,920,000 259,315,025 389,235,025 -30,258,818 22,287,225 336,688,982 604,234,443
98
pipersandler.com | 6
Period Principal Interest Gross COP Debt
Service Capitalized Interest Net COP Debt
Service
Residual NOI
(3.0% Growth)(Deficit) / Surplus Combined NOI
Coverage
12/31/2025 - 1,320,163 1,320,163 1,320,163 - - - -
12/31/2026 - 2,640,325 2,640,325 2,640,325 - - - -
12/31/2027 - 2,640,325 2,640,325 2,640,325 - - - -
12/31/2028 - 2,640,325 2,640,325 1,320,163 1,320,163 1,769,065 448,902 1.13
12/31/2029 - 2,640,325 2,640,325 - 2,640,325 2,093,354 (546,971) 0.94
12/31/2030 - 2,640,325 2,640,325 - 2,640,325 2,365,512 (274,813) 0.97
12/31/2031 - 2,640,325 2,640,325 - 2,640,325 2,645,834 5,509 1.00
12/31/2032 - 2,640,325 2,640,325 - 2,640,325 2,934,566 294,241 1.03
12/31/2033 - 2,640,325 2,640,325 - 2,640,325 3,231,960 591,635 1.06
12/31/2034 - 2,640,325 2,640,325 - 2,640,325 3,538,276 897,951 1.09
12/31/2035 - 2,640,325 2,640,325 - 2,640,325 3,853,782 1,213,457 1.13
12/31/2036 - 2,640,325 2,640,325 - 2,640,325 4,178,752 1,538,427 1.16
12/31/2037 - 2,640,325 2,640,325 - 2,640,325 4,513,472 1,873,147 1.19
12/31/2038 - 2,640,325 2,640,325 - 2,640,325 4,858,233 2,217,908 1.23
12/31/2039 - 2,640,325 2,640,325 - 2,640,325 5,213,337 2,573,012 1.27
12/31/2040 - 2,640,325 2,640,325 - 2,640,325 5,579,095 2,938,770 1.31
12/31/2041 75,000 2,640,325 2,715,325 - 2,715,325 5,955,825 3,240,500 1.33
12/31/2042 160,000 2,636,575 2,796,575 - 2,796,575 6,238,857 3,442,282 1.35
12/31/2043 250,000 2,628,575 2,878,575 - 2,878,575 6,429,173 3,550,598 1.35
12/31/2044 350,000 2,616,075 2,966,075 - 2,966,075 6,618,036 3,651,961 1.35
12/31/2045 455,000 2,598,575 3,053,575 - 3,053,575 6,817,149 3,763,574 1.35
12/31/2046 570,000 2,575,825 3,145,825 - 3,145,825 7,022,689 3,876,864 1.35
12/31/2047 695,000 2,545,900 3,240,900 - 3,240,900 7,233,837 3,992,937 1.35
12/31/2048 830,000 2,509,413 3,339,413 - 3,339,413 7,450,354 4,110,942 1.35
12/31/2049 975,000 2,465,838 3,440,838 - 3,440,838 7,674,053 4,233,216 1.35
12/31/2050 1,130,000 2,414,650 3,544,650 - 3,544,650 7,901,757 4,357,107 1.35
12/31/2051 1,295,000 2,355,325 3,650,325 - 3,650,325 8,140,582 4,490,257 1.35
12/31/2052 1,460,000 2,297,050 3,757,050 - 3,757,050 8,387,377 4,630,327 1.35
12/31/2053 1,640,000 2,231,350 3,871,350 - 3,871,350 8,639,285 4,767,935 1.35
12/31/2054 1,830,000 2,157,550 3,987,550 - 3,987,550 8,898,744 4,911,194 1.35
12/31/2055 2,030,000 2,075,200 4,105,200 - 4,105,200 9,163,207 5,058,007 1.35
12/31/2056 2,245,000 1,983,850 4,228,850 - 4,228,850 9,440,421 5,211,571 1.35
12/31/2057 2,495,000 1,860,375 4,355,375 - 4,355,375 9,719,600 5,364,225 1.35
12/31/2058 2,765,000 1,723,150 4,488,150 - 4,488,150 10,013,427 5,525,277 1.35
12/31/2059 3,050,000 1,571,075 4,621,075 - 4,621,075 10,314,747 5,693,672 1.35
12/31/2060 3,355,000 1,403,325 4,758,325 - 4,758,325 10,621,996 5,863,671 1.35
12/31/2061 3,685,000 1,218,800 4,903,800 - 4,903,800 10,943,912 6,040,112 1.35
12/31/2062 4,035,000 1,016,125 5,051,125 - 5,051,125 11,268,966 6,217,841 1.35
12/31/2063 4,405,000 794,200 5,199,200 - 5,199,200 11,606,507 6,407,307 1.35
12/31/2064 4,805,000 551,925 5,356,925 - 5,356,925 11,955,616 6,598,691 1.35
12/31/2065 5,230,000 287,650 5,517,650 - 5,517,650 12,314,107 6,796,457 1.35
Total:49,815,000 90,083,738 139,898,738 7,920,975 131,977,763 267,545,461 135,567,699
Preliminary Debt Service Schedule (COPs)Projected $822 thousand out-of-pocket exposure
Preliminary; subject to change.
99
1
ORDINANCE NO. 1
SERIES 2025
AN ORDINANCE AUTHORIZING THE CREATION OF THE VAIL HOME
PARTNERS CORPORATION PURSUANT TO THE COLORADO REVISED
NONPROFIT CORPORATION ACT; AUTHORIZING THE CORPORATION
TO INCUR FINANCIAL OBLIGATIONS TO FINANCE THE ACQUISITION
AND CONSTRUCTION OF A MULTIFAMILY RENTAL HOUSING
DEVELOPMENT; AUTHORIZING THE TRANSFER OF CERTAIN
PROPERTY TO THE CORPORATION BY QUIT CLAIM DEED; RATIFYING
ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; AND
REPEALING ALL ORDINANCES IN CONFLICT HEREWITH.
WHEREAS, the Town is a municipal corporation duly organized and existing as a
home rule town and municipal corporation under the provisions of Article XX of the
Constitution of the State of Colorado (the “State”) and the home rule charter of the Town
(the “Charter”);
WHEREAS, under the Charter, the Town has all the powers of local self-
government and home rule and all power possible under the Constitution and the laws of
the State;
WHEREAS, the Town Council has determined to form the Vail Home Partners
Corporation (the “Corporation”) under the provisions of the Col orado Revised Nonprofit
Corporation Act, Articles 121 through 137 of Title 7, Colorado Revised Statutes, as
amended (the “Act”), for the purpose of acquiring, constructing, financing, operating,
maintaining and developing multifamily rental dwelling units in the Town to assist the Town
with fulfilling its public and governmental purpose of remedying the acute shortage of
dwelling units in the Town for individuals and families working in Eagle County, Colorado,
by providing decent, safe and sanitary dwelling units in the Town that are offered at rental
rates that are affordable to a range of individuals and families working within Eagle County,
Colorado;
WHEREAS, the Town Council has determined that the Corporation shall be formed
as a “Constituted Authority” under Section 1.103-1(b) of the Internal Revenue Code of
1986, as amended (the “Code”), and Revenue Ruling 57-187 promulgated under the Code,
and as an “enterprise” of the Town under article X, section 20 of the State Constitution
(“TABOR”), pursuant to the Charter and this Ordinance;
WHEREAS, the Town Council has determined that the Corporation will be formed
to acquire real property currently owned by the Town to serve as the site of the West
Middle Creek Apartments (the “Property”), and to finance the construction and development
100
2
of the West Middle Creek Apartments as decent, safe and sanitary dwelling units that are
offered at rental rates that are affordable to a range of individuals and families working
within Eagle County, Colorado (the “Development”);
WHEREAS, the Town Council has determined that the Development shall be
constructed on the Property, and the Town Council hereby authorizes the transfer of the
Property to the Corporation pursuant to a Quit Claim Deed (the “Deed”) from the Town to
the Corporation, subject to the conditions stated in the Deed;
WHEREAS, the Town Council hereby authorizes the Corporation to issue one or
more series of its Housing Facilities Revenue Bonds, Series 2025 (the “Series 2025
Bonds”) in an aggregate principal amount not to exceed $182,000,000 on behalf of the
Town, for purposes of the Code, to finance the acquisition and construction of the
Development;
WHEREAS, if the Town Council elects to make a loan to the Corporation to finance
a portion of the Development (the “Loan”), then the Corporation is hereby authorized to
enter into a Loan Agreement with the Town (the “Loan Agreement”) to set forth the terms of
the Loan, and is authorized to execute and deliver a promissory note to the Town to
evidence the Loan (the “Note”);
WHEREAS, the proposed form of the Articles of Incorporation and Bylaws of the
Corporation (the “Articles and Bylaws”), the Loan Agreement, the Note and the Deed are
on file with the Town Clerk.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, COLORADO, THAT:
Section 1. Corporation Organization and Powers. The Town Council hereby
approves the organization of the Corporation for the purposes set forth herein and in the
Articles and Bylaws, and hereby approves the Articles and Bylaws in the substantially the
forms on file with the Town Clerk, with such modifications as hereafter approved by the
Town Attorney that are not inconsistent herewith. The Corporation is being formed for the
express purpose of assisting the Town with fulfilling its public and governmental purpose of
remedying the acute shortage of dwelling units in the Town for individuals and families
working in Eagle County, Colorado, by providing decent, safe and sanitary dwelling units in
the Town that are offered at rental rates that are affordable to a range of individuals and
families working within Eagle County, Colorado.
The Corporation shall have the powers granted to it in this Ordinance, the Act, and
the Articles and Bylaws. The Corporation shall have all powers necessary to qualify as a
Constituted Authority for purposes of the Code and as an enterprise under TABOR, and
shall not have any powers inconsistent therewith. The Corporation does not have the power
to levy taxes.
101
3
Section 2. Loan Agreement. The Town Council hereby authorizes the
Corporation to enter into a Loan Agreement with the Town, and to execute the Loan
Agreement and Note in substantially the forms on file with the Town Clerk.
Section 3. Deed. The Town Council hereby approves the transfer of the Property
to the Corporation pursuant to the Deed , in substantially the form on file with the Town
Clerk, and authorizes the execution of the Deed by the appropriate officers of the Town.
Section 4. Issuance of Series 2025 Bonds by the Corporation. The Town Council
hereby authorizes the issuance of one or more series of the Series 2025 Bonds by the
Corporation in an amount not to exceed $182,000,000 for the purpose of financing all or a
portion of the Development. This authorization includes the authorization to issue current
interest bonds, capital appreciation bonds, subordinate bonds, and any other financing
structure deemed appropriate by the board of the Corporation.
Section 5. Town Action. The Mayor and the Town Clerk are hereby authorized
and directed to execute and deliver such documents and to take all action necessary or
reasonably required to carry out, give effect to and consummate the transactions
contemplated herein.
Section 6. Obligations of Corporation. None of the Series 2025 Bonds, the Loan,
the Loan Agreement, the Note, or any other bonds or other obligations issued by the
Corporation are debts or financial obligations of the Town, the State or any political
subdivision thereof within the meaning of any provision or limitation of the Charter, or the
Constitution or statutes of the State, and will never constitute nor give rise to a pecuniary
liability of the Town or a charge against its general credit or taxing powers. The Town shall
have no obligation whatsoever to pay any bonds or other obligations issued by the
Corporation.
Section 7. Board of Directors. In accordance with the Articles and Bylaws, the
following individuals shall serve as the initial Board of Directors of the Corporation: (i)
Deputy Town Manager; (ii) Town of Vail Housing Director; (iii) Town of Vail Finance
Director; (iv) Town of Vail Public Works Director; and (v) Vail Housing Authority member.
Section 8. Other Actions. The appropriate officers of the Town are hereby
authorized to execute and deliver for and on behalf of the Town, any or all additional
certificates, acknowledgments, documents and other papers and to perform all other acts
they may deem necessary or appropriate in order to implement and carry out the matters
authorized in this Ordinance and in any resolution of the Corporation.
Section 9. Severability. If any part, section, subsection, sentence, clause or
phrase of this Ordinance is for any reason held to be invalid, such decision shall not effect
the validity of the remaining portions of this Ordinance; and the Town Council hereby
declares it would have passed this Ordinance, and each part, section, subsection,
102
4
sentence, clause or phrase thereof, regardless of the fact that any one or more parts,
sections, subsections, sentences, clauses or phrases be declared invalid.
Section 10. Ratification. All actions heretofore taken (not inconsistent with the
provisions of this Ordinance) by the Town Council and other officers of the Town relating to
the formation of the Corporation, the execution of the Loan Agreement and delivery of the
Loan for the acquisition and construction of the Development and the execution of the
Deed for the purposes provided herein are ratified, approved and confirmed.
Section 11. Charter Controls. Pursuant to Article XX of the State Constitution and
the Charter, all State statutes that might otherwise apply in connection with the provisions
of this Ordinance are hereby superseded to the extent of any inconsistencies or conflicts
between the provisions of this Ordinance and such statutes. Any such inconsistency or
conflict is intended by the Town Council and shall be deemed made pursuant to the
authority of Article XX of the State Constitution and the Charter.
Section 12. Repealer. All bylaws, orders, resolutions and ordinances, or parts
thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This
repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part
thereof, theretofore repealed.
103
5
INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED
PUBLISHED ONCE IN FULL ON FIRST READING this 4th day of February, 2025 and a
public hearing for second reading of this Ordinance set for the 18th day of February, 2025,
in the Council Chambers of the Vail Municipal Building, Vail, Colorado.
________________________________
Travis Coggin, Mayor
ATTEST:
___________________________
Stephanie Kauffman, Town Clerk
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED
this 18th day of February, 2025.
________________________________
Travis Coggin, Mayor
ATTEST:
___________________________
Stephanie Kauffman, Town Clerk
104
LOAN AGREEMENT
This Loan Agreement (“Loan Agreement”), dated _________ __, 2025 (“Effective
Date”), is between the TOWN OF VAIL, COLORADO, a municipal corporation (“Lender”),
and VAIL HOME PARTNERS CORPORATION, a Colorado nonprofit corporation
(“Borrower”).
The Borrower is, or at the time of execution of this Loan Agreement, will be, the
owner of certain real property located in Vail, Colorado, which the Borrower intends to
develop and operate as a multifamily affordable housing development (“Development”).
The Town Council of the Lender has determined to participate in the financing of
the Development by advancing certain available funds of the Lender, as well as proceeds
of certain Certificates of Participation (the “Certificates” and, with the other available funds
of the Lender, the “Funds”) to the Borrower to be utilized for the construction of the
Development.
The Borrower shall also issue certain Housing Facilities Revenue Bonds (the
“Bonds”) as its contribution to the Development.
The obligation of the Borrower to repay this Loan shall be subordinate and junior
at all times to the obligation of the Borrower to repay the Bonds.
The parties therefore agree as follows:
1. The Loan. The Lender shall lend the Funds to the Borrower, and the
Borrower shall borrow the Funds from the Lender, subject to the terms this Loan
Agreement. The Loan is a subordinate cash flow obligation of the Borrower and shall be
paid after the payment of the Bonds and other amounts required under that certain
Mortgage and Indenture of Trust between the Borrower and U.S. Bank Trust Company,
National Association (the “Indenture”) relating to the issuance of the Bonds. The Loan
shall bear interest at 0% and shall remain outstanding until all amounts thereunder have
been fully paid and satisfied.
2. Disbursement. Upon the issuance of the Bonds by the Borrower and the
execution and delivery of the Certificates, the Lender shall lend the funds to Borrower
pursuant to a Promissory Note in the original principal amount of $[_____] (the “Note”),
which represents $[10,000,000] of available revenue of the Lender and $[_____] of the
proceeds of the Certificates. The Funds shall be deposited with U. S. Bank Trust
Company, National Association, as trustee for the Bonds, and drawn pursuant to
requisition of the Borrower to pay the costs of the Development. This Loan Agreement
and the Note are referred to as the “Loan Documents.”
3. Events of Default. The following events, subject to the notice and cure
requirements set forth below, will constitute an Event of Default:
105
2
(a) if the Borrower fails to duly and punctually perform its obligations under this
Loan Agreement, or it violates the covenants contained in any of the Loan
Documents in any material respect, and such failure remains uncured within
ninety days of the Borrower’s receipt of written notice from Lender;
(b) if the Borrower fails to pay the Note when due, and the Borrower fails to
cure within thirty days of receiving written notice of such failure from Lender;
(c) if the Borrower makes a general assignment for the benefit of creditors,
admits in writing its inability to pay its debts generally as they mature, files
or has filed against it a petition in bankruptcy or a petition or answer seeking
a reorganization, arrangement with creditors or other similar relief under the
federal bankruptcy laws or under any other applicable law of the United
States of America or any state, consents to the appointment of a trustee or
receiver; or takes any action for the purpose of effecting or consenting to
any of the foregoing; and
(d) if an order, judgment, or decree is entered appointing, without the
Borrower’s consent, a trustee or receiver for the Borrower or a substantial
part of its property, or approving a petition filed against the Borrower
seeking a reorganization, arrangement with creditors or other similar relief
under the federal bankruptcy laws or under any other applicable law of the
United States of America or any state, and such order, judgment, or decree
is not be vacated, set aside, or stayed within ninety days from the date of
entry.
Following the occurrence of an Event of Default, the Lender shall provide written
notice to the Borrower.
The Borrower may cure any Event of Default within the timeframes provided in this
Loan Agreement or any other Loan Document. If the Borrower fails to timely cure a
default, then the Lender shall have all remedies as are set forth in the Loan Documents
or otherwise at law.
4. Defense and Indemnification.
(a) The Borrower shall defend, indemnify, and hold harmless Lender, and all of
its past and present officers, directors, commissioners, employees,
partners, agents, shareholders, members, trustees, predecessors,
successors, subrogees, and attorneys (collectively, “Lender Parties”)
against all liabilities, claims, judgments, suits, or demands for damages to
persons or property arising out of, resulting from, or relating to this
Agreement (“Claims”) unless such Claims are due to the gross negligence
or willful misconduct of Lender. The Borrower’s duty to defend and
indemnify each of the Lender Parties will arise when written notice of the
Claim is first provided to a Lender Party regardless of whether the claimant
has filed suit on the Claim. The Borrower’s duty to defend and indemnify a
106
3
Lender Party will arise even if the Lender Party is the only party sued by a
claimant, or claimant alleges that the Lender Party’s gross negligence or
willful misconduct was the sole cause of claimant’s damages.
(b) The Borrower will defend any and all Claims that may be brought or
threatened against a Lender Party and will pay on behalf of a Lender Party
any expenses incurred by reason of such Claims including court costs and
attorney’s fees incurred in defending and investigating such Claims or
seeking to enforce this indemnity obligation. These payments on behalf of
a Lender Party will be in addition to any other legal remedies available to a
Lender Party.
(c) A Lender Party shall give the Borrower a copy of any notice of a Claim.
A Lender Party shall allow the Borrower thirty days after receipt of such
notice to cure of any monetary default under the Loan Documents. Lender
shall allow the Borrower ninety days after giving Borrower notice to cure any
non-monetary default under the Loan Documents or such longer period as
is reasonably necessary for the Borrower to cure if the Borrower
commences and diligently pursues to cure.
5. Miscellaneous.
(a) This Loan Agreement binds and inures to the benefit of the successors and
assigns of the parties. Subject to the Lender’s consent, which the Lender
shall not unreasonably withhold, condition, or delay, the Borrower may
assign the Loan and the obligations and duties of the Bo rrower under the
Loan Documents to any purchaser of the Property and Project if the
purchaser agrees to be bound to the Loan Documents.
(b) Any amendment to this Loan Agreement requires a written agreement of
the parties.
(c) No waiver of satisfaction of a condition or non-performance of an obligation
under this Loan Agreement will be effective unless it is in writing and signed
by the party granting the waiver.
(d) The laws of the state of Colorado, without giving effect to its principles of
conflicts of law, govern all adversarial proceedings brought by the parties
arising out of this Loan Agreement, whether their claims sound in contract,
tort, or otherwise.
(e) This Loan Agreement will remain effective so long as there are sums
remaining outstanding on the Note.
(f) The parties shall give all notices, consents, demands, waivers, or approvals
related to this Agreement in writing delivered by (i) personal delivery, (ii) a
nationally-recognized, next-day courier service, (iii) first-class certified mail,
postage prepaid, or (iv) e-mail. A notice is deemed given on the other party’s
107
4
receipt of it, or if mailed, on the earlier of the other party’s receipt of it and
the fifth business day after its mailing. The parties may change their
addresses for notice by notifying the other parties in the manner provided
in this Section 5(f). The parties hereby designate their addresses as follows:
If to the Borrower:
Vail Home Partners Corporation
75 South Frontage Road West
Vail, Colorado 81657
Attention: Deputy Town Manager/President of the Borrower
With a copy to:
Winthrop & Weinstine, P.A.
225 South 6th Street, Suite 3500
Minneapolis, Minnesota 55402
Attn.: Jon L. Peterson, Esq.
If to the Lender:
The Town of Vail, Colorado
75 South Frontage Road West
Vail, Colorado 81657
Attention: Deputy Town Manager
With a copy to:
Hoffmann, Parker, Wilson & Carberry, P. C.
511 17th Street, Suite 610
Denver, Colorado 80202
Attn.: J. Matthew Mire, Town Attorney
(g) The Borrower consents to the personal jurisdiction of the state and federal
courts located in the State of Colorado in connection with any controversy
relating the Loan Documents and waives any argument that venue in such
forum is not convenient. Any litigation related to the Loan Documents must
be venued in either the district court of Eagle County, Colorado or in the
United States District Court for the District of Colorado.
[signature pages follow]
108
92110924.v2
The Borrower has executed this Loan Agreement as of the Effective Date.
VAIL HOME PARTNERS
CORPORATION
________________________________
President
ATTEST:
___________________________
Secretary
The Lender has executed this Loan Agreement as of the Effective Date.
TOWN OF VAIL, COLORADO
________________________________
Travis Coggin, Mayor
ATTEST:
___________________________
Stephanie Kauffman, Town Clerk
109
92110924.v2
110
BYLAWS
OF
VAIL HOME PARTNERS CORPORATION
(Adopted [_____], 2025)
111
i
TABLE OF CONTENTS
Page
ARTICLE I OFFICES ....................................................................................................... 1
Section 1.1 Business Offices. ................................................................................... 1
Section 1.2 Registered Office.................................................................................... 1
ARTICLE II MEMBERS ................................................................................................... 1
Section 2.1 No Members. .......................................................................................... 1
ARTICLE III BOARD OF DIRECTORS ........................................................................... 1
Section 3.1 General Powers. .................................................................................... 1
Section 3.2 Number, Election, Tenure and Qualifications. ........................................ 1
Section 3.4 Regular Meetings. .................................................................................. 2
Section 3.5 Notice. .................................................................................................... 2
Section 3.6 Presumption of Assent. .......................................................................... 2
Section 3.7 Quorum and Voting. ............................................................................... 2
Section 3.8 Compensation. ....................................................................................... 2
Section 3.9 Executive and Other Committees. .......................................................... 2
Section 3.10 Meetings by Telephone or Virtually. ....................................................... 3
Section 3.11 Action Without a Meeting. ...................................................................... 3
ARTICLE IV OFFICERS AND AGENTS ......................................................................... 3
Section 4.1 Number and Qualifications. .................................................................... 3
Section 4.2 Election and Term of Office. ................................................................... 3
Section 4.3 Compensation. ....................................................................................... 3
Section 4.4 Removal. ................................................................................................ 3
Section 4.5 Vacancies. .............................................................................................. 4
Section 4.6 Authority and Duties of Officers. ............................................................. 4
Section 4.7 Surety Bonds. ......................................................................................... 5
ARTICLE V OPERATING GUIDELINES ......................................................................... 5
Section 5.1 Contracts. ............................................................................................... 5
Section 5.2 Loans. .................................................................................................... 5
Section 5.3 Checks, Drafts and Notes. ..................................................................... 5
Section 5.4 Deposits. ................................................................................................ 5
Section 5.5 Investment Managers. ............................................................................ 5
ARTICLE VI MISCELLANEOUS ..................................................................................... 6
Section 6.6 Account Books, Minutes, Etc. ................................................................. 6
Section 6.7 Fiscal Year. ............................................................................................ 6
Section 6.8 Conveyances and Encumbrances. ......................................................... 6
Section 6.9 Designated Contributions. ...................................................................... 6
Section 6.10 Conflicting Interest Transactions. ........................................................... 6
Section 6.11 Non-Liability For Debts. .......................................................................... 7
Section 6.12 Amendments. ......................................................................................... 7
Section 6.13 Severability. ............................................................................................ 7
112
BYLAWS
OF
VAIL HOME PARTNERS CORPORATION
ARTICLE I
OFFICES
Section 1.1 Business Offices. The principal office of the corporation
shall be located within the Town of Vail, Colorado. The corporation may have such
other offices, either within or outside Colorado, as the board of directors may designate
or as the affairs of the corporation may require from time to time.
Section 1.2 Registered Office. The registered office of the corporation
required by the laws of the State of Colorado governing nonprofit corporations to be
maintained in Colorado may be, but need not be, the same as the principal office if in
Colorado, and the address of the registered office may be changed from time to time by
the board of directors or by the officers of the corporation.
ARTICLE II
MEMBERS
Section 2.1 No Members. The corporation shall have no members.
ARTICLE III
BOARD OF DIRECTORS
Section 3.1 General Powers. The business and affairs of the corporation
shall be managed by its board of directors, except as otherwise provided in the laws of
the State of Colorado, the articles of incorporation or these bylaws.
Section 3.2 Number, Election, Tenure and Qualifications. Initially, the
board of directors shall consist of 5 members. The members of the board of directors of
the corporation shall consist of the following officers and employees of the Town, as
well as one member of the Vail Housing Authority, and each member who is an officer
or employee of the Town shall have a term of office shall be coterminous with his or her
term or tenure as officers of employees of the Town.
Town officers or employees of the to serve on the board of directors of the
corporation shall be (i) Assistant Town Manager; (ii) Town of Vail Housing Director; (iii)
Town of Vail Finance Director; (iv) Town of Vail Public Works Director; and (v) Vail
Housing Authority member. The Assistant Town Manager shall serve as the president
of the board of directors.
113
2
Section 3.4 Regular Meetings. A regular annual meeting of the board of
directors shall be held during the month of November at the time and place determined
by the board, for the purpose of electing officers and for the transaction of such other
business as may come before the meeting. The board of directors may provide by
resolution the time and place for the holding of additional regular meetings.
Section 3.4. Special Meetings. Special meetings of the board of directors
may be called by or at the request of the president or any two directors. The person or
persons authorized to call special meetings of the board of directors may fix any place
as the place for holding any special meeting of the board called by them.
Section 3.5 Notice. Notice of each meeting of the board of directors
stating the place, day and hour of the meeting shall be given to each director at the
director’s business address at least 24 hours prior to the meeting, delivered
electronically and posted on the Town’s website. Such notice shall be deemed to be
given when the electronic transmission is sent. Any director may waive notice of any
meeting before, at or after such meeting. The attendance of a director at a meeting
shall constitute a waiver of notice of such meeting, except where a director attends a
meeting for the express purpose of objecting to the transaction of any business because
the meeting is not lawfully called or convened. Neither the business to be transacted at,
nor the purpose of, any meeting of the board of directors need be specified in the notice
or waiver of notice of such meeting unless otherwise required by statute.
Section 3.6 Presumption of Assent. A director of the corporation who is
present at a meeting of the board of directors at which action on any corporate matter is
taken shall be presumed to have assented to the action taken unless such director's
dissent shall be entered in the minutes of the meeting or unless the director shall file a
written dissent to such action with the person acting as the secretary of the meeting
before the adjournment thereof or shall forward such dissent by registered mail to the
secretary of the corporation immediately after the adjournment of the meeting. Such
right to dissent shall not apply to a director who voted in favor of such action.
Section 3.7 Quorum and Voting. A majority of the directors shall
constitute a quorum for the transaction of business at any meeting of the board of
directors, and the vote of a majority of the directors present in person at a meeting at
which a quorum is present shall be the act of the board of directors. If less than a
quorum is present at a meeting, a majority of the directors present may adjourn the
meeting from time to time without further notice other than an announcement at the
meeting, until a quorum shall be present. No directors may vote or act by proxy at any
meeting of directors.
Section 3.8 Compensation. Directors shall not receive compensation for
their services as such, although the reasonable expenses of directors of attendance at
board meetings may be paid or reimbursed by the corporation. Directors shall not be
disqualified to receive reasonable compensation for services rendered to or for the
benefit of the corporation in any other capacity.
114
3
Section 3.9 Executive and Other Committees. By one or more
resolutions adopted by a majority of the directors then in office, the board of directors
may designate from among its members an executive committee and one or more other
committees, each of which, to the extent provided in the resolution establishing such
committee, shall have and may exercise all of the authority of the board of directors,
except as prohibited by statute. The delegation of authority to any committee shall not
operate to relieve the board of directors or any member of the board from any
responsibility imposed by law. Rules governing procedures for meetings of any
committee of the board shall be as established by the board of directors, or in the
absence thereof, by the committee itself.
Section 3.10 Meetings by Telephone or Virtually. Members of the board
of directors or any committee thereof may participate in a meeting of the board or
committee by means of conference telephone , virtually through Zoom or Microsoft
Teams, or similar communications equipment or means by which all persons
participating in the meeting can hear each other at the same time. Such participation
shall constitute presence in person at the meeting.
Section 3.11 Action Without a Meeting. Any action required or permitted
to be taken at a meeting of the directors or any committee thereof may be taken without
a meeting if a consent in writing, setting forth the action so taken, shall be signed by all
of the directors or committee members entitled to vote with respect to the subject matter
thereof. Such consent (which may be signed in counterparts) shall have the same force
and effect as a unanimous vote of the directors or committee members.
ARTICLE IV
OFFICERS AND AGENTS
Section 4.1 Number and Qualifications. The elected officers of the
corporation shall be a president, one or more vice-presidents, a secretary and a
treasurer. The board of directors may also appoint such other officers, assistant officers
and agents, including an executive director, a controller, assistant secretaries and
assistant treasurers, as it may consider necessary. One person may hold more than
one office at a time, except that no person may simultaneously hold the offices of
president and secretary. Officers need not be directors of the corporation. All officers
must be at least eighteen years old.
Section 4.2 Election and Term of Office. The elected officers of the
corporation shall be elected by the board of directors at each regular annual meeting. If
the election of officers shall not be held at such meeting, such election shall be held as
soon as convenient thereafter. Each officer shall hold office until the officer ’s successor
shall have been duly elected and shall have qualified, or until the officer ’s earlier death,
resignation or removal.
Section 4.3 Compensation. The compensation of the officers, if any,
shall be as fixed from time to time by the board of directors, and no officer shall be
115
4
prevented from receiving a salary by reason of the fact that such officer is also a
director of the corporation.
Section 4.4 Removal. Any officer or agent may be removed by the
board of directors whenever in its judgment the best interests of the corporation will be
served thereby, but such removal shall be without prejudice to the contract rights, if any,
of the person so removed. Election or appointment of an officer or agent shall not in
itself create contract rights.
Section 4.5 Vacancies. Any officer may resign at any time, subject to
any rights or obligations under any existing contracts between the officer and the
corporation, by giving written notice to the president or to the board of directors. An
officer's resignation shall take effect at the time specified in such notice, and unless
otherwise specified therein, the acceptance of such resignation shall not be necessary
to make it effective. A vacancy in any office, however occurring, may be filled by the
Town Council for the unexpired portion of the term.
Section 4.6 Authority and Duties of Officers. The officers of the
corporation shall have the authority and shall exercise the powers and perform the
duties specified below and as may be additionally specified by the president, the board
of directors or these bylaws, except that in any event each officer shall exercise such
powers and perform such duties as may be required by law.
(a) President. The president shall, subject to the direction and
supervision of the board of directors, (i) be the chief executive officer of the corporation
and have general and active control of its affairs and business and general supervision
of its officers, agents and employees; (ii) preside at all meetings of the board of
directors; (iii) see that all orders and resolutions of the board of directors are carried into
effect; and (iv) perform all other duties incident to the office of president and as from
time to time may be assigned to the president by the board of directors. The President
shall be the Assistant Town Manager of the Town.
(b) Vice-Presidents. The vice-president or vice-presidents shall
assist the president and shall perform such duties as may be assigned to them by the
president or by the board of directors. The vice -president (or if there is more than one,
then the vice-president designated by the board of directors, or if there be no such
designation, then the vice-presidents in order of their election) shall, at the request of
the president, or in the president's absence or inability or refusal to act, perform the
duties of the president and when so acting shall have all the powers of and be subject to
all the restrictions of the president.
(c) Secretary. The secretary shall (i) keep the minutes of the
proceedings of the board of directors and any committees of the board; (ii) see that all
notices are duly given in accordance with the provisions of these bylaws or as required
by law; (iii) be custodian of the corporate records and of the seal of the corporation; and
(iv) in general, perform all duties incident to the office of secretary and such other duties
as from time to time may be assigned to the secretary by the president or by the board
116
5
of directors. Assistant secretaries, if any, shall have the same duties and powers,
subject to supervision by the secretary.
(d) Treasurer. The treasurer shall (i) be the principal financial
officer of the corporation and have the care and custody of all its funds, securities,
evidences of indebtedness and other personal property and deposit the same in
accordance with the instructions of the board of directors; (ii) receive and give receipts
and acquittances for moneys paid in on account of the corporation, and pay out of the
funds on hand all bills, payrolls and other just debts of the corporation of whatever
nature upon maturity; (iii) unless there is a controller, be the principal accounting officer
of the corporation and as such prescribe and maintain the methods and systems of
accounting to be followed, keep complete books and records of account, prepare and
file all local, state and federal tax returns and related documents, prescribe and
maintain an adequate system of internal audit, and prepare and furnish to the president
and the board of directors statements of account showing the financial position of the
corporation and the results of its operations; (iv) upon request of the board, make such
reports to it as may be required at any time; and (v) perform all other duties incident to
the office of treasurer and such other duties as from time to time may be assigned to the
treasurer by the president or the board of directors. Assistant treasurers, if any, shall
have the same powers and duties, subject to supervision by the treasurer.
Section 4.7 Surety Bonds. The board of directors may require any
officer or agent of the corporation to execute to the corporation a bond in such sums
and with such sureties as shall be satisfactory to the board, conditioned upon the faithful
performance of such person's duties and or the restoration to the corporation of all
books, papers, vouchers, money and other property of whatever kind in such person's
possession or under such person's control belonging to the corporation.
ARTICLE V
OPERATING GUIDELINES
Section 5.1 Contracts. The board may authorize any officer or officers,
agent or agents to enter into any contract or execute and deliver any instrument in the
name of and on behalf of the corporation, and such authority may be general or
confined to specific instances.
Section 5.2 Loans. No loans shall be contracted for or on behalf of the
corporation and no evidence of indebtedness shall be issued in the name of the
corporation unless authorized by resolution of the board. Such authority may be
general if confined to a maximum dollar amount specified by the board by resolution
from time to time. Such authority otherwise shall be confined to specific instances. No
loan shall be made to any officer or director of the corporation.
Section 5.3 Checks, Drafts and Notes. All checks, drafts, or other orders
for payment of money, notes, or other evidence of indebtedness issued in the name of
the corporation shall be signed by two officers appointed by the board, including, if
117
6
possible, the treasurer, and in such manner as from time to time shall be determined by
resolution of the board.
Section 5.4 Deposits. All funds of the corporation otherwise not
employed shall be deposited from time to time to the credit of the corporation in such
banks, trust companies, or other depositories as the board may select.
Section 5.5 Investment Managers. The board shall have the authority to
invest and reinvest the assets of the corporation and designate any bank, trust
company, brokerage firm, or investment advisor to manage the assets and the
investment of the assets of the corporation.
ARTICLE VI
MISCELLANEOUS
Section 6.6 Account Books, Minutes, Etc. The corporation shall keep
correct and complete books and records of account and shall keep minutes of the
proceedings of its board of directors and committees. All books and records of the
corporation may be inspected by any director, or that director's authorized agent or
attorney, for any proper purpose at any reasonable time.
Section 6.7 Fiscal Year. The fiscal year of the corporation shall be as
established by the board of directors.
Section 6.8 Conveyances and Encumbrances. Property of the
corporation may be assigned, conveyed or encumbered by such officers of the
corporation as may be authorized to do so by the board of directors, and such
authorized persons shall have power to execute and deliver any and all instruments of
assignment, conveyance and encumbrance; however, the sale, exchange, lease or
other disposition of all or substantially all of the property and assets of the corporation
shall be authorized only in the manner prescribed by applicable statute.
Section 6.9 Designated Contributions. The corporation may accept any
designated contribution, grant, bequest or devise consistent with its general tax -exempt
purposes, as set forth in the articles of incorporation. As so limited, donor -designated
contributions will be accepted for special funds, purposes or uses, and such
designations generally will be honored. However, the corporation shall reserve all right,
title and interest in and to and control of such contributions, as well as full discretion as
to the ultimate expenditure or distribution thereof in connection with any such special
fund, purpose or use. Further, the corporation shall acquire and retain sufficient control
over all donated funds (including designated contributions) to assure that such funds will
be used to carry out the corporation's tax-exempt purposes.
118
7
Section 6.10 Conflicting Interest Transactions.
(a) As used in this section, "Conflicting Interest Transaction"
means a contract, transaction, or other financial relationship between the corporation
and a director of the corporation, or between the corporation and a party related to a
director or between the corporation and an entity in which a director of the corporation is
a director or officer or has a financial interest.
(b) No loans shall be made by the corporation to its directors or
officers. Any director or officer who assents to or participates in the making of any such
loan shall be liable to the corporation for the amount of such loan until the repayment
thereof.
(c) No Conflicting Interest Transaction shall be void or voidable
or be enjoined, set aside, or give rise to an award of damages or other sanctions in a
proceeding in the right of the corporation, solely because the Conflicting Interest
Transaction involves a director of the corporation or a party related to a director or an
entity in which a director of the corporation is a director or officer or has a financial
interest or solely because the director is present at or participates in the meeting of the
corporation's board of directors or of the committee of the board of directors that
authorizes, approves, or ratifies the Conflicting Interest Transaction or solely because
the director's vote is counted for such purpose if:
(i) The material facts as to the director's relationship or
interest and as to the Conflicting Interest Transaction are disclosed or are known to the
board of directors or the committee, and the board of directors or committee in good
faith authorizes, approves, or ratifies the Conflicting Interest Transaction by the
affirmative vote of a majority of the disinterested directors, even though the
disinterested directors are less than a quorum; or
(ii) The Conflicting Interest Transaction is fair as to the
corporation.
(d) Common or interested directors may be counted in
determining the presence of a quorum at a meeting of the board of directors or of a
committee which authorizes, approves, or ratifies the Conflicting Interest Transaction.
(e) For purposes of this section, a party related to a director
shall mean a spouse, a descendent, an ancestor, a sibling, the spouse or descendent of
a sibling, an estate or trust in which the director or a party related to a director has a
beneficial interest, or an entity in which a party related to a director is a director, officer,
or has a financial interest.
(f) Notwithstanding any other provision of this Article VI, no
contract, transaction or financial relationship between the corporation and t he
employees of the Town of Vail, Colorado shall constitute a Conflicting Interest
Transaction.
119
8
Section 6.11 Non-Liability For Debts. The private property of the directors
and officers shall be exempt from execution or other liability for any debts of the
Corporation and no director shall be liable or responsible for the debts or liabilities of the
Corporation.
Section 6.12 Amendments. The power to alter, amend or repeal these
bylaws and adopt new bylaws shall be vested in the board of directors.
Section 6.13 Severability. The invalidity of any provision of these bylaws
shall not affect the other provisions hereof, and in such event these bylaws shall be
construed in all respects as if such invalid provision were omitted.
120
9
______________________________________
The undersigned hereby certifies that the foregoing Bylaws of Vail Home
Partners Corporation as adopted [______], 2025, are in full force and effect as of
[_____], 2025.
[SEAL]
__________________________________
Secretary
91674313.v3
121
RECORDING REQUEST BY AND,
FOLLOWING RECORDING,
RETURN TO:
Kimberley Crawford
Butler Snow LLP
1801 California Street,
Suite 5100
Denver, Colorado 80202
QUIT CLAIM DEED
The Town of Vail, Colorado, a Colorado municipal corporation (the “Grantor”),
whose street address is 75 South Frontage Road West, Vail, Colorado, for good and valuable
consideration, hereby does remise, release, sell and quit claim to Vail Home Partners
Corporation, a Colorado nonprofit corporation (the “Grantee”), whose street address is 75 South
Frontage Road West, Vail, Colorado, all right, title, interest, claim and demand which the
Grantor has in and to the real estate property, together with improvement s, situated, lying and
being in the Town of Vail, Colorado, to wit:
see Exhibit A attached hereto and incorporated herein by this reference
TO HAVE AND TO HOLD the same, together with all and singular the
appurtenances and privileges thereunto belonging, or in anywise thereunto appertaining, and
all the estate, right, title, interest and claim whatsoever, of the Grantor, either in law or in equity,
to the only proper use, benefit and behoof of the Grantee, his heirs and assigns forever. The
singular number shall include the plural, the plural the singular, and the use of any gender shall
be applicable to all genders.
IN WITNESS WHEREOF, the Grantor has caused this Quit Claim Deed to be
executed in its name and the seal of Grantor to be affixed hereto and attested by its duly
authorized officers, all as of the date first above written.
[SEAL] THE TOWN OF VAIL, COLORADO, a
Colorado home rule municipal corporation, as
Grantor
________________________________________
Travis Coggin, Mayor
ATTEST:
___________________________
Stephanie Kauffman, Town Clerk
122
STATE OF COLORADO )
) ss.
COUNTY OF EAGLE )
The foregoing instrument was acknowledged before me this _____ day of
__________, 2025 by Travis Coggin as Mayor and Stephanie Kauffman, as Town
Clerk, of Town of Vail, Colorado.
Witness my hand and official seal.
_____________________________________
Notary Public
123
EXHIBIT A
351 N FRONTAGE RD W. – West Middle Creek Apartment
[INSERT LEGAL]
92110910.v2
124
PROMISSORY NOTE
VAIL HOME PARTNERS CORPORATION LOAN
Principal amount: $[_____] [_____], 2025
VAIL HOME PARTNERS CORPORATION, a Colorado nonprofit corporation
(“Borrower”), unconditionally promises to pay to the order of THE TOWN OF VAIL,
COLORADO, a Colorado Home Rule municipal corporation (“Payee”), the principal
sum of $[_____], or so much as Payee has advanced under this Note, together with
interest at the annual rate of 0.00% interest. All unpaid principal shall remain
outstanding until fully paid and discharged.
Notwithstanding anything in this Note to the contrary, payments of principal are
not required under this Note except to the extent of available cash flow (as described
in Section 5.01 of the Mortgage and Indenture of Trust of Borrower and U.S. Bank
Trust Company, National Association, as Trustee (“Indenture”), authorizing the
issuance of the Borrower’s Housing Facilities Revenue Bonds, Series 2025 (the
“Senior Bonds”). This Note is junior and subordinate at all times to the Senior Bonds.
The Borrower may refinance, sell, or modify the Senior Bonds without the
consent of the Payee or any subsequent holder of this Note.
Borrower shall make all payments of principal on this Note to Payee at its offices
at of the Payee, 75 S. Frontage Road Road West, Vail, Colorado , or at another place
as Payee may designate to Borrower in writing.
Borrower may prepay this Note, either in whole or in part, at any time without
premium or penalty and without the prior consent of the Payee.
If Borrower fails to pay any amount due u nder this Note, and Payee takes any
action to collect the amount due, or if Payee brings any suit or proceeding for the
recovery or for protection of the indebtedness, then Borrower shall pay on demand all
reasonable costs and expenses of the suit or proceeding and any appeal including, but
not limited to, the fees and disbursements of Payee’s attorneys and their staff.
Borrower hereby waives presentment, notice of dishonor, and protest. Borrower
hereby assents to any extension of time with respect to any payment due under this
Note, to any substitution or release of collateral, and to the addition or release of any
party. No waiver of any payment or other right operates as a waiver of any other
payment or right.
If any provision in this Note is held invalid, illegal, or unenforceable, all other
provisions of this Note remain fully enforceable.
No delay or failure of the holder of this Note in the exercise of any right or
remedy is to be deemed a waiver of such right, and no exercise of any right or remedy
is to be deemed a waiver of any other right or remedy that the holder may have.
125
This Note is a nonrecourse obligation of Borrower.
The parties shall give all notices related to this Note in writing, by hand delivery,
overnight courier, or by certified or registered mail, return receipt requested, postage
prepaid, addressed as follows:
Borrower: Vail Home Partners Corporation
75 South Frontage Road West
Vail, Colorado 81657
Attention: Assistant Town Manager/President of the Borrower
With a copy to:
Winthrop & Weinstine, P.A.
225 South 6th Street, Suite 3500
Minneapolis, Minnesota 55402
Attn.: Jon L. Peterson, Esq.
Payee: The Town of Vail, Colorado
75 South Frontage Road West
Vail, Colorado 81657
Attention: Assistant Town Manager
Notices will be deemed effective when hand delivered, or one day after timely
delivery to an overnight courier for next day delivery to Borrower (as evidenced by a
receipt from the overnight courier), or three days after notice is deposited with the U.S.
Postal Service.
Borrower and all signers or endorsers hereby consent to venue and jurisdiction
in the District Court of Eagle County, Colorado and to service of process as permitted
under Colorado law in any action to enforce this Note.
The indebtedness evidenced by this Note loan (“Subordinate Loan”), this Note,
the the Loan Agreement, and all documents securing or evidencing this Subordinate
Loan are and shall be subject and subordinate to the right of payment in full of the
Bonds.
Payee will not assign this Note or any interest in it without consent of Borrower.
The laws of the State of Colorado govern this Note without regard to principles
of conflicts of laws.
126
Promissory Note Signature Page
The Borrower has executed this Promissory Note as of the day and year first written
above.
BORROWER
VAIL HOME PARTNERS CORPORATION
By:
Name: Kathleen Halloran
Title: President
92112361.v3
127
ARTICLES OF INCORPORATION
OF
VAIL HOME PARTNERS CORPORATION
The undersigned adult natural person, acting as incorporator, hereby
establishes a nonprofit corporation pursuant to the laws of the State of Colorado
governing nonprofit corporations and adopts the following articles of incorporation:
FIRST: Name. The name of the corporation is Vail Home Partners
Corporation.
SECOND: Principal Office. The address of the initial principal office of
the corporation shall be 75 South Frontage Road West, Vail, Colorado 81657, and may
be changed as deemed appropriate by the Board of Directors of the corporation.
THIRD: Duration. The corporation shall have perpetual existence.
FOURTH: Purposes.
(a) The corporation is organized and shall be operated
exclusively on behalf of and for the benefit and in furtherance of the purposes of the
Town of Vail, Colorado, and the inhabitants thereof. All moneys realized by the
corporation shall be used exclusively for the acquisition, operation, maintenance and
development of property used to provide decent, safe and sanitary housing at affordable
rental rates to individuals or families of employees within the Town or within Eagle
County, including payment of obligations of the corporation in connection therewith.
Any such property shall be located within the Town of Vail, Colorado , or have a
substantial connection therewith.
(b) The corporation is an independent nonprofit corporation that
(i) is separate and distinct from the Town, (ii) is not a district in its own right or part of a
district for purposes of Article X, Section 20 of the Colorado Constitution (“TABOR”) and
(iii) is a government owned business, authorized to issue its own revenue bonds that
does not receive 10% or more of its annual revenue in grants from the State of
Colorado or Colorado local governments and, accordingly, is an enterprise within the
meaning of subsection (2)(d) of TABOR.
(c) For purposes of federal income tax law, it is intended that
the corporation will be an instrumentality of the Town, that the activities of the
corporation will lessen the burden of government of the Town, that the income of the
corporation will be excluded from gross income and that interest on the revenue bonds
and other obligations of the corporation will (unless provided otherwise in the
documents governing the issuance thereof) be excluded from gross income.
128
FIFTH: Powers. In furtherance of the foregoing purposes and
objectives and subject to the restrictions set forth in Article SIXTH, the corporation shall
have and may exercise all of the powers now or hereafter conferred upon nonprofit
corporations organized under the laws of Colorado and may do everything necessary or
convenient for the accomplishment of any of the corporate purposes, either alone or in
connection with other organizations, entities or individuals, and either as principal or
agent, subject to such limitations as are or may be prescribed by law.
SIXTH: Restrictions on Powers.
(1) No dividend shall be paid by the corporation and no part of the
income or profit of the corporation shall be distributed to its directors or officers.
Notwithstanding the foregoing, the corporation may pay compensation in a reasonable
amount to its directors or officers for services rendered. No substantial part of the
activities of the corporation shall consist of carrying on propaganda or otherwise
attempting to influence legislation. The corporation shall not participate or intervene in
(including the publishing or distribution of statements) any political campaign on behalf
of or in opposition to any candidate for public office.
(2) The corporation at all times shall be one not organized for profit.
SEVENTH: Registered Office and Agent. The address of the initial
registered office of the corporation is 75 South Frontage Road West, Vail, Colorado
81657. The name of its initial registered agent at such office is Russell Forrest. The
consent of the initial registered agent to such appointment is being filed with the
Secretary of State in connection with these articles of incorporation.
Members. The corporation shall have no members, voting or nonvoting.
FIFTH: Capital Stock. The corporation shall have no capital stock.
SIXTH: (a) Board of Directors. The management of the affairs
of the corporation shall be vested in a Board of Directors, except as otherwise provided
in the laws of the State of Colorado governing nonprofit corporations, these articles of
incorporation or the bylaws of the corporation. The number of directors, their
classifications, if any, their terms of office and the manner of their election or
appointment shall be determined according to the bylaws of the corporation from time to
time in force.
(b) Liability of Directors. The personal liability of a director to
the corporation for monetary damages for any breach of fiduciary duty as a director is
limited to the fullest extent permitted by the laws of the State of Colorado, as the same
exist or may hereafter be amended, and as further provided in the bylaws of the
corporation. Any repeal or modification of this Article TENTH (b) shall be prospective
only and shall not adversely affect any right or protection of a director of the corporation
under this Article TENTH (b), as in effect immediately prior to such repeal or
modification, with respect to any liability that would have accrued, but for this Article
TENTH (b), prior to such repeal or modification.
129
(c) Initial Board. Five directors shall constitute the initial Board
of Directors. Their names are as follows:
Name
Kathleen Halloran (Town of Vail Deputy Town Manager)
Jason Dietz (Town of Vail Housing Director)
Carlie Smith (Town of Vail Finance Director)
Greg Hall (Town of Vail Public Works Director)
Christine Santucci (Vail Local Housing Authority member)
TWELFTH: Officers. The corporation shall have such officers as from
time to time may be prescribed by the bylaws. Their terms of office and manner of
designation or selection shall be determined in accordance with the bylaws then in
effect.
THIRTEENTH: Bylaws. The initial bylaws of the corporation shall be
as adopted by the Board of Directors. The Board of Directors shall have power to alter,
amend or repeal the bylaws from time to time in force and adopt new bylaws. The
bylaws of the corporation may contain any provisions for the regulation of management
of the affairs of the corporation that are not inconsistent with the law or these articles of
incorporation, as these articles may from time to time be amended. However, no bylaw
at any time in effect, and no amendment to these articles, shall have the effect of
proprietary interest in the corporation's property or assets, whether during the term of
the corporation's existence or as an incident to its dissolution.
FOURTEENTH: Changes in Articles of Incorporation- The Board shall
have the right from time to time on the vote of a majority of the directors in office, and
not otherwise, to dissolve the Corporation or to amend, alter, change, or repeal any
provision contained in these Articles of Incorporation in the manner now or
subsequently prescribed by statute except that no such amendment, alteration, change,
or repeal shall be made which shall:
(a) Permit the use, application, or disbursement of any of the principal or
income of the corporate property for any purpose other than those expressly provided
for in these articles of incorporation, or other than exclusively for charitable or
educational purposes.
(b) Permit the principal or income of any bequest, devise, grant, gift, or
contribution to the corporation to be used contrary to the conditions, limitations, or
restrictions contained in any such bequest, devise, grant, gift, or contribution.
FIFTEENTH: Indemnification of Directors, Officers, Employees and
Agents. The corporation shall indemnify its directors, officers, employees and agents
to the fullest extent allowed by law, except that such indemnification shall not be
available for:
(a) Any breach of such person’s duty of loyalty to the corporation;
130
(b) Acts or omissions not in good faith or that involve intentional
misconduct or a knowing violation of law;
(c) A transaction from which such person directly or indirectly received
an improper personal benefit, whether or not the benefit resulted from an action taken
within the scope of such person’s position with the corporation; or
(d) An act or omission for which the liability of a person in such a
position is expressly provided for by Colorado statute.
SIXTEENTH: Dissolution. All property of the corporation shall be owned
for the benefit of the Town of Vail, Colorado. Upon dissolution of the corporation, all
property of the corporation remaining after payment of or provision for all of its liabilities
shall be paid over or transferred to the Town of Vail, Colorado. This limitation shall not
restrict the ability of the corporation to pledge its property to secure the payment of its
obligations.
SEVENTEENTH: Incorporator. The name and address of the
incorporator is Russell Forrest Town of Vail, 75 South Frontage Road West, Vail,
Colorado 81657.
EIGHTEENTH: Filing Agent. The name and address of the individual who
causes these articles of incorporation to be filed and to whom the Colorado Secretary of
State may deliver notice if filing of this document is refused is Russell Forrest, Town of
Vail, 75 South Frontage Road West, Vail, Colorado 81657.
Causing a document to be delivered to the Secretary of State for filing shall constitute
the affirmation or acknowledgment of each individual causing such delivery, under
penalties of perjury, that the document is the individual's act and deed or the act and
deed of the entity on whose behalf the individual is causing the document to be
delivered for filing and that the facts stated in the document are true.
Dated: Russell Forrest, Incorporator
131
CONSENT OF REGISTERED AGENT
The undersigned hereby consents to his appointment as initial registered
agent for Vail Home Partners Corporation.
Dated:
Russell Forrest, Registered Agent
ACKNOWLEDGMENT
STATE OF COLORADO )
) ss.
COUNTY OF EAGLE )
Acknowledged before me this ___ day of _______, 2025 by
________________, as incorporator and registered agent.
Witness my hand and official seal.
My commission expires
(SEAL)
__________________________________
Notary Public
91674312.v4
132
AGENDA ITEM NO. 5.1
Item Cover Page
DATE:February 4, 2025
SUBMITTED BY:Greg Roy, Community Development
ITEM TYPE:DRB/PEC Update
AGENDA SECTION:DRB/PEC (3:45pm)
SUBJECT:DRB/PEC Update (5 min.)
SUGGESTED ACTION:
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
PEC Results 1-27-25
133
Planning and Environmental Commission Minutes
Monday, January 27, 2025
1:00 PM
Vail Town Council Chambers
Present: David N Tucker
William A Jensen
Robert N Lipnick
John Rediker
Brad Hagedorn
Robyn Smith
Absent: Scott P McBride
1. Virtual Link
Register to attend the Planning and Environmental Commission meeting. Once registered,
you will receive a confirmation email containing information about joining this webinar.
2. Call to Order
3. Main Agenda
3.1 A request for a review of a variance from Section 12-6G-6, Setbacks, Vail Town Code,
pursuant to Chapter 12-17, Variances, Vail Town Code, to allow for an addition within
the side and rear setback, located at 4264 Columbine Way 12, Unit 12, Bighorn
Terrace, and setting forth details in regard thereto (PEC24-0052).
Planner: Jamie Leaman-Miller
Applicant Name: James & Jacqueline Iberlin, represented by Alicia Davis Architect PC
PEC24-0052 Staff Memo.pdf
Attachment A. Vicinity Map.pdf
PEC24-0052 Narrative & Documents.pdf
PEC24-0052 Planset.pdf
Timestamp: 00:00:28
Planner Leaman-Miller gives a presentation on the application. The presentation covers both halves
of the duplex. The two applications are associated. One variance for one side and the other for the
other half of the duplex. The first application is for east unit.
The duplex is legal non-conforming as it was built in Eagle County jurisdiction and annexed into the
town. The majority of the lots in the subdivision have received variances, including variances for
setbacks. The lots are undersized for the MDMF zoning. Parking is also non-conforming as they
have parking in the front setback, which is not permitted in this district.
Leaman-Miller goes over the structure and the way the building does not comply with the setbacks.
Rediker asks a clarifying question on a slide in the presentation.
Leaman-Miller answers the question and proceeds with the presentation.
Planning and Environmental Commission Meeting Minutes of January 27, 2025
1
134
Bob Essin, the owner clarifies that the shed is in place in the front and he wants to expand the front
of the shed to align with the façade of the proposed addition on the east.
Smith asks if this is rebuilding the deck in the same place or an expansion?
Leaman- Miller says that it is existing and is going to be rebuilt in the same place. General
maintenance can take place but rebuilding is what requires a variance. Continues with presentation.
Hagedorn asks about the parking and that it is done from the rear, not from bighorn. From an alley.
Leaman-Miller confirms. Goes over criteria for approval of a variance. Staff is recommending approval
of the variance.
Smith asks about neighbor permission.
Leaman-Miller says both halves approve of each other’s variance request. Neighbors were notified
per Town Code.
Alicia Davis, representing the applicant, gives a presentation on the request. She refers to the
uniqueness of the area. Talks about the proposed addition and other portions of the remodel.
Rediker asks if the roof will be extended on west side?
Davis confirms that the upper deck in the front will be removed and a roof added.
Hagedorn asks how close they are to neighbors.
Davis notes that the existing structure is approximately 4-5 feet from the neighbors.
Leaman-Miller adds that the neighbor had a variance in the past to get close to that property line.
Rediker asks if that is one of the 24 variances already approved.
Leaman-Miller confirms.
Rediker asks to see the plans in the presentation. It’s a nine-foot separation requested on the east
side. Asks how close on the west side.
Davis, approximately two feet.
Rediker asks if the back property line setback is being increased.
Davis, it will be added to, but the distance from the lot line will actually be greater than the
existing distance.
Discussion around the front setback and parking ensues.
Smith asks a question around which setbacks are being requested for each application.
Planner Leaman-Miller clarifies.
Tucker asks about the short wall towards the front and east side.
Davis notes it’s a couple feet closer, and couldn’t do more because of required landscaping standards.
Rediker asks what the narrowest part of the setback on the west? Is it the same as existing?
Davis said the closest part is probably a couple feet, but that is all existing and proposed to be the same
Planning and Environmental Commission Meeting Minutes of January 27, 2025
2
135
as existing.
Smith asks for clarification.
Davis notes the storage is increasing but the footprint of the deck is remaining the same. Goes over
the storage area, the new roof and the deck and how it all fits into the application.
Jensen understands the roof and storage. What is the entry on the east?
Davis says that is a new entry that is within the setback and not part of the variance.
Smith asks about the replacement of the deck and if the building and fire code would supersede
this variance.
Planner Roy confirms they will also have to meet building and fire code.
Davis understands that they will have to meet fire and building code.
Tucker asks if they’ll need foundation for the storage and entry.
Davis says they will have to do foundation for the additions.
No further questions.
Opens public comment. No attendees in the room and no hands were raised online. Public comment
is closed.
Rediker opens the floor for commissioner comments.
Rediker notes that there were 24 variances in this neighborhood and speaks to the uniqueness of
the neighborhood. Adjoining properties have developed close to the property lines and where the
closest building is located to the west, there is no request to build closer to that building. Only to
rebuild at existing setback. Plans are sensitive to the neighboring properties.
Hagedorn believes this is meeting the required criteria for a variance. It is a unique circumstance and
moving the retaining wall back will improve parking. Advises applicant to meet with the building official.
Jensen notes the previous variances and how this solves issues for both halves of this duplex.
Smith mentions how this is increasing a non-conformity and doesn’t seem to be in line with what has
been done in the past. However, the uniqueness of the lot and the subdivision as it applies to MDMF
means that the district rules doesn’t fit well. Believes it meets the criteria. Relief is the norm and not
the exception in this area. Zoning standards should be provided for this area so they can develop
into the future without needing a variance.
Lipnick believes the review criteria are met. Agrees with commissioner Jensen on the need for
variances for this neighborhood. Supports the application.
Tucker believes this will fit well in the neighborhood. Appreciates the applicant’s presentation and
how they got the building to fit into the architecture of the area.
Robyn Smith made a motion to Approve with condition and findings on pages 10 and 11; Brad
Hagedorn seconded the motion Passed (6 - 0).
3.2
A request for a review of a variance from Section 12-6G-6, Setbacks, Vail Town Code,
Planning and Environmental Commission Meeting Minutes of January 27, 2025
3
136
pursuant to Chapter 12 -17, Variances, Vail Town Code, to rebuild a deck within the
front, side, and rear setback, and for an addition within the side setback, located at
4264 Columbine Way 11, Unit 11, Bighorn Terrace, and setting forth details in regard
thereto (PEC24-0055).
Planner: Jamie Leaman-Miller
Applicant Name: William Robert Essin, represented by Alicia Davis Architect PC
PEC24-0055 Staff Memo.pdf
Attachment A. Vicinity Map.pdf
PEC24-0055 Narrative & Documents.pdf
PEC24-0055 Planset.pdf
Chairman Rediker opens the item. No further from the applicant or staff.
Public comment opened. No attendance in the room. No attendance online. Public comment closed.
Smith adds that this is being approved because it does not exacerbate a nonconforming condition.
Robert N Lipnick made a motion to Approve with the condition and findings on pages 9 and 10;
Robyn Smith seconded the motion Passed (6 - 0).
4. Approval of Minutes
4.1 PEC Results 1-13-25
PEC_Results_1-13-25.pdf
Brad Hagedorn made a motion to Approve ; Robyn Smith seconded the motion Passed (6 - 0).
5. Information Update
Planner Roy informs the PEC of a joint Town Council and PEC meeting scheduled for the Feb.
18th Town Council Meeting in the afternoon. The main topic for discussion is the PEC's
recommendation process. Rediker asks members for other topics. Commissioner Smith wants
to add SDD process reform and GRFA revisions, looking at amnesty program for illegal
basements and redoing the calculation methods to not encourage mass excavation.
Planner Roy also notifies that terms for PEC members Smith, Hagedorn, and McBride are
coming up at the end of March. Applications for the positions will open up in a few weeks.
6. Adjournment
Robyn Smith made a motion to Adjourn ; Brad Hagedorn seconded the motion Passed (6 - 0).
Planning and Environmental Commission Meeting Minutes of January 27, 2025
4
137
AGENDA ITEM NO. 6.1
Item Cover Page
DATE:February 4, 2025
SUBMITTED BY:Missy Johnson, Housing
ITEM TYPE:Information Update
AGENDA SECTION:Information Update (3:50pm)
SUBJECT:January 14, 2025 VLHA Meeting Minutes
SUGGESTED ACTION:
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
2025-1-14 VLHA Minutes
138
Vail Local Housing Authority Minutes
Tuesday, January 14, 2025
3:00 PM
Vail Town Council Chambers and virtually by Zoom
PRESENT ABSENT
Steve Lindstrom
Kristin Kenny Williams
Craig Denton
Dan Godec
Christine Santucci
STAFF
Jason Dietz, Housing Director
Martha Anderson, Senior Housing Coordinator
Missy Johnson, Housing Coordinator
1. Call to Order (3:00pm)
Call to order at 3:01 p.m.
2. Citizen Participation (5
min.) No comments.
3. Approval of Minutes (5 min.)
3.1 Approval of December 10, 2024 Minutes
Presenter(s): Missy Johnson
2024-12-10 VLHA Minutes.pdf
MOTION: Williams SECOND: Santucci PASSED: 5 - 0
Williams moved to exit regular session and move into executive session at 3:03 p.m.
MOTION: Williams SECOND: Godec PASSED: 5 - 0
4. Executive Session (35 min.)
Executive Session pursuant to:
C.R.S. §24-6-402(4)(a) - to consider the purchase, acquisition, lease, transfer or sale of any real,
personal or other property interest, §24-6-402(4)(e) to determine positions relative to matters that
may be subject to negotiations, develop a strategy for negotiations and instruct negotiators and on
the topic of Timber Ridge Village Employee Housing Units Deed Restriction Credit Program.
C.R.S. §24-6-402(4)(e), Determining positions relative to matters that may be subject to
negotiations, developing strategy for negotiations, and instructing negotiators relevant to
Future Housing Projects.
Kristin Kenny Williams made a motion to Approve Exited Executive Session and re-
entered regular session at 4:16 p.m.
5. Any Action as a Result of Executive Session
Williams directed staff to move forward as discussed during executive
session.
139
MOTION: Williams SECOND: Denton PASSED: 5 - 0
6. Matters from the Chairman and Authority Members (5 min.)
Dietz provided an update regarding the Short-Term Rental (STR) annual license fees based
on the recent first reading at Town Council. The council agreed to adding an annual fee of
$1,200 per bedroom, annually, and to change the registration from February to June. That
fee would generate just over $8M applicable to housing and conversation ensued around the
regulations and tracking of the program which is monitored through the finance department.
The Authority supports passing of the changes presented in preparation for the second
reading based on consensus.
CDOT East Vail has not closed but it is scheduled to close at the end of the month.
Lindstrom and Deitz provided an update regarding the LPC Grant. An executed agreement
has been completed with Mauriello Planning Group (MPG) to streamline workforce housing
applications in effort to tighten up the entitlement process. Additional initiatives involve
updates to residential linkage, commercial linkage and inclusionary zoning, all in aiming to
fulfill Prop 123 initiatives.
Housing staff is seeking a new program for EHU compliance to better streamline the process
for both staff and EHU owners.
Lindstrom suggested investigating the use of EHU mitigation bank and how it is tracked by other
communities, such as Aspen.
A Development Specialists/Planner position within the Housing Department will be posted
sometime soon.
Wiliams provided an update regarding the VLHA website, Authority emails, and next steps.
The Authority members have been reaching out to the County Commissioners. Lindstrom has
been attending quarterly meetings with County and the County Commissioners also attend
those meetings.
The Authority could still provide a memo to Senator Dylan Roberts and the Authority has the
opportunity to continue to be in front commissioners with the ways that resort communities
vary from urban areas and the AMI structure is significantly different. The Authority agrees
that any touch points or connections are valuable and worth continued communication.
The Housing Needs Assessment study is getting dangerously close to completion which
should help with the future application towards Prop 123 funding for mountain communities.
7. Adjournment 4:45 pm (estimate)
8. Next Meeting Date (January 28, 2025)
140
AGENDA ITEM NO. 6.2
Item Cover Page
DATE:February 4, 2025
SUBMITTED BY:Jake Shipe
ITEM TYPE:Information Update
AGENDA SECTION:Information Update (3:50pm)
SUBJECT:January 2025 Revenue Update
SUGGESTED ACTION:
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
250204 Revenue Update
141
1
TOWN OF VAIL
REVENUE UPDATE
February 4, 2025
4.0% General Sales Tax
Upon receipt of all sales tax returns, December 2024 collections are estimated to
be $5,773,478, up 1.4% from 2023 and up 10.4% from the budget.
2024 YTD collections of $42,141,470 are up 0.6% from 2023 and up 3.2% from
the budget. Inflation as measured by the consumer price index was up 2.9% for
the 12-months ending December 2024. The annual budget totals $40.85 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, December 2024 collections of the 0.5%
housing sales tax are estimated to be $694,562, up 1% from 2023 and up 9.6%
from the budget. 2024 YTD collections of $5,103,142 are up 0.5% from 2023 and
up 3.1% from the budget. The annual budget for the housing fund sales tax totals
$4.95 million.
Real Estate Transfer Tax (RETT)
RETT collections through December 31 total $9,350,560, up 17% from 2023. The
number of property sales (excluding time-shares) is tracking up 5.7% from 2023,
while the average collection is tracking up 10.2%. Several high-dollar residential
property sales during 2024 increased the town’s average RETT collection. The
amended budget for RETT collections totals $8,212,318.
Construction Use Tax
Use Tax collections through December 31 total $3,074,696 compared to
$2,532,881 in 2023. The amended budget totals $3,118,670.
Lift Tax
Year to date lift tax collections through December 31 total $6,745,551, up 3.2% or
$209,117 from 2023. The amended budget totals $7,014,135.
Daily Parking Sales
Daily sales from the parking structures from November through January 26th total
approximately $2,819,996, down (2.5)% from time last year. This amount includes
daily fees charged to the parking pass holders.
Parking Pass Sales
Parking pass sale revenue through January 26th for the 2024/2025 winter season
totals $1,227,894, up 7.5% or $85,438 from this time last year. In order to provide
a better customer service experience while staff explored a new pass sales
system, the annual fees for the Eagle County Local and Vail Local passes and
were automatically renewed for the 2023/2024 winter season. A total of 4,354
passes have been sold this season compared to the 4,168 passes purchased and
utilized to date during the prior winter season. Had the town not waived fees for
local and passes, pass sales would be up $28,500 or 0.2% from the prior year.
142
2
*2023/24 Season figures represent November 2023 through January 2024.
Summary
Across all funds and excluding one-time grants and reimbursements, year-to-date
total revenue of $100.0 million is up 2.9% from the proposed amended budget and
up 7.2% from prior year. The majority of the positive variance compared to the prior
year is due to increased property tax collections, real estate transfer tax
collections, interest earnings, construction use tax collections, and ski lift tax
collections.
Pass Type
2024/25
Season
Sales
2023/24
Season
Sales*
2023/24 Auto-
Renewed
Passes
Utilized*
Total 2023/24
Pass
Sales/Utilized*
Change
from
prior
season
Premier 20 25 - 25 (5)
Vail Village Business Premier 69 60 - 60 9
Lionshead Business Premier 7 3 - 3 4
Employee 481 418 - 418 63
Employee Plus 329 351 - 351 (22)
Eagle County Local* 1,833 373 1,288 1,661 172
Vail Local* 1,615 336 1,314 1,650 (35)
Total 4,354 1,566 2,602 4,168 186
143
2024 Budget % change % change
2019 2020 2021 Budget Variance from 2023 from Budget
January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,805,176$ 17,806$ -1.80%0.31%
February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,108 5,914,315 6,079,487 165,172 0.64%2.79%
March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,412,513 376,836 5.89%6.24%
April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,842,871 (415,927) -18.63%-18.41%
May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,176,599 64,680 5.24%5.82%
June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 2,356,739 91,635 3.71%4.05%
July 2,480,292 2,084,644 3,491,668 3,507,973 3,412,277 3,399,024 3,643,148 244,124 6.77%7.18%
August 2,237,050 2,138,838 2,877,550 2,997,389 2,932,111 2,920,600 3,051,775 131,175 4.08%4.49%
September 1,600,100 1,767,393 2,359,528 2,441,331 2,508,064 2,495,143 2,411,391 (83,752) -3.85%-3.36%
October 1,165,176 1,371,727 1,734,964 1,729,558 1,773,358 1,652,467 1,747,536 95,069 -1.46%5.75%
November 1,260,314 1,425,461 1,880,397 1,902,643 1,901,141 1,779,167 1,840,755 61,588 -3.18%3.46%
December 4,237,178 3,625,189 5,749,365 5,602,018 5,691,428 5,230,416 5,773,478 543,062 1.44%10.38%
Total 29,250,698$ 24,973,411$ 34,534,683$ 40,776,882$ 41,882,411$ 40,850,000$ 42,141,470$ 1,291,470$ 0.62%3.16%
2022 2023 2024 Budget % change % change
Collections Collections Budget Variance from 2023 from Budget
January 645,487$ 720,906$ 700,920$ 705,164$ 4,244$ -2.18%0.61%
February 702,730 736,788 716,760 741,547 24,787 0.65%3.46%
March 719,717 738,244 731,610 783,121 51,511 6.08%7.04%
April 269,018 271,930 273,735 222,029 (51,706) -18.35%-18.89%
May 146,657 132,333 134,640 139,789 5,149 5.63%3.82%
June 280,460 275,113 274,230 284,482 10,252 3.41%3.74%
July 424,602 412,849 411,840 439,137 27,297 6.37%6.63%
August 361,165 352,887 353,925 369,158 15,233 4.61%4.30%
September 294,861 304,068 302,445 292,349 (10,096) -3.85%-3.34%
October 207,397 213,568 200,475 209,628 9,153 -1.84%4.57%
November 230,383 229,092 215,820 222,177 6,357 -3.02%2.95%
December 671,982 687,985 633,600 694,562 60,962 0.96%9.62%
Total 4,954,459$ 5,075,763$ 4,950,000$ 5,103,142$ 153,142$ 0.54%3.09%
0.5% Collected
Sales Tax
0.5% HOUSING SALES TAX
2024 Budget Comparison
Actual 4.0% Collections 4.0% Collected
Sales Tax20222023
Town of Vail Revenue Update
February 4, 2025
4.0% GENERAL SALES TAX2024 Budget Comparison
144
Town of Vail Revenue Update
YTD 4% General Sales Tax Collections By Year
February 4, 2025
Through December 31
December 4% General Sales Tax Collections By Year
Through December 31
•December collections of $5,773,478 are up 1.4% from prior year and are up 10.4% from the
$3,625,189
$5,749,365
$5,602,018
$5,691,428
$5,773,478
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000
2020
2021
2022
2023
2024
$24,973,411
$34,534,683
$40,776,882
$41,882,411
$42,141,470
$0 $10,000,000 $20,000,000 $30,000,000 $40,000,000
2020
2021
2022
2023
2024
•YTD collections of $42,141,470 are up 0.6% from prior year and are up 3.2% from the budget.
•Inflation as measured by the consumer price index was up 2.9% for the 12-months ending
December 2024.
145
Town of Vail Revenue Update
February 4, 2025
December 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through December 2024
December Collections YTD Collections
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2024
collections are up 17% from the prior year.
$10,448,525
$13,371,555
$9,603,456
$7,994,852
$9,350,560
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
2020 2021 2022 2023 2024
Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million
•December collections of $694,562 are up 1.0% from prior year and are up 9.6% from the
budget. YTD collections of $5,103,142 are up 0.5% from this time last year and are up 3.1%
from the budget.
$671,982 $687,985 $694,562
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
2022 2023 2024
$4,954,459 $5,075,763 $5,103,142
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
2022 2023 2024
146
Town of Vail Revenue Update
February 4, 2025
Construction Use Tax by Year
YTD Through December 2024
YTD Lift Tax Collections
YTD Through December 2024
•Use Tax collections through December 31 total $3,074,696, compared to $2,532,881 from this
time last year. This is an increase of 21.4%.
$2,078,577
$3,682,745
$2,189,830
$2,532,881
$3,074,696
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2020 2021 2022 2023 2024
•2024 YTD lift tax collections of $6,745,551 are up 3.2% or $209,117 from the same time last
year.
$4,095,812
$5,518,890
$6,473,618
$6,536,433
$6,745,551
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000
2020
2021
2022
2023
2024
147
Vail Business Review
December 2024
February 4, 2025
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
December and the year. The 4.5% sales tax includes the town’s general 4% sales tax
and the 0.5% housing sales tax supported by Town of Vail voters during the November
2021 election, effective January 1, 2022. The housing sales tax sunsets on December
31, 2051.
December 4.5% sales tax was up 0.4% from the prior year. Retail decreased (1.2)%,
lodging increased 2.3%, food and beverage increased 1.6%, and utilities/other
decreased (7.8)%. Excluding the out-of-town category, sales tax for the month of
December was down (0.7)% compared to prior year.
The year’s 4.5% sales tax was up 0.6% from the prior year. Retail decreased (1.0)%,
lodging increased 1.8%, food and beverage increased 3.3%, and utilities/other
decreased (7.3)%. Excluding the out-of-town category, sales tax for the year was up
1.4% compared to prior year.
Town of Vail sales tax forms, the Vail Business Review, and sales tax worksheets are
available on the internet at vail.gov. You may email me to request to have the Vail
Business Review and the sales tax worksheet emailed to you automatically.
Please remember when reading the Vail Business Review that it is produced from sales
tax collections as opposed to actual gross sales.
If you have any questions or comments, please feel free to call me at (970) 479-2125 or
Carlie Smith, Finance Director, at (970) 479-2119.
Sincerely,
Lauren Noll
Revenue Manager
148
Town of Vail Business Review
December Sales Tax Collections by Year
December 2024 Sales Tax
December 2023
Sales Tax Collections by Business Type
December 2024
Retail
2,334,631
Lodging
2,653,472
Food &
Beverage
1,196,196
Utilities &
Other
283,691
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
U$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000$900,000U$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000
3,677,570
5,850,891
6,391,345
6,443,056
6,467,990
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2020
2021
2022
2023
2024
General Sales Tax
Housing Sales Tax
• December 2024 retail sales decreased (1.2)%, lodging increased 2.3%, food and beverage
increased 1.6%, and utilities and other decreased (7.8)%.
• The figures above reflect 4.5% sales tax.
Retail
2,363,130
Lodging
2,594,683
Food &
Beverage
1,177,510 Utilities &
Other
307,732
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
(1.2)%
• This report represents collections of Town of Vail sales tax, as opposed to actual gross sales.
• On January 1st, 2022, Town of Vail sales tax increased from 4.0% to 4.5% on all items except food for
home consumption. 2022, 2023, and 2024 above include the 0.5% increase to sales tax, depicted
in light blue. Prior years show 4.0% sales tax collections.
• Total December 2023 collections were $6,443,056; December 2024 collections were $6,467,990, up
0.4% from the prior year.
2.3%1.6%(7.8)%
149
Town of Vail Business Review
December 2023December 2024
Geographic Area Trends by Year
December Sales Tax
Sales Tax by Location
December 2024 Sales Tax
Other Areas
14%
Lionshead
16%
Out of
Town
24%
Vail Village
46%
• Vail Village sales tax decreased (1.1)%, Lionshead decreased (1.0)%, Other Areas increased 0.7%, and
Out of Town increased 3.9%. Excluding Out of Town collections, all areas were down (0.7)%.
• The figures above reflect 4.5% sales tax.
582,344
822,054
606,808
1,039,135
955,044
1,501,616
1,533,374
2,488,086
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000
2020
2021
2022
2023
2024
Vail Village
Out of Town
Lionshead
Other Areas
1,083,351
864,589
• This chart shows December sales tax collections by geographic area over time.
• 2022, 2023, and 2024 include the 0.5% increase for housing sales tax, depicted in lighter
shades. General 4.0% sales tax collections are shown in darker shades.
906,013
1,049,515 1,556,846
2,930,681
2,898,559
1,039,373
1,618,099
911,960
Other Areas
14%
Lionshead
16%
Out of
Town
25%
Vail Village
45%
2,805,529
1,637,876
150
Accommodation Services Sales Tax by Year
Retail Business 4.5% Sales Tax Detail
December 2024 Sales Tax
Town of Vail Business Review
Apparel
$495,088
Grocery
$332,376
Gallery
$6,867
Gifts
$15,513
Jewelry
$97,522Retail Liquor
$83,168
Retail Other
$522,622
Sporting Goods
$626,461
Online Retailers
$154,808
Retail Home
Occupation
$206
• December 2024 accommodations services increased 2.3% from the prior year. Short-term rentals increased
3.6% and hotels and lodges increased 1.8%.
• The figures above reflect 4.5% sales tax.
• Short-term rental sales tax collection numbers include online marketplace facilitators like Airbnb and VRBO.
Revenue collections from facilitators may include some hotels and lodges.
1,810,732
705,074
1,870,052
724,631
1,903,047
750,426
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
Hotel and Lodges
Short-Term Rentals
2024 2023 2022
151
Cascade Village / East Vail / Sandstone / West Vail
Retail 346,279 364,347 ‐4.96%
Lodging 449,981 431,836 4.20%
F & B 108,967 100,483 8.44%
Other 6,733 9,346 ‐27.96%
Total 911,960 906,013 0.66%
Lionshead
Retail 305,148 325,426 ‐6.23%
Lodging 532,852 519,835 2.50%
F & B 197,206 197,531 ‐0.16%
Other 4,166 6,723 ‐38.04%
Total 1,039,373 1,049,515 ‐0.97%
Out of Town
Retail 598,701 548,348 9.18%
Lodging 779,559 748,517 4.15%
F & B 1,263 2,425 ‐47.89%
Other 238,576 257,556 ‐7.37%
Total 1,618,099 1,556,846 3.93%
Vail Village
Retail 1,084,502 1,125,008 ‐3.60%
Lodging 891,080 894,494 ‐0.38%
F & B 888,759 877,071 1.33%
Other 34,217 34,107 0.32%
Total 2,898,559 2,930,681 ‐1.10%
Total ‐ All Areas
Retail 2,334,631 2,363,130 ‐1.21%
Lodging 2,653,472 2,594,683 2.27%
F & B 1,196,196 1,177,510 1.59%
Other 283,691 307,732 ‐7.81%
Total 6,467,990 6,443,056 0.39%
Retail Summary
Retail Apparel 495,088 519,393 ‐4.68%
Retail Food 332,376 325,112 2.23%
Retail Gallery 6,867 9,918 ‐30.76%
Retail Gift 15,513 11,488 35.03%
Retail Home Occupation 206 160 29.10%
Retail Jewelry 97,522 133,993 ‐27.22%
Retail Liquor 83,168 91,555 ‐9.16%
Retail Other 522,622 435,005 20.14%
Retail Sport 626,461 685,927 ‐8.67%
Retail Online Retailer 154,808 150,578 2.81%
Total 2,334,631 2,363,130 ‐1.21%
Town of Vail Business Review
December 4.5% Sales Tax
2024 Collections 2023 Collections YoY % Change
152
Town of Vail Business Review
Sales Tax Collections by Year
2024 Sales Tax
2023
Sales Tax Collections by Business Type
2024
Retail
16,183,308
Lodging
17,887,629
Food &
Beverage
10,412,470
Utilities &
Other
2,761,389
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000
25,019,974
34,651,544
45,846,448
46,978,912
47,244,795
$0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000
2020
2021
2022
2023
2024
General Sales Tax
Housing Sales Tax
• 2024 retail sales decreased (1.0)%, lodging increased 1.8%, food and beverage increased 3.3%,
and utilities and other decreased (7.3)%.
• The figures above reflect 4.5% sales tax.
Retail
16,339,488
Lodging
17,580,090
Food &
Beverage
10,081,788
Utilities &
Other
2,977,547
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
(1.0)%
• This report represents collections of Town of Vail sales tax, as opposed to actual gross sales.
• On January 1st, 2022, Town of Vail sales tax increased from 4.0% to 4.5% on all items except food for
home consumption. 2022, 2023, and 2024 above include the 0.5% increase to sales tax, depicted
in light blue. Prior years show 4.0% sales tax collections.
• Total 2023 collections were $46,978,912; total 2024 collections were $47,244,795, up 0.6% from the
prior year.
1.8% 3.3%
(7.3)%
153
Town of Vail Business Review
20232024
Geographic Area Trends by Year
Annual Sales Tax
Sales Tax by Location
2024 Sales Tax
Other Areas
14%
Lionshead
16%
Out of
Town
27%
Vail Village
43%
• Vail Village sales tax decreased (0.2)%, Lionshead increased 3.0%, Other Areas increased 4.7%, and Out
of Town decreased (1.8)%. Excluding Out of Town collections, all areas were up 1.4%.
• The figures above reflect 4.5% sales tax.
4,184,477
5,017,899
4,472,456
5,202,521
5,056,639
9,688,762
11,306,402
14,742,362
$0 $4,000,000 $8,000,000 $12,000,000 $16,000,000 $20,000,000
2020
2021
2022
2023
2024
Vail Village
Out of Town
Lionshead
Other Areas
19,762,671
12,155,982
7,247,051
6,680,744
• This chart shows annual sales tax collections by geographic area over time.
• 2022, 2023, and 2024 include the 0.5% increase for housing sales tax, depicted in lighter
shades. General 4.0% sales tax collections are shown in darker shades.
6,649,147
7,447,658 12,449,109
20,432,998
20,385,375
7,668,442 12,229,938
6,961,040
Other Areas
15%
Lionshead
16%
Out of
Town
26%
Vail Village
43%
154
Retail Business 4.5% Sales Tax Detail
2024 Sales Tax
Town of Vail Business Review
Accommodation Services Sales Tax by Year
Apparel
$3,392,520
Grocery
$2,430,597
Gallery
$153,880
Gifts
$76,964
Jewelry
$558,234Retail Liquor
$658,781
Retail Other
$4,306,892
Sporting Goods
$3,364,387
Online Retailers
$1,237,578
Retail Home
Occupation
$3,474
• 2024 accommodations services increased 1.8% from the prior year. Short-term rentals decreased (0.8)% and
hotels and lodges increased 2.9%.
• The figures above reflect 4.5% sales tax.
• Short-term rental sales tax collection numbers include online marketplace facilitators like Airbnb and VRBO.
Revenue collections from facilitators may include some hotels and lodges.
12,151,200
5,241,093
12,121,664
5,458,426
12,474,752
5,412,877
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000
Hotel and Lodges
Short-Term Rentals
2024 2023 2022
155
Cascade Village / East Vail / Sandstone / West Vail
Retail 2,522,435 2,514,127 0.33%
Lodging 3,069,521 2,929,455 4.78%
F & B 1,289,239 1,089,494 18.33%
Other 79,846 116,071 ‐31.21%
Total 6,961,040 6,649,147 4.69%
Lionshead
Retail 1,803,641 1,837,352 ‐1.83%
Lodging 3,759,522 3,609,377 4.16%
F & B 1,961,917 1,856,319 5.69%
Other 143,362 144,610 ‐0.86%
Total 7,668,442 7,447,658 2.96%
Out of Town
Retail 4,985,372 5,033,654 ‐0.96%
Lodging 4,926,856 4,891,400 0.72%
F & B 21,058 25,930 ‐18.79%
Other 2,296,651 2,498,126 ‐8.07%
Total 12,229,938 12,449,109 ‐1.76%
Vail Village
Retail 6,871,860 6,954,355 ‐1.19%
Lodging 6,131,730 6,149,858 ‐0.29%
F & B 7,140,256 7,110,046 0.42%
Other 241,529 218,739 10.42%
Total 20,385,375 20,432,998 ‐0.23%
Total ‐ All Areas
Retail 16,183,308 16,339,488 ‐0.96%
Lodging 17,887,629 17,580,090 1.75%
F & B 10,412,470 10,081,788 3.28%
Other 2,761,389 2,977,547 ‐7.26%
Total 47,244,795 46,978,912 0.57%
Retail Summary
Retail Apparel 3,392,520 3,375,668 0.50%
Retail Food 2,430,597 2,322,781 4.64%
Retail Gallery 153,880 235,691 ‐34.71%
Retail Gift 76,964 77,604 ‐0.82%
Retail Home Occupation 3,474 2,743 26.64%
Retail Jewelry 558,234 698,951 ‐20.13%
Retail Liquor 658,781 692,743 ‐4.90%
Retail Other 4,306,892 4,395,697 ‐2.02%
Retail Sport 3,364,387 3,480,305 ‐3.33%
Retail Online Retailer 1,237,578 1,057,304 17.05%
Total 16,183,308 16,339,488 ‐0.96%
Town of Vail Business Review
Annual 4.5% Sales Tax
2024 Collections 2023 Collections YoY % Change
156
AGENDA ITEM NO. 7.1
Item Cover Page
DATE:February 4, 2025
SUBMITTED BY:Steph Johnson, Town Manager
ITEM TYPE:Matters from the Chairman and Authority Members
AGENDA SECTION:Matters from Mayor, Council, Town Manager and Committee
Reports (3:50pm)
SUBJECT:Matters from Mayor, Council, and Committee Reports (15 min.)
SUGGESTED ACTION:
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
157
AGENDA ITEM NO. 7.2
Item Cover Page
DATE:February 4, 2025
SUBMITTED BY:Steph Johnson, Town Manager
ITEM TYPE:Town Manager Report
AGENDA SECTION:Matters from Mayor, Council, Town Manager and Committee
Reports (3:50pm)
SUBJECT:Town Manager Report (5 min.)
SUGGESTED ACTION:Proposed Vail Social Date: September 9th
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
TM Update 020425
158
Town Managers Update
February 4, 2025
1. Update on Costs and Contributions for Booth Heights
A. Summary of Costs and Contributions
The following table was prepared by the Finance Department on expenditures, contributions,
potential contributions for Booth Heights:
B. Update County Open Space Request
The Town of Vail has requested a $5,000,000 contribution from the Eagle County Open Space
Fund to place conservation easements on Booth Heights and two other town-owned properties in
the Booth Falls neighborhood comprising roughly 150 total acres. The town-owned parcels are
currently Designated Open Space the first located above the Public Works facilities is just over 93
acres and the second includes the cliffs and rock fall berm east of the Booth Falls neighbor hood
and incudes roughly 30 acres. The County Open Space Committee has recommended
unanimously to award the full $5,000,000 and County Staff has stated their support for the grant
as the project scores highly for their habitat criteria . The County Manager shared that a delay in
a decision occurred in January due to another large open space acquisition that had a short (less
than 30 day) time frame to close on the purchase. The County has scheduled a final decision
vote to award the funds by the Board of County Commissioners on February 18th.
C. Update on Private Fund Raising
The Vail Bighorn Initiative, endeavored to raise private funds to contribute toward the purchase of
the former Booth Heights parcel, and helped the town facilitate a partnership with the Wild Sheep
Foundation, who generously served as the non-profit fiscal agent for the town without condition.
The WSF established a fund to collect donations and is holding the funds until the town requests
the wire transfer, which is currently underway. Prior to the October 3, 2023 council meeting
(where the Town Council approved the payment of $17.5 million for the acquisition of Booth
Heights, the town entered into an agreement with Milhoan Creative and Social Impact Advisors,
who ran a brief campaign funded entirely by private donations that included print and digital
media and several events.
2. West Lionshead
2022 2023 2024 Total
Reimbursement from
doners (cash received by
the Town)
Net donations
Collected by
Wild Sheep
Pledged to
Booth Heights
Town of Vail Legal Costs 181,322 763,925 61,339 1,006,585
VR Legal Costs 1,134,769 1,134,769
Fundraising 48,000 48,000 48,000 98,702 615,000
Acquisition 17,643,985 17,643,985
181,322 18,455,909 1,196,107 19,833,339 48,000 98,702 615,000
Total Expenditures Revenues and Pledges
159
Page 2
At the last Town Council meeting staff and East West Partners provided an update on the project and
shared a high-level summary document that provided direction for the West Lionshead Master
Planning project. Council asked that the partnership provide regular updates on progress with the
Master Planning process. Staff subsequently, received feedback that Council may want to appoint 1
or 2 members to actively participate in the planning process with Town staff. Would Council like to
have 1-2 members participate more actively in the planning process with Town staff, East West
Partners, and Vail Resorts?
3. Other
There may be other topics the Town Manager needs to share with the Town Council.
160
AGENDA ITEM NO. 7.3
Item Cover Page
DATE:February 4, 2025
SUBMITTED BY:Steph Johnson, Town Manager
ITEM TYPE:Town Manager Report
AGENDA SECTION:Matters from Mayor, Council, Town Manager and Committee
Reports (3:50pm)
SUBJECT:Council Matters and Status Update
SUGGESTED ACTION:
VAIL TOWN COUNCIL AGENDA ITEM REPORT
ATTACHMENTS:
250204 Matters.docx
161
COUNCIL MATTERS
Status Report
Report for February 4,2025
Comments from the January 21st Town Council meeting during “Matters”:
Town Council commented on the recent peer resort visit to Whistler, BC
and Vancouver, BC with many learnings and personal connections made
with city officials.
Town Council directed staff to draft a letter to our state representatives
with support for much higher penalties for trucks without chains. Staff
has drafted a letter and also learned of a bill proposed by Sen. Dylan Roberts,
Senate Bill 69.
Council complimented the Winterfest Ice Sculpture and opening event!
Social Media Listening
https://share.sproutsocial.com/view/2615d14d-a6d7-4581-95d1-4da6d705815e
This has been an interesting time to monitor conversations about Vail. While our
Listening report is set up to try to focus on our town, plenty of mentions of Vail Resorts
make it through the filters and our further filtering, which is likely the cause of the
relatively high negativity over the last two reporting periods. Discussion of I70, whether
as a result of closures and semis or regular ski traffic, also featured prominently -this
Reddit discussion really encapsulates much of I70 drivers' frustrations
https://www.reddit.com/r/COsnow/comments/1icz1jz/each_resort_should_subsidize_mu
ltiple_daily/. In spite of frigid temps in mid-January, the sentiment around the Vail
experience was very positive.
In the News______________________________________________________
Jan. 15
Vail Resorts and Community Engagement
https://crestedbuttenews.com/2025/01/local-officials-fire-shot-across-vail-bow-over-
engagement-with-community/
Jan. 21
162
Lot 10 Open House
https://www.vaildaily.com/news/town-of-vail-to-host-wednesday-open-house-on-proposed-
public-space-near-vail-health/
Jan. 22
STR Vote
https://www.vaildaily.com/news/vail-town-council-delays-vote-short-term-rental-fees-increase/
Timber Ridge Update
https://www.vaildaily.com/news/timber-ridge-village-home-sales-continue-as-vail-businesses-
invest-in-employee-housing/
https://www.realvail.com/timber-ridge-village-home-sales-continue-with-focus-on-local-
businesses-to-invest-in-their-employees/a21181/
VVMTA Year in Review
https://www.vaildaily.com/news/vail-valley-mountain-trails-alliance-2024-recap/
Vail InDEED
https://mauinow.com/2025/01/22/housing-bills-vie-for-state-lawmakers-attention/
Jan. 23
AIPP Night Owls
https://www.vaildaily.com/news/free-mountain-top-music-celebrity-chef-dinners-bourbon-
tastings-owls-vail/
Gore Creek Promenade - letter
https://www.vaildaily.com/opinion/letter-protect-gore-creek-park-from-irreversible-changes/
Jan. 24
Suspect Arrested in Vail
https://kdvr.com/news/local/florida-murder-suspect-arrested-near-vail-after-getting-stuck-in-i-70-
traffic/
Jan. 29
Thank You During I-70 Closure - letter
https://www.vaildaily.com/opinion/letter-a-brightness-given-by-educators-during-i-70-closure/
Suspect Arrested in Vail
https://unofficialnetworks.com/2025/01/29/murder-suspect-srrestedaafter-getting-stuck-in-i-70-
traffic-near-vail/
Upcoming Dates
March 25 Annual Community Meeting; Donovan Pavilion
September 9 Vail Social!
163