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HomeMy WebLinkAbout2025-03-18 Agenda and Supporting Documentation Town Council Afternoon Meeting1.Call to Order (12:00pm) 2.Interviews for Boards & Commissions (12:00pm) 2.1 Interviews for Art in Public Places Board Members (12:00pm) 20 min. Interview candidates who are interested in serving on the AIPP Board. Presenter(s): Steph Johnson, Executive Coordinator Background: Two Vacancies exist on the Art in Public Places Board and four have submitted applications. The term of each new appointment begins April 1, 2025 and expires on March 31, 2027 (two-year terms). Duties and functions of the AIPP Board include the implementation of AIPP policies and selection procedures, acquiring public art, overseeing the maintenance program, and assisting in securing financial support for the art. 2.2 Interviews for Design Review Board Members (12:20pm)10 min. Interview candidates who are interested in serving on the DRB. Presenter(s): Steph Johnson, Executive Coordinator Background: Two Vacancies exist on the Design Review Board and two applications have been submitted. The term of each new appointment begins April 1, 2025 and expires on March 31, 2027 (two-year terms). Duties of the DRB include reviewing the design of new structures, remodels, sign requests, landscaping plans, and other architectural aesthetic matters. 3.Presentation/Discussion (12:30pm) 3.1 West Middle Creek Financial Update (12:30pm)45 min. Listen to presentation and provide feedback. Presenter(s): Jason Dietz, Housing Director and Carlie Smith, Finance Director 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_XDIHzRgbTHSEsAnD6O3AqA 12:00 PM March 18, 2025 Notes: Times of items are approximate, subject to change, and cannot be relied upon to determine what time Council will consider an item. AIPP Candidates DRB Candidates 1 Background: The purpose of this discussion is to update Town Council on possible financing structures for a variety of scenarios based off feedback received during the March 4th discussion of the Housing Needs Assessment. 3.2 Timber Ridge EHU Credit Program Discussion (1:15pm)30 min. Listen to presentation and provide feedback. Presenter(s): Jason Dietz, Housing Director and Russ Forrest, Town Manager Background: The purpose of this presentation is to receive final approval from Council to implement an EHU Deed Restriction Credit Program at the new Timber Ridge Village. 3.3 Vail Nature Center Discussion (1:45pm)45 min. Listen to presentation and provide feedback. Presenter(s): Kristen Bertuglia, Environmental Sustainability Director Background: The purpose of this discussion is to re-orient Council to the status of the Vail Nature Center, including physical structure and programming, community input, and to discuss goals and seek direction for the future of the site. 3.4 West Lionshead Planning Update (2:30pm)5 min. Listen to update and provide feedback. Presenter(s): Matt Gennett, Community Development Director, Jim Telling and Kevin Murphy, East West Partners Background: Representatives from the project team, comprised of the Town of Vail, East West Partners, and Vail Resorts, will provide their monthly update to Council on the West Lionshead master planning process. 3.5 1st Budget Supplemental Presentation (2:35pm)30 min. Listen to presentation and provide feedback. Presenter(s): Jake Shipe, Budget Manager Background: Please see attached memo. 4.DRB/PEC (3:05pm) Council Memo - WMC Financial Update Attachment A. West Middle Creek Financial Update Staff Presentation - WMC Financial Update Council Memo - Timber Ridge Village EHU Deed Restriction Credit Program Attachment A. EHU Credit Program Phase 1 Council Memo - Vail Nature Center Strategic Direction Attachment A. 2024 Vail Nature Center Management Report Attachment B. VNC Scope of Services Attachment C. VNC Vicinity Map Attachment D. Nature Center Public Comment Council Information Update - West Lionshead Council Memo - 1st Budget Supplemental Ordinance No. 4 - 1st Budget Supplemental, First Reading Staff Presentation - 1st Budget Supplemental 2 4.1 DRB/PEC Update (5 min.) 5.Information Update (3:10pm) 5.1 Town of Vail Social Media Year in Review 5.2 January 28, 2025 VLHA Meeting Minutes 5.3 February 3, 2025 AIPP Meeting Minutes 6.Matters from Mayor, Council, Town Manager and Committee Reports (3:10pm) 6.1 Matters from Mayor, Council, and Committee Reports (15 min.) 6.2 Town Manager Report (5 min.) 6.3 Council Matters and Status Update 7.Executive Session (3:30pm) (105 min) Executive Session pursuant to: 1. To consider the purchase, acquisition, lease, transfer or sale of any real, personal or other property interest, to hold a conference with the Town Attorney to receive legal advice on specific legal questions, and to determine positions relative to matters that may be subject to negotiations, develop a strategy for negotiations and instruct negotiators pursuant to C.R.S. § 24-6-402(4)(a), (4)(b) and 4(e), on the topics of: the development of West Middle Creek; and the leasing of other public property. 2. To determine positions relative to matters that may be subject to negotiations, develop a strategy for negotiations, and/or instruct negotiators, pursuant to C.R.S. § 24-6-402(4) (e), on the following topics: the Municipal Judge position; and an intergovernmental agreement regarding funding for an open space parcel 3. To hold a conference with the Town Attorney to receive legal advice on specific legal questions, and to determine positions relative to matters that may be subject to negotiations, develop a strategy for negotiations and instruct negotiators, pursuant to C.R.S. § 24-6-402(4)(b) and (4)(e) on the topics of: naming and sponsorship rights. 8.Recess (5:15pm) DRB Results 3-5-2025 PEC Results 3-10-2025 2024 Town of Vail Social Media Year in Review VLHA Meeting Minutes 1-28-2025 AIPP Meeting Minutes 2-03-2025 Town Manager Update 3-18-2025 Future Topics - April Council Matters 3-18-2025 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. 3 Please call 970-479-2460 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. 4 AGENDA ITEM NO. 2.1 Item Cover Page DATE:March 18, 2025 TIME:20 min. SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:Main Agenda AGENDA SECTION:Interviews for Boards & Commissions (12:00pm) SUBJECT:Interviews for Art in Public Places Board Members (12:00pm) SUGGESTED ACTION:Interview candidates who are interested in serving on the AIPP Board. PRESENTER(S):Steph Johnson, Executive Coordinator VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: AIPP Candidates 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 AGENDA ITEM NO. 2.2 Item Cover Page DATE:March 18, 2025 TIME:10 min. SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:Main Agenda AGENDA SECTION:Interviews for Boards & Commissions (12:00pm) SUBJECT:Interviews for Design Review Board Members (12:20pm) SUGGESTED ACTION:Interview candidates who are interested in serving on the DRB. PRESENTER(S):Steph Johnson, Executive Coordinator VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: DRB Candidates 32 33 34 35 36 37 38 39 40 41 42 43 March 1, 2025 Town of Vail Vail Town Council 75 South Frontage Road West Vail. Colorado, 81657 To Members of the Vail Town Council, I’ve been serving on the Town of Vail Design Review Board (DRB) since March 2023. During my time on the DRB, I feel I’ve been an impartial critic as well as a Board member willing to refer to the TOV Design Guidelines and suggest design revisions to align projects with the intent of the Guidelines. I’ve progressed from a “rookie” Board member in year one to Assistant Chair to date. I’m writing you to express my interest in continuing on the Board for the two years commencing on April 1, 2025 through March 31, 2027. Respectfully Submitted, Herb Roth FAIA 4770 Bighorn Road, Unit G4 Vail, Colorado 81657 44 Herb Roth, FAIA EDUCATION City College of New York BS Architecture, 1968 City College of New York Bachelor of Architecture, 1971 FIRM AFFILIATIONS WC Muchow & Partners, Vice President 1982 Roth Sheppard Architects, Founding Partner 1983-2018 Roth Sheppard Architects, Partner Emeritus 2018 PROFESSIONAL AND COMMUNITY PARTICIPATION American Institute of Architects, College of Fellows, FAIA 2007 American Institute of Architects, College of Fellows, FAIA Emeritus 2018 AIA / Academy of Architecture for Justice, Chair 2012 Advisory Group Member, 2006 – 2012 President, American Institute of Architects, Denver Chapter Jury Chair, AIA West Chapter Design Awards From 1983 to 2018 Herb Roth, Jeff Sheppard, and Roth Sheppard Architects developed a resource for local, regional, and international justice agencies seeking facility and operational assessments leading to facility master plans and design assistance in their implementation. Recognized internationally for justice planning, needs assessments and design expertise, Herb Roth has set new standards for future generation justice facilities and has impacted other architect’s work, court and law enforcement and the communities they serve. His work on over 50 public safety projects located from Prince George’s County, Maryland to Kauai County, Hawaii, to E Division RCMP HQ, Surrey BC has provided insight and understanding of the varied operational and organizational structures of municipal and government agencies and the appropriate planning and design strategies utilized to create optimum working environments for personnel. PERTINENT PROJECT EXPERIENCE Town of Vail Police Department Renovation and Expansion Design Awards Chair, West Chapter Colorado AIA, Aspen, Colorado RCMP E Division HQ, Surrey BC Los Angeles World Airways (LAWA), New Police Department Programming and Site Selection Peer Review New LAWA Police Department Peer Review New San Francisco Police Department Peer Review New York Police Department Training Facility 45 AGENDA ITEM NO. 3.1 Item Cover Page DATE:March 18, 2025 TIME:45 min. SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (12:30pm) SUBJECT:West Middle Creek Financial Update (12:30pm) SUGGESTED ACTION:Listen to presentation and provide feedback. PRESENTER(S):Jason Dietz, Housing Director and Carlie Smith, Finance Director VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Memo - WMC Financial Update Attachment A. West Middle Creek Financial Update Staff Presentation - WMC Financial Update 46 TO:Vail Town Council FROM:Town Manager’s Office Finance Department Housing Department DATE:March 18, 2025 SUBJECT: West Middle Creek Village Apartments Update I.SUMMARY The purpose of this discussion is to update Town Council on possible financing structures for a variety of scenarios based off feedback received during the March 4th discussion of the Housing Needs Assessment. II.BACKGROUND On March 4, the recently updated Housing Needs Assessment was presented to Town Council by EPS (Economic Planning & Systems) with a focus on the demand for rental properties as Council considers moving forward with West Middle Creek. Please note that EPS assumed the completion of both West Middle Creek and West End project in Edwards when calculating the need for housing. Without those two projects the need will be greater than shown below. Overall, the study indicates the need for housing is most critical for renters earning 50% -100% of Area Median Income (AMI), however it also shows a need at all levels of AMI, even as high as 200% of AMI. Below is a summary chart of the housing need for Vail: 47 Town of Vail Page 2 The West Middle Creek development would pull from a greater area than just Vail; and per EPS, the regional need is even greater: Also on March 4, staff presented background information for the West Middle Creek development that gave options to Town Council that worked for the financial modeling without additional subsidy from the town beyond the $10M cash funding: 70% of the project would serve renters earning up to 110%of AMI and 30% would serve Eagle County workforce earning 140% of AMI -OR - 70% of the project would serve renters earning up to 110%AMI and 30% would serve residents (without restrictions on employment) earning 160% of AMI. This would be facilitated by a portion of the project financed by “taxable” debt, which does not have requirements for a government purpose. After hearing the presentation on housing needs from EPS, Town Council did not want to pursue the unrestricted option because that might lead to renters from Denver or remote workers using those homes rather than workforce within our region. Also, the most critical need for revenue is during the first five years of operation. The increased financing cost of approximately ($400,000/year) to eliminate restrictions did not justify the added flexibility. On March 4, Council directed staff to bring back financing structures for West Middle Creek housing that would serve residents earning 100% of AMI, understanding that this would require an increased subsidy from the Town to make the financing work. III.DISCUSSION Three financing scenarios are outlined below for West Middle Creek: a “Base Case”, “Alternative 1”, which assumes all homes are rented at rates affordable for residents earning 100% AMI and “Alternative 2”, which assumes all homes are rented at rates affordable for residents earning 130% AMI. Each scenario impacts the financial structure in different ways. All of the scenarios 48 Town of Vail Page 3 assume Housing Revenue Bonds issued by Vail Home Partners corporation and fully tax- exempt Town Certificates of Participation (COPs). What these scenarios show is that in order to make the financing work while keeping rents low for residents earning lower incomes, the Town will need to increase its subsidy during the first four years of operation. A subsidy may be funded by increasing the $10M up-front cash installment, subsidizing the debt service payments in the first four years, or by the Town taking on a larger COP debt is required to make the financing work. Base Scenario assumes a blended rental rate of 115% AMI but is broken down more specifically like this: -70% of units are rented to residents earning 100% - 110% AMI (94 units at 100% and 94 units at 110%) -30% of the units (80) are rented to residents earning 140% AMI The base scenario would require not only the up-front $10M funding from the town but also a projected subsidy of $2.2M over the first four years of operation to help cover debt service payments. While the first four years require additional support from the town, the project will generate an estimated $115M over the next 32 years, which can be used to repay debt early, keep rents low, set aside more significant capital reserves and fund new housing projects. Attachment A displays the assumptions used for rental rates by AMI level and the resulting net income generated. It also shows some comparison rental rates at similar housing products in the valley. For example, projected rents for the 2-bedroom units at 140% of AMI are less than Piedmont and Market Study rents, but higher than Pike (Eagle) and Residences at Main Vail. Alternative 1A and 1B: the “100% AMI”scenario assumes ALL 268 homes are rented to residents earning an average of 100% AMI. This scenario does NOT generate enough annual revenue to cover debt service payments in the early years and would require additional subsidy from the Town. There are two proposed options for this scenario: Alternative 1A requires the town to put in more money up front, increasing the original $10M to $25.5M cash funding, but keeps the size of the town’s COPs at the original $56.9M. In addition, the town will need to subsidize debt service payments totaling $4.1M over the first 6 years. After Year 6, the project will generate an estimated $75M over the next 32 years. Alternative 1B also requires an increase in upfront cash funding from $10M to $17.8M, but also requires a larger COP of $65.5M. In addition, the town will need to subsidize debt service payments totaling $6.9M over the first 8 years. After Year 8, the project will generate an estimated $55M over the next 32 years. Alternative 2: the “130% AMI”scenario assumes ALL 268 homes are rented to residents earning an average of 130% AMI. This scenario does not generate enough annual revenue to cover debt service without additional Town subsidy totaling $500K over the first 2 years. The town’s COP would be less than required for the Base Case, at $48.9M. Over the course of 35 years, the project will generate an estimated $163M. While this scenario is financially preferable, it may not be realistic given the estimated housing need of only 114 units based on EPS study results. Pease note that Town Council will not be bound by the AMI levels and rental rates. The future rental rates will be set by the Vail Home Partners Corporation board members. These scenarios 49 Town of Vail Page 4 demonstrate what kind of “target market” resident will be housed by the project depending upon financial structuring of the debt. An important element to this analysis is the fact that the early years of operation are the greatest exposure for the Town. The financing team have presented conservative projections to adequately highlight the appropriate risks to the Town. However, after the initial 4-6 years, the West Middle Creek Apartments will generate healthy annual revenues which could be deployed to keep low rents, pay off debt early on the project, fund future housing projects and set aside more robust capital replacement funds. In analyzing the town’s capacity for additional cash funding or subsidy of West Middle Creek development, staff has identified the below risks that may factor into Council decisions. Risk Factors: Normal Construction Risks Normal risks will be addressed through negotiations with the developer and contractor, which are currently ongoing. These might include items such as claims for construction defects, negligent performance by the developer, health and safety incidents, compliance with building codes and cost overruns. Economic Uncertainty Increase in pricing based on inflation, tariffs or uncertainly around the economy should be covered by contingencies and allowances within the project budget and GMP contracts. While labor supply challenges could delay the project timeline, the project will be covered by a payment and performance bond by the contractor and subcontractors. Environmental Risks Despite extensive geotechnical testing already completed, environmental issues or soil conditions could be discovered during construction. The fact that the project will be funded with bond proceeds and the town would be obligated to investors to build or risk default. If the project funds or contingencies are not enough to overcome increased costs, the town may need to issue more debt to see the project through. The town has some remaining collateral to use for new debt outside of the town’s property pledged for West Middle Creek. Sale of Timber Ridge homes Pursuant to the terms of the Timber Ridge development agreement, the Town will be repaid the $40M of up front funding of infrastructure upon sale of the homes. If homes are not fully sold, the town will not receive full repayment and would be compensated with units instead. While still compensated with an asset, the town’s cash reserves will be impacted and an ability to rescue the West Middle Creek project from a variety of risks will be impaired. Below are charts reflecting the town’s available reserves with best and worst case outcomes from Timber Ridge sales. Other assumptions built into these reserves calculations include a $10M loan to West Middle Creek, the purchase of Timber Ridge units by the town ($25.5M), financing of Dobson (not cash), and a reduction in the annual capital reserve for parking structures from $5M to $3M. Best case: Assuming Timber Ridge is fully sold and the town fully repaid, reserves are projected at a low of $35.3M in 2025 and bounce back up to $57.7M in 2026. 50 Town of Vail Page 5 Worst case: The below chart assumes the town is NOT repaid from Timber Ridge sales, reserves are projected at a low of $12.5M in 2029. For the five years shown below, reserves are not robust and Council’s ability to pursue any other major capital projects. This worst case (conservative) scenario also informs Council of constraints in selecting financing structures for West Middle Creek. $139.4M $110.7M $35.3M $24.3M $19.4M $19.0M $12.5M $0.0M $20.0M $40.0M $60.0M $80.0M $100.0M $120.0M $140.0M $160.0M Reserve Projections (above Minimum) No Timber Ridge Sales Housing Fund RETT Fund Capital Projects FundGeneral Fund 51 Town of Vail Page 6 Next Steps: Staff is requesting Council’s feedback on the three scenarios presented to confirm the parameters of a financial structure Council would be comfortable moving forward with for the project. Separately, this evening staff will present the first reading of an ordinance authorizing the town to issue the certificates of participation (COPs) within parameters approved by Council. This ordinance would not commit Town Council to issuing COPs, and the COPs would only go to market if they fit within the approved parameters. Also in the coming weeks, the newly-formed Vail Home Partners Corporation board will authorize the issuance the Housing Revenue Bonds also based on the parameters set by Town Council. Based on the current timeline,the final “go / no-go” for financing would be directed by Council on April 15th, with a deadline to cancel before going to market by April 21st. Should financing move forward, the financial closings would happen in May, allowing for a June groundbreaking. IV.ACTION REQUESTED OF COUNCIL Does Council want to continue moving forward with the West Middle Creek development on the current timeline, understanding there is still time to get out before April 21? Which scenario (or version of) is Council most comfortable with pursuing? What amount of subsidy is Town Council comfortable with extending for up front funding as well as debt service coverage during the early years of operation? 52 TAX-EXEMPT 100% AMI:1536 94 35.07%6.12%268 100.00%17.45%0 0.00%0.00% 110% AMI:444 94 35.07%21.17%0 0.00%0.00%0 0.00%0.00% 120% AMI:109 0 0.00%0.00%0 0.00%0.00%0 0.00%0.00% 130% AMI:109 0 0.00%0.00%0 0.00%0.00%268 100.00%245.87% 140% AMI:39 80 29.85%205.13%0 0.00%0.00%0 0.00%0.00% 150% AMI 39 0 0.00%0.00%0 0.00%0.00%0 0.00%0.00% 160% AMI*:396 0 0.00%0.00%0 0.00%0.00%0 0.00%0.00% 268 100.00%268 100.00%268 100.00% $9,854,022 $8,419,879 $10,677,120 $8,176,688 $6,855,125 $8,935,172 N/A ($1,321,563)$758,484 % of Total Mix 100% AVERAGE AMI *Note: 160% AMI Needs includes all units at 160% AMI and above Units % of Total Mix % of NeedUnits% of Total Mix % of Need Units Total: Ending PGI: Annual Surplus / (Deficit): AMI SUMMARY Need Ending NOI Before Reserves: % of Need 130% AVERAGE AMI - Market StudyBASE SCENARIO HUD Rents at AMI 80%100%110%120%130%140%150%160%Market Study Piedmont RMV Pike Studio $1,877 $2,346 $2,580 $2,815 $3,050 $3,284 $3,518 $3,753 $2,610 $2,750 N/A $2,300 1 Bedroom $2,011 $2,513 $2,765 $3,016 $3,267 $3,518 $3,770 $4,021 $3,080 $3,500 $1,820 $2,533 2 Bedroom $2,412 $3,015 $3,317 $3,618 $3,920 $4,221 $4,523 $4,825 $4,315 $4,385 $2,315 $3,314 Overall Limit Based on Unit Mix $2,094 $2,618 $2,880 $3,142 $3,404 $3,665 $3,927 $4,189 $3,320 $3,542 $2,046 $2,705 Average Rent $3,064 = ~115% AMI 53 # OF UNITS % OF PROJECT UNIT SIZE (SF)TOTAL SF MONTHLY PER UNIT MONTHLY PER SF MONTHLY TOTAL ANNUAL TOTAL STUDIO UNITS Studio - 100% AMI 0 1 42 15.67%515 21,630 $2,346 $4.56 $98,525 $1,182,296 Studio - 110% AMI 0 1 42 15.67%515 21,630 $2,580 $5.01 $108,377 $1,300,525 Studio - 120% AMI 0 1 0 0.00%515 0 $2,815 $5.47 $0 $0 Studio - 130% AMI 0 1 0 0.00%515 0 $3,050 $5.92 $0 $0 Studio - 140% AMI 0 1 0 0.00%515 0 $3,284 $6.38 $0 $0 Studio - 150% AMI 0 1 0 0.00%515 0 $3,519 $6.83 $0 $0 Studio - 160% AMI 0 1 0 0.00%515 0 $3,753 $7.29 $0 $0 STUDIO SUBTOTAL 84 31.34%515 43,260 $2,463 $4.78 $206,902 $2,482,821 1 BEDROOM UNITS 1 BR - 100% AMI 1 1 50 18.66%707 35,350 $2,513 $3.55 $125,660 $1,507,920 1 BR - 110% AMI 1 1 50 18.66%707 35,350 $2,765 $3.91 $138,226 $1,658,712 1 BR - 120% AMI 1 1 0 0.00%707 0 $3,016 $4.27 $0 $0 1 BR - 130% AMI 1 1 0 0.00%707 0 $3,267 $4.62 $0 $0 1 BR - 140% AMI 1 1 0 0.00%707 0 $3,518 $4.98 $0 $0 1 BR - 150% AMI 1 1 0 0.00%707 0 $3,770 $5.33 $0 $0 1 BR - 160% AMI 1 1 0 0.00%707 0 $4,021 $5.69 $0 $0 1 BEDROOM SUBTOTAL 100 37.31%707 70,700 $2,639 $3.73 $263,886 $3,166,632 2 BEDROOM MASTER-BUILDING A Master Leased 2 BR - 100% AMI 2 2 0 0.00%1162 0 $3,015 $2.59 $0 $0 Master Leased 2 BR - 110% AMI 2 2 0 0.00%1162 0 $3,317 $2.85 $0 $0 Master Leased 2 BR - 120% AMI 2 2 0 0.00%1162 0 $3,618 $3.11 $0 $0 Master Leased 2 BR - 130% AMI 2 2 0 0.00%1162 0 $3,920 $3.37 $0 $0 Master Leased 2 BR - 140% AMI 2 2 36 13.43%1162 41,832 $4,221 $3.63 $151,972 $1,823,669 Master Leased 2 BR - 150% AMI 2 2 0 0.00%1162 0 $4,523 $3.89 $0 $0 Master Leased 2 BR - 160% AMI 2 2 0 0.00%1162 0 $4,825 $4.15 $0 $0 2 BEDROOM MASTER-LEASED SUBTOTAL 36 13.43%1162 41,832 $4,221 $3.63 $151,972 $1,823,669 2 BEDROOM UNITS - BUILDINGS B & C 2 BR - 100% AMI 2 2 2 0.75%1070 2,140 $3,015 $2.82 $6,031 $72,368 2 BR - 110% AMI 2 2 2 0.75%1070 2,140 $3,317 $3.10 $6,634 $79,605 2 BR - 120% AMI 2 2 0 0.00%1070 0 $3,618 $3.38 $0 $0 2 BR - 130% AMI 2 2 0 0.00%1070 0 $3,920 $3.66 $0 $0 2 BR - 140% AMI 2 2 44 16.42%1070 47,080 $4,221 $3.95 $185,744 $2,228,928 2 BR - 150% AMI 2 2 0 0.00%1070 0 $4,523 $4.23 $0 $0 2 BR - 160% AMI 2 2 0 0.00%1070 0 $4,825 $4.51 $0 $0 2 BEDROOM SUBTOTAL 48 17.91%1070 51,360 $4,134 $3.86 $198,408 $2,380,901 TOTAL 268 100.00%773 207,152 $3,064 $3.96 $821,169 $9,854,022 PRO FORMA RENTS USED 268 100.00%773 207,152 $3,064 $3.96 $821,169 $9,854,022 UNIT MIX AND RENTS INPUT - BASE CASE PROPOSAL 35 @ 100% AMI / 35% @ 110% AMI / 30% @ 140% AMI BED TYP 2025 - TRENDED RENTS 54 pipersandler.com |1 West Middle Creek Project Vail, Colorado Council Update March 18, 2025 55 pipersandler.com | 2 Overview •General financing update: status update on the project and financing, as well as an overview of the various financing scenarios being evaluated. •Risk factors: staff will update Council on risks outside of financing. •Authorizing the COPs: first reading today and second reading on April 1st to approve the COP Ordinance which outlines the parameters for the transaction. •Additional items: schedule for the remainder of the financing and a brief market update. 56 pipersandler.com | 3 Base Case Alternative 1A Alternative 1B Alternative 2 Unit Mix 35% @ 100% AMI 35% @ 110% AMI 30% @ 140% AMI (115% Avg AMI in Total) 100% Average AMI 100% Average AMI 130% Average AMI 2029 Net Cash Flow $9,639,268 $8,072,696 $8,072,696 $10,538,390 COP Par Amount $56,875,000 $56,875,000 $65,500,000 $46,860,000 Town Equity Contribution $10,000,000 $25,460,000 $17,810,954 $10,000,000 Potential Town Exposure $2,192,041 $4,061,532 $6,886,465 $499,589 Years of Potential Exposure 2028-2031 2028-2033 2028-2035 2028-2029 Total Interest $352,752,738 $311,486,699 $326,466,938 $359,050,172 True Interest Cost 5.58%5.54%5.52%5.62% Average Life 33.4 Years 33.4 Years 33.3 Years 33.5 Years Final Maturity 10/1/2064 10/1/2064 10/1/2064 10/1/2064 Summary of Financing Statistics Financing Scenarios •The financing team is evaluating potential financing scenarios that use different unit mixes as summarized in the table below. •All scenarios continue to target approx. 1.30x coverage on the revenue bonds. Differences in COP sizing as well as any potential out-of-pocket debt service the Town could be exposed to on the COPs are noted below. •Assumptions include: 5% vacancy rate; 3% annual NOI growth rate; $150/month parking fees; investing of the project fund, debt service reserve fund and capitalized interest fund. Preliminary; subject to change. 57 pipersandler.com | 4 Financing Statistics Over Time •Estimating COP par amount of $56.8 million based on today’s market conditions. •Both interest rate and project size adjustments have increased the COP sizing. Preliminary; subject to change. 12/5/2024 1/23/2025 2/7/2025 2/25/2025 3/11/2025 Project Size $161.5M $161.5M $161.5M $161.5M $164.1M Par Amount - Revenue Bonds $133.8M $129.9M $129.9M $130.0M $131.6M Par Amount - COPs $42.8M $49.8M $48.0M $49.6M $56.8M True Interest Cost - Revenue Bonds 5.34%5.76%5.70%5.74%5.83% True Interest Cost - COPs 4.92%5.00%4.95%4.97%5.02% 30-Yr MMD Rate 3.57%3.98%3.90%3.97%4.07% Projected Out-Of-Pocket Exposure $666K $822K $626K $773K $2,192K 58 pipersandler.com | 5 Sources & Uses (Base Case Scenario) Preliminary; subject to change. Revenue Bond Proceeds (Par + Discount)$129,541,936 Revenue Bond Par Amount $131,625,000 Revenue Bond Discount ($2,083,064) COP Proceeds (Par + Premium)$59,308,555 COP Par Amount $56,875,000 COP Premium $2,433,555 Town Contribution $10,000,000 Investment Earnings $8,504,785 Total Sources $207,355,276 Project Fund $164,074,535 Debt Service Reserve $12,244,535 Capitalized Interest Fund $28,205,870 Costs of Issuance $2,830,336 Total Uses $207,355,276 Uses Sources 59 pipersandler.com | 6 $0 $5 $10 $15 $20 $25 $30 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 Mi l l i o n s Bond Net DS COP Net DS Net Cash Flow Preliminary; subject to change. Aggregate debt service exceeds projected net cash flow in 2028-31 (estimated shortfall of $2.2M) Base Case – Projected Net Debt Service Graph Net cash flows exceeds aggregate debt service in 2032-2064 (estimated surplus of $114.9M) 60 pipersandler.com | 7 $0 $5 $10 $15 $20 $25 $30 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 Mi l l i o n s Bond Net DS COP Net DS Net Cash Flow Preliminary; subject to change. Aggregate debt service exceeds projected net cash flow in 2028-33 (estimated shortfall of $4.1M) Alternative 1A – Projected Net Debt Service Graph A total equity contribution of $25.4M would be required by the Town. Net cash flows exceeds aggregate debt service in 2034-2064 (estimated surplus of $74.7M) 61 pipersandler.com | 8 $0 $5 $10 $15 $20 $25 $30 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 Mi l l i o n s Bond Net DS COP Net DS Net Cash Flow Preliminary; subject to change. Aggregate debt service exceeds projected net cash flow in 2028-35 (estimated shortfall of $6.9M) Alternative 1B – Projected Net Debt Service Graph Reduced equity contribution of $17.8M total would be required by the Town compared to $25.4M required in Alternative 1A. Net cash flows exceeds aggregate debt service in 2036-2064 (estimated surplus of $55.2M) 62 pipersandler.com | 9 $0 $5 $10 $15 $20 $25 $30 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 Mi l l i o n s Bond Net DS COP Net DS Net Cash Flow Preliminary; subject to change. Aggregate debt service exceeds projected net cash flow in 2028-29 (estimated shortfall of $500K) Alternative 2 – Projected Net Debt Service Graph Net cash flows exceeds aggregate debt service in 2030-2064 (estimated surplus of $163.2M) 63 pipersandler.com | 10 Risk Factors Normal Construction Risk: Risks such as claims for construction defects, negligent performance by the developer, health and safety incidents, compliance with building codes and cost overruns. Normal construction risks will be addressed through negotiations with the developer and contractor, which are currently ongoing. Economic Uncertainty: Although increases in pricing is a risk factor, it is one that should be covered by contingencies and allowances within the project budget and GMP contracts. Labor supply challenges could delay the project timeline, however there are some protections through performance bonds required of contractor. 64 pipersandler.com | 11 Risk Factors Environmental Risks: Environmental matters or soil conditions could be discovered during construction. The town would be committed to building out of obligation to investors. If the project funds or contingencies are not enough to overcome, the town may need to issue more debt to see the project through. Timber Ridge Sales: Without fully sold units, the town will not get repaid (in cash) for an upfront $40M infrastructure investment, which impacts reserves available for unprotected/unplanned events with the West Middle Creek development. 65 pipersandler.com | 12 Risk Factors: Town is repaid from sales of Timber Ridge 66 pipersandler.com | 13 Risk Factors: Town is not repaid from Timber Ridge Sales $139.4M $110.7M $35.3M $24.3M $19.4M $19.0M $12.5M $0.0M $20.0M $40.0M $60.0M $80.0M $100.0M $120.0M $140.0M $160.0M 2023 Actual Preliminary 2024 Actual 2025 2026 2027 2028 2029 Reserve Projections (above Minimum) No Timber Ridge Sales Housing Fund RETT Fund Capital Projects Fund General Fund 67 pipersandler.com | 14 Credit Rating Expectations •The Town will utilize Standard & Poor’s (S&P) to get a credit rating for the COP financing. •The Town currently carries a ‘Aa1’ COP rating from Moody’s. •The S&P rating will be based on several factors. •The quantitative evaluation scores the Town’s COPs at a ‘AA’ rating. •The qualitative evaluation that factors in economic, demographic and other unique qualities of the Town that indicates a COP rating range of ‘AA’ to ‘AA+’. •The interest rate difference between a ‘AA’ and ‘AA+’ COP is about 6 basis points (0.06%). •Vail scores at the ‘AAA’ level in certain factors: economics, operating performance and liquidity levels. S&P’s credit concerns will regard the amount of Town debt compared to its population size and the seasonal nature of Vail’s economy. 68 pipersandler.com | 15 Financing Schedule Date Event 3/18/25 Town Council Meeting – Approve Ordinance for COPs (First Reading) Week of 3/31 Housing Corporation Board Meeting – Approve Financing Resolution Rating Call with S&P 4/1/25 Town Council Meeting – Approve Ordinance for COPs (Second Reading) Approve Development Agreement via Resolution 4/14/25 Receive COP Rating 4/21/25 Decision Point – Move Forward With Financings 4/22/25 Post Financing Documents – Begin Marketing the Bonds and COPs 5/6/25 Bond and COP Pricing – Fix Interest Rates 5/20/25 Bond and COP Closing – Receive Funds 69 pipersandler.com | 16 Questions for Town Council: •Does Council want to continue moving forward with the West Middle Creek development on the current timeline understanding there is still time to back out by April 21? •Which scenario (or variation of) is Council most comfortable pursuing? •What amount of subsidy is Town Council comfortable with extending for up front funding as well as debt service coverage during the early years of operation? 70 pipersandler.com | 17 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 30 Yr MMD 30 Yr TSY 30 Yr MMD 10 year Average 30 Yr TSY 10 year Average 1.Source: TM3 and Treasury Data. As of 3/10/2025 30 Yr MM D : 4 . 0 5 % 30 Yr TS Y : 4 . 6 2 % 3.00 3.25 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 Sep-2024 Oct-2024 Nov-2024 Dec-2024 Jan-2025 Feb-2025 Mar-2025 10/2/24 – 3.48% 1/13/25 – 4.11% Long-Term Interest Rates 71 pipersandler.com | 18 Appendix Debt Service Schedules for All Financing Scenarios 72 pipersandler.com | 19 Preliminary; subject to change. Base Case – Projected Net Debt Service Graph (Revenue Bonds) Period Principal Interest Gross Debt Service DSRF Requirement Released Capitalized Interest Net Debt Service NOI (3.0% Growth) Before R&R Less: Deposit to R&R Reserve Plus: DSRF Interest Earnings (@3.75%) Net Cash Flow Avail. For Debt Service Debt Service Coverage Ratio 12/31/2025 - 2,736,665 2,736,665 - 2,736,665 - - - - - - 12/31/2026 - 7,520,606 7,520,606 - 7,520,606 - - - - - - 12/31/2027 - 7,520,606 7,520,606 - 7,520,606 - - - - - - 12/31/2028 - 7,520,606 7,520,606 - 3,760,303 3,760,303 3,042,404 42,707 1,544,597 4,544,294 1.21 12/31/2029 - 7,520,606 7,520,606 - - 7,520,606 9,254,592 74,494 459,170 9,639,268 1.28 12/31/2030 - 7,520,606 7,520,606 - - 7,520,606 9,691,931 76,729 459,170 10,074,372 1.34 12/31/2031 - 7,520,606 7,520,606 - - 7,520,606 9,982,689 79,031 459,170 10,362,828 1.38 12/31/2032 - 7,520,606 7,520,606 - - 7,520,606 10,282,169 81,402 459,170 10,659,938 1.42 12/31/2033 - 7,520,606 7,520,606 - - 7,520,606 10,590,635 83,844 459,170 10,965,961 1.46 12/31/2034 - 7,520,606 7,520,606 - - 7,520,606 10,908,354 86,359 459,170 11,281,165 1.50 12/31/2035 - 7,520,606 7,520,606 - - 7,520,606 11,235,604 88,950 459,170 11,605,824 1.54 12/31/2036 - 7,520,606 7,520,606 - - 7,520,606 11,572,672 91,618 459,170 11,940,224 1.59 12/31/2037 - 7,520,606 7,520,606 - - 7,520,606 11,919,853 94,367 459,170 12,284,656 1.63 12/31/2038 - 7,520,606 7,520,606 - - 7,520,606 12,277,448 97,198 459,170 12,639,420 1.68 12/31/2039 - 7,520,606 7,520,606 - - 7,520,606 12,645,772 100,114 459,170 13,004,828 1.73 12/31/2040 - 7,520,606 7,520,606 - - 7,520,606 13,025,145 103,117 459,170 13,381,198 1.78 12/31/2041 105,000 7,520,606 7,625,606 - - 7,625,606 13,415,899 106,211 459,170 13,768,859 1.81 12/31/2042 330,000 7,514,831 7,844,831 - - 7,844,831 13,818,376 109,397 459,170 14,168,149 1.81 12/31/2043 570,000 7,496,681 8,066,681 - - 8,066,681 14,232,927 112,679 459,170 14,579,418 1.81 12/31/2044 825,000 7,465,331 8,290,331 - - 8,290,331 14,659,915 116,059 459,170 15,003,026 1.81 12/31/2045 1,105,000 7,419,956 8,524,956 - - 8,524,956 15,099,713 119,541 459,170 15,439,342 1.81 12/31/2046 1,410,000 7,359,181 8,769,181 - - 8,769,181 15,552,704 123,127 459,170 15,888,747 1.81 12/31/2047 1,740,000 7,279,869 9,019,869 - - 9,019,869 16,019,285 126,821 459,170 16,351,634 1.81 12/31/2048 2,095,000 7,181,994 9,276,994 - - 9,276,994 16,499,864 130,626 459,170 16,828,409 1.81 12/31/2049 2,475,000 7,064,150 9,539,150 - - 9,539,150 16,994,859 134,544 459,170 17,319,485 1.82 12/31/2050 2,890,000 6,924,931 9,814,931 - - 9,814,931 17,504,705 138,581 459,170 17,825,294 1.82 12/31/2051 3,330,000 6,762,369 10,092,369 - - 10,092,369 18,029,846 142,738 459,170 18,346,278 1.82 12/31/2052 3,805,000 6,575,056 10,380,056 - - 10,380,056 18,570,742 147,020 459,170 18,882,892 1.82 12/31/2053 4,320,000 6,361,025 10,681,025 - - 10,681,025 19,127,864 151,431 459,170 19,435,603 1.82 12/31/2054 4,870,000 6,118,025 10,988,025 - - 10,988,025 19,701,700 155,974 459,170 20,004,896 1.82 12/31/2055 5,460,000 5,844,088 11,304,088 - - 11,304,088 20,292,751 160,653 459,170 20,591,268 1.82 12/31/2056 6,090,000 5,536,963 11,626,963 - - 11,626,963 20,901,534 165,473 459,170 21,195,231 1.82 12/31/2057 6,775,000 5,186,788 11,961,788 - - 11,961,788 21,528,580 170,437 459,170 21,817,313 1.82 12/31/2058 7,510,000 4,797,225 12,307,225 - - 12,307,225 22,174,437 175,550 459,170 22,458,057 1.82 12/31/2059 8,295,000 4,365,400 12,660,400 - - 12,660,400 22,839,670 180,816 459,170 23,118,024 1.83 12/31/2060 9,140,000 3,888,438 13,028,438 - - 13,028,438 23,524,860 186,241 459,170 23,797,789 1.83 12/31/2061 10,045,000 3,362,888 13,407,888 - - 13,407,888 24,230,606 191,828 459,170 24,497,948 1.83 12/31/2062 11,010,000 2,785,300 13,795,300 - - 13,795,300 24,957,524 197,583 459,170 25,219,111 1.83 12/31/2063 12,040,000 2,152,225 14,192,225 - - 14,192,225 25,706,250 203,510 459,170 25,961,910 1.83 12/31/2064 25,390,000 1,459,925 26,849,925 12,244,535 - 14,605,390 26,477,437 209,616 459,170 26,726,992 1.83 Total:131,625,000 253,969,003 385,594,003 12,244,535 21,538,181 351,811,287 598,291,315 4,756,381 18,074,719 611,609,653 73 pipersandler.com | 20 Period Principal Interest Gross COP Debt Service Capitalized Interest Net COP Debt Service Residual Net Cash Flow (Deficit) / Surplus Combined Net Cash Flow Coverage 12/31/2025 - 1,090,698 1,090,698 1,090,698 - - - - 12/31/2026 - 2,997,338 2,997,338 2,997,338 - - - - 12/31/2027 - 2,997,338 2,997,338 2,997,338 - - - - 12/31/2028 - 2,997,338 2,997,338 1,498,669 1,498,669 783,991 (714,678) 0.86 12/31/2029 - 2,997,338 2,997,338 - 2,997,338 2,118,662 (878,676) 0.92 12/31/2030 - 2,997,338 2,997,338 - 2,997,338 2,553,766 (443,571) 0.96 12/31/2031 - 2,997,338 2,997,338 - 2,997,338 2,842,222 (155,115) 0.99 12/31/2032 - 2,997,338 2,997,338 - 2,997,338 3,139,331 141,994 1.01 12/31/2033 - 2,997,338 2,997,338 - 2,997,338 3,445,355 448,018 1.04 12/31/2034 - 2,997,338 2,997,338 - 2,997,338 3,760,559 763,221 1.07 12/31/2035 - 2,997,338 2,997,338 - 2,997,338 4,085,218 1,087,881 1.10 12/31/2036 - 2,997,338 2,997,338 - 2,997,338 4,419,618 1,422,280 1.14 12/31/2037 - 2,997,338 2,997,338 - 2,997,338 4,764,050 1,766,713 1.17 12/31/2038 - 2,997,338 2,997,338 - 2,997,338 5,118,814 2,121,477 1.20 12/31/2039 - 2,997,338 2,997,338 - 2,997,338 5,484,222 2,486,885 1.24 12/31/2040 90,000 2,997,338 3,087,338 - 3,087,338 5,860,592 2,773,254 1.26 12/31/2041 190,000 2,992,838 3,182,838 - 3,182,838 6,143,252 2,960,415 1.27 12/31/2042 295,000 2,983,338 3,278,338 - 3,278,338 6,323,318 3,044,980 1.27 12/31/2043 405,000 2,968,588 3,373,588 - 3,373,588 6,512,737 3,139,150 1.27 12/31/2044 530,000 2,948,338 3,478,338 - 3,478,338 6,712,695 3,234,357 1.27 12/31/2045 660,000 2,921,838 3,581,838 - 3,581,838 6,914,386 3,332,548 1.28 12/31/2046 800,000 2,888,838 3,688,838 - 3,688,838 7,119,566 3,430,728 1.28 12/31/2047 950,000 2,846,838 3,796,838 - 3,796,838 7,331,765 3,534,928 1.28 12/31/2048 1,115,000 2,796,963 3,911,963 - 3,911,963 7,551,415 3,639,452 1.28 12/31/2049 1,290,000 2,738,425 4,028,425 - 4,028,425 7,780,335 3,751,910 1.28 12/31/2050 1,480,000 2,670,700 4,150,700 - 4,150,700 8,010,363 3,859,663 1.28 12/31/2051 1,680,000 2,593,000 4,273,000 - 4,273,000 8,253,909 3,980,909 1.28 12/31/2052 1,885,000 2,517,400 4,402,400 - 4,402,400 8,502,836 4,100,436 1.28 12/31/2053 2,105,000 2,432,575 4,537,575 - 4,537,575 8,754,578 4,217,003 1.28 12/31/2054 2,335,000 2,337,850 4,672,850 - 4,672,850 9,016,871 4,344,021 1.28 12/31/2055 2,580,000 2,232,775 4,812,775 - 4,812,775 9,287,181 4,474,406 1.28 12/31/2056 2,840,000 2,116,675 4,956,675 - 4,956,675 9,568,269 4,611,594 1.28 12/31/2057 3,145,000 1,960,475 5,105,475 - 5,105,475 9,855,525 4,750,050 1.28 12/31/2058 3,470,000 1,787,500 5,257,500 - 5,257,500 10,150,832 4,893,332 1.28 12/31/2059 3,820,000 1,596,650 5,416,650 - 5,416,650 10,457,624 5,040,974 1.28 12/31/2060 4,190,000 1,386,550 5,576,550 - 5,576,550 10,769,352 5,192,802 1.28 12/31/2061 4,590,000 1,156,100 5,746,100 - 5,746,100 11,090,060 5,343,960 1.28 12/31/2062 5,015,000 903,650 5,918,650 - 5,918,650 11,423,811 5,505,161 1.28 12/31/2063 5,465,000 627,825 6,092,825 - 6,092,825 11,769,685 5,676,860 1.28 12/31/2064 5,950,000 327,250 6,277,250 - 6,277,250 12,121,601 5,844,351 1.28 Total:56,875,000 98,783,735 155,658,735 8,584,042 147,074,694 259,798,366 112,723,672 Projected $2.2M out-of-pocket exposure Preliminary; subject to change. Base Case – Projected Net Debt Service Graph (COPs) 74 pipersandler.com | 21 Preliminary; subject to change. Alternative 1A – Projected Net Debt Service Graph (Revenue Bonds) Period Principal Interest Gross Debt Service DSRF Requirement Released Capitalized Interest Net Debt Service NOI (3.0% Growth) Before R&R Less: Deposit to R&R Reserve Plus: DSRF Interest Earnings (@3.75%) Net Cash Flow Avail. For Debt Service Debt Service Coverage Ratio 12/31/2025 - 2,292,038 2,292,038 - 2,292,038 - - - - - - 12/31/2026 - 6,298,731 6,298,731 - 6,298,731 - - - - - - 12/31/2027 - 6,298,731 6,298,731 - 6,298,731 - - - - - - 12/31/2028 - 6,298,731 6,298,731 - 3,149,366 3,149,366 2,500,030 42,707 1,293,632 3,750,955 1.19 12/31/2029 - 6,298,731 6,298,731 - - 6,298,731 7,762,625 74,494 384,564 8,072,696 1.28 12/31/2030 - 6,298,731 6,298,731 - - 6,298,731 8,133,121 76,729 384,564 8,440,956 1.34 12/31/2031 - 6,298,731 6,298,731 - - 6,298,731 8,377,114 79,031 384,564 8,682,648 1.38 12/31/2032 - 6,298,731 6,298,731 - - 6,298,731 8,628,428 81,402 384,564 8,931,591 1.42 12/31/2033 - 6,298,731 6,298,731 - - 6,298,731 8,887,280 83,844 384,564 9,188,001 1.46 12/31/2034 - 6,298,731 6,298,731 - - 6,298,731 9,153,899 86,359 384,564 9,452,104 1.50 12/31/2035 - 6,298,731 6,298,731 - - 6,298,731 9,428,516 88,950 384,564 9,724,131 1.54 12/31/2036 - 6,298,731 6,298,731 - - 6,298,731 9,711,371 91,618 384,564 10,004,318 1.59 12/31/2037 - 6,298,731 6,298,731 - - 6,298,731 10,002,712 94,367 384,564 10,292,910 1.63 12/31/2038 - 6,298,731 6,298,731 - - 6,298,731 10,302,794 97,198 384,564 10,590,161 1.68 12/31/2039 - 6,298,731 6,298,731 - - 6,298,731 10,611,878 100,114 384,564 10,896,328 1.73 12/31/2040 - 6,298,731 6,298,731 - - 6,298,731 10,930,234 103,117 384,564 11,211,681 1.78 12/31/2041 90,000 6,298,731 6,388,731 - - 6,388,731 11,258,141 106,211 384,564 11,536,495 1.81 12/31/2042 275,000 6,293,781 6,568,781 - - 6,568,781 11,595,885 109,397 384,564 11,871,053 1.81 12/31/2043 475,000 6,278,656 6,753,656 - - 6,753,656 11,943,762 112,679 384,564 12,215,647 1.81 12/31/2044 695,000 6,252,531 6,947,531 - - 6,947,531 12,302,075 116,059 384,564 12,570,580 1.81 12/31/2045 930,000 6,214,306 7,144,306 - - 7,144,306 12,671,137 119,541 384,564 12,936,160 1.81 12/31/2046 1,180,000 6,163,156 7,343,156 - - 7,343,156 13,051,271 123,127 384,564 13,312,708 1.81 12/31/2047 1,455,000 6,096,781 7,551,781 - - 7,551,781 13,442,809 126,821 384,564 13,700,553 1.81 12/31/2048 1,755,000 6,014,938 7,769,938 - - 7,769,938 13,846,093 130,626 384,564 14,100,032 1.81 12/31/2049 2,075,000 5,916,219 7,991,219 - - 7,991,219 14,261,476 134,544 384,564 14,511,496 1.82 12/31/2050 2,420,000 5,799,500 8,219,500 - - 8,219,500 14,689,321 138,581 384,564 14,935,304 1.82 12/31/2051 2,790,000 5,663,375 8,453,375 - - 8,453,375 15,130,000 142,738 384,564 15,371,826 1.82 12/31/2052 3,190,000 5,506,438 8,696,438 - - 8,696,438 15,583,900 147,020 384,564 15,821,444 1.82 12/31/2053 3,615,000 5,327,000 8,942,000 - - 8,942,000 16,051,417 151,431 384,564 16,284,551 1.82 12/31/2054 4,075,000 5,123,656 9,198,656 - - 9,198,656 16,532,960 155,974 384,564 16,761,550 1.82 12/31/2055 4,570,000 4,894,438 9,464,438 - - 9,464,438 17,028,948 160,653 384,564 17,252,860 1.82 12/31/2056 5,100,000 4,637,375 9,737,375 - - 9,737,375 17,539,817 165,473 384,564 17,758,909 1.82 12/31/2057 5,675,000 4,344,125 10,019,125 - - 10,019,125 18,066,011 170,437 384,564 18,280,139 1.82 12/31/2058 6,290,000 4,017,813 10,307,813 - - 10,307,813 18,607,992 175,550 384,564 18,817,006 1.83 12/31/2059 6,950,000 3,656,138 10,606,138 - - 10,606,138 19,166,232 180,816 384,564 19,369,980 1.83 12/31/2060 7,655,000 3,256,513 10,911,513 - - 10,911,513 19,741,218 186,241 384,564 19,939,542 1.83 12/31/2061 8,410,000 2,816,350 11,226,350 - - 11,226,350 20,333,455 191,828 384,564 20,526,191 1.83 12/31/2062 9,220,000 2,332,775 11,552,775 - - 11,552,775 20,943,459 197,583 384,564 21,130,440 1.83 12/31/2063 10,085,000 1,802,625 11,887,625 - - 11,887,625 21,571,762 203,510 384,564 21,752,816 1.83 12/31/2064 21,265,000 1,222,738 22,487,738 10,255,051 - 12,232,686 22,218,915 209,616 384,564 22,393,864 1.83 Total:110,240,000 212,702,964 322,942,964 10,255,051 18,038,866 294,649,046 502,008,060 4,756,381 15,137,951 512,389,629 75 pipersandler.com | 22 Period Principal Interest Gross COP Debt Service Capitalized Interest Net COP Debt Service Residual Net Cash Flow (Deficit) / Surplus Combined Net Cash Flow Coverage 12/31/2025 - 1,090,698 1,090,698 1,090,698 - - - - 12/31/2026 - 2,997,338 2,997,338 2,997,338 - - - - 12/31/2027 - 2,997,338 2,997,338 2,997,338 - - - - 12/31/2028 - 2,997,338 2,997,338 1,498,669 1,498,669 601,589 (897,080) 0.81 12/31/2029 - 2,997,338 2,997,338 - 2,997,338 1,773,964 (1,223,373) 0.87 12/31/2030 - 2,997,338 2,997,338 - 2,997,338 2,142,225 (855,112) 0.91 12/31/2031 - 2,997,338 2,997,338 - 2,997,338 2,383,917 (613,421) 0.93 12/31/2032 - 2,997,338 2,997,338 - 2,997,338 2,632,859 (364,478) 0.96 12/31/2033 - 2,997,338 2,997,338 - 2,997,338 2,889,270 (108,067) 0.99 12/31/2034 - 2,997,338 2,997,338 - 2,997,338 3,153,373 156,036 1.02 12/31/2035 - 2,997,338 2,997,338 - 2,997,338 3,425,399 428,062 1.05 12/31/2036 - 2,997,338 2,997,338 - 2,997,338 3,705,586 708,249 1.08 12/31/2037 - 2,997,338 2,997,338 - 2,997,338 3,994,179 996,841 1.11 12/31/2038 - 2,997,338 2,997,338 - 2,997,338 4,291,429 1,294,092 1.14 12/31/2039 - 2,997,338 2,997,338 - 2,997,338 4,597,597 1,600,260 1.17 12/31/2040 90,000 2,997,338 3,087,338 - 3,087,338 4,912,950 1,825,613 1.19 12/31/2041 190,000 2,992,838 3,182,838 - 3,182,838 5,147,764 1,964,926 1.21 12/31/2042 295,000 2,983,338 3,278,338 - 3,278,338 5,302,272 2,023,934 1.21 12/31/2043 405,000 2,968,588 3,373,588 - 3,373,588 5,461,991 2,088,404 1.21 12/31/2044 530,000 2,948,338 3,478,338 - 3,478,338 5,623,049 2,144,711 1.21 12/31/2045 660,000 2,921,838 3,581,838 - 3,581,838 5,791,854 2,210,017 1.21 12/31/2046 800,000 2,888,838 3,688,838 - 3,688,838 5,969,552 2,280,715 1.21 12/31/2047 950,000 2,846,838 3,796,838 - 3,796,838 6,148,771 2,351,934 1.21 12/31/2048 1,115,000 2,796,963 3,911,963 - 3,911,963 6,330,095 2,418,132 1.21 12/31/2049 1,290,000 2,738,425 4,028,425 - 4,028,425 6,520,278 2,491,853 1.21 12/31/2050 1,480,000 2,670,700 4,150,700 - 4,150,700 6,715,804 2,565,104 1.21 12/31/2051 1,680,000 2,593,000 4,273,000 - 4,273,000 6,918,451 2,645,451 1.21 12/31/2052 1,885,000 2,517,400 4,402,400 - 4,402,400 7,125,007 2,722,607 1.21 12/31/2053 2,105,000 2,432,575 4,537,575 - 4,537,575 7,342,551 2,804,976 1.21 12/31/2054 2,335,000 2,337,850 4,672,850 - 4,672,850 7,562,894 2,890,044 1.21 12/31/2055 2,580,000 2,232,775 4,812,775 - 4,812,775 7,788,422 2,975,647 1.21 12/31/2056 2,840,000 2,116,675 4,956,675 - 4,956,675 8,021,534 3,064,859 1.21 12/31/2057 3,145,000 1,960,475 5,105,475 - 5,105,475 8,261,014 3,155,539 1.21 12/31/2058 3,470,000 1,787,500 5,257,500 - 5,257,500 8,509,194 3,251,694 1.21 12/31/2059 3,820,000 1,596,650 5,416,650 - 5,416,650 8,763,842 3,347,192 1.21 12/31/2060 4,190,000 1,386,550 5,576,550 - 5,576,550 9,028,030 3,451,480 1.21 12/31/2061 4,590,000 1,156,100 5,746,100 - 5,746,100 9,299,841 3,553,741 1.21 12/31/2062 5,015,000 903,650 5,918,650 - 5,918,650 9,577,665 3,659,015 1.21 12/31/2063 5,465,000 627,825 6,092,825 - 6,092,825 9,865,191 3,772,366 1.21 12/31/2064 5,950,000 327,250 6,277,250 - 6,277,250 10,161,178 3,883,928 1.21 Total:56,875,000 98,783,735 155,658,735 8,584,042 147,074,694 217,740,584 70,665,890 Preliminary; subject to change. Projected $4.1M out-of-pocket exposure Alternative 1A – Projected Net Debt Service Graph (COPs) 76 pipersandler.com | 23 Preliminary; subject to change. Alternative 1B – Projected Net Debt Service Graph (Revenue Bonds) Period Principal Interest Gross Debt Service DSRF Requirement Released Capitalized Interest Net Debt Service NOI (3.0% Growth) Before R&R Less: Deposit to R&R Reserve Plus: DSRF Interest Earnings (@3.75%) Net Cash Flow Avail. For Debt Service Debt Service Coverage Ratio 12/31/2025 - 2,292,038 2,292,038 - 2,292,038 - - - - - - 12/31/2026 - 6,298,731 6,298,731 - 6,298,731 - - - - - - 12/31/2027 - 6,298,731 6,298,731 - 6,298,731 - - - - - - 12/31/2028 - 6,298,731 6,298,731 - 3,149,366 3,149,366 2,500,030 42,707 1,293,632 3,750,955 1.19 12/31/2029 - 6,298,731 6,298,731 - - 6,298,731 7,762,625 74,494 384,564 8,072,696 1.28 12/31/2030 - 6,298,731 6,298,731 - - 6,298,731 8,133,121 76,729 384,564 8,440,956 1.34 12/31/2031 - 6,298,731 6,298,731 - - 6,298,731 8,377,114 79,031 384,564 8,682,648 1.38 12/31/2032 - 6,298,731 6,298,731 - - 6,298,731 8,628,428 81,402 384,564 8,931,591 1.42 12/31/2033 - 6,298,731 6,298,731 - - 6,298,731 8,887,280 83,844 384,564 9,188,001 1.46 12/31/2034 - 6,298,731 6,298,731 - - 6,298,731 9,153,899 86,359 384,564 9,452,104 1.50 12/31/2035 - 6,298,731 6,298,731 - - 6,298,731 9,428,516 88,950 384,564 9,724,131 1.54 12/31/2036 - 6,298,731 6,298,731 - - 6,298,731 9,711,371 91,618 384,564 10,004,318 1.59 12/31/2037 - 6,298,731 6,298,731 - - 6,298,731 10,002,712 94,367 384,564 10,292,910 1.63 12/31/2038 - 6,298,731 6,298,731 - - 6,298,731 10,302,794 97,198 384,564 10,590,161 1.68 12/31/2039 - 6,298,731 6,298,731 - - 6,298,731 10,611,878 100,114 384,564 10,896,328 1.73 12/31/2040 - 6,298,731 6,298,731 - - 6,298,731 10,930,234 103,117 384,564 11,211,681 1.78 12/31/2041 90,000 6,298,731 6,388,731 - - 6,388,731 11,258,141 106,211 384,564 11,536,495 1.81 12/31/2042 275,000 6,293,781 6,568,781 - - 6,568,781 11,595,885 109,397 384,564 11,871,053 1.81 12/31/2043 475,000 6,278,656 6,753,656 - - 6,753,656 11,943,762 112,679 384,564 12,215,647 1.81 12/31/2044 695,000 6,252,531 6,947,531 - - 6,947,531 12,302,075 116,059 384,564 12,570,580 1.81 12/31/2045 930,000 6,214,306 7,144,306 - - 7,144,306 12,671,137 119,541 384,564 12,936,160 1.81 12/31/2046 1,180,000 6,163,156 7,343,156 - - 7,343,156 13,051,271 123,127 384,564 13,312,708 1.81 12/31/2047 1,455,000 6,096,781 7,551,781 - - 7,551,781 13,442,809 126,821 384,564 13,700,553 1.81 12/31/2048 1,755,000 6,014,938 7,769,938 - - 7,769,938 13,846,093 130,626 384,564 14,100,032 1.81 12/31/2049 2,075,000 5,916,219 7,991,219 - - 7,991,219 14,261,476 134,544 384,564 14,511,496 1.82 12/31/2050 2,420,000 5,799,500 8,219,500 - - 8,219,500 14,689,321 138,581 384,564 14,935,304 1.82 12/31/2051 2,790,000 5,663,375 8,453,375 - - 8,453,375 15,130,000 142,738 384,564 15,371,826 1.82 12/31/2052 3,190,000 5,506,438 8,696,438 - - 8,696,438 15,583,900 147,020 384,564 15,821,444 1.82 12/31/2053 3,615,000 5,327,000 8,942,000 - - 8,942,000 16,051,417 151,431 384,564 16,284,551 1.82 12/31/2054 4,075,000 5,123,656 9,198,656 - - 9,198,656 16,532,960 155,974 384,564 16,761,550 1.82 12/31/2055 4,570,000 4,894,438 9,464,438 - - 9,464,438 17,028,948 160,653 384,564 17,252,860 1.82 12/31/2056 5,100,000 4,637,375 9,737,375 - - 9,737,375 17,539,817 165,473 384,564 17,758,909 1.82 12/31/2057 5,675,000 4,344,125 10,019,125 - - 10,019,125 18,066,011 170,437 384,564 18,280,139 1.82 12/31/2058 6,290,000 4,017,813 10,307,813 - - 10,307,813 18,607,992 175,550 384,564 18,817,006 1.83 12/31/2059 6,950,000 3,656,138 10,606,138 - - 10,606,138 19,166,232 180,816 384,564 19,369,980 1.83 12/31/2060 7,655,000 3,256,513 10,911,513 - - 10,911,513 19,741,218 186,241 384,564 19,939,542 1.83 12/31/2061 8,410,000 2,816,350 11,226,350 - - 11,226,350 20,333,455 191,828 384,564 20,526,191 1.83 12/31/2062 9,220,000 2,332,775 11,552,775 - - 11,552,775 20,943,459 197,583 384,564 21,130,440 1.83 12/31/2063 10,085,000 1,802,625 11,887,625 - - 11,887,625 21,571,762 203,510 384,564 21,752,816 1.83 12/31/2064 21,265,000 1,222,738 22,487,738 10,255,051 - 12,232,686 22,218,915 209,616 384,564 22,393,864 1.83 Total:110,240,000 212,702,964 322,942,964 10,255,051 18,038,866 294,649,046 502,008,060 4,756,381 15,137,951 512,389,629 77 pipersandler.com | 24 Period Principal Interest Gross COP Debt Service Capitalized Interest Net COP Debt Service Residual Net Cash Flow (Deficit) / Surplus Combined Net Cash Flow Coverage - 1,256,099 1,256,099 1,256,099 - - - - - 3,451,875 3,451,875 3,451,875 - - - - - 3,451,875 3,451,875 3,451,875 - - - - - 3,451,875 3,451,875 1,725,938 1,725,938 601,589 (1,124,348) 0.77 - 3,451,875 3,451,875 - 3,451,875 1,773,964 (1,677,911) 0.83 - 3,451,875 3,451,875 - 3,451,875 2,142,225 (1,309,650) 0.87 - 3,451,875 3,451,875 - 3,451,875 2,383,917 (1,067,958) 0.89 - 3,451,875 3,451,875 - 3,451,875 2,632,859 (819,016) 0.92 - 3,451,875 3,451,875 - 3,451,875 2,889,270 (562,605) 0.94 - 3,451,875 3,451,875 - 3,451,875 3,153,373 (298,502) 0.97 - 3,451,875 3,451,875 - 3,451,875 3,425,399 (26,476) 1.00 - 3,451,875 3,451,875 - 3,451,875 3,705,586 253,711 1.03 - 3,451,875 3,451,875 - 3,451,875 3,994,179 542,304 1.06 - 3,451,875 3,451,875 - 3,451,875 4,291,429 839,554 1.09 - 3,451,875 3,451,875 - 3,451,875 4,597,597 1,145,722 1.12 05,000 3,451,875 3,556,875 - 3,556,875 4,912,950 1,356,075 1.14 215,000 3,446,625 3,661,625 - 3,661,625 5,147,764 1,486,139 1.15 340,000 3,435,875 3,775,875 - 3,775,875 5,302,272 1,526,397 1.15 470,000 3,418,875 3,888,875 - 3,888,875 5,461,991 1,573,116 1.15 610,000 3,395,375 4,005,375 - 4,005,375 5,623,049 1,617,674 1.15 760,000 3,364,875 4,124,875 - 4,124,875 5,791,854 1,666,979 1.15 920,000 3,326,875 4,246,875 - 4,246,875 5,969,552 1,722,677 1.15 095,000 3,278,575 4,373,575 - 4,373,575 6,148,771 1,775,196 1.15 285,000 3,221,088 4,506,088 - 4,506,088 6,330,095 1,824,007 1.15 485,000 3,153,625 4,638,625 - 4,638,625 6,520,278 1,881,653 1.15 705,000 3,075,663 4,780,663 - 4,780,663 6,715,804 1,935,142 1.15 940,000 2,986,150 4,926,150 - 4,926,150 6,918,451 1,992,301 1.15 70,000 2,898,850 5,068,850 - 5,068,850 7,125,007 2,056,157 1.15 420,000 2,801,200 5,221,200 - 5,221,200 7,342,551 2,121,351 1.15 690,000 2,692,300 5,382,300 - 5,382,300 7,562,894 2,180,594 1.15 970,000 2,571,250 5,541,250 - 5,541,250 7,788,422 2,247,172 1.15 270,000 2,437,600 5,707,600 - 5,707,600 8,021,534 2,313,934 1.15 620,000 2,257,750 5,877,750 - 5,877,750 8,261,014 2,383,264 1.15 995,000 2,058,650 6,053,650 - 6,053,650 8,509,194 2,455,544 1.15 400,000 1,838,925 6,238,925 - 6,238,925 8,763,842 2,524,917 1.15 825,000 1,596,925 6,421,925 - 6,421,925 9,028,030 2,606,105 1.15 285,000 1,331,550 6,616,550 - 6,616,550 9,299,841 2,683,291 1.15 775,000 1,040,875 6,815,875 - 6,815,875 9,577,665 2,761,790 1.15 295,000 723,250 7,018,250 - 7,018,250 9,865,191 2,846,941 1.15 855,000 377,025 7,232,025 - 7,232,025 10,161,178 2,929,153 1.15 Total:65,500,000 113,763,974 179,263,974 9,885,786 169,378,188 217,740,584 48,362,396 Preliminary; subject to change. Projected $6.9M out-of-pocket exposure Alternative 1B – Projected Net Debt Service Graph (COPs) 78 pipersandler.com | 25 Preliminary; subject to change. Alternative 2 – Projected Net Debt Service Graph (Revenue Bonds) Period Principal Interest Gross Debt Service DSRF Requirement Released Capitalized Interest Net Debt Service NOI (3.0% Growth) Before R&R Less: Deposit to R&R Reserve Plus: DSRF Interest Earnings (@3.75%) Net Cash Flow Avail. For Debt Service Debt Service Coverage Ratio 12/31/2025 - 2,991,983 2,991,983 - 2,991,983 - - - - - - 12/31/2026 - 8,222,244 8,222,244 - 8,222,244 - - - - - - 12/31/2027 - 8,222,244 8,222,244 - 8,222,244 - - - - - - 12/31/2028 - 8,222,244 8,222,244 - 4,111,122 4,111,122 3,353,688 42,707 1,688,694 4,999,675 1.22 12/31/2029 - 8,222,244 8,222,244 - - 8,222,244 10,110,877 74,494 502,007 10,538,390 1.28 12/31/2030 - 8,222,244 8,222,244 - - 8,222,244 10,586,579 76,729 502,007 11,011,856 1.34 12/31/2031 - 8,222,244 8,222,244 - - 8,222,244 10,904,176 79,031 502,007 11,327,152 1.38 12/31/2032 - 8,222,244 8,222,244 - - 8,222,244 11,231,301 81,402 502,007 11,651,906 1.42 12/31/2033 - 8,222,244 8,222,244 - - 8,222,244 11,568,240 83,844 502,007 11,986,403 1.46 12/31/2034 - 8,222,244 8,222,244 - - 8,222,244 11,915,288 86,359 502,007 12,330,935 1.50 12/31/2035 - 8,222,244 8,222,244 - - 8,222,244 12,272,746 88,950 502,007 12,685,803 1.54 12/31/2036 - 8,222,244 8,222,244 - - 8,222,244 12,640,929 91,618 502,007 13,051,317 1.59 12/31/2037 - 8,222,244 8,222,244 - - 8,222,244 13,020,156 94,367 502,007 13,427,796 1.63 12/31/2038 - 8,222,244 8,222,244 - - 8,222,244 13,410,761 97,198 502,007 13,815,570 1.68 12/31/2039 - 8,222,244 8,222,244 - - 8,222,244 13,813,084 100,114 502,007 14,214,977 1.73 12/31/2040 - 8,222,244 8,222,244 - - 8,222,244 14,227,477 103,117 502,007 14,626,366 1.78 12/31/2041 120,000 8,222,244 8,342,244 - - 8,342,244 14,654,301 106,211 502,007 15,050,097 1.80 12/31/2042 360,000 8,215,644 8,575,644 - - 8,575,644 15,093,930 109,397 502,007 15,486,540 1.81 12/31/2043 620,000 8,195,844 8,815,844 - - 8,815,844 15,546,748 112,679 502,007 15,936,076 1.81 12/31/2044 905,000 8,161,744 9,066,744 - - 9,066,744 16,013,150 116,059 502,007 16,399,098 1.81 12/31/2045 1,210,000 8,111,969 9,321,969 - - 9,321,969 16,493,545 119,541 502,007 16,876,010 1.81 12/31/2046 1,545,000 8,045,419 9,590,419 - - 9,590,419 16,988,351 123,127 502,007 17,367,230 1.81 12/31/2047 1,900,000 7,958,513 9,858,513 - - 9,858,513 17,498,002 126,821 502,007 17,873,187 1.81 12/31/2048 2,290,000 7,851,638 10,141,638 - - 10,141,638 18,022,942 130,626 502,007 18,394,323 1.81 12/31/2049 2,705,000 7,722,825 10,427,825 - - 10,427,825 18,563,630 134,544 502,007 18,931,092 1.82 12/31/2050 3,155,000 7,570,669 10,725,669 - - 10,725,669 19,120,539 138,581 502,007 19,483,965 1.82 12/31/2051 3,640,000 7,393,200 11,033,200 - - 11,033,200 19,694,155 142,738 502,007 20,053,423 1.82 12/31/2052 4,160,000 7,188,450 11,348,450 - - 11,348,450 20,284,980 147,020 502,007 20,639,966 1.82 12/31/2053 4,720,000 6,954,450 11,674,450 - - 11,674,450 20,893,529 151,431 502,007 21,244,105 1.82 12/31/2054 5,325,000 6,688,950 12,013,950 - - 12,013,950 21,520,335 155,974 502,007 21,866,368 1.82 12/31/2055 5,965,000 6,389,419 12,354,419 - - 12,354,419 22,165,945 160,653 502,007 22,507,298 1.82 12/31/2056 6,660,000 6,053,888 12,713,888 - - 12,713,888 22,830,923 165,473 502,007 23,167,457 1.82 12/31/2057 7,410,000 5,670,938 13,080,938 - - 13,080,938 23,515,851 170,437 502,007 23,847,421 1.82 12/31/2058 8,210,000 5,244,863 13,454,863 - - 13,454,863 24,221,326 175,550 502,007 24,547,783 1.82 12/31/2059 9,070,000 4,772,788 13,842,788 - - 13,842,788 24,947,966 180,816 502,007 25,269,156 1.83 12/31/2060 9,995,000 4,251,263 14,246,263 - - 14,246,263 25,696,405 186,241 502,007 26,012,171 1.83 12/31/2061 10,980,000 3,676,550 14,656,550 - - 14,656,550 26,467,297 191,828 502,007 26,777,476 1.83 12/31/2062 12,035,000 3,045,200 15,080,200 - - 15,080,200 27,261,316 197,583 502,007 27,565,740 1.83 12/31/2063 13,165,000 2,353,188 15,518,188 - - 15,518,188 28,079,156 203,510 502,007 28,377,652 1.83 12/31/2064 27,760,000 1,596,200 29,356,200 13,386,841 - 15,969,359 28,921,530 209,616 502,007 29,213,921 1.83 Total:143,905,000 277,661,490 421,566,490 13,386,841 23,547,593 384,632,056 653,551,154 4,756,381 19,760,929 668,555,701 79 pipersandler.com | 26 Period Principal Interest Gross COP Debt Service Capitalized Interest Net COP Debt Service Residual Net Cash Flow (Deficit) / Surplus Combined Net Cash Flow Coverage 12/31/2025 - 898,633 898,633 898,633 - - - - 12/31/2026 - 2,469,525 2,469,525 2,469,525 - - - - 12/31/2027 - 2,469,525 2,469,525 2,469,525 - - - - 12/31/2028 - 2,469,525 2,469,525 1,234,763 1,234,763 888,553 (346,210) 0.94 12/31/2029 - 2,469,525 2,469,525 - 2,469,525 2,316,146 (153,379) 0.99 12/31/2030 - 2,469,525 2,469,525 - 2,469,525 2,789,613 320,088 1.03 12/31/2031 - 2,469,525 2,469,525 - 2,469,525 3,104,908 635,383 1.06 12/31/2032 - 2,469,525 2,469,525 - 2,469,525 3,429,663 960,138 1.09 12/31/2033 - 2,469,525 2,469,525 - 2,469,525 3,764,160 1,294,635 1.12 12/31/2034 - 2,469,525 2,469,525 - 2,469,525 4,108,691 1,639,166 1.15 12/31/2035 - 2,469,525 2,469,525 - 2,469,525 4,463,559 1,994,034 1.19 12/31/2036 - 2,469,525 2,469,525 - 2,469,525 4,829,073 2,359,548 1.22 12/31/2037 - 2,469,525 2,469,525 - 2,469,525 5,205,553 2,736,028 1.26 12/31/2038 - 2,469,525 2,469,525 - 2,469,525 5,593,326 3,123,801 1.29 12/31/2039 - 2,469,525 2,469,525 - 2,469,525 5,992,733 3,523,208 1.33 12/31/2040 75,000 2,469,525 2,544,525 - 2,544,525 6,404,122 3,859,597 1.36 12/31/2041 155,000 2,465,775 2,620,775 - 2,620,775 6,707,853 4,087,078 1.37 12/31/2042 240,000 2,458,025 2,698,025 - 2,698,025 6,910,896 4,212,871 1.37 12/31/2043 335,000 2,446,025 2,781,025 - 2,781,025 7,120,232 4,339,207 1.37 12/31/2044 435,000 2,429,275 2,864,275 - 2,864,275 7,332,354 4,468,079 1.37 12/31/2045 540,000 2,407,525 2,947,525 - 2,947,525 7,554,042 4,606,517 1.38 12/31/2046 660,000 2,380,525 3,040,525 - 3,040,525 7,776,812 4,736,287 1.37 12/31/2047 785,000 2,345,875 3,130,875 - 3,130,875 8,014,675 4,883,800 1.38 12/31/2048 920,000 2,304,663 3,224,663 - 3,224,663 8,252,685 5,028,023 1.38 12/31/2049 1,065,000 2,256,363 3,321,363 - 3,321,363 8,503,267 5,181,905 1.38 12/31/2050 1,220,000 2,200,450 3,420,450 - 3,420,450 8,758,296 5,337,846 1.38 12/31/2051 1,385,000 2,136,400 3,521,400 - 3,521,400 9,020,223 5,498,823 1.38 12/31/2052 1,555,000 2,074,075 3,629,075 - 3,629,075 9,291,516 5,662,441 1.38 12/31/2053 1,735,000 2,004,100 3,739,100 - 3,739,100 9,569,655 5,830,555 1.38 12/31/2054 1,925,000 1,926,025 3,851,025 - 3,851,025 9,852,418 6,001,393 1.38 12/31/2055 2,125,000 1,839,400 3,964,400 - 3,964,400 10,152,880 6,188,480 1.38 12/31/2056 2,340,000 1,743,775 4,083,775 - 4,083,775 10,453,570 6,369,795 1.38 12/31/2057 2,590,000 1,615,075 4,205,075 - 4,205,075 10,766,483 6,561,408 1.38 12/31/2058 2,860,000 1,472,625 4,332,625 - 4,332,625 11,092,921 6,760,296 1.38 12/31/2059 3,145,000 1,315,325 4,460,325 - 4,460,325 11,426,369 6,966,044 1.38 12/31/2060 3,455,000 1,142,350 4,597,350 - 4,597,350 11,765,908 7,168,558 1.38 12/31/2061 3,780,000 952,325 4,732,325 - 4,732,325 12,120,926 7,388,601 1.38 12/31/2062 4,130,000 744,425 4,874,425 - 4,874,425 12,485,540 7,611,115 1.38 12/31/2063 4,505,000 517,275 5,022,275 - 5,022,275 12,859,464 7,837,189 1.38 12/31/2064 4,900,000 269,500 5,169,500 - 5,169,500 13,244,562 8,075,062 1.38 Total:46,860,000 81,388,683 128,248,683 7,072,445 121,176,238 283,923,645 162,747,407 Preliminary; subject to change. Projected $500K out-of-pocket exposureAlternative 2 – Projected Net Debt Service Graph (COPs) 80 pipersandler.com | 27 Disclosure Piper Sandler is providing the information contained herein for discussion purposes only in anticipation of being engaged to serve as underwriter or placement agent on a future transaction and not as a financial advisor or municipal advisor. In providing the information contained herein, Piper Sandler is not recommending an action to you and the information provided herein is not intended to be and should not be construed as a “recommendation” or “advice” within the meaning of Section 15B of the Securities Exchange Act of 1934. Piper Sandler is not acting as an advisor to you and does not owe a fiduciary duty pursuant to Section 15B of the Exchange Act or under any state law to you with respect to the information and material contained in this communication. 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Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and FINRA; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through separate investment advisory affiliates. © 2025 Piper Sandler Companies. 800 Nicollet Mall, Minneapolis, Minnesota 55402-7036 81 AGENDA ITEM NO. 3.2 Item Cover Page DATE:March 18, 2025 TIME:30 min. SUBMITTED BY:Steph Johnson, Housing ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (12:30pm) SUBJECT:Timber Ridge EHU Credit Program Discussion (1:15pm) SUGGESTED ACTION:Listen to presentation and provide feedback. PRESENTER(S):Jason Dietz, Housing Director and Russ Forrest, Town Manager VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Memo - Timber Ridge Village EHU Deed Restriction Credit Program Attachment A. EHU Credit Program Phase 1 82 MEMORANDUM To: Vail Town Council From: Russell Forrest, Town Manager Jason Dietz, Housing Director Date: March 18, 2025 Re: Timber Ridge Village - EHU Deed Restriction Credit Program Discussion I. PURPOSE The purpose of this agenda item is to receive final approval from the Vail Town Council to implement an EHU deed restriction credit program at the new Timber Ridge Village. Staff drafted the EHU Deed Restriction Credit Program roll out based on feedback and direction from the February 18, 2025, Town Council meeting. Upon internal circulation of the draft and discussions with Triumph and potential users of the program, additional questions arose, resulting is Staff bringing the draft back to the Council for review and approval. The goals of the program is to incent the purchase of units at Timber Ridge and raise additional revenue for the project by adding to the value of homes at the new Timber Ridge Village by offering purchasers the option to acquire an EHU deed restriction credit in the purchase of a new home. The objectives and benefits of the program are to: 1) generate net new sales at Timber Ridge Village, especially for business owner buyers, 2) reduce the Town’s exposure to receiving the value of homes in lieu of net sales proceeds as a means of repayment of the Town’s financial contribution to the development, 3) generate additional revenue to be used to advance the Town’s housing goal and financially support future housing developments, programs, and initiatives (e.g. Habitat for Humanity), 4) mitigate interest rate risk and increase the affordability of the new homes, 5) further ensure the sell-out of the new homes, and 6) expand upon the public/private partnerships at Timber Ridge Village. The Town staff is requesting direction from the Vail Town Council on the program questions: • Does the Vail Town Council support the recommended terms and conditions proposed herein specifically related to the assignability clause? 83 Town of Vail Page 3 In the end, the Timber Ridge Village EHU Deed Restriction Program advances the Town’ adopted housing goal of acquiring 1,000 additional resident housing unit deed restrictions by the year 2027; and further supports the outcomes of the Vail Town Council’s adopted Strategic Action Plan. Attached in this memo is a draft Timber Ridge Village EHU Deed Restriction Credit Program Outline for Contracts, based on the last direction from Council. Staff recommend additional changes to ensure that an incentive remains to purchase new units as well as create the opportunity to generate revenue from the selling of credits applied to existing sales. II. BACKGROUND The Vail Town Council instructed Staff to draft an EHU deed restriction credit program for home buyers at the new Timber Ridge Village. In doing so, the following facts were taken into consideration: • Section 12-23-7 and Section 12-24-7 of the Vail Town Code establishes a mitigation bank whereby deed-restricted property owners may be granted a credit for EHU’s developed in anticipation of a future obligation. • An EHU credit may be used to meet the obligations of a commercial linkage or inclusionary zoning requirement. • Of the 302 new homes to be developed at the new Timber Ridge Village, 96 homes were existing, already deed-restricted, and therefore, not all the new deed restrictions can be considered net new for the purposes of an EHU credit. • There is a distinction between “catch up” and “keep up” housing opportunities. Historically, the Town of Vail has been challenged to provide “catch up” housing in hopes of reducing the growing deficit. • The previously existing 96 units were at the end of their useful life and in need of substantial capital investment to be refurbished or redeveloped to continue to be utilized as workforce housing. • The private sector is not motivated or otherwise incentivized to supply “catch up” housing opportunities. • In the instances of commercial linkage and inclusionary zoning, the mitigation rates of 20% and 10%, respectively, assures a shortfall of 80% and 90% of the employees generated will be without developer provided homes because of new commercial and residential development. The employees of that shortfall exist and require new housing to “keep up” with demand. • An EHU deed restriction credit has been demonstrated to have a direct monetary value. The value of the credit is subject to market conditions and employee demand. • Offering an EHU deed restriction credit improves marketability and increases the value of the new homes at Timber Ridge Village, especially for business owner buyers, with no direct added cost to the Town of Vail or the developer. • By the terms of the development deal structure at Timber Ridge Village, the Town of Vail is to be made whole on its financial contributions for the development of the new Timber Ridge Village. 84 Town of Vail Page 3 • Some potential business owner buyers of new homes at the new Timber Ridge Village have expressed an interest in acquiring an EHU deed restriction credit, provided there is a financial benefit in doing so. • On January 21, 2025, the Vail Town Council approved Resolution No. 4, Series of 2025, in support of implementing a deed restriction credit program at the new Timber Ridge Village. The program would be implemented in partnership with the Triumph Timber Ridge Village sales team. With the creation of the Timber Ridge EHU Credit Program, the Town is encouraging applicants for new development with an onsite housing requirement to satisfy Inclusionary Zoning and Commercial Linkage mitigation through the purchase of Timber Ridge Village employee housing units instead of providing employee housing units onsite to meet their Inclusionary Zoning and Commercial Linkage obligations and the specific purposes of Title 12 Zoning Regulations. To that end, the following provisions of an EHU. III> Proposed Amendments Given the feedback staff has received since February 18th, staff would propose: • No more than 30,000 square feet of the 86,500 will be available to apply for an assignability clause. This is reduced from 86,500 square feet being available to be assignable. _ Staff considered recommending the elimination of the assignability clause to reduce the likelihood of the entire 86,500 square feet being applied in part to existing contracts. However, a hybrid is suggested to mitigate interest rate risk, given the increasing interest rates with 30 year mortgages to allow the assignable credit be applied to both a limited amount (30,000 sq. ft) of existing contracts and new contracts. • To ensure that contracts are converted to actual sales, individual owners who participate in the EHU Deed Restriction Credit Program shall have their unit contract down payment become non- refundable, similar to business owner contracts. Previously the individual unit contract deposits were left refundable by the existing contract language. Other Recommendations that could be considered: • Reduce the EHU Deed Restriction Credit purchase price on 4-bedroom units to zero, only have an optional 7.5% transferability fee. III. STAFF RECOMMEDATION The Town staff recommend the Vail Town Council approves the Timber Ridge Village EHU Deed Restriction Credit Program, as presented. In doing so, the goal of the program is met, and the program objectives are achieved. For example, a greater opportunity for net new sales at Timber Ridge Village is created, the Town’s exposure to receiving the value of homes in lieu of net sales proceeds as a means of repayment of the Town’s financial contribution to the development is reduced since more homes have sold resulting in more net sales proceeds, and the additional revenue is used to advance the Town’s housing goal and 85 Town of Vail Page 3 financially support future housing developments, programs, and initiatives, such as added homes sales to Habitat for Humanity, which are direct new sales. See next Page - Highlighted in bold underline are staff recommendations that differ from the February 18, 2025 Council discussion. 86 Town of Vail Page 3 Phase 1 Recommended Rollout Timber Ridge Village EHU Deed Restriction Credit Program Outline for Contracts Purpose and Use: With the creation of the Timber Ridge EHU Credit Program, the Town is encouraging applicants for new development with an onsite housing requirement to satisfy Inclusionary Zoning and Commercial Linkage mitigation through the purchase of Timber Ridge Village employee housing units instead of providing employee housing units onsite to meet their Inclusionary Zoning and Commercial Linkage obligations and the specific purposes of Title 12 Zoning Regulations. Funds generated from the Timber Ridge EHU Credit Program shall be used to aid in the creation of additional deed restrictions through housing development, programs and initiatives. Individual and business owner home buyers shall be eligible for participation in the EHU deed restriction credit program; this includes buyers under contract and in good standing at the time of the adoption of the EHU credit program. The future value of the EHU credit shall be determined based upon the provisions of the Vail Town Code adopted at the time the EHU credit is redeemed. Recorded EHU deed restrictions or existing deed restriction obligations may be exchanged for new deed restrictions at Timber Ridge Village, subject to the exchange rates established in the Section 12-13-5, Employee Housing Unit Deed Restriction Exchange Program. This shall be permitted as an administrative action provided the request complies with the criteria and findings prescribed in 12-13-5(F)(1) and (F)(3)(a)(1-7) and (F)(3)(b)(1-4). • No added fees shall apply in the instance of an approved EHU exchange as the required exchange rate multiplier compensates the Town of Vail for the exchange. • An EHU credit purchased through the Timber Ridge Village Deed Restriction EHU Credit Program, regardless of deed restriction credit terms shall not apply to an EHU exchange. Term: Not more than 86,500 square feet of Timber Ridge EHU credits shall be available for acquisition by home buyers. No more than 30,000 square feet of the 86,500 will be available to apply for an assignability clause, to incentivize the purchase of new units. Developments looking to mitigate commercial linkage or inclusionary zoning requirements will be able to utilize assignable credits, but will also be incentivized to purchase new contracts to mitigate their code requirements. The redemption period of all EHU credits purchased through the Timber Ridge Village deed restriction credit program shall expire on December 31, 2035. Any unused credit as of January 1, 2036, shall become null and void. An EHU credit may be redeemed in full, or in part, during the redemption period. Any unused credit balance shall become null and void as of January 1, 2036. 87 Town of Vail Page 3 The Town of Vail reserves the right to terminate the EHU deed restriction credit purchase program at any time at its sole discretion. The Town of Vail, however, shall honor deed restriction credits acquired prior to the termination of the program. Price The value of the credit to be purchased is commensurate with the terms of the deed restriction, the terms of the credit purchased, and the type of home purchased. For instance, if the credit purchased for a four- bedroom home is to be freely assignable, its value is different than if the credit is purchased for a two- bedroom home and cannot be assigned. For the first phase of the program the following flat fee values shall be added to the retail purchase price of a home at Timber Ridge Village to acquire the EHU deed restriction credit: • Studio EHU Credit 10% of the unit purchase price. • One Bedroom EHU Credit 25% of unit purchase price. • Two Bedroom EHU Credit 20% of unit purchase price. • Three Bedroom EHU Credit:10% of unit purchase price. • Four Bedroom EHU Credite: 5% of unit purchase price. A 7.5% premium shall be added to the retail purchase price of the home to acquire assignability rights to the EHU Credit. The 7.5% fee is in addition to the purchase price of the EHU Credit. The assignability rights may only be purchased at the time of the initial EHU Credit purchase. The Town of Vail reserves the right to amend the EHU credit flat fee purchase percentage and/or the assignability premium percentage without notice or limitations. NOTE: IF THE BUYER/OWNER OF THE UNIT IS DIFFERENT THAN THE BUYER/OWNER/USER OF CREDIT, THEN THE 7.5% ASSIGNABLITY UPCHARGE MUST BE PAID. EHU DEED RESTRICTIONS CREDITS THAT ARE ASSIGNABLE SHALL ONLY BE REDEEMED IN WHOLE UNIT INCREMENTS, UNIT SQUARE FOOTAGE SHALL NOT BE BROKEN UP AND REDEEMED IN PARTS, THE WHOLE UNIT AND ITS RELATED SQUARE-FOOTAGE SHALL BE FULLY REDEEMED. A CREDIT CAN ONLY BE REDEEMED ONE TIME. Contract The terms of an EHU deed restriction credit shall be enumerated within the special provisions section of the purchase and sale agreement. Triumph Development shall administer the transaction at the direction of the Town of Vail and utilize contract language provided by the Town. 88 Town of Vail Page 3 The EHU deed restriction credit shall be purchased at the time of closing on the original sale of each home from Triumph Development to the first purchaser. Once the original home sale has closed, the Town will no longer offer an EHU deed restriction credit for purchase on the home. An EHU deed restriction credit to be purchased by the holder of an existing purchase and sale agreement, whether business owner or individual, shall enter into an amended purchase and sale agreement to acquire an EHU credit, shall opt-in withing 15 days of the effective date of the EHU deed restriction credit program. After the 15-day opt-in period, holders of existing purchase and sale agreements shall have an additional 15 days to make their EHU Deed Restriction Credit deposit. After the 15-day deposit period existing contract holders shall no longer be eligible for participation in the program. All additional net sales proceeds generated from the EHU deed restriction credit program shall be accrued to the sole benefit of the Town of Vail. Deposit The value of the EHU deed restriction credit shall be exempt from the earnest money down payment calculation on the traditional purchase and sale agreement. However, the EHU deed restriction credit value shall have its own separate earnest money down payment requirement to the benefit of the Town. That earnest money down payment requirement for the EHU Credit shall equal 20% of the cost of the credit, based on unit type and assignability. The 20% deposit shall be non-refundable, and checks shall be made out to the Town of Vail upon contract signing. To ensure that contracts are converted to actual sales, individual owners who opt into the EHU Deed Restriction Credit Program shall have their unit contract down payments become non-refundable similar to business owner contracts. Phasing and Priority The first phase will prioritize the unsold studio, 2, 3, and 4-bedroom units in Building A (the first building to close) and will temporarily be open to all existing contracts based on the terms below. • From the time the EHU Credit Program opens, the existing contracts shall have 15 days to opt into the EHU credit program. • Upon the conclusion of the existing contract opt in period, the existing contracts that opted into the EHU credit program shall have an additional 15 days to place their 20% EHU Deposits. • Deposits not received within the timeframe shall nullify the EHU contract. Upon substantial sellout of Building A the unsold units in the next two buildings to finish and close shall made available to the EHU Deed Restriction Credit Program. Record Keeping The Town of Vail Housing Department shall establish an internal accounting system and protocol for tracking and verifying deed restriction credits acquired and redeemed through the EHU deed restriction credit program for the term of the deed restriction. The accounting system should be audited annually. All EHU 89 Town of Vail Page 3 credits purchased shall be documented and recorded with the Eagle County Clerk & Recorder’s Office as an exhibit to the deed restriction. Exhibits: Attachment A – Phase 1 Units and Values 90 Unit Num Unit Type Unit Type2 SF Bldg FlrPln Flr ADA Storage Price EHU Opt In EHU Opt In Proceeds EHU Assignme nt EHU Assignment proceeds Potential Total EHU Proceeds A100 4BD/2BA 4 1,477 A I 1 A100 $1,043,900.00 0.08 $83,512.00 0.075 $78,292.50 $161,804.50 A102 2BD/2BA 2 1,032 A P 1 TYPE A A102 $707,141.00 0.2 $141,428.20 0.075 $53,035.58 $194,463.78 A104 STUDIO S 477 A A 1 A104 $408,102.00 0.15 $61,215.30 0.075 $30,607.65 $91,822.95 A200 4BD/2BA 4 1,477 A I 2 A200 $1,043,900.00 0.08 $83,512.00 0.075 $78,292.50 $161,804.50 A201 4BD/2BA 4 1,477 A I 2 A201 $1,054,339.00 0.08 $84,347.12 0.075 $79,075.43 $163,422.55 A204 STUDIO S 477 A A 2 A204 $416,264.00 0.15 $62,439.60 0.075 $31,219.80 $93,659.40 A205 STUDIO S 477 A A 2 TYPE B A205 $406,062.00 0.15 $60,909.30 0.075 $30,454.65 $91,363.95 A206 3BD/2BA 3 1,361 A F 2 A206 $909,942.00 0.1 $90,994.20 0.075 $68,245.65 $159,239.85 A300 4BD/2BA 4 1,477 A I 3 A300 $1,064,778.00 0.08 $85,182.24 0.075 $79,858.35 $165,040.59 A301 4BD/2BA 4 1,477 A I 3 A301 $1,043,900.00 0.08 $83,512.00 0.075 $78,292.50 $161,804.50 A303 2BD/2BA 2 1,032 A D 3 A303 $707,141.00 0.2 $141,428.20 0.075 $53,035.58 $194,463.78 A304 STUDIO S 477 A A 3 A304 $424,426.00 0.15 $63,663.90 0.075 $31,831.95 $95,495.85 A305 STUDIO S 477 A A 3 A305 $408,102.00 0.15 $61,215.30 0.075 $30,607.65 $91,822.95 A306 3BD/2BA 3 1,361 A F 3 TYPE B A306 $927,784.00 0.1 $92,778.40 0.075 $69,583.80 $162,362.20 A307 2BD/2BA 2 1,032 A D 3 A307 $707,141.00 0.2 $141,428.20 0.075 $53,035.58 $194,463.78 A400 4BD/2BA 4 1,477 A I 4 A400 $1,075,217.00 0.08 $86,017.36 0.075 $80,641.28 $166,658.64 A401 4BD/2BA 4 1,477 A I 4 A401 $1,054,339.00 0.08 $84,347.12 0.075 $79,075.43 $163,422.55 18542 13,402,478.00$ 1,507,930.44$ 1,005,185.85$ 2,513,116.29$ 81.33$ 54.21$ 135.54$ 91 AGENDA ITEM NO. 3.3 Item Cover Page DATE:March 18, 2025 TIME:45 min. SUBMITTED BY:Kristen Bertuglia, Environmental Sustainability ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (12:30pm) SUBJECT:Vail Nature Center Discussion (1:45pm) SUGGESTED ACTION:Listen to presentation and provide feedback. PRESENTER(S):Kristen Bertuglia, Environmental Sustainability Director VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Memo - Vail Nature Center Strategic Direction Attachment A. 2024 Vail Nature Center Management Report Attachment B. VNC Scope of Services Attachment C. VNC Vicinity Map Attachment D. Nature Center Public Comment 92 TO: Vail Town Council FROM: Environmental Sustainability Department DATE: March 18, 2025 SUBJECT: Vail Nature Center – Strategic Direction I. PURPOSE The purpose of this work session is to discuss future goals for the physical environment and the operation of the Nature Center. To discuss those goals, staff would like to re-orient the Vail Town Council to the status of the Vail Nature Center, including physical structure and programming, community input, and to discuss goals and seek direction for the future of the site. Relevant documents to guide the discussion include the Ford Park Master Plan, the Vail Nature Center Master Plan Review, Phase 0 Needfinding and Feasibility Analysis, and the Vail Nature Center Interpretive Master Plan. II. BACKGROUND The Ford Park site was acquired by the Town of Vail in April of 1973 for the purpose of improving the quality of life in the community. This 39-acre park site represented the last remaining parcel of land central to use by all residents and visitors of the Vail community. The property, known at the time as the Antholz Ranch, was acquired on April 3, 1973, via Ordinance No. 6, Series of 1973. Excerpt from Phase 0 – VNC Report - History In 1974, shortly after the Town acquired the 38-acre portion of the Antholz Ranch that would become Ford Park, the Vail Nature Center was founded by a group of local educators and nature enthusiasts who proposed to use – and preserve - the least developed, least accessible portion of the Antholz acquisition for nature education. Local residents Evi Bascom Nott and Susan Chenault Hanson had proposed the idea to Town Council and became the first directors of the new nature center, beginning in 1974. They were acquaintances from CU, where Nott had majored in biology and Hanson in environmental biology. The mission they set for the enterprise was — and continues to be — “to provide quality environmental education and outdoor recreation opportunities that enhance the understanding and appreciation of natural resources in the Rocky Mountains.” The Vail Nature Center was officially dedicated on August 15, 1975, with nationally known author and environmentalist Ann Zwinger as the keynote speaker at the ceremony. The founders had hoped to operate the nature center as an independent nonprofit facility, but that never happened, and it fell to the Town to operate it. In 1987, the Town Council, by resolution, endorsed a recommendation of the 1985 Ford Park Master Plan and formally adopted the VNC as an educational venue to demonstrate preservation and conservation of the natural environment. Since its inception, the VNC has been housed in an old unfinished 93 Town of Vail Page 2 farmhouse built by Henry Antholz at the edge of a long, narrow montane meadow perched slightly above the forested riparian corridor on the south side of Gore Creek. Over the years since, the site has been embellished with a network of walking trails, picnic benches, interpretive signage, bird feeders, a teepee, and a small amphitheater, and the farmhouse has accumulated a considerable collection of relatively static exhibits and taxidermy. In August of 1985 the Gerald R. Ford Park and Donovan Park Master Plan Development Final Report was completed. The Ford Park Master Plan was adopted by Council via Resolution No. 19, Series of 1985. The purpose of the master plan was to guide the future development of these parks and establish guidelines for the implementation of improvements. On November 3, 1987, the Town Council adopted Resolution No. 27, Series of 1987, which designated the seven acres around the Nature Center as an area to be preserved as an example of the Gore Valley’s natural history. Vehicular traffic was restricted and certain policies and procedures for preservation and maintenance of the grounds and facilities were established with the resolution. Site Management The Town of Vail owns the seven-acre Nature Center site and the existing building, outdoor classroom, meadow, and temporary facilities. In 1993, program management had been absorbed into the Vail Recreation District, who contracted with Walking Mountains Science Center to care for the site and run all operations including hiring, training and housing certified naturalists, developing curricula, programs, events, marketing, website, summer camps and facilitating sign-ups, serving as an information center, etc. In 2017, the VRD no longer needed to serve as the middle entity, so the Town of Vail assumed oversight once again under the Environmental Sustainability Department. The town has continued to contract the operations of the facility and programs to Walking Mountains who has consistently provided excellent service despite the shortcomings of the site. A list of programs and the annual report may be found in Attachments A and B, respectively. The Nature Center site can be accessed by pedestrians along a path from Vail Valley Drive, or from Ford Park near the Gerald R. Ford Amphitheater via a pedestrian bridge over Gore Creek. ADA parking is currently available near the Amphitheater, however, the path to access the Nature Center is non-compliant with ADA. ADA parking on site is provided for vehicles that are able navigate the dirt road from Vail Valley Drive to the south and east of the existing Nature Center building (see Vicinity map, Attachment C). Currently, there is a 27-foot diameter temporary yurt on the site approximately 75 feet to the east of the existing Nature Center building within Ford Park under a Conditional Use Permit in three-year cycles. Accessible portable toilets and a hand washing station are also on site. 94 Town of Vail Page 3 Nature Center Master Plans- Review The site has been operated with the same mission for decades as part of the Ford Park user experience with the mission of continuing an education center and nature preserve. As the years went on the building and facilities fell into disrepair. In 2015 the town partnered with Walking Mountains to complete the Vail Nature Center Interpretive Master Plan, and in 2018 the Town of Vail contracted with a consultant team led by Hopkins Architecture to complete the Master Plan Review, Phase 0 - Need finding, & Feasibility Analysis, which reviewed goals and vision with the community through a public engagement process. The town had budgeted for design and improvements to the site and the building and carried forward through 2024 over the years in varying amounts, from $262,000 in 2018, $380,000 from 2019-2024, $4,000,000 for redevelopment in 2022. Due to Council direction, the COVID-19 pandemic, and competing priorities, funding has not been spent, and no major design dollars are budgeted in 2025. Common themes to all master plan goals including the Phase 0 review with the community include: • The primary purpose of the Vail Nature Center is to motivate environmental stewardship and educate visitors and residents alike. • Education is essential to encourage public conservation, and the Nature Center is an ideal learning venue. • Residents and guests who visit the Nature Center want it to be a place to educate people to value the natural surroundings, quiet and peaceful. • The site should function as a nature preserve (not manicured) and the facility itself should be sustainable. • The Nature Center should serve all people inclusively and involves embracing different ages, languages and disabilities. • The Nature Center should actively support teaching as the primary function. • Protect Ford Park from overdevelopment. • Protect environmentally sensitive areas within the Gore Creek corridor. • Restrict vehicular access and refrain from adding more parking within Ford Park. • Refrain from allowing new structures in Ford Park. • Some master plan amendments may be necessary, depending on the chosen strategy for the VNC. 95 Town of Vail Page 4 Needs Assessment Themes: Code Issues Requiring Immediate Action • Failure of both building and site to comply with accessibility standards set by the Americans with Disabilities Act of 1990; access, ADA parking, restroom, circulation into and within the building, non-conforming trails; lack of water. • Failure of the framing in the upper-level floor and the roof to meet current building codes; the attic should not be occupied. • Failure to meet basic fire codes; absence of a fire suppression system; lack of water, fire hydrant, and navigable route to the building for a fire truck. General Building Observations • Generally in neglected condition, needs a refresh of flooring, paint, wood, etc. • Rodents have been known to access. • No plumbing or running water. • Composting toilet not functioning properly. • Not eligible for listing on the historic register, but the building has historic value. • Fails to meet visitors’ quality expectations (the bird window is a hit with everyone). • Shade structure/outdoor classroom is crucial for summer classes and evening programs but could be more functional and aesthetically pleasing. General Site Observations • Driveway does not meet TOV development standards and is dangerous in bad weather. • Site is not pristine, but valued because it is natural, quiet, and close to town. • Best place in town to walk by the river, great place to fish. • Topography is a limiting factor for ADA-compliant trails. • Most of the riparian zone is within the FEMA floodplain limit. • Riparian zone runs the entire length of the site and, if protected and enhanced, could play a major role in helping to implement TOV’s action plan for improving water quality. III. BETTY FORD ALPINE GARDENS In 2015 the new education center at the Betty Ford Alpine Garden opened. The mission of the garden is to protect the alpine environment through education, conservation and living plant collections. Programs at this facility include garden tours, wildflower walks, dinosaur talks, classes, speaker series, chefs in the garden, special events, interpretive and seasonal programming. The physical and operational planning of the Nature Center should consider and compliment what is provided at the Betty Ford Alpine Gardens facility at Ford Park. IV. COUNCIL DISCUSSION While the town recognizes the need for improvement of the guest experience at the Vail Nature Center, staff suggests the following questions for Council to guide the discussion for the future of the site. 96 Town of Vail Page 5 1. What is the strategic direction of the Vail Nature Center? a) Should the Nature Center continue to function with the mission of delivering environmental education experiences and outdoor learning for all ages in the summer, in order to foster environmental stewardship? b) Should the Nature Center continue to be staffed in some format during the summer for walk-in visitation and programming? 2. What are the physical goals for the Nature Center and its surrounding site? a) Should the Nature Center grounds continue to function as a nature preserve in accordance with the Ford Park Master Plan? b) Should the Nature Center’s ADA needs be upgraded to meet code standards? c) Should the Nature Center have a functioning bathroom rather than a port-o-let? (composting toilet would need to be repaired/replaced and brought to code). d) Should, at a minimum, the farmhouse 2nd floor be removed and vaulted ceiling opened, inside cleaned and left as a nod to local history, with minimal interpretive information (rather than the current, dated displays). This could require structural integrity improvements to the building. e) Should the temporary yurt and port-o-lets be removed? f) Should the Vail Nature Center programming and building meet the Vail Standards and provide Vail’s guests and community with excellent customer service? g) Should the outdoor classroom/shade structure provide a beautiful outdoor classroom experience and be upgraded as the main learning area for the site (see examples for illustrative purposes only, below? 3. How would the Town Council like to address the operations of the site, if it is to continue? Note, staff has met with both Walking Mountains, who remains interested in operating the Nature Center, and Betty Ford Alpine Gardens who has expressed an interest in the Nature Center operations (interpretive services, site improvements, or partnership). Option 1: Continue with the status quo this summer, contract with Walking Mountains (budgeted $109,000) to provide programming and site maintenance. Staff will synthesize Council goals, obtain cost estimates for any necessary site improvements and return to Council for approval to, at a minimum: meet ADA requirements (trail improvements that could include a boardwalk over wetlands), repair and improve restroom, and remove the yurt. Work with the Alpine Gardens and Walking Mountains to determine either a partnership or a path forward with one entity. Work with the community to create a current vision for an outdoor learning experience. Option 2: Issue a Request for Proposals to provide some or all of the following: operate the Nature Center including interpretive services, site maintenance, outdoor classroom facility design and funding. Note, a Ford Park Advisory Committee is working on the implementation of the Ford Park Master Plan and reviewing future improvements to the park. Staff will work with the Council to Identify goals, outcomes, and site 97 Town of Vail Page 6 improvement ideas that could contribute to a Request for Proposals for VNC services and improvements in 2026. Option 3: Revisit the remodel of the farmhouse proposed by Hopkins Architecture to meet the needs of today; re-envision both the indoor/outdoor experience at the Nature Center and plan for a future budget to accommodate. Option 4: Shut down operations at the Nature Center indefinitely, remove temporary facilities, leave or remove farmhouse and restore site. V. STAFF RECOMMENDATION In order to maintain a quality guest experience in the short-term, changing operations this summer will be challenging. If an RFP is desired by Council, staff would propose it be applicable for the 2026 summer season. The key consideration is whether continued programming out of the existing nature center is desired given its current physical limitations. VI. ATTACHMENTS A. VNC Programs B. VNC Report C. VNC Vicinity Map 98 Vail Nature Center Management Report August 21.2024 Management History The Vail Nature Center has been fully managed and staed by the Walking Mountains Community Programs department since 2013.The Community Programs Director, Hannah Rumble,began working for the Vail Nature Center in 2008 when it was under the management of Vail Recreation District. Strategic Objectives The overall strategic objective for the Community Programs department of Walking Mountains is as follows:The Community Programs (CP)department will engage community members and visitors of all ages and backgrounds through experiential opportunities using our integrated facilities and the local environment.By applying diverse educational strategies we will inspire people to develop a sense of place and foster a positive relationship with the natural world. The Community Programs section of the Walking Mountains strategic plan is deeply connected to the Vail Nature Center with the center being foundational in work towards partnership,internship,curriculum and exhibit,community science & volunteer strategies. General Operations The Vail Nature Center is currently open for visitors and programming mid-June to late September.For 2024,operating hours are Mondays-Saturday,9:00am -5:00pm. On Sundays stawork the Vail Farmers’Market and lead Creekside Tours that end at the nature center. PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 99 Stang The Vail Nature Center is staed by the Community Programs Department of Walking Mountains.The Community Programs Manager Scott Dunn and Community Programs Director,Hannah Rumble,lead a team of 12 Naturalists to operate the nature center and its programming. The Naturalist staare hired and trained by Walking Mountains.The naturalist team is recruited from all over the country and sometimes internationally.Naturalists all complete three weeks of intensive training that includes Rocky Mountain ecology, regional and town sustainability eorts,local history,customer service, environmental education,facility operations and more.All naturalists receive Certified Interpretive Guide Training (32 Hour Course)through the National association for Interpretation. In addition to stang the nature center and facilitating visitor experiences,the naturalists also play a key role in maintaining the buildings,trails and property.They are continuously managing noxious weeds,trails,litter,housekeeping,and safety concerns as they arise. Current Programing For the 2024 season,a mixture of interpretive,environmental education,and early childhood programming were oered at the Vail Nature Center. ●Wildflower Walks:Mondays-Thursdays |11:00am -12:00pm ●Nature Walks:Mondays -Saturdays |2:00 -3:00pm ●Creekside Nature Tours:Sundays |11:00am -12:00pm &1:30-2:30pm ●Evening Beaver Pond Tours:Mondays &Wednesdays |7:00-8:45pm ●Summer camp classes ●Custom programming Additionally,the Vail Nature Center hosted a private 50th Anniversary celebration with approximately 40 attendees. PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 100 Programming Notes:We ceased onsite evening programming due to an increase in other events in and around Ford Park and their related noise interference and parking limitations.We continue to meet o-site on Bighorn Road in East Vail for our evening beaver pond tours. Below is a graphical breakdown of program participation from 6/13/24 to 8/20/24. This data set is incomplete for the 2024 season.As of 8/20/24,658 people have participated in educational programs at the Vail Nature Center. Volunteer opportunities are also hosted at the Vail Nature Center including Vail Mountain School trail work days and the Eagle River/Gore Creek Clean-Up. The nature center is also a host for portions of Native Plant Master classes through the CSU Extension. PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 101 Program Evaluation Programs at the Vail Nature Center are regularly evaluated using the standardized practices in place across all Walking Mountains programming.Surveys are sent to program participants that collect demographic information and explore the impact of their educational experience.Data for 2024 has not been calculated but in 2023,Vail Nature Center survey respondents gave Vail Nature Center programs a net promoter score of 90. Visitation Visitation is measured in two ways at the Vail Nature Center,visitors inside the nature center and property visitors. 2,433 guests have visited inside the nature center as of 8/20/24 for the 2024 season. In 2023,Walking Mountains installed trail counters at each of the 3 property access points (Nature Center Bridge,Vail Valley Dr.,and Access Road),so we have accurate property use information.These trail counters have been collecting data for a full calendar year and allow us to better understand trends in visitor use. Below is a report of the data collected thus far.The numbers in the cells under each month are the trac counts and represent every time the trail counters were triggered during that time period.The red cell represents months where there was no data.ADT stands for average daily trac and is shown in the green column. PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 102 Vail Nature Center Visitor Traffic Report Year Site Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ADT 2023 Access Road 1,669 1,491 992 736 227 225 26.345 Nature Center Bridge 10,169 6,666 3,543 3,118 1,087 2,009 144.522 Vail Valley Dr. Entrance 4,028 3,860 1,471 946 150 14 55.394 2024 Access Road 277 336 177 102 509 1,429 1,812 1,121 22.187 Nature Center Bridge 1,670 2,184 2,159 833 2,350 6,361 9,249 9,295 121.484 Vail Valley Dr. Entrance 21 5 6 102 541 2,108 3,418 2,868 30.849 PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 103 The graph below shows a comparison of visitor trac of the three access points between 6/1/24 and 8/7/24. ●64.6%of visitor trac comes via the Nature Center Bridge ●22.6%of visitor trac comes via the Vail Valley Drive trail ●12.8%of visitor trac comes via the Access Road *Attached to the end of this document are full visitor trac reports from each access point. PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 104 Additional Initiatives and Budget In addition to ongoing expenses for sta,program supplies,and maintenance; Walking Mountains invests in improving visitor experience through exhibits improvements and creating new interactive activities throughout the year. ●New community science exhibit and INaturalist project ●New nature exploration tools for children ●Handmade bird silhouettes exhibit ●Child-friendly seating and furniture with games,puzzles,and nature based activities. ●Improved bird watching window ●Spanish translations of existing information and exhibits ●Additional lighting fixtures and furnishings to create a more welcoming space ●We plan to purchase 4 new interpretive exhibit banners with an estimated cost of $6,000 This past year,Walking Mountains invested heavily in creating a digital archive of photographs and historical records of the Vail Nature Center as part of celebrating the center’s 50th anniversary. ●Photograph and slide digitization:$1,250 ●VNC 50th anniversary collages:$1000 ●Ongoing archiving of all newspaper clippings,operations letters,VNC newsletters,program booklets,and lesson plans ●Work with Town of Vail Library to share historical information PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 105 Additional Trail Counter Data PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 106 PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 107 PO Box 9469 |318 Walking Mountains Lane |Avon,CO 81620 |(970)827-9725 |walkingmountains.org 108 EXHIBIT A SCOPE OF SERVICES Vail Nature Center Summer 202 The Contractor will operate the following programs at the Vail Nature Center: Wildflower Walk – (1 hour, 3 days per week) A leisurely one-hour walk through the woods and meadows in which guests learn about the flowers that carpet the mountains and the conditions they need to thrive. Morning Bird Walk – (1 hour, 2 days per week) A morning walk through the meadows and woods along Gore Creek where guests learn about a great variety of birds, what they need to survive, and how to attract birds to their own backyards. Beaver Pond Tour – (1.75 hours, 2 evenings per week) The guest experience begins at the Nature Center with a brief presentation about beavers, followed by a drive to a beaver pond and active lodge. S’Mores and More: Family Campfire Program – (1.5 hours, 2 evenings per week) A warm campfire, nocturnal creatures and the sweet smell of burning marshmallows fill this family program at the Vail Nature Center. Creekside Nature Tours – (1 hour, 2 times per Farmer’s Market) A casual nature walk along Vail’s streamside paths to learn about the importance of riparian ecosystems. Tours depart from the Walking Mountains Science Center booth at the Vail Farmers’ Market on Sundays throughout the summer. Adult Backcountry Hikes & Hiking Club – Naturalist Guides and Wilderness First Responders lead participants on all-day and half-day hikes throughout the White River National Forest. Hikes are offered 3-4 days per week. Hikes are at a pace that allows participants to enjoy the flora and fauna along the trail. Participants should be in healthy condition and accustomed to the altitude. Hike participants must pre-register and bring their own rain gear, lunch, trail snacks, water and a camera. Transportation is provided from the Nature Center. Volunteer Days – Volunteer groups and students assist with trail maintenance and invasive weeds. Custom programming – Walking Mountains may make separate contracts to work with private groups and camps such as its regular programming with VRD’s Camp Eco Fun. The Contractor will operate the Vail Nature Center facilities: The facility will be open for public visitation during its annual operating season of mid-June to the end of September. Nature exhibits and other interpretive opportunities will be provided by the staff. Normal days of operation are Mondays-Saturdays with presence at the Vail Farmers’ Market on Sundays. 109 Staff will monitor and provide basic upkeep on all Vail Nature Center trails. Staff will engage in basic invasive weed management and enforce visitor rules to help protect the area’s biodiversity. The Contractor is responsible for all services above and staffing of the Nature Center, excluding the cost of electrical service, maintenance and cleaning of the interior and exterior of the VNC, including exhibits within the VNC or on the grounds, facilities, signage, and seating, telephone and internet service. 1. Contractor’s Obligations. Contractor shall: (a) Provide all staffing and cover all related costs of wages, contract labor, benefits, payroll taxes, workers comp, uniforms, cell phones, and other costs required to run the Programs. (b) Provide one van for use in transporting staff and Program participants. (c) Supply all operating goods such as supplies, food, inventory or retail items for sale, computer and office supplies, bank and credit card fees, and all other costs required for all Program operations. (d) Pay all of the costs to maintain the required licenses from the US Forest Service and any other permits required for programs offered at the Vail Nature Center; all such licenses and permits shall be maintained in the name of the Contractor, but shall revert to the Town of Vail should the Contractor no longer operate Programs at the Vail Nature Center. (e) Provide an attendance report for all summer programs to the Town of Vail at the end of the season. 110 ATTACHMENT C – VAIL NATURE CENTER VICINITY 111 From:Kerry Donovan To:PublicInputTownCouncil Subject:Nature Center Date:Tuesday, March 18, 2025 10:44:32 AM Hello Friends- The Vail Nature Center is more than just a facility—it is a living testament to Vail’s commitment to conservation and environmental education. And more than Henry and Leona's "new home," it is also the sagebrush and pasqueflowers. It is also the absence of kentucky bluegrass and built rock walls with imported "statement" boulders or pavers in approved color schemes. The Nature Center is what it isn't. A small footprint of a valley from before. It is truly a living history. The Nature Center has provided a place of quiet reflection, learning, and connection to the natural beauty of the Vail Valley. While updates are needed, over- modernization risks stripping the site of its character and historical significance. Yet no support is also a risk as land and old buildings have to be loved. The memo focuses on the farm house which I understand is the tangible piece of action. But while focusing on structural improvements to a building, it feels like the land is forgotten. Sometimes maintaining a thing "as-is" is as bold a move as presenting something brand new. Yes, it needs refreshing. But more so, it needs protecting. I hope the Council will preserve and maintain the Nature Center in a way that honors its rustic and educational roots. A community group could guide efforts to ensure that improvements enhance accessibility and sustainability without sacrificing authenticity. Friends of the Nature Center has a nice ring and communities need volunteer opportunities. I'd also suggest a discussion on if VRD is the right home for the Nature Center. It may indeed deserve its own underbrella to shelter under. My mom and I used to volunteer for hours and hours at the nature center - planting the garden, building fences, supporting the staff, helping visitors identify birds. It was a busy and vibrant hub of happiness. It can be that again with vision and commitment. Let’s protect this piece of Vail’s history while ensuring it remains a space for future generations to learn and connect with nature. Thanks for serving, Kerry 112 AGENDA ITEM NO. 3.4 Item Cover Page DATE:March 18, 2025 TIME:5 min. SUBMITTED BY:Matt Gennett, Community Development ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (12:30pm) SUBJECT:West Lionshead Planning Update (2:30pm) SUGGESTED ACTION:Listen to update and provide feedback. PRESENTER(S):Matt Gennett, Community Development Director, Jim Telling and Kevin Murphy, East West Partners VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Information Update - West Lionshead 113 © 2024 HART HOWERTON. The designs and concepts shown are the sole property of Hart Howerton. The drawings may not be used except with the expressed written consent of Hart Howerton. West Lionshead Village Master Plan, Vail, CO March 10, 2025 Illustrative Plan BU S S T O P EHU EAST CONDO A DAY SKIER DROP-OFFCONDOS STANDARD A CONDOS STANDARD B 60-KEY HOTEL CONDOS - LUXURY 120-KEY HOTEL HOTEL BRANDED RESI SKI BEACH GONDOLA POOL HOTEL DROP-OFF DROP-OFF HOTEL BRANDED RESI OR CONDO ULTRA VILLAGE EVENT BARN WRAP CONDO I-70 GORE C R E E K RE D S A N D S T O N E C R E E K FO R E S T R D RITZ CARLTON THE HYTHE VAIL SPA CONDOMINIUMS GORE CREEK PLACE EAGLE RIVER WATER & SANITATION EAST CONDO B 1 23 4 DRAFT - 3/18/25 DR A F T 114 © 2024 HART HOWERTON. The designs and concepts shown are the sole property of Hart Howerton. The drawings may not be used except with the expressed written consent of Hart Howerton. West Lionshead Village Master Plan, Vail, CO March 10, 2025 Pedestrian Plaza Level PEDESTRIAN PLAZA RETAIL RETAIL RETAIL RETAILRETAILF&B HOTEL AMENITIES SMALL SPA/FITNESS CENTER OR RETAIL RESI AMENITIES / LOBBY / BOH RESI AMENITIES / LOBBY / BOH POTENTIAL OFFICE LOCATION 1 PREFUNCTION FOR EVENT BARN ABOVE DROP-OFF BELOW PLAZA, SKI BEACH & GONDOLA BELOW POOL BELOW SPA/FITNESS UPPER LVL HOTEL AMENITIES HOTEL AMENITIES BOH LOBBY DROP-OFF DRAFT - 3/18/25 DR A F T 115 © 2024 HART HOWERTON. The designs and concepts shown are the sole property of Hart Howerton. The drawings may not be used except with the expressed written consent of Hart Howerton. West Lionshead Village Master Plan, Vail, CO March 10, 2025 Ski Beach & Service Road Level BELOW GRADE CONDO PARKING SPA POOL LOBBY EVENT BOH F&B PEDESTRIAN VILLAGE ABOVE DROP-OFF PLAZA, SKI BEACH & GONDOLA POOL SPA/FIT LOWER LVL F&B SKIER SERVICELOWER LOBBY DROP-OFF ABOVE BOH POTENTIAL OFFICE LOCATION 2 DRAFT - 3/18/25 DR A F T 116 DRAFT - 3/18/25 117 AGENDA ITEM NO. 3.5 Item Cover Page DATE:March 18, 2025 TIME:30 min. SUBMITTED BY:Jake Shipe, Finance ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (12:30pm) SUBJECT:1st Budget Supplemental Presentation (2:35pm) SUGGESTED ACTION:Listen to presentation and provide feedback. PRESENTER(S):Jake Shipe, Budget Manager VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Memo - 1st Budget Supplemental Ordinance No. 4 - 1st Budget Supplemental, First Reading Staff Presentation - 1st Budget Supplemental 118 TO: Vail Town Council FROM: Finance Department DATE: March 18, 2025 SUBJECT: 2024 Results and 2025 Supplemental Appropriation I.SUMMARY The completion of the town’s 2024 fiscal year sets the stage and provides context for the town’s first supplemental budget appropriation of 2025. Included in this memo is a high-level preliminary review of 2024 financial results. During Tuesday evening's session, you will be asked to approve the first reading of Ordinance No. 4, making supplemental appropriations and adjustments to the 2025 budget. This supplemental reflects $52.7M of capital projects that span more than one year and need to have funding re-appropriated to the current year, in addition to $3.5M in funding for new requests and adjustments. II.DISCUSSION 2024 RESULTS Across all funds, revenues totaled $127.0 million. Excluding large one-time grant revenues from federal grants and the Vail Reinvestment Authority capital reimbursement, 2024 revenues totaled $114.5 million, up $7.6 million from 2023 and up $1.3 million from budget. Sales Tax collections totaled $47.3M in 2024 including both the general 4.0% sales tax ($42.2M) and the new 0.5% housing sales tax ($5.1M). Compared to the prior year, sales tax revenues were up $351.1K, or 0.7%, and up $2.0 million, or 3.3%, compared to budget. 2024 summer season collections were up 2.7%, accounting for the majority of the growth from the prior year. The January – April winter period saw a decline in collections of (0.7)%, while November – December experienced an increase in collections of 0.9%. Inflation, as measured by the consumer price index, was up 2.9% form the 12-months ending December 2024. 1% Real Estate Transfer Tax collections totaled $9.3 million, a $1.4 million or 17% increase compared to 2023. 2024 experienced both an increase in the number of property sales (up 5.7% from 2023), and an increase in the average collection amount (up 10.2% from 2023). A total of 246 properties were sold (excluding timeshares), with an average collection amount of $36,813. 119 - 2 - Construction Use Tax collections of $3.1 million were up $540.4K or 21.3% from 2023. Construction use tac collections for 2024 were a mix of business and residential construction projects. There were no major commercial redevelopments in 2024. Lift tax collections of $6.7 million were up 3.1% or $209.1K compared to 2023. Lift Tax collections for the late winter season into summer (January through October) were tracking up 6% compared to 2023; however, in November and December lift tax collections experienced an 8% decrease compared to the same time period in 2023. Parking revenues totaled $9.4 million flat compared to 2023. Investment Earnings in 2024 totaled $8.3 million, up $700K compared to 2023. 2024 net expenditures totaled $153.6 million compared to $218.8 million budgeted. Of the $65.2 million budget variance, $52.3 million is requested for re-appropriation for capital projects currently underway in the Capital, RETT, Housing, Heavy Equipment, and Residences at Main Vail Funds. The remaining savings of $12.5 million was a result of savings from capital projects ($5.5), town-wide staffing vacancies ($2.1M), reduced event spending ($882K), fewer health insurance claims ($332K), and reduced general operating expenditures ($3.7M) such as professional fees, general supplies and materials, programs, and fuel and vehicle supplies. 120 - 3 - 2025 SUPPLEMENTAL APPROPRIATION The main purpose of this supplemental is to re-appropriate funds for capital projects budgeted in 2024 and are continuing into this year, or projects that did not begin as planned. There are also adjustments needed to reflect events or decisions that have occurred since the 2025 budget was finalized. General Fund Revenue General Fund revenues have been increased by $415,047 offset by a decrease in grant revenues totaling $236,152. The majority of the increase in revenue, $231,332, reflects project reimbursements and grant funding that will be directly offset by corresponding expenditures, including the following: • $207,300 for the continuation of initiatives associated with the grant from the Colorado Department of Local Affairs for the Affordable Housing Capacity Building project. This grant provides an 80% match. • $24,032 for the continuation of the High Visibility Enforcement grant from the Colorado Department of Transportation due to the difference in the State’s fiscal year. The remaining $183,715 increase in revenue includes the following: • $131,652 increase in daily parking sales revenue. 2024 parking revenues totaled $8.1M, exceeding budget by $247K. Staff has adjusted 2025 parking revenues to be more in line with 2024 collections while also reflecting current year to date trends. The total 2025 proposed amended budget is $7,623,000 down 3.0% compared to prior year. • $44,000 increase in estimated electric vehicle charging station revenue (totaling $66,000 for 2025) due to the new pricing structure implemented on March 1st. This pricing structure is expected to cover average annual operational costs of the Town’s public charging stations of approximately $76,000. • $12,883 increase in the internal administrative fee from the Internal Employee Housing Rental Fund due to the increase in rental revenue associated with the newly purchased East Vail Lodging #35 and Hamlet #3 units. Revenue has been decreased by a total of $236,152 due to uncertainty around the collectability of the federal FTA 5311 Transit Operational grant awarded by the Colorado Department of Transportation. There has been no official change in this grant’s status. However, the Town has not received a definitive communication from the grant administrator that these funds will not be frozen. In accordance with a conservative budgeting philosophy, this grant revenue is removed from the budget. The associated expenditures within the Town’s transit program remain in the budget, funded by general revenues. General Fund expenditures are proposed to increase by $1,035,657, offset by a decrease in expenditures of $50,000. $231,332 of the increased expenditures will be reimbursed by the revenue items listed above while $412,558 represents planning projects that have not been completed and are requested to be rolled forward including West Lionshead ($130,000), Civic Area ($78,772), Transit Optimization ($19,680), and the Destination Stewardship Plans ($184,106). The remaining $289,942 represent new requests: • $290,042 for the annual management fees, commissions, and TOV in-kind usage fees for the Donovan Pavilion and Grand View Room. This is offset by the rental revenue for these two rooms already included in the budget. • $24,900 for an opinion survey related a potential STR Excise Tax • $21,000 for the replacement of small Police Department equipment for traffic enforcement, including four speed radars and ten breathalyzers. The equipment to be 121 - 4 - replaced is approximately 15-years old and has a an expected replacement cycle of 10- years. • $4,000 for the annual cost of a subscription to a GIS mapping software in partnership with the Eagle River Water and Sanitation District • $(50,000) decrease for the shift of annual parking entry system repair and maintenance costs from the General Fund to the Capital Projects Fund for consistent accounting treatment. As costs have increased, replacement of various component of the parking entry system have exceeded the Town’s capitalization threshold of $5,000, requiring recognition in a capital fund. This will be offset by an increase of $50,000 to parking capital and will have no net impact to total budgeted expenditures across all town funds. This supplemental budget includes an adjustment to the transfers allocated to the Timber Ridge Fund for the town’s investment in the Timber Ridge redevelopment. The shift is based on available fund balances and follows best practices by prioritizing the use of the most restrictive funds first. Based on updated budget projections the Housing Fund has a greater available balance than originally projected. As a result, staff recommends utilizing these funds first, reducing the transfer from the General Fund by $10.2 million and increasing the transfer from the Housing Fund by the same amount. The above adjustments to the General Fund 2025 budget result in an estimated fund balance of $46.5 million by the end of 2025, or 74% of annual revenues in a normal year. Capital Projects Fund Budgeted revenues will be adjusted by an increase of $4,885,778, offset by a decrease of $15,397. The increases in revenue are related to reimbursements and grants for capital projects originally budgeted and committed to in prior years but are being re-appropriated due to project timing. These revenues will be directly offset by re-appropriated project expenditures. These include: • A reimbursement of $1,741,906 from the Vail Reinvestment Authority (VRA) for the planning and design phase of Dobson redevelopment ($1,741,906) • A total of $1,897,829 utilization of the Holy Cross franchise fee and underground enhancement funds for the conversion of overhead electric lines to underground lines in conjunction with the planned fiber optic project. These funds are built-up over time and recognized when used towards applicable projects. • $750,000 Multi-Model Option Funds grant to be used towards the design of an expanded Mobility Hub at the Vail Transportation Center • $250,000 Colorado Energy Office grant towards the design of a Geothermal Energy District • $154,079 for the remaining balance of the CDOT grant to be used towards electric bus electric charging infrastructure • $91,964 Multi-Model Option Funds grant to be used towards the continuing bollard infrastructure project At this time, staff has not re-appropriated grant revenues for the $1.6M FTA 5339(B) grant awarded last year towards the replacement of two electric buses due to uncertainty around the collectability of funding due to impacts of federal funding freezes. The town is optimistic it will receive the funds; however, the staff has not received a definitive communication from the grant administrator that these funds will be dispersed. In accordance with a conservative budget philosophy, the corresponding revenues have not been included in the budget. These buses have been ordered, and the town does expect to receive them early this year. 122 - 5 - The $15,397 decrease in revenue reflects an adjustment to the transfer from the RETT Fund for the Dobson Redevelopment project. The original 2025 budget included a transfer of $762,546, which was allocated in the 2024–2029 Five-Year Plan for routine maintenance at Dobson. However, since the redevelopment project will eliminate the need for certain maintenance expenses during this period, these funds were transferred to go towards the cost of redevelopment. $15,397 of those funds were used in 2024 towards maintenance. Staff is requesting to supplement 2025 expenditures by a total of $26,613,769 of which $24,298,294 represents projects budgeted in 2024 but not yet completed/received such as the underground utility conversion project ($4.2M), placeholder for replacement of snowmelt boilers ($2.1M), replacement of two buses ($2.1M), the ongoing Dobson Arena redevelopment ($1.7M), neighborhood road projects ($1.5M), and the design of the Vail Mobility Hub expansion ($1.5M). Please see the Capital Projects Fund statement for a full list of all re-appropriations. The remaining $1,262,844 increase in expenditures is for new requests/adjustments, including the following: • An increase of $500,000 for prioritized structural repairs to extend the life of the Vail Village and Lionshead parking structures, as presented to council in the Parking Structural Assessment at the February 4th meeting. • An increase of $234,468 for the purchase of Employee Rental Units as a true-up to the final negotiated costs for units that went under contract during 2024. Initially, the Homestake Vail unit was going to be purchased and sold back to the community. However, it was later decided that this unit was a better fit as a town of Vail employee unit, decreasing the budget funds available for the Hamlet #3 unit, which closed in January 2025. • A $170.0K increase in the placeholder for an updated Human Resources/Enterprise Information System to accommodate the inclusion of payroll, timekeeping, and performance management, learning, and possible recruitment. The original budget only considered a benefits management system previously managed manually with spreadsheets. After a preliminary review of the solutions and an evaluation of our current system processes, staff is requesting additional funds for the full HRIS system to manage the full employee lifecycle. This will enhance the employee experience by providing self-service options, automate data entry and updates across HR and Finance functions, and reduce errors and administrative burden. It will also ensure compliance with record keeping, labor laws, and tax laws. The total amount of the requested placeholder is $290.0K for implementation and one year of SAAS costs. Once the new system is operational, there will be an estimated offset in expenditures of approximately $75,000 annually. • $49,900 for the implementation of a software to track the Town’s progress on the Council Strategic Plan. This is offset by savings in strategic plan projects in the General Fund for 2024. This includes a one-time setup fee of $21,875 and an annual licensing fee of $28,025. • $47,000 to install bullet-resistant glass to the Police Department administrative area for security enhancements. • $45,074 for the outfit the final two Police Department fleet expansion vehicles. Due to cost escalations during the three-year period in which these vehicles were being acquired, there was not a sufficient balance remaining in the 2024 budget to reappropriate towards these costs. • $40,000 for replacement of the Level 4 Parking Entry Equipment at the Red Sandstone Structure. This equipment is approximately 3-years old and is unable to be repaired. • $36,000 for the monthly platform licensing and hosting fee for the new UbiPark parking software which was implemented during the Fall of 2024. 123 - 6 - • $32,248 for the replacement of siding on the West Side of the Children’s Garden of Learning needed due to sun warping damage. This is offset by savings in the final costs for the CGOL facility relocation in the 2024 amended budget. • $27,082 to repair the drain lines in the Seibert Fountain equipment vault needed due to freeze damage. This is offset by savings in a placeholder for pump replacement in 2024 that was not needed. • $17,300 for the implementation of an artificial intelligence-assisted software to assist in more detailed and accurate reporting of parking data. This includes a one-time setup fee of $6,600 and an annual licensing fee of $10,700. All of the above adjustments will result in an estimated fund balance of $4.6 million by the end of 2025. Real Estate Transfer Tax (RETT) Fund Budgeted revenues will be adjusted by an increase of $315,574. The majority of this or $291,192 is for revenue reimbursements and grants originally budgeted and awarded in prior years but delayed due to project timing. These revenues will be directly offset by re- appropriated project expenditures. This includes: • $205,309 for the contribution from the Eagle River Water and Sanitation District towards the Dowd Junction Stabilization project. • A $75,000 contribution from the Evergreen Development towards the Middle Creek on TOV-owned land as required by the development process • $10,883 for the bear education grant from Colorado Parks and Wildlife The remaining $24,382 increase in revenue is related to the following adjustments: • $14,382 adjustment to the Golf Course lease revenue budget with the Vail Recreation District (VRD) to agree to the lease agreement. These funds are offset by an equal increase in expenditures toward the Recreation Enhancement Fund, which is built-up over time and utilized towards enhancements to TOV properties managed by the VRD. An additional increase to expenditures of $16,134 is included for revenue collected above the 2024 budgeted amount. • $10,000 in donations from the Kosloff and Winmax Foundations towards the Winterfest program, which is offset by an equal increase to expenditures for the Winterfest program. Staff is requesting to supplement expenditures by a total of $7,862,221 of which $7,446,894 represents projects budgeted in 2024 but not yet completed such as the TOV contribution to the replacement of Athletic Field restroom and concession building ($1.0M), the construction of the Ford Park Art Space ($963.4K), the continuing rehabilitation of the Pedestrian Overpass over I70 and other pedestrian bridge repairs ($703.3K), the TOV contribution to the Gymnastics Center HVAC replacement ($691.2K), the replacement of the Ford Park turf field with a synthetic alternative ($472.0K), and the ongoing re-stabilization of the Dowd Junction retaining wall and bike path ($453.8K). Please see the Real Estate Transfer Tax fund statement for a full list of all re-appropriations. New requests/adjustments include the following: • $107,500 in increases to the annual parks department budget, including $56,000 to support the increased frequency of cleaning of restrooms and port-a-lets implemented last year and $51,500 for the increased water rates implemented by ERWSD during 2024 and again in 2025. 124 - 7 - • Staff is requesting to utilize $146,224 of 2024 savings in the Parks Maintenance Budget towards a rebuild of a 1250’ section of the North Recreation Trail and Red Sandstone Road and the Pedestrian Overpass. • Utilization of $100,000 in funds originally budgeted in 2024 for a I-70 wildlife passage study with CDOT towards general habitat improvement initiatives such as booth creek weed control and revegetation/fuels work. • Staff is requesting to utilize $40,000 in savings from the water quality infrastructure installation placeholder toward storm-water related improvements at the East Vail Interchange. In combination with the re-appropriation of unspent 2024 funds, the total proposed budget in 2025 for the East Vail Interchange project $190,453. • $25,000 for an increase in contract scope for the Golf Course water quality study and vegetative plan to include the contractor’s participation in stakeholder engagement session for the Town Council, the Public, and the Vail Recreation District. This project is being partially funded by a $30,000 reimbursement from the Vail Recreation District. • $2,000 in additional funds for the Sole Power App Development for a fee to develop the connection between the App and the Town’s cloud servers. The above adjustments will result in an estimated fund balance of $4.5 million at the end of 2025. Housing Fund Budgeted revenue will increase by $900,400 for the following items: • Re-appropriate $625,000 for the sale of the Pitkin Creek Park #3B unit purchased by the town in 2024. This unit will be resold to the community with a “buy-down” as a deed restricted unit. • $275,400 for the buyout of the deed restriction at 363 Beaver Dam Circle. This was approved by council at the February 4th meeting. Staff is also requesting to supplement budgeted expenditures by $18,852,791, all of which represents re-appropriations for the town’s housing programs. This includes: • $10,541,295 for the transfer to the Timber Ridge fund for site and podium costs. Of this amount, $10.2M was originally budgeted as a transfer from the General Fund, but will now be paid from the Housing Fund to utilize the most restrictive funds first. Additionally, staff has increased the transfer and Timber Ridge budget by $710K to true up the total budget to the development agreement. • $2,885,645 in funds for the Vail InDEED program. The 2024 amended budget is proposed to include a total of $4,385,645 for the InDEED program. • $2,398,502 placeholder for the acquisition of the East Vail CDOT parcel, and $17,900 for the 1’ parcel which borders it. These purchased were finalized earlier this year. • A $1,500,000 placeholder to ensure funds are available for future housing purchase opportunities. $150,904 of this amount represents funds built-up through the collection of the housing fee in-lieu. Please see the Housing Tax Fund fund statement for a full list of all re-appropriations. The above adjustments will utilize all remaining funds balance in the housing fund. 125 - 8 - Internal Employee Housing Rental Fund Budgeted revenue will increase by $64,416 for rental revenue from the newly purchased East Vail Lodging #35 and Hamlet #3 units. This is offset by an increase in expenditures of $49,718; $36,835 for operational costs such as utilities and condo dues, and $12,833 for the administrative fee to the general fund for these units. Budgeted revenue will also increase by $52,631 for a transfer from the Capital Projects Fund funding an equal increase to Capital Maintenance expenditures for ongoing improvements to older employee housing units purchased during the past few years, including window replacements at Buffehr Creek #4A and #6. The above adjustments will result in an estimated fund balance of $23.3K at the end of 2025. Dispatch Services Fund Budgeted expenditures are requested to increase by $1,186,486. The majority of this amount, $797,110, represents re-appropriation of ongoing capital projects. This includes the following: • $700,000 for the replacement of the Records Management System (RMS) • $97,110 for the Mobile Responder Command and Control tool The remaining increase in expenditures of $389,376 are for new requests and include the following: • $264,376 for the implementation of staffing initiatives designed to increase retention and reduce position vacancies. The funding for these initiatives was approved by the participating agencies but was not included in the original 2025 budget due to the timing of the planning for implementation. • $75,000 for an organizational structure assessment of the Dispatch Communications Center to identify the factors impacting a long-term sustainable operational model. This assessment would focus on an organizational assessment, staffing analysis, and technology and resource assessments. This request is supported by participating agencies. • $50,000 increase in the cost of the Records Management System replacement as a contingency placeholder for additional costs to migrate data to the new system. The above adjustments will result in an estimated fund balance of $1,831,600 at the end of 2025. Heavy Equipment Fund Budgeted expenditures are proposed to increase by $1,411,715. The majority of the increase in expenditures, $1,350,715 is requested for vehicle replacements originally budgeted in 2024. Most vehicles budgeted for have been ordered and are awaiting delivery. The remaining increase in requested expenditures are for the following items: • $31,000 for an increase in the cost of the 5-year warranty and cloud plan contract on the electric bus charging stations based on an up-to-date quote recently received. The total cost is $130,870. • $30,000 re-appropriation of the electric bus charging station operational training costs from 2024. These costs may be covered by federal FTA 5339(B) funding awarded to the Town. Due to uncertainty around the collectability of funding due to Federal funding 126 - 9 - freezes, and in accordance with a conservative budget philosophy, the corresponding revenues have not been re-appropriated in the budget. The above adjustments will result in an estimated fund balance of $415.1K at the end of 2025. Timber Ridge Fund The Timber Ridge Fund reflects the reappropriation of $10,059,950 for the final portion of the town's contribution towards the Timber Ridge Redevelopment. The budget has been increased by $710K to true the budget up to the development agreement. This is directly offset by a $10,541,295 transfer from the Housing Fund and $229,233 transfer from the General Fund. This transfers amounts have been adjusted to utilize the more restrictive Housing funds first. The above adjustments will result in an estimated remaining fund balance of $2.1M at the end of 2025.These funds will go towards paying off the original loan to the capital projects fund. 127 Preliminary Proposed 2024 2024 Under 2025 1st 2025 Amended Actuals (Over)Budget Supplemental Amended Notes Revenue Local Taxes:40,850,000$ 42,198,819$ 1,348,819$ 42,064,000$ 42,064,000$ Sales Tax Split b/t Gen'l Fund & Capital Fund 62/38 59/41 62/38 62/38 Sales Tax 25,327,000 25,327,000 - 26,280,000 26,280,000 Property and Ownership 8,445,000 8,104,077 (340,923) 8,083,644 8,083,644 Ski Lift Tax 7,014,135 6,745,551 (268,584) 6,915,427 6,915,427 Franchise Fees, Penalties, and Other Taxes 1,901,156 1,913,386 12,230 1,971,710 1,971,710 Licenses & Permits 3,460,206 3,579,209 119,003 3,216,565 3,216,565 Intergovernmental Revenue 4,381,599 3,886,505 (695,094) 3,575,621 (4,820) 3,570,801 Roll forward unused portion of 2024 grants and agreements: State DOLA Capacity Grant ($207.3K); State High Visibility Enforcement ($24.0K); Remove FTA 5311 operational transit grant due to uncertainty of funding ($236.2K) Transportation Centers 8,953,976 9,394,536 440,560 8,992,252 175,652 9,167,904 Increase parking revenue based on YTD sales ($131.6K); Increase EV charging station revenue for new pricing model ($44.0K) Charges for Services 1,151,229 1,349,856 198,627 1,486,377 12,883 1,499,260 Increased IEHRF Admin Fee for new units ($12.9K) Fines & Forfeitures 204,116 498,503 294,387 219,116 219,116 Earnings on Investments 4,620,303 4,500,699 (119,604) 635,896 635,896 Rental Revenue 1,789,266 1,983,951 194,685 740,387 740,387 Miscellaneous and Project Reimbursements 256,700 354,553 97,853 216,000 216,000 Total Revenue 67,504,687 67,637,827 (66,859) 62,332,995 183,715 62,516,710 Expenditures Salaries 28,677,716 27,427,142 1,250,574 30,495,338 24,032 30,519,370 PD HVE Enforcement grant costs ($24.0K) Benefits 9,279,920 9,276,419 3,501 9,565,532 9,565,532 Subtotal Compensation and Benefits 37,957,636 36,703,562 1,254,074 40,060,870 24,032 40,084,902 Contributions and Welcome Centers 307,200 281,207 25,993 360,551 360,551 Childcare Program Funding 250,000 273,731 (23,731) 551,000 551,000 All Other Operating Expenses 13,946,226 11,931,360 2,014,866 13,219,704 549,067 13,768,771 Donovan & Grand View management fees, commissions, and TOV in-kind usage fees ($290.0K); Re-appropriate DOLA capacity grant initiatives ($259.1K); Surveying for STR ballot question ($24.9K); PD small equipment replacements for traffic enforcement ($21.0K); Nearmap subcription with ERWSD ($4.0K); Shift recognition of parking equipment R&M to CPF for accounting consistency (- $50.0K) Heavy Equipment Operating Charges 3,361,626 2,918,585 443,041 3,530,452 3,530,452 Heavy Equipment Replacement Charges 1,200,050 1,334,717 (134,667) 1,340,867 1,340,867 Dispatch Services 691,448 691,448 - 827,331 827,331 Total Expenditures 57,714,186 54,134,609 3,579,577 59,890,775 573,099 60,463,874 Surplus (Deficit) from Operations 9,790,501 13,503,219 3,712,718 2,442,220 (389,384) 2,052,836 TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND 128 Preliminary Proposed 2024 2024 Under 2025 1st 2025 Amended Actuals (Over)Budget Supplemental Amended Notes TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND One-Time Items: Planning Projects Transit Route & Operations Planning (90,000) (70,320) 19,680 - (19,680) (19,680) Re-appropriate ongoing planning ($13.7K) VLMD Transfer for Destination Stewardship Mgmt. Plan 200,000 - (200,000) - - Destination Stewardship Mgmt. Plan (227,315) (43,209) 184,106 - (184,106) (184,106) Re-appropriate funds for ongoing GHG Inventory and roadmap projects ($184.1K) Civic Area Master Plan (323,029) (244,257) 78,772 (150,000) (78,772) (228,772) West Vail Master Plan - - - (150,000) (150,000) West Lionshead Master Plan (150,000) (20,000) 130,000 - (130,000) (130,000) Neighborhood Drainage Master Plan - - - (350,000) (350,000) Contingency - - - (50,000) (50,000) Contributions Funded with Reserves ECO Trail- Eagle Valley Trail Contribution (Minturn)(100,000) (100,000) - - - Net Increase /(Decrease) due to One- Time Items: (690,344) (477,786) 212,558 (700,000) (412,558) (1,112,558) Transfer (to)/from Marketing & Special Events Fund (2,600,000) (1,718,951) 881,049 - - Transfer (to)/from VLMD for Special Events - - - (2,522,299) (2,522,299) RETT repayment for Booth Heights Legal Fees 650,856 945,247 294,391 - - Transfer from RETT (Other)13,500 13,500 - - - Transfer (to) RETT (Other)(2,880) (2,880) - - - Transfer (to)/from Other Funds (Other)(301,629) (301,629) - - - Timber Ridge Transfer to TR for Site and Podium (30,522,340) (20,115,596) 10,406,744 - (229,233) (229,233) Adjust Transfer to utilize most restrictive funds first Middle Creek Redevelopment (Transfer to HF)- - - (1,000,000) 1,000,000 - Adjust Transfer to utilize CPF Parking Capital Reserve Contribution - - - (5,000,000) (5,000,000) Surplus (Deficit) Net of Transfers and One-Time Items (23,662,336) (8,154,876) (6,780,079) (6,780,079) Beginning Fund Balance 61,440,888 61,440,888 53,286,012 53,286,012 Ending Fund Balance 37,778,552$ 53,286,012$ 46,505,933$ 46,505,933$ As % of Annual Revenues 56%79%75%74% 129 Preliminary Variance Proposed 2024 2024 Favorable/2025 2025 Amended Actuals (Unfavorable)Budget Reappropriations New Requests Amended Revenue Total Sales Tax Revenue:40,850,000$ 42,198,819$ 1,348,819$ 42,064,000$ 42,064,000$ Sales Tax Split between General Fund & Capital Fund 62/38 62/38 Sales tax split 62/38 Sales Tax - Capital Projects Fund 15,523,000$ 17,288,012$ 1,765,012$ 15,984,000$ 15,984,000$ Use Tax 3,118,670 3,073,318 (45,352) 2,502,000 2,502,000 2026 - 2029: 2% Increase Franchise Fee 1,126,672 3,280 (1,123,392) - 1,123,392 1,123,392 2025: Roll forward utilization of 1% Franchise Fee for Holy Cross underground utilities project ($1.1M) 2024: Utilize 1% Franchise Fee for Holy Cross underground utilities project; Federal Grant Revenue 3,825,482 3,895,668 70,186 - - 2024: Re-appropriate Hickenlooper/Bennet Federal grant award for two electric buses ($1.65M); and 5339 (B) Federal Grant towards two electric buses ($1.8M); Additional bus charger grants ($360.6K) Other State Revenue 3,600,276 217,242 (3,383,034) - 1,246,043 1,246,043 2025: Roll forward unused MMOF Grant towards Mobility Hub Design ($750.0K); CO Energy Office Geothermal Design Grant ($250.0K); MMOF Grant toward Bollards ($92.0K); CDOT Grant towards 3 electric bus chargers ($154.1K) 2024: MMOF grant towards Mobility Hub Design ($750K); Re-appropriate CDOT grant towards four electric buses ($2.0M), CDOT grant towards four electric bus chargers ($255.7K), remaining MMOF Grant for l&d and bollards($164.4K), fleet charging station grant ($30K); Colorado Energy Office grant towards the design of Geothermal Energy project ($250K); Lease Revenue 172,270 168,826 (3,444) 172,270 172,270 Per Vail Commons commercial (incr. every 5 years); Project Reimbursement 774,437 39,182 (735,255) - 774,437 774,437 2025: Reappropriate use of HCE Funds for Underground Utility Project with Holy Cross 2024: Utilize Holy Cross Enhancement Fund for HCE Underground Utility Project; Total balance $774,437 Timber Ridge Loan repayment 468,933 462,955 (5,978) 462,909 462,909 TR Annual Loan payment Earnings on Investments and Other 1,955,105 2,039,606 84,501 861,957 861,957 2025: 3% return assumed Total Revenue 30,564,845 27,188,088 (3,376,757) 19,983,136 3,143,872 - 23,127,008 Expenditures Facilities Facilities Capital Maintenance 970,187 421,392 548,795 430,000 430,000 2025 includes: Fire Station Furniture Replacement ($50K), Fire Station II Overhead garage doors ($20K), Library Boiler Replacement ($40K), Library Furniture Replacement ($50K) 2024 includes: PW 30% roof replacement ($75K), Buzzard Park repairs ($75K), Buzzard Park roof repairs ($50K), transit office windows and doors ($25K), PW overhead garage door ($50K), PW carpet replacement ($50K); Additional funds for Transit Office Air Handler Engineering and Library Air Handler Engineering using 2023 savings from Municipal Complex Maintenance ($473.5K); Municipal Complex Maintenance 1,385,000 1,424,414 (39,414) 260,000 400,000 47,000 707,000 2025 includes: Police Department Roof ($150K), Police Department Boilers Maintenance ($50K); Reappropriate facility maintenance funds towards ongoing projects, including Discover Vail office move and Muni Building furniture replacements ($400.0K); PD Admin Area Security Enhancements ($47.0K); 2024: Various Municipal capital improvements, including Muni HVAC Replacement ($1.0M) Building Energy Enhancement Projects 50,000 - 50,000 25,000 50,000 75,000 2025: Re-appropriate unspent placeholder funds towards efficiency enhancements in Town building, pending results of 2024 Energy Audit ($50.0K) 2024: Placeholder for energy enhancements specific to Town buildings Public Works Building Maintenance 180,000 - 180,000 - - 2024:PW Admin exterior building paint, furnace relocation, and window replacement ($180K) Public Works Specialty Equipment - - - 30,000 30,000 2025: Purchase of Sign Shop Printer ($30.0K) Welcome Center/Grandview Capital Maintenance 121,778 - 121,778 25,000 25,000 2025: Placeholder for annual capital maintenance 2024: $121.8K Furniture Upgrades TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 1st Supplemental 130 Preliminary Variance Proposed 2024 2024 Favorable/2025 2025 Amended Actuals (Unfavorable)Budget Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 1st Supplemental Purchase of Employee Rental Units 5,224,136 3,411,963 1,812,173 - 1,812,173 234,468 2,046,641 2025: Re-appropriate funds towards purchase of Hamlet Townhome Unit #3 ($1.8M); New funding as true-up for Hamlet #3 unit due to final commission negotiations and discrepancy during staff turnover ($234.5K); All Future purchases of employee units will be reflected in the Internal Housing Fund 2024: Purchase of TOV employee housing stock ($1.2M); Purchase of Hamlet Townhome Unit 3 ($2.0M) Employee Rental Capital Maintenance 280,000 227,369 52,631 - - 2025: Capital Maintenance of Town-Owned Rental Units will be reflected in newly proposed Internal Employee Housing Fund 2024: Window replacement Buffehr Creek #6A and #4A ($47.2K) and roof replacement at the Hamlet unit ($72.8K) Geothermal Energy System 400,000 14,644 385,356 1,500,000 333,556 1,833,556 2025: Placeholders for geothermal component of snowmelt boiler replacement ($1.5M) 2025: Re-appropriate design funds for Geothermal Energy District ($385.4K); Reduce budget by $51.8K for Art Studio budget increase to connect to existing Geothermal Well in RETT fund ($51.8K) 2024: Utilize placeholder for efficient snowmelt boiler replacements towards the Geothermal Project design, planning, and construction ($150.0K); $250.0K additional design funds offset by grant from Colorado Energy Office Snowmelt Boilers Replacement 1,961,634 66,040 1,895,594 - 1,895,594 1,895,594 2025: Re-appropriate funds as placeholder for boiler replacements that may be necessary depending on geothermal design outcomes and timeline ($1.8M); Boilers are reaching end of life Arrabelle Snowmelt Boilers 190,000 - 190,000 - 190,000 190,000 2025: Re-appropriate funds towards Arabelle Boiler Replacement - Shared cost managed by Vail Resorts ($190.0K) 2024: Arabelle Boiler Replacement - Shared cost with Vail Resorts ($190.0K) Donovan Pavilion Remodel 50,000 - 50,000 59,500 50,000 109,500 2025: Main Floor refinishing/resealing ($35.0K); Walk-behind floor buffer/sweeper ($10.0K); Furniture Replacements ($14.5K); Re-appropriate 2024 placeholder as capital maint contingency ($50.0K) 2024:Capital Maintenance Placeholders ($50K) Mountain Plaza Elevator Renovation - - - 100,000 100,000 2025: Placeholder for Mountain plaza elevator renovation (shared cost with Vail Resorts) Vail Mobility Hub Expansion 1,500,000 - 1,500,000 - 1,500,000 1,500,000 2025: Re-appropriate funds for design of Vail Mobility Hub Expansion, offset by $750K MMOF match grant included in state reimbursements above ($1.5M) 2024: Design for Vail Mobility Hub (VTRC) Expansion offset by $750K MMOF match grant included in state reimbursements above Fire Sprinkler Upgrades at Bus Barn 600,000 - 600,000 - 600,000 600,000 2025: Reappropriate funds towards Bus Barn fire sprinkler upgrades; Project is still in engineering phase ($600.0K) 2024: Update Fire Sprinkler system in bus barn to accommodate needs of expanded electric bus fleet ($500k); Re-appropriate design funds for sprinkler system updates ($100K) Public Works Shops Expansion 114,543 96,485 18,058 - 18,058 18,058 2025: Re-appropriate funds towards architectural feasibility and planning for identified phase two expansion opportunities ($18.0K) 2024: Architectural feasibility and planning for identified phase two expansion opportunities ($114.5K) Total Facilities 13,027,278 5,662,308 7,364,970 2,429,500 6,849,381 281,468 9,560,349 Parking Parking Structures 940,000 336,015 603,985 1,697,000 603,985 500,000 2,800,985 2025: Placeholder for beautification at Vail Transit Center ($200.0K); Re-appropriate funds towards priority structural repairs/rehab as identified in the study ($604.0K); Additional funding towards priority structural repairs/rehab as identified in the study ($500.0K) 2024/2025: Various repairs including deck topping replacement, expansion joint repairs, ventilation, HVAC, plumbing and other structural repairs 131 Preliminary Variance Proposed 2024 2024 Favorable/2025 2025 Amended Actuals (Unfavorable)Budget Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 1st Supplemental Parking Entry System / Equipment 404,337 116,124 288,213 - 338,214 338,214 2025: Re-appropriate funds for remaining parking system replacement costs, including subscription recognized over 5-years ($233.2K); Re-appropriate ongoing parking replacement equipment purchases for damaged items ($55.0K); Shift parking maintenance budget from GF for accounting consistency ($50.0K) 2024: Re-appropriate $114.8K for remaining parking system replacement costs Red Sandstone Parking Structure 70,000 - 70,000 - 40,000 40,000 2025: Request for Level 4 parking entry equipment that needs replacement ($40.0K) 2024: $70K structure resealing Total Parking 1,414,337 452,139 962,198 1,697,000 942,199 540,000 3,179,199 Transportation Bus Shelters 232,583 226,218 6,365 50,000 50,000 2025: Annual Bus Shelter Maintenance ($30.0K); Add Solar Lighting at Existing Shelters ($20.0K) 2024: Construction of Additional Shelters ($202.6K) Timber Ridge Transit Stop 1,908,277 - 1,908,277 - 1,908,277 1,908,277 2025: Re-appropriate construction of a transit stop at the new Timber Ridge housing development ($1.9M) 2024: Construction of a transit stop at the new Timber Ridge housing development, offset by a decrease in expenditures in the Timber Ridge fund ($1.9M) Replace Buses 7,850,000 5,710,950 2,139,050 - 2,139,050 2,139,050 2025: Re-appropriate $2.1M for two electric buses which are still awaiting delivery (May be offset by $1.6M of potential federal grant funding) 2024: $7.9M funds for six bus replacements with electric models Bus Wash Equipment 650,000 588,270 61,730 - - 2024: $650K Bus wash replacement Bus Sign Replacement 15,025 - 15,025 - - 2024: Electric bus signage replacement project ($15.0K) Traffic Impact Fee and Transportation Master Plan Updates 33,943 26,490 7,453 - - 2024: Finalize and adopt Go Vail 2045 ($33.9K) Hybrid / Electric Bus Battery Replacement 165,000 - 165,000 - - 2024: Battery Replacement Placeholder ($165.0K) Electric bus chargers and electrical service rebuild 993,783 724,992 268,791 - 268,791 268,791 2025: Reappropriate funds as contingency placeholder to move or adjust chargers based on outcomes of Bus Barn fire sprinkler engineering if deemed necessary ($268.8K) 2024: $725.0K New charging stations and infrastructure for buses at PW Car Share Program Infrastructure - - - 117,675 117,675 2025: Purchase of two vehicles ($100K) for car share program; upgrades to Electric Chargers ($17.7K) for implementation of Car Share program Total Transportation 11,848,611 7,276,920 4,571,691 167,675 4,316,118 - 4,483,793 Road and Bridges Capital Street Maintenance 1,640,000 1,552,187 87,813 1,660,000 1,660,000 2025 includes Asphalt Mill & Overlay ($700K), Surface Seal ($215K), Drainage Improvement ($110K), Streetscape Repair ($82K) 2024 includes surface seal ($310K); asphalt mill overlay ($550K); Drainage Improvement ($105k) Residential Traffic Calming - - - 35,000 35,000 2025: Residential Traffic Calming - Photo Radar Pilot ($35.0K) Street Light Improvements 440,000 - 440,000 75,000 440,000 515,000 2025: Annual Town-Wide street light replacement ($75K); 2025: Re-appropriate funds towards neighborhood street light replacements scheduled for this year ($440.0K) Slifer Plaza/ Fountain/Storm Sewer 70,714 - 70,714 - - 2024:$70.7k towards water quality smell issues at Slifer Plaza not completed in 2023 Vail Health / TOV Frontage Road improvements 235,317 - 235,317 - - 2024: Re-appropriate funds for the remaining project: widen sidewalk at Vail International ($235.3K) Neighborhood Bridge Repair 1,085,599 677,563 408,036 - 408,036 408,036 2025: Re-appropriate ongoing bridge scour mitigation project at Chamonix Rd ($408.0K) 2024: Complete on going projects at Nugget Ln, Lupine Dr, Bighorn Rd at Pitkin and Bighorn Creeks, as well as scour mitigation at Main Gore Dr and Chamonix Rd ($1.1M) 132 Preliminary Variance Proposed 2024 2024 Favorable/2025 2025 Amended Actuals (Unfavorable)Budget Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 1st Supplemental Seibert Fountain Improvements 27,082 - 27,082 - 27,082 27,082 2024: Re-appropriate funds for circulation pump replacement ($27.1K); 2025: Utilize 2024 savings from circulation pump replacement not implemented towards repairs to the drain lines in the equipment vault to prevent flooding ($27.1K) Roundabout Lighting Project 1,236,697 747,758 488,939 - 488,939 488,939 2025: Re-appropriate funds to complete lighting project at Town Center ($488.9K) 2024: Re-appropriate funds to complete lighting project at Town Center ($1.2M) Neighborhood Road Reconstruction 1,588,809 35,115 1,553,694 - 1,553,694 1,553,694 2024/2025: Re-appropriate funds towards delayed Meadow Dr culvert lining, Black Gore Dr culver replacements, and Meadow Dr/Meadow Ln drainage improvements design ($1.6M) South Frontage Road Pedestrian Improvements - - - 250,000 250,000 2025: Design of pedestrian improvements on the South Frontage Road (paved bike lanes/shoulders, sidewalk sections) between W LH Circle and E LH Circle, and Donovan to Westhaven Vail Village Streetscape/Snowmelt Repair 2,933,961 330,948 2,603,013 - 900,000 900,000 2025: Re-appropriate funds towards Vail Village snowmelt repairs with a reduced scope ($900.0K) 2024: Replacement and Repairs of 18 yr. old streetscape and snowmelt infrastructure (piping) in Vail Village; Re-appropriate funds for ongoing Vail Village Streetscape/Snowmelt repair ($2.6M) Lionshead Streetscape/Snowmelt Replacement (VRA)250,000 70,901 179,099 - 50,000 50,000 2024/2025: Re-appropriate funds as contingency for snowmelt repairs ($50.0K) Total Road and Bridge 9,508,179 3,414,472 6,093,707 2,020,000 3,840,669 27,082 5,887,751 Technology Town-wide camera system 30,000 - 30,000 50,000 50,000 2024/2025: Annual maintenance Audio-Visual capital maintenance 150,000 156,391 (6,391) 100,000 100,000 2025: Update of A/V systems in Council Chambers, Grandview/Library/Community room/Donovan A/V systems; Replacement cycle every 3-5 years ($100K) Cybersecurity 125,000 89,303 35,697 140,000 140,000 Annual Investment in cybersecurity, to keeps up with the ongoing changes that are required to maintain a safe and secure computing environment Software Licensing 865,000 816,031 48,969 959,135 36,000 995,135 Annual software licensing and support for town wide systems (3% Annual Increase); 2025: UbiPark annual fees - implemented Fall 2024 ($36.0K) Hardware Purchases 75,000 74,146 854 90,000 90,000 2024/2025: Workstation replacements (20-25 per year) Website and e-commerce 70,000 67,955 2,045 75,000 75,000 2024/2025: Annual website maintenance (3% Annual Increase) Fiber Optics / Cabling Systems in Buildings 795,626 75,677 719,949 50,000 719,949 769,949 2025: Repair, maintain & upgrade cabling/network Infrastructure ($50K); 2025: Reappropriate funds towards ongoing design of redundant Fiber Optic paths in the Town ($719.9K) Network upgrades 150,000 81,424 68,576 150,000 150,000 2024/2025: Computer network systems - replacement cycle every 3-5 years ($150K) Data Center (Computer Rooms)150,000 150,000 150,000 150,000 2024/2025: Annual data center maintenance ($150K) Data Center equipment replacement 1,750,000 1,867,070 (117,070) - - 2024: Replacement of data center main stacks ($1.75M) Broadband (THOR)110,000 107,658 2,342 115,000 115,000 2024/2025: Annual Broadband Expenses (3% Annual Increase) Business Systems Replacement 90,000 71,969 18,031 185,000 18,031 237,200 440,231 2025: Placeholder for Human Resources/Enterprise Information System ($120.0K); Employee Housing Unit compliance software ($35.0K); Re-appropriate funds for ongoing Budget Software Implementation ($18.0K); Strategic Planning Milestone tracking software ($49.9K); Parking data reporting software ($17.3K); $150.0K increase in HR/Enterprise IS system to include replacement of the payroll system 2024: Re-appropriate funds for HR performance management system ($17.5K) and budget software ($40K); Budget software price increase funded with 2023 savings from other business systems ($32.5K); 2025/2027/2029: Placeholder for Parking System Upgrades/Enhancements (Every other year) ($30.0K) Total Technology 4,360,626 3,407,623 953,003 2,064,135 737,980 273,200 3,075,315 133 Preliminary Variance Proposed 2024 2024 Favorable/2025 2025 Amended Actuals (Unfavorable)Budget Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 1st Supplemental Public Safety Public Safety IT Equipment 40,000 31,179 8,821 75,000 75,000 Annual Maint/Replacement of PD IT Equipment including patrol car and fire truck laptops and software used to push information to TOV and other agencies; TOV portion of annual Intergraph software maintenance Public Safety Equipment 229,204 228,604 600 241,387 241,387 2025: Purchase of Skydio X10 Drones ($48.4K); 2025: Annual Axon Body-Worn Camera Equipment Annual Cost ($125.6K); Flock LPR Equipment Annual Cost ($15.0K); Drones software & warranty annual costs ($12.6K) 2024: Acquisition of two police K9s ($41.0K) and associated vehicle modifications ($7.4k); Axon contracting error ($40.2K) Terradyne Public Safety Vehicle 145,000 - 145,000 - 145,000 145,000 2025: Re-appropriate TOV contribution for vehicle awaiting delivery ($145.0K) 2024: $145,000 for the Town of Vail contribution towards the acquisition of a terradyne armored vehicle by the Eagle County Special Operations Unit (Maintenance cost to be funded by the Town of Avon) - Shared cost with Eagle County, Town of Avon, and Town of Eagle Fire Safety Equipment 5,296 5,296 - 45,000 45,000 2025: Knox Box System Replacement/Upgrade ($45.0K): Drone Expansion ($16.0K); Extrication Equipment ($35.0K) Event Equipment 73,007 74,659 (1,652) - - 2024:Santa's Village ($75.0K); Radio Equipment replacement/expansion - - - 1,020,000 1,020,000 2025: Replacements of radios for PW, PD and Fire (approximately every 5 years) ($1.0M) Fire Truck Replacement 1,723,309 1,653,199 70,110 - 70,110 70,110 2025: Re-appropriate remaining funds for Enforcer Aerial Ladder Truck Upfitting ($70.1K) 2024: Remaining costs for Type 3 Engine Upfitting ($19.2K), Aerial Apparatus Upfitting ($760.4K); Re-appropriate Enforcer Aerial Ladder Truck received in 2024 ($936.3K) Total Public Safety 2,215,816 1,992,937 222,879 1,381,387 215,110 - 1,596,497 Community and Guest Service Children's Garden of Learning Temporary Facility Relocation 32,248 - 32,248 - - 2024: Replacement and repairs of gutters and heat tape ($32.2K) Children's Garden of Learning Capital Maintenance - - - - 32,248 2025: West Side Siding replacement due to warping from weather exposure utilizing 2024 savings in gutter/heat tape replacement ($32.2K) Loading and Delivery Capital 126,815 124,885 1,930 - - 2024 includes 3 club car purchases, in addition to the four purchased in 2023 Energy Enhancements 114,130 51,258 62,872 130,000 62,872 192,872 2024: Re-appropriate funds for Public Works Shop EV Chargers and electrical service upgrade ($61.6K); 2025: Utilize 2024 savings in new charger installations towards upgrading existing Level 2 Wiring and addition of Tesla chargers to Level 3 stations in Lionshead Parking Structure ($62.9K) 2024-2029: Installation of EV stations to meet increased demand. There is potential for grants to offset the initial capital cost of the equipment and installation Pedestrian Safety Enhancements 366,213 - 366,213 200,000 366,213 566,213 2025: Design of Pedestrian improvements through Main Vail Underpass ($200.0K); Re- appropriate funds towards RFP Crossing near Safeway to be constructed this year ($366.2K) 2024: $16K for lighting crossing at Safeway; $350K Construction of RRFB Pedestrian Crossing at Safeway Bollard Installation Project 483,536 93,789 389,747 - 389,747 389,747 2025: Re-appropriate ongoing bollard installation project partially offset by MMOF Grant funding ($389.7K) 2024: Installation of retractable and standard bollards at Ford Park ($650K) offset by $250K MMOF Grant; Re-appropriate funds for ongoing bollard installation project less $45K in funds shifted to loading and delivery project ($483.5K) Underground Utility improvements 4,187,838 6,280 4,181,558 - 4,181,558 4,181,558 2025: Re-appropriate underground HCE from Main Vail to East Vail in conjunction with fiber conduit scheduled to begin in 2025 ($4.2M) 2024: Underground HCE from Main Vail to East Vail in conjunction with fiber conduit ($1.7M) offset by reimbursement above; Re-appropriate unspent 2023 funds towards project ($2.5M) 134 Preliminary Variance Proposed 2024 2024 Favorable/2025 2025 Amended Actuals (Unfavorable)Budget Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 1st Supplemental Guest Services Enhancements/Wayfinding 759,416 57,028 702,388 - 717,413 717,413 2025: Re-appropriate funds towards ongoing replacement of damaged signs ($6.9K); Utilize savings from electric bus signage project towards ongoing replacement of damaged signs ($15.0K); Re-appropriate ongoing installation of new signage to guide guests to available parking ($695.5K) 2024: Completion of wayfinding signs project ($759.4K) Electric Vehicle Pilot Program 78,615 66,500 12,115 - - 2024: Purchase of Ford F150 lightning for pilot testing ($78.6K) Vehicle Expansion 326,815 340,127 (13,312) 65,000 45,974 110,974 2025: Vehicle for Deputy Chief of Community Risk Reduction position (added in 2024); Upfitting of final two PD take-home expansion vehicles ($46.0K) 2024: 2 PD take-home vehicles, final stage of program implementation ($133K) Total Community and Guest Service 6,475,626 739,867 5,735,759 395,000 5,654,931 141,094 6,158,777 Total Expenditures 48,850,473 22,946,265 25,904,208 10,154,697 22,556,388 1,262,844 33,941,681 Dobson Financing Sources (Uses) Transfer from RETT - - - 762,546 (15,397) 747,149 Transfer Dobson maintenance budget from RETT 5 year plan; Reduce funds available for transfer used for repairs completed in 2024 ($15.4K) Transfer from Vail Reinvestment Authority 3,896,275 2,154,369 1,741,906 4,361,633 1,741,906 6,103,539 2024: Re-appropriate transfer from VRA for Dobson Redevelopment ($1.7M) Dobson Loan Proceeds (VRA)- - - 24,730,000 24,730,000 Assumed conservative financing approach with VRA loan (still to be determined) Dobson Redevelopment (3,896,275) (2,154,369) 1,741,906 (50,350,000) (1,741,906) (52,091,906) 2025: Estimated cost for Dobson redevelopment assumed to be funded by VRA loan proceeds (29.4M); VRD ($3.0M); RETT($762.5K); and CPF ($17.2M); Reappropriate funds towards ongoing Dobson Arena Redevelopment to begin construction in spring ($1.7M) Total Dobson Financing Sources (Uses)- - 3,483,812 (20,495,821) (15,397) - (20,511,218) Other Financing Sources (Uses) Debt Service Payment (1,158,592) (1,159,842) (1,250) (1,158,298) (1,158,298) PW Shops Debt Service Payment Transfer from Vail Reinvestment Authority 717,565 270,901 (446,664) - - 2024: Transfer for VRA projects, including: Frontage Road improvements from VVMC to LHTRC ($235.3K); CGL Temporary Facility Relocation ($32.2K); Lionshead Streetscape and Snowmelt Replacement ($3.9M); Lionshead Parking Structure Capital Maintenance ($200.0K) Transfer to Internal Employee Housing Fund - - - - (52,631) (52,631) Transfer to Internal Employee Housing Fund to offset purchase of Employee Rental Units; 2025: Transfer to IEHRF for incomplete remodel projects on new units from 2024, including Buffehr Creek Unit window replacements ($52.6K) Transfer to Housing Fund (2,808,799) (2,808,799) - (2,500,000) (2,500,000) 2024: Repayment to Housing fund for Northtrail Unit D retained as a TOV Employee Housing unit ($308.8K); Annual $2.5M appropriation towards community housing projects (Transfer to Housing Fund) Transfer to Housing Fund (W. Middle Creek)- - - (9,000,000) (1,000,000) (10,000,000) Loan to HF for W. Middle Creek (Increase total to $10.0M Previously in GF) Transfer from Marketing Fund 73,007 68,652 (4,355) - - 2024: Transfer from Marketing Fund storage container ($6.0K); Transfer from the Marketing Fund for four additional house structures for the Kringle Krossing holiday village ($67.0K) Transfer from General Fund 48,363 48,295 - - 2024: Re-appropriate Transfer from Police Seizure Funds to cover K-9 acquisitions ($41K) and K9 Vehicle mods (7K) Total Other Financing Sources and Uses (3,128,456) (3,580,794) (452,269) (12,658,298) (1,052,631) - (13,710,929) Revenue Over (Under) Expenditures (21,414,084) 661,030 (26,249,422) (23,325,680) (20,480,544) (1,262,844) (45,036,820) Beginning Fund Balance 48,960,704 48,960,705 49,621,735 49,621,735 Ending Fund Balance 27,546,620 49,621,735 26,296,055 4,584,915 Fund Balance as a percentage of Sales Tax revenue 177%287%165%29%Minimum 25% of sales tax revenues 23,127,008 135 Proposed 2024 2024 Under/2025 Amended Actual (Over)2025 Reappropriations New Requests Amended Revenue Real Estate Transfer Tax 8,212,318$ 9,349,910$ 1,137,592$ 7,700,000$ 7,700,000$ 2025 down 2.6% from 2024 forecast; 2026-2029 1.0% annual increase Golf Course Lease 175,151 191,285 16,134 176,903 14,382 191,285 Annual lease payment from Vail Recreation District; Rent income funds the "Recreation Enhancement Account" below; 2025: Increase based on CPI true-up per lease agreement ($14.4K) Intergovernmental Revenue 850,960 372,095 (478,865) 155,000 216,192 371,192 2025: Roll forward remaining ERWSD reimbursement for Dowd Junction stabilization ($205.3K); Roll forward remaining Bear Education Grant from Colorado Parks and Wildlife ($10.8K); USFS Grant for Booth Creek Fuels Reduction ($125K) 2024/2025: $30K lottery proceeds used annual for park projects; 2024: $240K CDPHE Grant for water quality projects; Re-appropriate Eco Trails Reimbursement for Dowd Junction ($150.0K) and remaining ERWSD Reimbursement for Dowd Junction ($312.2K); Re-appropriate remaining CDPHE Water Quality Grant ($22.9K); Re-appropriate unused potion of CPW Bear Education Grant ($10.8K); Eagle County reimbursement for wildfire risk reduction ($55.0K); Reimbursement from the Vail Recreation District for the Golf Course Stormwater Study ($30.0K) Project Reimbursements 85,200 26,581 (58,619) - 75,000 75,000 2025: Roll forward Middle Creek restoration contribution from Evergreen Redevelopment ($75.0K) 2024: Evergreen Redevelopment Project Reimbursement for Middle Creek Restoration Fund ($75K) Donations 38,156 35,650 (2,506) - 10,000 10,000 2025: Kosloff Foundation and Winmax Foundation Donations towards Winterfest ($10.0K) 2024: Logan donation towards Artist in Residency sculpture acquisition Recreation Amenity Fees 10,000 6,609 (3,391) 10,000 10,000 $10K annually Bag Fees 104,280 104,280 - 50,000 50,000 2025: Utilize bag fees towards two Hard to Recycle events ($50K) 2024: Utilization of bag fee towards recycling center catwalk replacement ($9.0K); Utilize bag fees for Zero Hero Waste Program ($38.8K) Earnings on Investments and Other 758,571 736,269 (22,302) 213,405 213,405 2025: 3% return assumed; 2026-2029: 2.5% return assumed Total Revenue 10,234,636 10,822,679 588,043 8,305,308 291,192 24,382 8,620,882 Expenditures Management Fee to General Fund (5%)410,616 467,495 (56,879) 385,000 385,000 5% of RETT Collections - fee remitted to the General Fund for administration Wildland Forest Health Management 725,415 558,288 167,127 744,450 744,450 Annual operating expenditures for Wildland department; 2025 includes: -$699.3K: Personnel -$5.0K: Miscellaneous Educational Programming (Ongoing) Wildfire Mitigation 35,000 2,020 32,980 385,000 - 385,000 2025: Booth Creek Fuels Implementation, partially offset by USFS grant ($275.0K); Booth Heights and Booth Creek Trailhead Fuels Reduction ($100k) 2024: Annual support for wildfire mitigation projects as identified in the 2020 Vail Community Wildfire Protection Plan ($10.0K); Burn prep and fuels reduction on Bald Mountain Road funded by Eagle County($25.0K) Fire Free Five - Rebate Program 173,189 87,054 86,135 50,000 86,135 136,135 2025: Annual Funding for Fire Free Five Community Assistance Program ($50K); Re-appropriate funds towards ongoing Fire Free Five rebate program 2024: $100K for the Fire Free Five Community Assistance Program; Re-appropriate remaining funds towards ongoing Fire Free Five rebate program ($73.2K); TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND 1st Supplemental 136 Proposed 2024 2024 Under/2025 Amended Actual (Over)2025 Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND 1st Supplemental Fire Free Five - TOV Implementation 80,000 49,644 30,356 - 25,000 25,000 2025: Re-appropriate funds for Fire Free Five landscaping around gymnastics center ($30.4K); 2024: $80K Continuation of Fire Free Five at TOV facilities Total Wildland 1,013,604 697,006 316,598 1,179,450 111,135 - 1,290,585 Parks Annual Park and Landscape Maintenance 2,455,201 1,891,389 563,812 2,078,443 107,500 2,185,943 Annual operating expenditures for Parks department (including personnel and supplies); 2025 includes: -$1.3M: Personnel -$20.0K: Trail Host Program (Ongoing) -$56.0K: Increase cleaning of Parks Restrooms and Portalets -$51.5K: Increase Water utility budget based on ERWSD rate increases during 2024 and 2025 Park / Playground Capital Maintenance 219,000 165,035 53,965 231,000 50,000 281,000 2025:Annual maintenance items include projects such as playground surface refurbishing, replacing bear-proof trash cans, painting/staining of play structures, picnic shelter additions/repairs, and fence maintenance ($169K); 2025 includes Ford Park Entry Landscape ($45.0K); Re-appropriate funds towards ford Park Entry landscape improvements near Amp Bridge entry ($40.0K) 2024: Improvements of deteriorating wooden structures at Sunbird Park ($40.0K); Tree Maintenance 145,000 138,606 6,394 85,000 6,000 91,000 Annual on going pest control, tree removal and replacements in stream tract, open space, and park areas; 2025: Re-appropriate funds towards new plantings to replace trees removed in 2024 ($6.0K) Street Furniture Replacement 107,000 19,656 87,344 35,000 72,000 107,000 2025:Annual Placeholder for Street Furniture Replacements ($35.0K) 2024/2025: Re-appropriate funds for ongoing Village and Lionshead picnic table replacement ($72.0K) Village Art Landscape Enhancements 25,000 25,000 35,000 25,000 60,000 2025: Landscape enhancements for new Art installations/donations ($35.0K); 2025: Re-appropriate funds for landscape enhancements around art installations ($25K) Stephens Park Safety Improvements 19,904 13,250 6,654 - - 2024: Remaining park equipment cost ($4.9K); Installation of a split-rail fence between park and frontage road ($15.0K) Ford Park- Betty Ford Way Pavers 50,000 - 50,000 - 40,000 40,000 2025: Re-appropriate towards final gravel shoulder grading repair and landscaping ($40.0K) 2024: Grading and landscape final touch up at streamwalk entrance and guardrail ($50.0K) Ford Park Enhancement: Priority 3 Landscape area 5,946 - 5,946 - - 2024: $5.9K towards on-going landscape repairs and plant material replacement Ford Park Lower Bench Turf/Irrigation - - - 300,000 300,000 2025: Replacement of worn turf grass and inefficient irrigation system ($300.0K) Ford Park Playground Improvements 497,804 70,277 427,528 - 125,000 125,000 2025: Re-appropriate funds towards replacement of wood fiber play surface under swings with rubber surfacing for better durability ($125.0K) 2024:$497.8K for Ford Park playground improvements Ford Park Master Plan Capital Design 200,000 91 199,909 - 199,909 199,909 2025: Re-appropriate funds for outcomes of Ford Park Masterplan Update. Projects include a park-wide ADA compliance Study, site planning for future facilities including a picnic shelter and expanded maintenance areas, wayfinding, etc. ($199.9K); 2024: Design for ADA compliant routes and Tennis Center renovation 137 Proposed 2024 2024 Under/2025 Amended Actual (Over)2025 Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND 1st Supplemental Turf Grass Reduction 150,000 64,164 85,836 15,000 85,836 100,836 2025: Additional funds for Main Vail Roundabout Turf Reduction ($15.0K); Re-appropriate funds towards ongoing Main Vail Roundabout turf reduction ($85.8K) 2024: Continuation of Turf Grass Reduction projects at Main Vail and West Vail Roundabouts and Municipal Building Donovan Park Improvements 20,000 - 20,000 - 20,000 20,000 2025: Replacement of play equipment ($20.0K) Pirateship Park Improvements 300,000 221,138 78,862 - 43,862 43,862 2025: Re-appropriate funds towards ongoing improvements including two play components and minor ADA upgrades ($43.9K) 2024: Safety improvements: replace wood siding and add climber Bighorn Park Playground Improvements - - 150,000 150,000 2025: Bighorn Park Play Area Maintenance ($150.0K) Gore Creek Promenade Rehabilitation 368,897 40,437 328,460 750,000 368,460 1,118,460 2025: Re-appropraite funds towards ongoing refresh of the Gore Creek Promenade ($328.5K); Reclass children's fountain steps at promenade to be done as part of this project ($40.0K) Steps between Gore Creek Promenade and Children's Fountain 40,000 - 40,000 - - 2024: Tree removal and landscaping on steps from Children's Fountain to Gore Creek Promenade ($40.0K);Reappropriated above in Gore Greek promenade Rehabilitation Slifer Fountain Feature Four Repair 75,000 - 75,000 - 75,000 75,000 2025: Re-appropriate funds towards incomplete plumbing leak; further investigation needed prior to repair ($75.0K) 2024: Repair plumbing leak in feature supply line in Slifer Plaza ($75k) Total Parks 4,678,752 2,624,042 2,054,710 3,679,443 1,111,067 107,500 4,898,010 Rec Paths and Trails Rec. Path Capital Maintenance 175,000 28,776 146,224 85,000 85,000 Annual Capital maintenance of the town's recreation path system ($85k); 2024: Recreation path improvements ($65K); Shouldering improvements ($25K) Recreation Path Safety Improvements 75,000 43,338 31,662 50,000 31,662 81,662 2025: Pedestrian Traffic Counters ($50.0K); Re-appropriate funds towards next phase of Antlers curve redesign ($31.7K) 2024: Design of recreation path safety improvements ($75K) Bike Safety 10,000 - 10,000 10,000 10,000 2024-2029: Annual cost for bike safety programs ($10.0K) Bike Path Signage 46,081 - 46,081 - - 2024: Re-appropriate funds towards replacement of bike wayfinding signage, striping, and etiquette signage town-wide Pedestrian Bridge Projects 882,988 179,659 703,329 - 703,329 703,329 2025: Re-appropriate funds towards ongoing pedestrian overpass rehabilitation and outcomes of upcoming pedestrian bridge report ($703.3K) 2024: $550K for pedestrian overpass; Re-appropriate $333.0K for pedestrian overpass rehabilitation Gore Valley Trail Reconstruction - - 180,000 146,224 326,224 2025: Placeholder for Gore Valley Trail Maintenance ($80.0K); Library to Lionshead Nature Walk Environmental Assessment and Design ($100.0K); Utilize 2024 savings in the recreation path maintenance budget towards the rebuild of 1250' of the North Recreation Trail between Red Sandstone Road and the pedestrian overpass ($146.2K) 138 Proposed 2024 2024 Under/2025 Amended Actual (Over)2025 Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND 1st Supplemental East Vail Interchange Improvements 204,543 - 204,543 - 150,543 40,000 190,543 2025: Re-appropriate funds for repairs due to landscaping and drainage issues, including plantings and parking area improvements ($190.5K); Additional funds using 2024 savings in Water Quality Infrastructure for drainage improvements including additional concrete gutters to direct to water quality vaults and bioswale areas, and the replacement of plantings ($40.0K) 2024: Development of a landscape improvement plan due to landscaping and drainage issues ($204.6K) Dowd Junction repairs and improvements 817,663 363,869 453,794 - 453,794 453,794 2025: Re-appropriate funds for ongoing restabilitzation of Dowd Junction retaining wall ($454.0K) 2024: Ongoing restabilitzation of Dowd Junction retaining wall ($817.7K) Portalet Enclosures 53,130 12,630 40,500 - 40,500 40,500 2025: Re-appropriate funds towards screening in residential-area portalets ($40.5K) 2024: Installation of screens received in 2023 ($8.1K) Booth Lake Trailhead Parking Restroom 2,500 - 2,500 - - 2024:Final landscaping costs ($2.5K) Total Rec Paths and Trails 2,266,905 628,273 1,638,632 325,000 1,379,828 186,224 1,891,052 Recreational Facilities Golden Peak Pickleball Sound Barriers 1,498 - 1,498 - - 2024: Purchase of remaining panels ($1.5K) Nature Center Operations 112,654 109,373 3,281 117,437 117,437 Nature Center operating costs Nature Center Capital Maintenance 8,064 3,693 4,371 26,291 26,291 2025: Signage ($16.6K); 2025: Regravel access road ($9.7K) 2024: Path and walkway repairs ($8.1K) Nature Center Redevelopment 383,522 - 383,522 - - 2024: $383.5K for further planning and design for a nature center remodel; Nature Center Construction is currently unfunded Total Recreational Facilities 505,738 113,066 392,672 143,728 - - 143,728 Environmental Environmental Sustainability 814,006 813,013 993 884,177 884,177 Annual operating expenditures for Environmental department (includes personnel supplies) 2025 includes: -$749.3K: Personnel -$55.0K: Climate Action Collaborative Dues (ongoing) Recycling and Waste Reduction Programs 206,880 129,034 77,846 127,050 15,000 142,050 Annual recycling and waste reduction programs; 2025 includes: -$40.1K: Residential/Commercial Recycling Compost Program/Hauls (Ongoing) -$7.5K: Recycling Compliance and Education (Ongoing) -$38.8K: Zero Hero Program Support (Ongoing) -$39.0K: Hard to Recycle Event, offset by Bag Fees (Ongoing) -$15.0K: Re-appropriate Business Compost pilot program ($15.0K) Recycling Center Catwalk Replacement 16,500 16,406 94 - - 2024: Re-appropriate catwalk replacement at recycling center ($16.5K) - Funded with $9K of bag fees 139 Proposed 2024 2024 Under/2025 Amended Actual (Over)2025 Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND 1st Supplemental Ecosystem Health 622,884 246,866 376,018 281,000 200,000 100,000 581,000 Annual ecosystem health programs; 2025 includes: -$18.0K: CC4CA Annual Retreat - Host Community (Ongoing) -$50.0K: Open Lands Plan - Biodiversity Study Phase 2 (Ongoing) -$8.0K: Sustainable Destinations - Annual Certification Dues (Ongoing) -$55.0K: U.S. Forest Service Front Country Ranger Program (Ongoing) -$100.0K: Wildlife Habitat Improvements, Forum, and Education (Ongoing) -$50.0K: Gore Creek Pesticide Campaign (2025-2026) -$189.1K: Re-appropriate placeholder for CSU Biodiversity Study implementation intitiatives -$100.0K: Utilize savings from 2024 wildlife safe passage study towards habitat improvement, booth creek weed control, and revegetation/fuels work -$10.8K: Re-appropriate ongoing Bear Aware Campaign Energy & Transportation 95,656 52,344 43,312 75,000 19,000 94,000 Annual energy and transportation programs; 2025 includes: -$40.0K: Energy Smart Colorado Partnership (Ongoing) -$2.5K: Energy-Related education, outreach, program incentives (Ongoing) -$32.5K: Sole Power Plus Program (Ongoing) -$19.0K: Re-appropriate ongoing GHG Inventory work ($19.0K) E-Bike Programs 243,000 230,810 12,190 193,000 193,000 Annual E-Bike Programs; 2025 includes: -$175.0K: Shift E-Bike Share Program (Ongoing) -$18.0K: E-Bikes for Essentials Ownership Program (Ongoing) E-Bike Share Infrastructure 14,711 - 14,711 - 14,711 14,711 E-Bike Share Infrastructure- Gravel pads and bike racks; 2025: Re-appropriate funds as placeholder for additional gravel pads and bike racks at redevelopment locations ($14.7K) Sole Power App 50,000 42,000 8,000 25,000 8,000 2,000 35,000 2025: Development of App modifications for the Sole Power Plus App Expansion ($25K); 2025: Re-appropriate funds towards original app development ($8.0K); Additional development funds to connect app to Town's Cloud service ($2.0K) Streamtract Education/Mitigation 30,000 22,963 7,037 75,000 75,000 Annual streamtract education programming; 2025 includes: -$30.0K: General education programming (Ongoing) -$45.0K: Restore the Gore Campaign Relaunch (One-time) Water Quality Infrastructure 195,007 - 195,007 - - 2024: Ongoing water quality infrastructure project ($195.0K) Water Quality Maintenance 350,000 231,562 118,438 - 96,729 25,000 121,729 2025: Ongoing cleaning of gutter bins and water quality vaults to be located in Streets Maintenance within the General Fund; Re-appropriate Golf Course water quality study and vegetative plan ($96.2K); Additional funds for stakeholder engagement related to water quality study ($25.0K) 2024: Annual cleaning and draining of frog gutter bins and water quality vaults; placeholder for updated water quality study ($75K); Increase in cost of cleaning of frog gutter bins and water quality vaults based on higher-than-expected spring-time cleaning costs ($35K); Increase in cost for golf course water quality study, offset by reimbursement from VRD ($30.0K) Streambank Mitigation 35,000 2,500 32,500 140,000 140,000 2025: Streambank Mitigation at Ford Park in conjunction with in-stream improvements by Trout Unlimited ($100.0K); Streambank Mitigation along Mill Creek ($40.0K); 2024: Re-appropriate funds for streambank planting project ($35K) 140 Proposed 2024 2024 Under/2025 Amended Actual (Over)2025 Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND 1st Supplemental Middle Creek Restoration Fund 75,000 - 75,000 - 75,000 75,000 2025: Re-appropriate funds towards the restoration of Middle Creek on TOV property in relation to the Evergreen redevelopment project. This will be reimbursed by the developer ($75.0K) 2024: The Evergreen redevelopment project is required to provide a restoration plan for Middle Creek. The property is owned by the Town of Vail. The Town will fund the restoration plan and be reimbursed by the developer (reimbursement included above) Private Streambank Mitigation Program 80,000 5,779 74,221 - 50,000 50,000 2025: Private Streambank Mitigation Program; 2025: Re-appropriate funds towards continuation of private streambank mitigation ($50.0K) Booth Heights Open Space 19,472,370 19,787,339 (314,969) - - 2024: Booth Heights Aqisution costs; includes legal Gore Creek Interpretive Signage 222,165 199,078 23,087 - - 2024: Re-appropriate funds towards ongoing project ($190.5K); New request of $32K for Gore Creek signage using savings from the 2023 streambank restoration project for increased costs Energy Efficiency Performance Contract 150,000 44,842 105,158 - 105,158 105,158 2025: Re-appropriate funds towards ongoing Energy Audit ($105.2K) 2024: Placeholder for an energy audit to facilitate energy upgrades, potentially through an Energy Efficiency Performance Contract Total Environmental 22,673,179 21,824,536 848,643 1,800,227 583,598 127,000 2,510,825 Art Public Art - Operating 188,525 169,263 19,262 196,599 196,599 Annual operating expenditures for Art in Public Places department; 2025 includes: -$25.0K: miscellaneous Programs & Events (Ongoing) Public Art - General program / art 173,167 62,600 110,567 60,000 110,567 170,567 2025: Re-appropraite unspent funds ($110.6K) 2024: Annual funds purchase sculptures, artwork, art programs and events; remainder is re- appropriated each year to accumulate enough funds. Public Art - Winterfest 79,383 35,416 43,967 30,000 43,967 10,000 73,967 2025: $30K Winterfest budget; Increase Winterfest budget utilizing Kosloff Foundation and Winmax Foundation donations ($10.0K); Re-appropriate funds for Winterfest program ($44.0K) Seibert Memorial Statue- Maintenance 11,692 500 11,192 - 11,192 11,192 2025: Re-appropriate donated funds towards upkeep of sculpture ($11.7K) Art Space 1,420,375 456,943 963,432 - 1,015,232 1,015,232 2025: Re-appropriate funds towards construction of Art Space Studio in Ford Park anticipated to be completed in Summer of 2025 ($963.4K); Additional request for funding to connect Art Space Studio HVAC to existing Geothermal Test Well, offset by budget reduction in CPF Geothermal Project ($51.8K) 2024: Re-appropriate funds towards construction of Art Space Studio in Ford Park ($1.4M) Artist In Residency - Operating 30,000 10,263 19,737 70,500 70,500 2024/2025: Operating costs for artist in residency program utilizing the new Art Space Artist In Residency - Capital Art Acquisitions 20,000 - 20,000 37,500 20,000 57,500 2024/2025: Capital art acquisition costs associated with artist in residency program; 2025: Re- appropriate unspent funds towards 2025 program ($20.0K) Total Art 1,923,142 734,984 1,188,158 394,599 1,200,958 10,000 1,595,557 Community Council Contribution: Betty Ford Alpine Garden Support 79,195 79,195 - 80,779 80,779 Annual operating support of the Betty Ford Alpine Gardens; annual increase to follow town's general operating annual increase Council Contribution: Eagle River Watershed Support 42,000 42,000 - 42,000 42,000 Annual support of the Eagle River Watershed Council programs Council Contribution: Trail Alliance 17,500 17,500 - 22,500 22,500 Adopt A Trail Council Contribution for trails in or bordering the Town Total Contributions 138,695 138,695 - 145,279 - 145,279 141 Proposed 2024 2024 Under/2025 Amended Actual (Over)2025 Reappropriations New Requests Amended TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND 1st Supplemental VRD-Managed Facilities & Maintenance Recreation Enhancement Account 539,321 - 539,321 176,903 569,837 746,740 Annual rent paid by Vail Recreation District; to be re-invested in asset maintenance; 2024: Re- appropriate funds to be re-invested in maintenance ($354.9K); Additional $9.3K for lease payment collected over budget; 2025: Annual Rent Paid by Vail Recreation District; to be re- invested in asset maintenance ($176.9K); 2025: Roll forward unspent Enhancement Funds ($539.3K); Increase for $16.1K paid above budget in 2024; Increase for $14.3K based on 2025 CPI true-up Recreation Facility Maintenance 22,000 - 22,000 22,000 22,000 2025: RETT facility maintenance ($22.0K) Synthetic Turf Replacement 472,000 - 472,000 - 472,000 472,000 2025: Re-appropriate funds towards synthetic turf replacement ($472.0K) Golf Clubhouse 12,484 23,393 (10,909) 123,287 123,287 2025: Circulation Pump Replacement ($98.0K); Clubhouse parking lot mill & overlay ($23.9K); Clubhouse Signage ($9.4K) 2024: Heat tape replacement ($13.7K) Athletic Field Restroom/Storage Building 1,000,000 - 1,000,000 - 1,000,000 1,000,000 2025: Re-appropriate $1.0M for the replacement of existing restroom/concession with new 2000 sq. ft. restroom/storage building 2024: Re-appropriate $1.0M for the replacement of existing restroom/concession with new 2000 sq. ft. restroom/storage building Golf Course - Other 432,069 - 432,069 3,954 432,069 436,023 2025: Maintenance building asphalt driving and parking area ($4.0K); Re-appropriate funds towards ongoing routine projects with VRD including Streambank Restoration ($432.1K) Dobson Ice Arena 643,731 15,397 628,334 - - 2024-2025: Utilize Savings in Dobson Maintenance towards Redevelopment Ford Park / Tennis Center Improvements 150,854 - 150,854 54,166 150,854 205,020 2025: Wood siding and windows ($54.2K); Re-appropriate funds towards Tennis Center Improvements ($150.9K) 2024: Furnace, hot water tank, baseboards replacement ($13.3K); Re-appropriate funds towards incomplete projects ($137.6K) Athletic Fields 116,547 42,057 74,490 99,319 74,490 173,809 2025: Asphalt parking lot ($99.3K); Re-appropriate funds towards ongoing improvements ($74.5K) Gymnastics Center 711,494 350,436 361,058 3,863 361,058 364,921 2024/2025: Replace airconditioning unit Total VRD-Managed Facilities & Maintenance 4,100,500 431,283 3,669,217 483,492 3,060,308 - 3,543,800 Total Expenditures 37,711,131 27,659,380 10,051,751 8,536,218 7,446,894 430,724 16,403,836 Other Financing Sources (Uses) Transfer from General Fund - Other 2,880 2,880 - - - 2024: Transfer from General Fund for Clean-Up Day volunteer incentives Transfer (to) General Fund - Other (13,500) (13,500) - - - 2024: Transfer to General Fund for increase in budget and scope of Destination Stewardship Management Plan Transfer from/(to) CPF - - - (762,546) 15,397 (747,149) 2025: Transfer to Capital Projects Fund for Dobson Arena (utilizing savings in annual Dobson maintenance); Reduce transfer based on funds spent in 2024 ($15.4K) Revenue Over (Under) Expenditures (27,487,115) (16,847,320) 10,639,795 (993,456) (7,140,305) (406,342) (8,530,103) Beginning Fund Balance 31,887,550 31,887,550 15,040,230 15,040,230 Ending Fund Balance 4,400,435$ 15,040,230$ 14,046,774$ 6,510,127$ Minimum Fund Balance 2,000,000$ 2,000,000$ 2,000,000$ 2,000,000$ 142 2025 1st Proposed Budget Supplemental 2025 Amended Revenue Rental Revenue 1,191,354 64,416 1,255,770 Increased rental revenue for new Hamlet #3 and East Vail Lodging #35 units Total Revenue 1,191,354 64,416 1,255,770 Expenditures Salaries & Benefits 123,764 123,764 General Fund Administrative Fee 238,271 12,883 251,154 Increase administrative fee for new units Operational Costs 405,808 36,835 442,643 Increasd operational costs for new units Operational Maintenance 203,750 203,750 Unit Masterleases 61,200 61,200 Total Expenditures 1,032,793 49,718 1,082,511 Surplus (Deficit) from Operations 158,561 14,698 173,259 Capital Funding Sources/(Uses) Capital Maintenance of Units (150,000) (52,631) (202,631) Transfer from/(to) Capital Projects Fund - 52,631 52,631 Transfer from CPF for Capital Maintenance Net Capital Funding Sources/(Uses)(150,000) - (150,000) Surplus (Deficit) Net of Capital Items 8,561 14,698 23,259 Beginning Fund Balance - - Ending Fund Balance 8,561$ 23,259$ TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE INTERNAL EMPLOYEE HOUSING RENTAL FUND 143 TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HOUSING FUND Preliminary Proposed 2024 2024 Under/2025 1st 2025 Amended Actuals (Over)Budget Supplemental Amended Revenue Housing Sales Tax 4,950,000$ 5,110,306$ 160,306$ 5,201,534$ 5,201,534$ 2025: 1% annual increase from 2024; 2026 - 2029: 2% annual increase Housing Fee in Lieu Annual Collections 46,199 46,199 - - - 2024: Utilize housing fee in lieu towards Buy Down housing Transfer from CPF - Reimbursement for North Trail Townhome Unit D (TOV unit)308,799 308,979 180 - - 2024: Repayment from CPF for North Trail Unit D Transfer in from Capital Projects Fund 2,500,000 2,500,000 - 2,500,000 2,500,000 Workforce Housing Sales 1,100,000 389,902 (710,098) - 625,000 625,000 2024: Estimated resale revenue for Pitkin Creek #3B and #14A; 2025: Roll forward resale revenue for Pitkin Creek #3B ($625.0K) Housing Late Fees - 3,750 3,750 - - Lionsridge Land Sale 4,995,455 4,995,455 - - - 2025: Lionsridge Land Lease Purchase Option Deed Restriction Buyouts 675,000 675,000 - 275,400 275,400 2025: Deed Restriction buyout at 363 Beaver Dam Circle Earnings on Investments 700,000 618,361 (81,639) 50,000 50,000 Total Revenue 15,275,453 14,647,951 (627,502) 7,751,534 900,400 8,651,934 Expenditures Housing Programs InDeed Program 3,019,645 134,000 2,885,645 1,500,000 2,885,645 4,385,645 Annual $2.5M transfer from CPF for InDeed/Community Housing; In 2025 $1.0M to be used for TR Habitat Contribution; 2025: Re- appropriate unspent InDeed funding ($2.9M) Buy Down Housing 150,904 - 150,904 - 150,904 150,904 2024: Utilize housing fee in lieu towards Buy Down housing; 2025: Re- appropriate utilization of housing fee in lieu towards Buy Down housing Future Purchases 1,500,000 - 1,500,000 2,275,000 1,500,000 3,775,000 Placeholder for Buy Down housing purchases; 2025: Re-appropriate unspent funding for future purchases ($1.5M) Pitkin Creek Unit #14A 5,816 5,815 1 - - Pitkin Creek Unit #3B 785,814 785,808 6 - - 2024: Utilize resale revenue of $625K and $160.4M of InDeed funds to purchase Pitkin Creek #3B Construction Housing Projects Timber Ridge Predevelopment 80,920 - 80,920 - - Timber Ridge Habitat Contribution - - - 2,000,000 2,000,000 $2.0M contribution to Habitat to Humanity for TR units W. Middle Creek Development Predevelopment 3,892,046 3,083,502 808,545 - 808,545 808,545 2025: Re-appropriate West Middle Creek predevelopment costs ($808.5K) W. Middle Creek Development Placeholder - - - 10,000,000 10,000,000 $10.0M placeholder for W. Middle Creek housing projects W. Middle Creek Development Legal Fee Contingency 50,000 - 50,000 - 50,000 50,000 2025: Re-appropriate placeholder for West Middle Creek legal costs ($50.0K) East Vail Parcel Predevelopment 400,000 - 400,000 - 400,000 400,000 2025: Re-appropriate placeholder for West Middle Creek legal costs ($400.0K) Residences at Main Vail Opportunity Fee 50,000 - 50,000 - 50,000 50,000 2024: Re-appropriation of remaining RMV opportunity fee; 2025: Re- appropriation of remaining RMV opportunity fee Land Purchases for future Housing CDOT Parcel Acquisition Placeholder - West Middle Creek 3,270,000 2,630,735 639,265 - - CDOT Parcel Acquisition Placeholder - East Vail 2,667,900 3,644 2,664,256 - 2,416,402 2,416,402 2024: Purchase of 1' wide stretch of land around CDOT parcel ($17.9K); 2025: Re-appropriate purchase of CDOT East Vail parcel ($2.4M) and 1' wide surrounding parcel ($17.9K) Eagle-Vail Parcel Placeholder 50,000 - 50,000 - 50,000 50,000 Total Expenditures 15,923,045 6,643,505 9,279,541 15,775,000 8,311,496 24,086,496 Operating Income (647,592) 8,004,447 (9,907,042) (8,023,466) (7,411,096) (15,434,562) Other Finance Sources (Uses Transfer from/(to) Timber Ridge- Site and Podium (9,093,105) (9,093,105) - - (10,541,295) (10,541,295) Transfer from/(to) Timber Ridge- CDOT Land Acquisition (1,719,650) (1,719,648) 2 - - Loan from/(repayment to) CPF/GF for Middle Creek - - - 10,000,000 10,000,000 Total Other Finance Sources (Uses)(10,812,755) (10,812,753) 2 10,000,000 (10,541,295) (541,295) Surplus (Deficit) Net of Transfers and One-Time Items (11,460,347) (2,808,306) 8,652,041 1,976,534 (17,952,391) (15,975,857) Beginning Fund Balance 18,784,163 18,784,163 7,323,815 15,975,856 Ending Fund Balance 7,323,815$ 15,975,856$ 9,300,349$ (0)$ 144 2024 2024 Under/2025 1st 2025 Amended Actuals (Over)Budget Supplemental Amended Revenue Town of Vail Interagency Charge 4,639,818$ 4,356,473$ (283,345)$ 5,000,479$ 5,000,479$ Insurance Reimbursements & Other 25,000 56,104 31,104 - - Intergovernmental Revenues - 21,589 21,589 - - Earnings on Investments 1,500 75,000 73,500 7,000 7,000 Equipment Sales and Trade-ins 196,227 243,999 47,772 317,070 317,070 Total Revenue 4,862,545 4,753,165 (109,380) 5,324,549 - 5,324,549 Expenditures Salaries & Benefits 1,440,075 1,371,439 68,636 1,575,281 1,575,281 Operating, Maintenance & Contracts 2,169,796 1,681,169 488,627 2,311,716 61,000 2,372,716 Increase Bus Charger 5-Year Warranty ($31.0K); Re-appropriate operational training for bus charging stations ($30.0K) Capital Outlay 2,729,522 1,378,807 1,350,715 1,603,200 1,350,715 2,953,915 Reappropriate vehicle replacements that did not arrive in 2024: $1.35M Total Expenditures 6,339,393 4,431,415 1,907,978 5,490,197 1,411,715 6,901,912 Revenue Over (Under) Expenditures (1,476,848) 321,749 (2,017,358) (165,648) (1,411,715) (1,577,363) Beginning Fund Balance 1,670,724 1,670,724 1,992,473 1,992,473 Ending Fund Balance 193,876$ 1,992,473$ 1,826,825$ 415,111$ TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HEAVY EQUIPMENT FUND 145 Preliminary 2024 2024 Under/2025 1st 2025 Amended Actual (Over)Budget Supplemental Amended Revenue E911 Board Revenue 1,167,993$ 1,167,993$ -$ 1,246,961$ 1,246,961$ Interagency Charges 1,598,162 1,598,162 - 1,982,148 1,982,148 Town of Vail Interagency Charge 691,448 691,448 - 827,330 827,330 Earnings on Investments and Other 125,000 125,000 - 54,000 54,000 Total Revenue 3,582,603 3,582,603 - 4,110,439 - 4,110,439 Expenditures Salaries & Benefits 2,921,107 2,805,066 116,041 3,090,617 264,376 3,354,993 Implementation of staffing initiatives in accordance with agency approved budget ($264.4K) Operating, Maintenance & Contracts 627,742 591,549 36,193 647,869 75,000 722,869 Organizational structure assessments ($75.0K) Capital Outlay 894,200 97,090 797,110 - 847,110 847,110 Re-appropriate mobile responder command and control tool ($97.1K); Re-appropriate RMS Replacement ($700.0K); Contingency for data migration costs during RMS Replacement ($50.0K) Total Expenditures 4,443,049 3,493,704 949,345 3,738,486 1,186,486 4,924,972 Revenue Over (Under) Expenditures (860,446) 88,899 949,345 371,953 (1,186,486) (814,533) Other Financing Sources (Uses) Transfer from General Fund 253,266 253,266 - - - Total Financing Sources (Uses)253,266 253,266 - - - - Change in Net Position (607,180) 342,165 371,953 (1,186,486) (814,533) Beginning Fund Balance 2,557,235 2,557,235 2,646,133 2,646,133 Ending Fund Balance 1,950,055$ 2,646,133$ 3,018,086$ 1,831,600$ TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE DISPATCH SERVICES FUND 146 2024 Amended 2024 Under/2025 Budget Actuals (Over)Budget Revenue Town of Vail Interagency Charge - Premiums 4,398,910$ 4,398,910$ -$ 4,471,094$ Employee Contributions 911,864 901,112 (10,752) 943,859 Insurer Proceeds 530,000 605,893 75,893 430,000 Earnings on Investments 225,000 225,000 - 109,130 Total Revenue 6,065,774 6,130,915 65,141 5,954,083 Expenditures Health Insurance Premiums 901,760 1,156,496 (254,736) 1,097,365 Claims Paid 5,093,407 4,576,381 517,026 5,519,226 Wellness Bonus 109,000 53,340 55,660 112,674 Professional Fees 110,000 95,861 14,139 42,000 Total Expenditures 6,214,167 5,882,078 332,089 6,771,265 Revenue Over (Under) Expenditures (148,393) 248,836 397,229 (817,182) Beginning Fund Balance 5,125,327 5,125,327 5,374,163 Ending Fund Balance 4,976,934$ 5,374,163$ 4,556,981$ TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HEALTH INSURANCE FUND 147 TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE VAIL MARKETING & SPECIAL EVENTS FUND Preliminary 2024 2024 Under/2025 Amended Actuals (Over)Budget Revenue Business Licenses 345,000$ 347,898$ 2,898$ 350,000$ Event Reimbursements/Shared Costs - 10,600 10,600 - Earnings on Investments 10,250 9,381 (869) - Total Revenue 355,250 367,879 12,629 350,000 Expenditures Commission on Special Events (CSE) : CSE Surveys 54,000 25,231 28,769 - Education & Enrichment 136,500 134,000 2,500 - Visitor Draw 735,270 672,566 62,704 - Recreation 124,000 120,600 3,400 - Signature Events 1,013,660 620,000 393,660 - Town Produced Events:727,993 554,876 173,117 - NYE/4th of July Display 58,000 49,000 9,000 - Ambient Event Funding:- 56,918 (56,918) - Music in the Villages 237,978 - 237,978 - Collection Fee - General Fund 17,250 17,395 (145) 17,500 Total Expenditures 3,104,651 2,250,586 854,065 17,500 Other Financing Sources (Uses) Transfer from/(to) Capital Projects Fund (73,007) (68,652) 4,355 - Transfer from/(to) General Fund 2,600,000 1,718,951 (881,049) - Transfer to VLMD (Business License Fee)- - - (332,500) Transfer from/(to) Vail Local Marketing District (Fund Balance)- - - (127,701) Total Other Financing Sources (Uses)2,526,993 1,650,299 (876,694) (460,201) Revenue Over (Under) Expenditures (222,408) (232,408) (1,718,130) (127,701) Beginning Fund Balance 360,109 360,109 127,701 Ending Fund Balance 137,701$ 127,701$ -$ 148 2024 Preliminary Amended 2024 Under/2025 Budget Actuals (Over)Budget Revenue Rental Income 1,721,300$ 1,723,227$ 1,927$ 1,780,694$ Other Income 270,230 266,487 (3,743) 284,236 Investment Earnings 500 6,031 5,531 500 Total Revenue 1,992,030 1,995,745 3,715 2,065,430 Expenses Operating, Maintenance & Contracts 713,994 634,497 79,497 776,383 Capital Outlay- Triumph 51,639 - 51,639 - Capital Outlay- RMV Construction 62,019 34,101 27,918 - Total Expenditures 827,652 668,599 159,053 776,383 Revenue Over Expenses 1,164,378 1,327,146 162,768 1,289,047 Other Financing Sources (Uses) Fiscal Agent fees (3,000) (3,500) (500) (3,000) Principal Repayment (435,000) (435,000) - (450,000) Interest Expense (783,788) (782,338) 1,451 (828,753) Total Other Financing Sources (Uses)(1,221,788) (1,220,838) 951 (1,281,753) Change in Net Position (57,410) 106,309 163,719 7,294 Beginning Fund Balance 482,717 482,717 425,307 Ending Fund Balance 425,307$ 589,026$ 432,601$ TOWN OF VAIL 2025 BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE RESIDENCES AT MAIN VAIL 149 Preliminary 2024 2024 Under/2025 1st 2025 Amended Actuals (Over)Budget Supplemental Amended Revenue Rental Income 568,225$ 573,251$ 5,026$ -$ -$ Other Income 3,681 69,478 65,797 - - Total Revenue 571,906 642,729 70,823 - - - Expenditures Operating, Maintenance & Contracts 335,438 344,281 (8,843) - - Contingency 50,000 - 50,000 - - Total Expenditures 385,438 344,281 41,157 - - - Operating Income 186,467 298,448 29,666 - - - Non-operating Revenues (Expenses) Interest on Investments 66,500 12,500 (54,000) - - Loan Principal Repayment to Capital Projects Fund (401,508) (401,508) - (407,530) (407,530) Balance owed to CPF Interest Payment to Capital Projects Fund (61,447) (61,447) - (55,379) (55,379) Total Non-operating Revenues (Expenses)(396,455) (450,455) (54,000) (462,909) - (462,909) Surplus (Deficit) from Operations (209,988) (152,007) (24,334) (462,909) - (462,909) Site/Podium/Land Transfer from Housing Fund- CDOT Land Acquisition 1,719,650 1,719,468 182 - - Payment for CDOT land purchase CDOT Land Acquisition (1,719,858) (1,719,468) 390 - - Timber Ridge Redevelopment TOV Comittment (39,218,651) (29,179,162) 10,039,489 (10,750,067) (10,750,067) 5 year plan assumes: 75% Reimbursement in 2026; 25% in 2027 Redevelopment Legal Fee Contingency (50,000) (29,539) 20,461 (20,461) (20,461) Transfer from Housing Fund- Site and Podium 9,093,105 9,093,105 - 10,541,295 10,541,295 Transfer from Housing Fund to be paid back with sales Transfer from General Fund- Site and Podium/legal fees 30,522,340 20,115,596 (10,406,744) 229,233 229,233 Transfer from GF to be paid back with sales Total Site and Podium 346,586 (0) (346,222) - (0) (0) Revenue Over (Under) Expenditures 136,598 (152,007) (370,556) (462,909) (0) (462,909) Beginning Fund Balance 2,725,806 2,725,806 2,573,799 2,573,799 Ending Fund Balance 2,862,405$ 2,573,799$ 2,110,890$ 2,110,890$ TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE TIMBER RIDGE FUND 150 Ordinance No. 4, Series of 2025 ORDINANCE NO. 4 SERIES OF 2025 AN ORDINANCE MAKING BUDGET ADJUSTMENTS TO THE TOWN OF VAIL GENERAL FUND, CAPITAL PROJECTS FUND, REAL ESTATE TRANSFER TAX FUND, HOUSING FUND, HEAVY EQUIPMENT FUND, INTERNAL EMPLOYEE HOUSING RENTAL FUND, TIMBER RIDGE FUND, AND DISPATCH SERVICES FUND OF THE 2025 BUDGET FOR THE TOWN OF VAIL, COLORADO; AND AUTHORIZING THE SAID ADJUSTMENTS AS SET FORTH HEREIN; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, contingencies have arisen during the fiscal year 2025 which could not have been reasonably foreseen or anticipated by the Town Council at the time it enacted Ordinance No. 18, Series of 2024, adopting the 2025 Budget and Financial Plan for the Town of Vail, Colorado; and, WHEREAS, the Town Manager has certified to the Town Council that sufficient funds are available to discharge the appropriations referred to herein, not otherwise reflected in the Budget, in accordance with Section 9.10(a) of the Charter of the Town of Vail; and, WHEREAS, in order to accomplish the foregoing, the Town Council finds that it should make certain budget adjustments as set forth herein. NOW, THEREFORE, BE IT ORDAINED, BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO that: 1. Pursuant to Section 9.10(a) of the Charter of the Town of Vail, Colorado, the Town Council hereby makes the following budget adjustments for the 2025 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the following budget adjustments: General Fund $ 214,890 Capital Projects Fund 26,613,769 Real Estate Transfer Tax Fund 7,862,221 Housing Fund 18,852,791 Heavy Equipment Fund 1,411,715 Internal Employee Housing Rental Fund 102,349 Timber Ridge Fund 10,770,528 Dispatch Services Fund 1,186,486 Interfund Transfers (10,807,762) Total $ 56,206,987 2. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any 151 Ordinance No. 4, Series of 2025 reason held to be invalid, such decision shall not affect 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, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. 3. The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. 4. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 5. 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. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 18th day of March 2025, and a public hearing shall be held on this Ordinance on the 1st day of April, 2025, at the regular meeting of the Town Council of the Town of Vail, Colorado, in the Municipal Building of the town. _______________________________ Travis Coggin, Mayor ATTEST: ___________________________ Stephanie Johnson, Acting Town Clerk 152 2025 SUPPLEMENTAL BUDGET FINANCE | March 18, 2025 153 2 YEAR END RESULTS | Overview Town of Vail | Finance 2024 REVENUES BY SOURCE Across all funds revenues total $127.0; $114.5M excluding large one-time grants and reimbursements; up $7.6M from 2023; $1.3M from budget Sales Tax, $47.7MProperty and Ownership Tax, $8.1M Use Tax, $3.1M Ski Lift Tax , $6.7M Franchise Fees, $1.9M Real Estate Transfer Tax , $9.3M Licenses and Permits, $3.9M Intergovernmental Revenue, $9.5M Transportation Centers, $9.5M Charges for Services, $2.9M Rent, Fines & Miscellaneous, $13.6M Reimbursed from VRA , $2.4M Earnings on Investments, $8.3M 154 Revenue Source 2024 Actual 2024 Amended Budget % Variance 2023 Actual % Variance Total Revenues $127.0M $132.5M -4.2%$113.6M 11.8% Sales Tax 47.3M 45.8M 3.3%46.9M 0.9% Property and Ownership Tax 8.1M 8.4M -3.6%6.1M 32.8% Use Tax 3.1M 3.1M 0.0%2.5M 24.0% Ski Lift Tax 9.3M 8.5M 9.4%6.5M 43.1% Real Estate Transfer Tax 9.3M 8.2M 13.4%8.0M 16.3% Intergovernmental Revenue 9.5M 13.9M -31.7%8.7M 9.2% Transportation Centers 9.5M 8.9M 6.7%9.4M 1.1% Reimbursed from VRA 2.4M 4.6M -47.8%1.9M 26.3% 3 YEAR END RESULTS | Overview 2024 MAJOR REVENUES 155 4 YEAR END RESULTS | Overview Town of Vail | Finance EXPENDITURES Across all funds expenditures totaled $153.6M compared to $218.8M budget. Savings: $12.5M •Personnel Vacancies: $2.1M •Capital Projects: $5.5M •General Operating: $3.7M •Event Spending: $881.6K •Health Insurance Claims/Premiums: $332K Re-appropriations: $52.7M •Timber Ridge site and podium ($10.0M) •Underground Utility Conversion ($4.2M) •Vail InDEED ($2.9M) •East Vail CDOT Parcel Acquisition ($2.4M) •Electric Bus Purchases ($2.1M) •Dobson Ice Arena ($1.7M) •Vehicle Replacements ($1.4M) •Ford Park Art Studio ($1.0M) Municipal Services 42.7% Capital Improvements 55.8% Debt Service 1.5% 156 5 YEAR END RESULTS | Overview Town of Vail | Finance EXPENDITURES Across all funds expenditures totaled $153.6M compared to $218.8M budget. 2024 Actual 2024 Amended Variance 2023 Actual Personnel $43.4M $45.5M $2.1M $41.1M Operations $22.3M $26.6M $4.3M $21.8M Events $2.2M $3.1M $900K $2.5M Total Municipal Services $67.9M $75.2M $7.3M $65.4M Capital Expenditures $85.7M 143.6M $57.9M $39.3M Total $153.6M $218.8M $65.2M $104.7M 157 6 YEAR END RESULTS | General Fund Revenue – YOY Increase across all revenues with the largest increase due to property tax collections ($2.2M) Expenditures – Savings in staffing: $1.3M ($2.1M Townwide); all other operations $2.3M Transfers – Interfund transfers increases YOY due to redev. of Timber Ridge: $20.1M Carryover of: •Planning projects: $412K Fund Balance – Budgeted to utilize $23.7M of reserves; Actual results: Used $8.0M 2024: $53.4M; 2025 Projected: $46.5M (74% of fund balance) Final Budget 2024 Actual Better (Worse) 2023 Actual Better (Worse) Revenue $68.4M $68.7M $0.3K $62.7M $6.0M Expenditures (58.6)M (54.7)M 3.9M (52.0)M (2.7)M Interfund Transfers (33.4)M (22.1)M 11.3M (2.5)M (19.6)K Net Change (23.6)M (8.1)M 15.5M 8.0M (16.1)M 158 7 YEAR END RESULTS | Capital Projects Fund Town of Vail | Finance Revenue – YOY variance due to timing of grant funds Expenditures – Variance for 2024 budgeted projects not yet completed and carried over to 2025 $24.3M; $3.3M in project savings during 2024 Transfers– Housing Fund (InDeed) and Repayment to Housing Fund for North Trail Townhome kept as employee unit. Fund Balance - $49.6M at the end of 2024 but utilizing $45.0M of that in 2025. Final Budget 2024 Actual Better (Worse) 2023 Actual Better (Worse) Revenue $35.3M $29.7M $(5.6)M $25.1M $4.6M Expenditures (52.7)M (25.1)M 27.6M (19.7)M (5.4)M Debt Service (1.2)M (1.2)M -(1.2)M - Transfers (2.8)M (2.8)M -(2.5)M (0.3)M Net Change $(21.4)M $661.0K $22.1M $1.8M $(1.1)M 159 8 YEAR END RESULTS | Real Estate Transfer Tax Fund Town of Vail | Finance Revenue – RETT collections of $9.3M up $1.3M from 2023. Expenditures – Variance for 2024 budgeted projects not yet completed and carried over to 2025 $7.5M; $2.6M in project savings during 2024 Fund Balance - $15.0M at the end of 2024 but utilizing $8.5M of that in 2025. Final Budget 2024 Actual Better (Worse) 2023 Actual Better (Worse) Revenue $10.2M $10.8M $588.0K $10.3M $492.5K Expenditures (37.1)M (27.7)M 10.1M (8.4)M (19.3)M Transfers (13.5)K (13.5)K --(13.5)K Net Change $(27.5)M $(16.8)M $10.6M $2.0M (18.8)M 160 9 YEAR END RESULTS | Overview Town of Vail | Finance Use of Fund Balance Total Expenditures Exceeded Revenues in 2024 by $26.6M. Reserves were utilized for the following projects: -Purchase of Booth Heights (RETT): $16.9M (Total Project) -Timber Ridge ($8.1M of GF and $2.8M of HF) $139.4M $110.7M $35.3M $57.7M $53.5M $59.5M $54.8M $0.0M $20.0M $40.0M $60.0M $80.0M $100.0M $120.0M $140.0M $160.0M 2023 Actual Preliminary 2024 Actual 2025 2026 2027 2028 2029 Reserve Projections (above Minimum) Housing Fund RETT Fund Capital Projects Fund General Fund 161 2025 SUPPLEMENTAL BUDGET | Budget Requests Town of Vail | Finance 162 11 2025 BUDGET SUPPLEMENTAL | Overview Town of Vail | Finance Proposes to increase revenues by a net $6.3M •$5.2M for re-appropriation of grants, reimbursements, and transfers for ongoing projects •$1.1M for other revenue increases •Requesting to increase expenditures by a net $56.2M: •$52.7M for re-appropriation of ongoing projects •$3.5M for new funding requests 163 12 2025 BUDGET SUPPLEMENTAL | Overview Town of Vail | Finance Supplemental Requests (New): $3.5M Supplemental Requests (Re-appropriations): $52.7M Original 2025 Budget: $157.8M 2025 Proposed Amended Budget- All Funds: $214.0M 164 13 2025 BUDGET SUPPLEMENTAL | General Fund Town of Vail | Finance Revenue $415.0K •$231.3K: Ongoing grants/reimbursements (DOLA Housing Capacity Grant, PD High Visibility Enforcement) •$131.7K: Parking Sales •$44.0K: New EV Charging Rate Structure Expenditures $214.9K •$412.6K: Planning Projects (rollforward from PY) •$290.0K: Donovan Pavilion and Grand View Room Operating costs •$24.9K: STR Excise Tax survey and outreach •($1.0M): Decrease in West Middle Creek Transfer from GF to CPF Ending Fund Balance: $46.5M 165 14 2025 BUDGET SUPPLEMENTAL | Capital Projects Fund Town of Vail | Finance Revenue: $4.9M •$4.8M Rollforward of grants and reimbursements for continuing projects Expenditures: $26.6M Reappropriations $25.4M: •Underground utilities $4.2M (Offs et by $1.9M in accumulated enhancement/franchise fees) •Snowmelt boiler replacement ($900K) •Dobson redevelopment ($1.7M) •Vail mobility hub ($1.5M) •$500.0K for parking structure rehabilitation (Total $2.8M) •$234.5K for Hamlet #3 acquisition cost true-up •$170.0K for HR/payroll system (Total placeholder $290.K) •$47.0K for security upgrades to PD Admin area Ending Fund Balance: $4.6M 166 15 2025 BUDGET SUPPLEMENTAL | RETT Fund Town of Vail | Finance Revenue: $291.2K •$291.2K for grants and reimbursements for projects continuing from 2024 (Dowd Junction Stabilization, State Bear Education Grant, Middle Creek restoration reimbursement) Expenditures: $7.9M Reappropriations $7.4M: •Athletic Field Restroom/Storage Building ($1.0M) •Ford Park Art Studio ($1.0M) •Dowd Junction Restabilization ($453.8K) •Gore Creek Promenade Rehab ($368.5K) New: •$100.0K for habitat improvement offset by 2024 savings Ending Fund Balance: $4.5M 167 16 2025 BUDGET SUPPLEMENTAL | Other Funds Town of Vail | Finance Revenue: Net $964.8K increase •Housing Fund: Roll forward sale of buydown unit ($625.0K); Deed restriction buyout approved by council in Feb ($275.4K) Expenditures: Net $21.8M Reappropriations: •Housing Fund: $2.9M for InDEED, $2.4M to purchase East Vail Parcel, $1.5M Buydown Placeholder •Heavy Equipment Fund: $1.4M Vehicle Replacements •Dispatch Fund: $700K for RMS system •Timber Ridge Fund: $10.8M towards redevelopment New: • Dispatch: $264.4K for implementation of staffing initiatives approved by agencies 168 SUPPLEMENTAL BUDGET | Recap Town of Vail | Finance Does Council have questions or concerns about any of the supplemental requests or re-appropriations? 169 AGENDA ITEM NO. 4.1 Item Cover Page DATE:March 18, 2025 SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:DRB/PEC Update AGENDA SECTION:DRB/PEC (3:05pm) SUBJECT:DRB/PEC Update (5 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: DRB Results 3-5-2025 PEC Results 3-10-2025 170 Design Review Board Minutes Wednesday, March 5, 2025 2:00 PM Vail Town Council Chambers Present: Herbert B Roth Roland J Kjesbo Kit Austin Mary Egan Rys Olsen Absent: 1. Virtual Meeting Link Register to attend Design Review Board Meetings. Once registered, you will receive a confirmation email containing information about joining this webinar. 2. Call to Order 3. Main Agenda 3.1 DRB24-0440 - Itambe 9 LP Final review of an addition Address/ Legal Description: 4532 Streamside Circle East E/ Lot 15, Bighorn Subdivision 4th Addition Planner: Heather Knight Applicant Name: Itambe 9 LP, represented by ArcDen Studio DRB24-0440_PlanSet.pdf Rys Olsen made a motion to Approve with the findings that the application meets Vail Town Code Section 14-10-5 and with the condition that the plans be changed to reflect that the garage doors will match.; Roland J Kjesbo seconded the motion Passed (4 - 0). 3.2 DRB25-0012 - Geneva LLC Final review of a new construction (duplex) Address/ Legal Description: 1721 Geneva Drive/Lot 9, Matterhorn Village Filing 1 Planner: Jamie Leaman-Miller Applicant Name: Geneva 1721 LLC, represented by Blueline Architects p.c. DRB25-0012 Plans.pdf DRB25-0012 Renderings.pdf Rys Olsen made a motion to Approve with the findings that the application meets Vail Town Code Sections 14-10-4, 14-10-5 and 14-10-6 and with the condition that the applicant shall provide staff an acceptable detail of the planted material that will be utilized in the green roof design prior to building permit submittal. ; Roland J Kjesbo seconded the motion Passed (4 - 0). 3.3 DRB25-0004 - 1042 Eagles Nest ITC-I LLC Final review of a new construction (single family) Address/ Legal Description: 1042 Eagles Nest Circle/Lot 2, Block 1, Vail Village Filing 8 Planner: Greg Roy Design Review Board Meeting Minutes of March 5, 2025 1 171 Applicant Name: 1042 Eagles Nest ITC-I LLC - ETAL, represented by Suman Architects DRB25-0004 Docs.pdf DRB25-0004 Plans.pdf Rys Olsen made a motion to Approve with the findings that the application meets Vail Town Code Section 14-10-4, 14-10-5, and 14-10-6 and the conditions that the applicant shall provide staff a revised easement agreement to permit the encroachments into the easement on the north side of the property prior to building permit approval and that the applicant shall resolve the remaining staff comments prior to building permit submittal.; Mary Egan seconded the motion Passed (3 - 2). Voting For: Kit Austin, Rys Olsen, Mary Egan Voting Against: Herbert B Roth, Roland J Kjesbo 3.4 DRB25-0021 - First Bank Final review of new construction Address/ Legal Description: 17 Vail Road/Lot G, Vail Village Filing 2 Planner: Greg Roy Applicant Name: First Bank, represented by 4240 Architecture Inc. DRB25-0021 Plans_Part1.pdf DRB25-0021 Plans_Part2.pdf DRB25-0021 Plans_Part3.pdf DRB25-0021 Plans_Part4.pdf DRB25-0021 Docs.pdf DRB25-0021 Public Comment - VRF 2-26-25.pdf Applicant Presentation.pdf Rys Olsen made a motion to Approve with the findings that the application meets Vail Town Code Section 1410 -5, 14-10 -6, and 14-10-8 and the condition that the applicant shall resolve the remaining planning and wildland fire comments prior to building permit submittal. ; Roland J Kjesbo seconded the motion Passed (4 - 0). 4. Staff Approvals 4.1 DRB23-0086.002 - Gondola Haus Final review of a change to approved plans (DRB extension) Address/ Legal Description: 298 Hanson Ranch Road/Lot C, Block 2, Vail Village Filling 1 Planner: Jamie Leaman-Miller Applicant Name: Thoma Alps Meet Rockies, represented by Mauriello Planning Group 4.2 DRB24 -0288.001 - Thoma Properties LLC Final review of an exterior alteration (exterior sheathing) Address/ Legal Description: 5177 Gore Circle/Lot 11, Block 3, Bighorn Subdivision 5th Addition Planner: Jamie Leaman-Miller Applicant Name: Thoma Properties LLC, represented by Pierce Austin Architects 4.3 DRB24-0390 - Janneill Properties LLC Final review of an exterior alteration (door) Address/ Legal Description: 5175 Black Gore Drive 4/Lot 1-5, Cedar Point Townhouses Subdivision Filing 1 Planner: Heather Knight Applicant Name: Janneill Properties, represented by Renewal by Andersen Design Review Board Meeting Minutes of March 5, 2025 2 172 4.4 DRB24-0450.001-Bailey Residence Final review of a change to approved plans (windows) Address/ Legal Description: 1190 Casolar Del Norte Drive A/Lot 6, Casolar Vail Planner: Greg Roy Applicant Name: Mike & Suzi Bailey, represented by Pierce Austin Architects 4.5 DRB24-0473 - 770 Potato Patch LLC Final review of an exterior alteration (AC unit) Address/ Legal Description: 770 Potato Patch Drive A/Lot 6, Block 2, Vail Potato Patch Filing 1 Planner: Heather Knight Applicant Name: 770 Potato Patch, represented by Eagle Mountain Plumbing & HVAC 4.6 DRB25-0020 - Biscayne Trust Final review of an exterior alteration (entry/doors/windows) Address/ Legal Description: 1109 Vail Valley Drive/Block 6, Lot 7, Vail Village Filing 7 Planner: Heather Knight Applicant Name: Biscayne Trust, represented by KH Webb Architects 4.7 DRB25 -0023 - Exemption Trust Under Spector Family Trust Final review of an exterior alteration (windows) Address/ Legal Description: 4295 Columbine Drive 17A/Lot 7, Block 3, Bighorn Subdivision 3rd Addition Planner: Jamie Leaman-Miller Applicant Name: Exemption Trust Under Spector Family Trust, represented by Home Depot USA 4.8 DRB25-0025 - Town of Vail Final review of an addition Address/ Legal Description: 700 South Frontage Road East/Unplatted- Ford Park VRD Office and Tennis Courts Planner: Heather Knight Applicant Name: Town of Vail, represented by Zehren and Associates 4.9 DRB25-0026 - Austria Haus Final review of a sign application Address/ Legal Description: 242 East Meadow Drive/Tract C, Block 5E, Vail Village Filing 1 Planner: Jamie Leaman-Miller Applicant Name: Austria Haus, represented by Roaring Fork Sign and Lighting 4.10 DRB25-0030 - Sonnenalp Final review of an exterior alteration (deck/window/combination unit) Address/ Legal Description: 20 Vail Road/Lot 1, Sonnenalp Subdivision Planner: Greg Roy Applicant Name: Sonnenalp, represented by Pierce Austin Architects 5. Staff Denials 6. Adjournment Roland J Kjesbo made a motion to Adjourn ; Rys Olsen seconded the motion Passed (5 - 0). Design Review Board Meeting Minutes of March 5, 2025 3 173 Design Review Board Meeting Minutes of March 5, 2025 4 174 Present: Absent: William A Jensen John Rediker Scott McBride Brad Hagedorn Robyn Smith David Tucker Robert Lipnick 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 Planner: Heather Knight Applicant Name: John R. Wilcox & Janice L. Ozzello, represented by Berglund Architects 3.1 A request for the review of a variance from Section 12-6H-6 Setbacks, Vail Town Code in accordance with the provisions of Section 12-17, Variances, Vail Town Code to allow for a deck expansion within the side setback, located at 400 Vail Valley Drive Unit 4, Tyrolean Condominiums, Vail Village Filing 1, part of Tract B, and setting forth details in regard thereto. (PEC25-0002) Planner Knight gives a presentation. She talks about the history of the property and the previous approvals on the property. There is a history of variances on the property. This Unit 4 in question, was granted a variance in 2011 for an addition within the setback. The PEC and Knight discuss the zoning standards on the site. Knight walks through the variance criteria, Staff is recommending denial finding it does not meet criteria 2. Hagedorn asks about setback variances on other properties in the vicinity. Knight says some of those are likely related to stream setbacks. Roy adds that many of those were built prior to the current zoning with existing non-conformities, it’s a different situation compared to something that was built with zoning in place. Rediker and Knight discuss the original approvals from 1978. Knight says the minutes are sparse, but they felt there didn’t need to be a lot of space between buildings, it was creating more of an urban corridor. Planning and Environmental Commission Minutes Monday, March 10, 2025 1:00 PM Vail Town Council Chambers PEC25-0002 Staff Memo.pdf Attachment A. PEC25-0002 Vicinity Map.pdf Attachment B. Applicant Project Narrative.pdf Attachment C. TyroleanUnit4-plans.pdf 1 Planning and Environmental Commission Meeting Minutes of March 10, 2025 175 Rediker asks about the previous setback variance for this unit in 2011. Knight says the applicant may have more detail on that. Rediker asks about historical variances that have been granted on the site. Knight walks through an overview of these variances. Rediker asks if any of these variances allowed new site coverage in the setbacks? Knight says the majority were balcony infill. Smith asks if there have been second variances for other units in addition to the variances that allowed them to infill their deck. Knight does not believe so. The applicant is represented by Adam Gilmer with Berglund Architects. On Unit 4, the infill happened on the south of the unit, infilling a wraparound deck. With this building being so unique, it would be challenging to add more decks on the east side. What we’re proposing is infilling an empty corner which does not affect the massing. With this building being so unique, it does apply to extraordinary circumstance. Smith asks if this would be the furthest out encroachment of all of the other decks? Gilmer says it goes less than 2 feet past the addition on Unit 4 which was previously infilled. That could be changed to align with the existing wall. Rediker asks if there are other instances on the building where the deck encroaches this closely. Gilmer says he believes there is on the south side and possibly the west side. Smith asks if there are trees in the area that would be impacted. Gilmer says they are not pushing out beyond what is below. Jensen asks if the current owner is the one that had the previous variance. Gilmer believes it was a previous owner. Gilmer references the variances criteria, says this is exceptional or extraordinary circumstances with the building already being so much into the side setback. McBride, asks if this variance is granted, how many would that be for this property? Knight says 2 for this unit and 14 for the building. Rediker asks for public comment. Howard Willard lives in the neighboring Mountain View Residences. He spoke to their HOA and the residents across the walkway from the proposed deck. Everybody was concerned that adding that deck was going to enlarge what is already a large deck. What is the hardship? It feels a little like double dipping to give up your side deck for interior room and come back a few years later to add the side deck. He doesn’t understand why we would take a dense, encroaching structure and add more encroachment. Laura Willard is secretary of the board at Mountain View. She wants the board to understand how close these buildings are. Their windows look into our units and it is concerning to have that additional party space so near the community. It is also close to Altus. What is going to happen to the snow that ends up on that deck? She reads a letter from David Charles, unit owner at Mountain View, concerned about construction of a deck within a few feet of his unit. The Tyrolean has had setbacks granted before, if this variance is granted, the new deck will be just feet away from their unit which will encroach on their privacy. Alison Rootberg, is an owner at Vail Mountain View. Over 20 years has had friends in the Tyrolean, because the balconies are so close. In the last month, there has been an extreme increase in noise. The Tyrolean renovated over summer and the units are being used as rental units with apres ski parties. For the purposes of today, we’re concerned and oppose this because it is a residential neighborhood. There will be loud noise, this was designed as a quiet place to enjoy Gore Creek, not partying and disruption. The expanded outdoor deck would increase the noise and disturbance that they’ve already experienced. The benefit of one unit owner should not come at the expense of the larger community. There are five trees that would need to be cut down that are already in that area. 2 Planning and Environmental Commission Meeting Minutes of March 10, 2025 176 No further public comment. Rediker closes public comment. He asks for commissioner comment. He asks how far are Altus and Mountain View from the Tyrolean? Roy says approximately 20’ for the building itself. Smith asks about the potential for tree removal. Roy says they would defer to the Fire Department but it may require that. Smith asks if there was a conversation with the HOA about the impact to the existing trees. Gilmer says they did not consider that because they are over the existing structure. Gilmer says they would be interesting in tabling to try and address some of the comments and questions from the neighbors and community. Hagedorn says this is a tough one. You meet two of the criteria and fail one of them. It is not a granting of special privilege, you meet effect on utilities, but fail the impact on existing structures and uses. The previous setback variances have been in situations where the setbacks have an additional buffer. Here we have a tight distance to neighboring building, and there is an impact. McBride would want to hear more on how the criteria is being met. He also wants to hear more about the tree considerations. Jensen says there was an existing deck and a variance was granted in 2011 to enclose that. He is uncomfortable granting another variance on the property especially with the proximity to the neighbors. There was already a deck, and a variance was granted to enclose it. Rediker wants to give the applicant more time to address the comments. The applicant has identified language in 12-17, he is looking to hear more from the applicant about what is a physical hardship. Smith finds that this fails and agrees with Hagedorn. It’s a double dip, she would be unlikely to grant it but the best path forward to make an informed decision is model the whole building so that the units don’t come in one at a time. Look at the whole building, do the modelling and understand the impacts. 4.Approval of Minutes 4.1 PEC Results 2-10-25 5.Information Update 5.1 Roadmap to Net Zero Update - Environmental Department Town of Vail Clean Energy Specialist Cam Millard gives a presentation. He is joined by Gina McCrackin, Climate Action Collaborative Manager with Walking Mountains and Kim Schlaepfer with Lotus Engineering. Millard recaps the Town’s strategic goals in this area. This roadmap is being adopted throughout Eagle County. We’re still working through the details, just wanted to ask for your feedback. McCrackin gives a presentation. She talks about the state minimum energy code. Hagedorn asks about the Holy Cross rate structure. Mike Steiner with Holy Cross talks about their rate Brad Hagedorn made a motion to Table to the PEC meeting on March 24, 2025; Robyn Smith seconded the motion Passed (5 - 0). PEC Results 2-10-25.pdf Robyn Smith made a motion to Approve ; Brad Hagedorn seconded the motion Passed (5 - 0). PEC Memo 03.10 Roadmap to Net Zero Part 2.pdf Regional Net Zero Roadmap Community Presentation 3 Planning and Environmental Commission Meeting Minutes of March 10, 2025 177 structure. Schlaepfer talks about community alignment across the region. She talks about low-carbon construction materials. Smith and Schlaepfer discuss how this could possibly be regulated or incentivized. Schlaepfer discusses the roadmap.Hagedorn and applicants discuss electric or electric preferred codes. Schlaepfer says it would be up to Building departments to determine what reasonable exceptions would be. Jim Telling with East West Partners presents. He talks about a new electric building in Avon. He says the associated building costs with fully electric are probably less than 10% greater. Smith asks if we increase our standards do we eliminate opportunity, are we willing sacrifice some opportunities? Telling says East West is doing it voluntarily but it’s more challenging for a government agency to navigate that fine line. Smith, does that reduce our ability to deliver affordable housing? Telling says you can always make exceptions for particular projects. McCrackin says some of the examples they have discussed are affordable and workforce housing. Schlaepfer says they may have had some tax credits. Hagedorn says a lot of those projects need to be subsidized. The PEC has questions about battery storage. Schlaepfer talks about the different approaches taken in Pitkin County as compared to Eagle County. Smith agrees with the goal, is concerned with some of the practicality of putting these into law. Concerned about community focused development being impacted by this with the cost escalation. Schlaepfer says the goal is flexibility, and to get Vail into alignment with neighboring communities. She continues presentation, touching on cost impacts for builders and homeowners. McCrackin continues presenting on energy rates. She talks about next steps with the roadmap. Smith asks about incentives to encourage multi-family development. What are the increased build costs and is it more expensive to build a triplex than a single-family home for example? Schlaepfer says we don’t have Town of Vail specific data, we don’t know in all cases. It also depends on the context and methodology you are looking at. They may be able to come back with some more examples. Smith I worried about the legal implications of a gas ban. Schlaepfer talks about the Denver case, it was related to their building performance standards. Smith says it would be a priority of the Council to get ahead of any potential legal issues with this. Millard says communities with an EEOP have funds available for supporting things like solar and workforce housing. It can provide community resources if you look at it wholistically. Rediker asks what are local energy companies doing to make sure the delivery of electricity is reliable in our communities? Kristen Bertuglia, Director of Environmental Sustainability at Town of Vail, says reliability is a first priority, it is extremely important. Rediker says we have an inefficient grid in the country, are there things that companies need to be doing? 4 Planning and Environmental Commission Meeting Minutes of March 10, 2025 178 Bertuglia says it’s a big topic, some examples are burying power lines, creating redundancies, decreasuing exposure to wildfire, and upgrading lines. Smith also has concerns about electric heat pumps. Schlaepfer says there are case studies about these which have been in the community for 7 years. Conventional boilers are also subject to failure. Smith is most concerned about the final step of eliminating all gas appliances, it is a trust fall. Schlaepfer states that by 2030 we will have a lot of data on that. Millard says Residences at Main Vail uses cold climate heat pumps, it has been successful. Jensen asks would you like to see the TOV move to a 6 year cycle? If you were building affordable housing, and a grant was available to offset the costs that would go a long way, let’s not exacerbate the costs. What concerns do you have about changes at the federal or national level over the next few years? Millard does not think Vail is considering leaving the three year cycle, if they move forward it would be one of the options. Schlaepfer states other communities have used EEOP funds to put towards affordable/workforce housing projects. A lot of the funds were previously advocated and are still flowing on four-to-five-year contract cycles. New funding may not be available, the state legislature every year unlocks different credits or funding opportunities for high efficient design. McCrackin says we need to be doing even more, because we don’t have that backbone of federal support. We need to lean into local,regional, and state level resources. A lot of the state grant programs come from state and federal funds so we shouldn’t anticipate ends to grants offered at the state level. Rediker, the roadmap focuses on new construction. There are a lot of remodels in this community, what discussions has occurred in regard to homes that are already built? What are possible exceptions? Schlaepfer says there’s a lawsuit against Denver in that regard, people are waiting to see. The fees for EEOPs get routed back into the community to support residents in improving efficiency, rebates etc.. That is an area that needs a lot more consideration, we’re not steering towards policies on that at the moment. McCrackin, there do exist code triggers that exist to make certain changes for large retrofits. Schlaepfer, says exceptions could be hospitals, commercial kitchens, anything impacting health or safety of the occupant, and backup generators in the case of an outage. McBride asks why are you moving away from solar requirements? Schlaepfer states that Holy Cross is already providing 85% renewable electricity, so the solar requirement is seen as an added cost for construction. They don’t necessarily need more distributed solar to get to their goals, it is a marginal emissions reduction, it is an added cost. Solar readiness is required. Rediker says they don’t get a lot of sun in East Vail, Schlaepfer says there are exceptions. McBride, you have answered our questions and everything seems tempered. Applaud you for taking cost into consideration. Hagedorn wants to bring the EEOP topic back to the PEC to look at possible options. It’s important that 5 Planning and Environmental Commission Meeting Minutes of March 10, 2025 179 those funds would be administered by the TOV, he isn’t interested in an outsourced program like Avon did. Rediker thanks applicants. 6.Adjournment Robyn Smith made a motion to Adjourn ; Brad Hagedorn seconded the motion Passed (5 - 0). 6 Planning and Environmental Commission Meeting Minutes of March 10, 2025 180 AGENDA ITEM NO. 5.1 Item Cover Page DATE:March 18, 2025 SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:Information Update AGENDA SECTION:Information Update (3:10pm) SUBJECT:Town of Vail Social Media Year in Review SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 2024 Town of Vail Social Media Year in Review 181 Social MediaYEAR IN REVIEW Town of Vail - Government @vailgov Vail Police Department @vailcopolice Vail Fire and Emergency Services @vailfiredept @restoregorecreek 182 Social MediaYEAR IN REVIEW Town of Vail - Government @vailgov Town of Vail social channels, covering general town topics, Town Council, AIPP, Environmental, Housing, HR and more: Impressions Number of times our content was displayed to users. Top Post Highlights Post Topics by volume Town Council 22.9% Fun/Scenic 20.2% Informational 14.4% Environmental 10.5% Events 5.5% Hiring 4.3% Housing 4% TOV Community Event 3.7% Historic 3.5% AIPP 3.3% Engagements The number of likes, comments, replies, shares. 1.55M  19.5% 77.1K  37.8% Received Messages Tags, comments and private messages to your page 3.8K  33.2% Audience 11.5K  57.7% net growth This report focuses on the Town of Vail’s social media presence on two main channels, Facebook and Instagram. These two channels represent our most consistent and reliable audiences. We also maintain a presence on Threads, X, NextDoor and will periodically post to LinkedIn on behalf of HR. While Facebook’s analytics report higher Impressions, Instagram continues to be a powerful platform for us with reels (aka short videos) still being heavily favored by the algorithm. Our Instagram audience also skews younger, with the 25-44 demographic strongly represented in our followers. The use of Reels on Instagram was especially successful for the Town Council preview videos, which began in January, 2024, and were concepted as a way to make our elected officials more familiar to community members. 20 videos were created over the course of the year with over 50,000 impressions on Instagram, compared to Facebook’s 5,700. Anecdotally, this is the most referenced content we produce when community members talk to me about our social channels. Our Received Message metric is always an interesting one because it tends to increase not only when we have a popular post, but when we are tagged and receive comments and private messages around controversial topics. There was a large spike in Received Messages in May. The Communications team continues to keep a pulse on emerging social media uses, trends and platforms; leveraging the success of popular posts to also create more awareness with informational posts around town efforts. We also continue to monitor social to keep a pulse on sentiment and explore outreach to engage new community members. Instagram Audience 6.33K Men 39.1% Women 60.9% Top Follower Locations Vail 11.7% | Avon 8.6% | Edwards 7.6% 25-34 35-44Age 0% 5% 10% 15% 20% 45-54 55-64 Facebook Audience 5.18K Men 37.4% Women 62.6% Top Follower Locations Vail 10.6% | Avon 6.6% | Edwards 5% 25-34 35-44Age 0% 5% 10% 15% 20% 45-54 55-64 Scenes from this morning in Vail. Post type: Reel Published: Monday, Oct. 21 FACEBOOK 141.4K Impressions INSTAGRAM 17.5K Impressions Vail Resorts, the Town of Vail and East West Partners are asking the public to share Post type: Image Published: Monday, Nov. 18 FACEBOOK 75K Impressions April Fools! Post type: Image Published: Monday, April 1 FACEBOOK 33K Impressions @vailgov Today’s progress on this year’s Winterfest! Post type: Reel Published: Sunday, Jan. 7 INSTAGRAM 6K Impressions OVERVIEW Town of Vail - Prepared by Kari Mohr 183 Social MediaYEAR IN REVIEW Vail Police Department @vailcopolice Vail Police Impressions Number of times our content was displayed to users. Top Post Highlights Engagements The number of likes, comments, replies, shares. 1.08M  11% 122K  21.3% Received Messages Tags, comments and private messages to your page 1.2K  16.3% Audience 10.2K  47.9% net growth The Vail Police Facebook and Instagram pages experienced impressive growth in 2024. Audience overall grew by nearly 15% but the net growth of both Facebook and Instagram was nearly 50% over the past year. For the first time, Vail Police achieved over one million impressions. We achieved notable exposure with focusing on highly personable posts and produced a reel mimicking a popular meme on Instagram. Our top three posts featured a Vail officer at the Birds of Prey winter event, our Ride in Remembrance event honoring fallen first responders, and introducing new officers along with a new car design. Going into 2025, the Vail Police pages will continue to highlight the great work of our officers and the positive impact they have in the community. We will continue to monitor Facebook and Instagram and look for memes that we can participate in and bring fun and relatability to the law enforcement profession. Great day to be helping at Beaver Creek for Birds of Prey! Post type: Image Published: Friday, Dec. 6 FACEBOOK 92.8K Impressions We would like to invite everyone to Eagle County's 22nd Annual Ride in Remembrance Post type: Image Published: Friday, May 3 FACEBOOK 83K Impressions New cars and new officers! Post type: Image Published: Thursday, Aug. 15 FACEBOOK 77K Impressions @vailcopolice We’re cops in a ski town Post type: Reel Published: Saturday, April 20 INSTAGRAM 26.5K Impressions OVERVIEW Vail Police - Prepared by Camille Deering Facebook Audience 8.5K Men 43.1% Women 56.9% Top Follower Locations Vail 7.8% | Gypsum 7.5% | Avon 7.4% 25-34 35-44 Age 0% 5% 10% 15% 20% 45-54 55-64 65+ Top Follower Locations Vail 11.4% | Edwards 9.5% | Avon 8.6% Instagram Audience 2K Men 44% Women 56% 25-34 Age 0% 5% 10% 15% 20% 35-44 45-54 55-64 55-64 184 Social MediaYEAR IN REVIEW Vail Fire & Emergency Services @vailfiredept Vail Fire Impressions Number of times our content was displayed to users. Top Post Highlights Engagements The number of likes, comments, replies, shares. 301.5K  19% 17.7K  48% Received Messages Tags, comments and private messages to your page 659K  14.7% Audience 8.9K  8.6% net growth At Vail Fire & Emergency Services, our social media presence is focused exclusively on Facebook and Instagram. In 2024, more people joined our online community, and we’re incredibly appreciative of every new follower and supporter. While overall interactions slowed slightly, our Instagram audience activity increased, and our most popular content remained consistent. Posts featuring new trucks, job opportunities, crew trainings, and motor vehicle incidents once again sparked the most interest and conversation. This year, we leaned further into short video content, and it paid off! Views on our reels increased by nearly 500%! While it was a slower fire year, our focus remained on training, readiness, and community engagement, ensuring we are always prepared to serve our community. Getting in some training on our new Type 3 engine Post type: Reel Published: Friday, Feb. 2 INSTAGRAM 9K Impressions Our new aerial truck showing off out at Public Works. Photo: Russell Farmer Post type: Image Published: Wednesday, Aug. 14 FACEBOOK 7K Impressions Join our team of dedicated wildland firefighters Post type: Image (Boosted) Published: Wednesday, Jan. 10 FACEBOOK 10.8K Impressions Thank you all for coming out to Station 2 Post type: Image Published: Monday, April 15 FACEBOOK 6.1K Impressions @vailfiredept OVERVIEW Vail Fire - Prepared by Katherine Blocker Facebook Audience 6.9K Men 64.7% Women 35.3% Instagram Audience 2.2K Men 64.7% Women 35.3% Top Follower Locations Vail 3.7% | Eagle 3% | Denver 2.8% 25-34 35-44 Age 0% 5% 10% 15% 20% 45-54 55-64 65+ Top Follower Locations Vail 7.6% | Edwards 6.2% | Eagle 6.1% 18-24 25-34 Age 0% 5% 10% 15% 20% 35-44 45-54 55-64 185 Social MediaYEAR IN REVIEW @restoregorecreek Restore the Gore Impressions Number of times our content was displayed to users. Top Posts Engagements The number of likes, comments, replies, shares. 19.9  39.3% 1K  46% Received Messages Tags, comments and private messages to your page 41  52.3% Audience 1.4K  12% net growth The Restore Gore Creek Instagram page continued to be a great way to drive community engagement with the town’s efforts to Restore the Gore in 2024. Gore Creek is undeniably picturesque, lending itself well to the platform. Instagram allows members of the Vail community, whether they are in Vail at the time or not, to feel connected to Gore Creek. In 2024, the @restoregorecreek account highlighted accomplishments like volunteer planting projects, completion of the Gore Valley Trail Interpretive Exhibit and installation of stormwater treatment devices, promoted events and educational opportunities, and served as a source of information about preventing pollution, changing landscaping practices, and more. @restoregorecreek Spotted in Vail this week. This is why the trash cans are known as “Bear Resistant” not “Bear-proof”! Post type: Image Published: Wednesday, May 22 INSTAGRAM 1.2K Impressions Join us for a very special Lunch with the Locals tomorrow at noon at the Grand View! Post type: Image Published: Tuesday, June 25 INSTAGRAM 887 Impressions Thanks to our awesome volunteers and Eagle River Coalition there are 50 new native shrubs Post type: Image Published: Thursday, July 18 INSTAGRAM 618 Impressions Join us for FREE LUNCH and a presentation from Adventure Swimmer and author Matt MoseleY Post type: Photo Published: Monday, Jan. 22 INSTAGRAM 608 Impressions OVERVIEW Town of Vail - Prepared by Pete Wadden 186 AGENDA ITEM NO. 5.2 Item Cover Page DATE:March 18, 2025 SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Information Update AGENDA SECTION:Information Update (3:10pm) SUBJECT:January 28, 2025 VLHA Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: VLHA Meeting Minutes 1-28-2025 187 Vail Local Housing Authority Minutes Tuesday, January 28, 2025 3:00 PM Virtually by Zoom PRESENT ABSENT Steve Lindstrom Dan Godec Kristin Kenny Williams Craig Denton Christine Santucci STAFF Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order at 3:05 p.m. 2. Citizen No comments. 3. Approval of Minutes (5 min.) 3.1 Approval of January 14, 2025 Minutes 2025-1-14 VLHA Minutes.pdf MOTION: Williams SECOND: Santucci PASSED: 3 - 0 4. Main Agenda (30 min.) 4.1 363 Beaver Dam Circle EHU Exchange Application Presenter(s): George Ruther, Principal, Ruther Associates LLC 363 Beaver Dam Circle EHU Exchange 01282025.pdf Ruther, on behalf of his client, referred to a memo and a slide regarding the EHU Exchange proposal regarding 363 Beaver Dam Circle. The Town requires the fee in lieu for a release to include a 3:1 multiplier. The fee of $275,000 more than adequately replaces the deed restriction in comparison with recent Vail InDEED purchases. Ruther suggests that based on a recent demonstration of the EHU Deed Restriction Credit Program for Timber Ridge to Town Council, it shows a breakdown of the purchase of a studio apartment with an additional deed restriction credit. It helps to support the cost of the fee in lieu application. Ruther is seeking recommended approval of the request to go in front of Town Council. It could be part of the recommendation to Council to specify how the money should be used in the Community Housing bucket. Authority has consensus to make a recommendation to Town Council to move forward with the EHU exchange application. 5. Matters from the Chairman and Authority Members (5 min.) Carlie Smith led the discussion about current work of the town Staff and the Town's financial advisors. The group continues through planning the West Middle Creek housing project and the next step is setting up a non-profit corporation who will contract with the developer and will also issue the housing revenue bonds for the project in the approximate amount of $133M, coupled with the COP that the Town will be issuing along with the $10M from Town. To do that, a board will be established. The Town would like to offer a seat on the board to someone from the Authority. There will always be an Authority member spot but there are not terms on the spot. The bylaws will need to list exactly who that member will be. 188 Lindstrom suggests that we appoint one member to the seat for one year and align with new board members be appointed each year. The time commitment would likely meet once per month, especially when setting up the documents and approving resolutions. Meeting times will change as the project changes. The board will be five members total including the deputy town manager, public works director, housing director, finance director and an authority member. The Town will need an Authority member name after the next Authority meeting so it can be added to the bylaws and articles of incorporation. The Authority voted on this and appointed Santucci as a member. Denton entered the meeting. Lindstrom attended an Eagle County Housing Advisory Board and updated the group on Vail happenings and West Middle Creek. Smith confirmed that the Town will close on the bonds in April 2025. The Town Council directed staff to put together a plan to execute a program for the Timber Ridge EHU Exchange program. There may be future opportunity to further discuss the EHU Exchange program and the STR fee program. Both items are still open. Lindstrom mentioned the East Vail CDOT property is scheduled to close the first week of February bringing future opportunity for 20 townhomes. Kristin Kenny Williams made a motion to Approve Motion to award Christine Santucci MOTION: Williams SECOND: Lindstrom PASSED: 4 - 0 6. Executive Session (15 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: Vail InDEED Application. At 3:30 p.m. Williams made a motion to exit regular session and enter executive session. MOTION: Williams SECOND: Denton PASSED: 4 - 0 7. Any Action as a Result of Executive Session (5 min.) Lindstrom made a motion to direct staff to move forward as discussed during Executive MOTION: Lindstrom SECOND: Santucci PASSED: 4 - 0 8. Adjournment 3:43 p.m. 9. Next Meeting Date (February 11, 2025) 189 AGENDA ITEM NO. 5.3 Item Cover Page DATE:March 18, 2025 SUBMITTED BY:Molly Eppard, Public Works ITEM TYPE:Information Update AGENDA SECTION:Information Update (3:10pm) SUBJECT:February 3, 2025 AIPP Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: AIPP Meeting Minutes 2-03-2025 190 Art in Public Places Board Meeting Minutes Monday, February 3, 2025 AIPP Board members present: Lindsea Stowe - Chair, Tracy Gordon, Kathy Langenwalter, Courtney St. John & Susanne Graff Others present: Molly Eppard - AIPP Coordinator 1. Call to Order 2. Citizen Participation 3. Main Agenda 3.1 Approval of January 6, 2025 AIPP Board meeting minutes. January 6, 2025 Minutes.pdf • Kathy motions to approve January 6, 2025 AIPP Board meeting minutes. Courtney seconds and all in favor. 3.2 Review relocation of Snowball Fight sculptures by Gail Folewell at Gondola One. Allison Kent, AICP Mauriello Planning Group. L1.0.pdf Snowball Fight Relocation.pdf • Molly outlines the process for reviewing the new landscape design proposed by the new restaurant The Sixty-Two. It will not only be a major redesign of the existing restaurant, but also the adjacent ski yard landscape which they have coordinated with Vail Resorts who also owns the sculpture installation. • The landscape design has been approved by the DRB. • Molly visited the site with Greg Roy (TOV Community Development and Gregg Barrie (TOV Landscape Architect) to discuss the opportunity relocating the sculptures. • The proposed relocation was approved by Vail Resorts’ Jeff Babb. • The sculptures will be moved a short distance to the east of the present location and situated across the path. • The Board agrees the relocation of the sculptures will be more intentional. 3.3 Dobson Ice Arena, public art integration in the Town of Vail capital project review, Dobson Design Team – Populus, Cummings Group, and Greg Hall, Town of Vail Public Works Director. Dobson_Arena_Town_Council_Slide_Deck_12.17.24.pdf • Greg outlines the timeline and budget for public art integration as 1% of original construction contract totaling $430,000. This project is mostly funded with a tax increment financing. Historically similar projects have had significant public art components, like the Lionshead Welcome Center, Sandstone Underpass, and Red Sandstone Elementary Garage. • This project will tie the public art components connecting Lionshead and Vail Village, also highlighting the existing public art in proximity to the Dobson Ice Arena and Vail Public Library. • The Design Team reviews potential opportunities for the interior spaces: o Stair area (painted steel with tempered glass panels) – First impression location. 191 o Lobby space - Large open wall. o Check-in area/welcome desk/concessions – Off of main entry. o Existing interior buttress walls. o Hallway corridor to arena, however it will be closed off for hockey configuration. o Four walls within the arena corners. It is proposed that the hard surfaces be wrapped panels for acoustics. o Two large ducts running the length of Dobson. o South lounge entry area with views to south – ceiling space which also serves as way finding. o Ceiling cloud area on the west entrance – potential sound mitigation and screens ceiling height and volume space. • Exterior spaces are identified: o West entrance area is discussed. o The ventilation stacks with murals painted by Jaime Molinas and Pedro Barrios will have to be removed due to infrastructure and utilities at the arena. o Large transformer adjacent to the west entrance. o Mechanical yard will have a Corten wall screening it. o South side of the building. o The existing large fluted concrete wall will be more exposed with the remodel. o The loading dock area wall will also be more visible with the remodel. o There are sculpture opportunities flanking the entrance in the landscape beds. • Start of construction is anticipated for Spring 2025 and it is an approximately 18-month project. The extent of the public art integration is what will determine the lead time. (ie. mural versus site-specific.) There will need to be coordination throughout the project. 3.4 Art Studio construction update and Summer 2025. Studio Update.pdf • Presently June 13 for completion for final punch list. COO will be a week or two prior. • The Studio will have a geo-thermal component. The first in the Town of Vail. • A HYBYCOZO Ford Park temporary summer installation may be a possibility in three locations in proximity to the Art Studio due to the compromised landscape from construction. We are awaiting a proposal. • The Board inquires about security cameras in Ford Park and in proximity to the Studio. At present there are none. 4. Coordinator Updates • Lionshead parking structure painting is out to bid. • Gore Creek Promenade & Lot 10 scheduled for an update at March meeting. • Wedel sculpture – Awaiting proposal from Uovo for installation recommendations • A Bee Hotel will be constructed in May at the BFAG by the artist Mike Williams whom Courtney and Molly met at the Denver Botanic Gardens. • Update on Winterfest programs - Hundreds attended both “Meet the Owls” events at the Snowsports Museum and The Vail Public Library. The Alpine Arts craft workshop at the Snowsports Museum was also well attended. We took photos of the owls in Nature’s Educators care at the ice sculptures. All the events catered to a wide demographic. • Winterfest "Night Owls" - Event photos • Review advertising opportunity proposed with Vail Beaver Creek Magazine. The Board is interested in proceeding. 5. Adjournment 192 AGENDA ITEM NO. 6.1 Item Cover Page DATE:March 18, 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 (3:10pm) SUBJECT:Matters from Mayor, Council, and Committee Reports (15 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 193 AGENDA ITEM NO. 6.2 Item Cover Page DATE:March 18, 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 (3:10pm) SUBJECT:Town Manager Report (5 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Town Manager Update 3-18-2025 Future Topics - April 194 Town Managers Update March 18, 2025 1. Operational Agreement for Dobson The Vail Recreation District currently operates the Dobson Ice Rink. Under the current lease the VRD is responsible for the ice systems of that building and has pledged $3.4 million to the renovation of Dobson. Also, the Town wants to utilize the new Dobson for more events since it has been designed with improved capacity and amenities for events. To that end, a new operating agreement is needed between the Town and the VRD. Based on previous discussions, staff would like to propose the following goals for a new operating agreement for Dobson for the Council’s review and consideration. Dobson Operational Goals 1. Increase the frequency and quality of entertainment, corporate & conference related events, and special events at Dobson both winter and summer. A related goal is to have entertainment and special events help financially support, to the extent possible, the public recreational mission of Dobson and its capital maintenance. 2. Continue to enhance the Yeti hockey program so that it thrives and continues to be a community amenity for Vail. 3. Continue to provide high quality public ice recreational programs to both youth and adults. 4. Ensure the renovated Dobson is maintained (clean, presentable) and operated (including food and beverage) in a high-quality manner consistent with Vail’s brand. 5. Ensure the long-term financial sustainability of the operation and maintenance of Dobson. 6. Provide consistency in scheduling and programming to allow community members, and ancillary business (groups, tournaments, events, etc.) adequate planning time. 2. Third Sheet of Ice in Eagle Eagle County has been working with valley wide ice users along with the Vail Recreation District and Mountain Recreation District to move forward a dual-purpose event and ice facility at the Eagle County Fair Grounds. The County has budgeted over $5 million for this project, Mountain Recreation has budgeted $1 million, and ice user groups have been raising money to pay for the over $17 million this facility is projected to now cost. A deadline is approaching at the end of March to make long lead time orders for this facility for it to open in December of this year. The budget for the building increased from approximately $10 million to $17 million as plans were developed for this facility. 3. Pursuing Eagle County Funds for Timber Ridge Town staff is aware that the County has $5.4 million budgeted for a housing project. The project that these funds were proposed for was in the Town of Eagle and this project will not be moving forward. Town staff, Vail Housing Authority, and Habitat for Humanity have discussed requesting these funds 195 Page 2 to support additional habitat homes at Timber Ridge. Specifically, $5.4 million would support approximately 10 units (depending on unit type) at Timber Ridge with 0% interest loans for the buyers. The price point for these units would be at the 80% AMI level. Would the Town Council support the Town in partnership with the Vail Housing Authority and Habitat for Humanity making a request to use the $5.4 million in housing funds allocated in Eagle County’s budget to be applied for habitat homes at Timber Ridge? 4. Colorado Energy Office Grant for Geothermal Project To support implementation of a geothermal energy system, staff would like to apply for the final round of geothermal funding from the Colorado Energy Office. The project would assist with construction and installation of geothermal borefields serving the Civic Area geothermal energy district. The grant requirement is a 1:1 match with the grant award not to exceed $250,000. Geothermal energy systems are budgeted at $1.5M in the 2025 budget and are adequate to cover this match. 5. DOLA Grant To support the town’s development of an Energy Performance Contract project (energy efficiency and renewable energy facility measures), staff seek to apply for funding from the Colorado Department of Local Affairs (DOLA) Energy and Mineral Impact Assistance Fund (EIAF). This grant if received could in part augment the funds available for the geothermal project as well as building measures. This grant requires a 1:1 match and the maximum amount of grant funding that could be awarded is $1M. The project costs including the match would be funded through guaranteed utility bill savings via the Energy Performance Contract. The EPC has not been finalized –it is still in the Investment Grade Audit phase of the project –and Council will have opportunity to approve the project package, along with the grant, at a later time 6. Gore Creek Promenade In order to move forward on the Gore Creek Promenade project, the design team is working on a plan that will keep “Tree C” in place. The goal of removing that tree was to open up additional space, spreading use to the western end of the park. That was intended to reduce pressure on the open turf area at the east end of the park. As a way to improve the large turf area on the east end of the park, staff would propose that instead of removing Tree C, the plan should remove a large declining spruce at the east end of the park. This will reduce shade on the turf and provide additional space where most users gather. See attached photos and plan. 7. Other There may be other topics the Town Manager needs to share with the Town Council. 196 197 198 199 200 201 Future Topics, April 2025 TOPIC DEPARTMENT Land Trust Agreement Environmental Sustainability Conservation IGA with Eagle County Environmental Sustainability Town of Vail Social Media Review Communications Vail Trailblazer Proclamation Town Manager’s Office Interviews and Appointments for PEC Community Development Ford Park Committee Update Town Manager’s Office Lot 10 Design Concepts Public Works Donate Life Month Proclamation Town Manager’s Office Town of Vail and Colorado Grand Scholarships Town Clerk’s Office Summer Managed Parking Decision Public Works & Transportation Bus Barn Fire Safety Public Works & Fire IT Support IGA with Vail Recreation District IT  202 AGENDA ITEM NO. 6.3 Item Cover Page DATE:March 18, 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 (3:10pm) SUBJECT:Council Matters and Status Update SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Matters 3-18-2025 203 COUNCIL MATTERS Status Report Report for March 18,2025 Comments from the March 4 Town Council meeting during “Matters”: Town Council thanked Public Works for taking care of pedestrian bridge winter conditions! Town Council directed staff to draft a letter of support for HB25-1273 regarding Residential Building Stair Modernization. Social Media Listening Sprout Listening Link: https://share.sproutsocial.com/view/2f526b1c-6de3-46de-926b- 1c6de3b6de9b Been a much quieter couple of weeks with a break in events, holidays and snow totals. In the News______________________________________________________ Feb. 28 Vail Apres Madness https://www.vaildaily.com/news/vail-restaurants-get-in-the-march-madness-spirit-with-a-bracket- of-their-own/ Vail Commons Lottery https://www.realvail.com/town-of-vail-accepting-applications-for-vail-commons-condominium- lottery/a21508/ March 4 Habitat for Humanity 30 Years https://www.vaildaily.com/news/habitat-vail-valley-celebrates-30-years-with-30-home-starts-at- annual-carpenters-ball/ March 5 Chain Law Enforcement https://www.vaildaily.com/news/colorado-chain-law-enforcement-results-first-week/ 204 https://www.cbsnews.com/colorado/news/i-70-colorado-mountain-communities-chain-up- changes/ https://www.aspentimes.com/news/colorado-troopers-partnering-agencies-crack-down/ Trailblazer Award https://www.realvail.com/lindstrom-ruther-to-be-recognized-as-joint-recipients-of-2025- trailblazer-award/a21556/ Snowplow Incident https://www.vaildaily.com/news/pedestrian-snowplow-death-vail/ https://www.realvail.com/pedestrian-fatality-in-vail-involving-town-of-vail-snowplow/a21551/ https://www.denver7.com/news/local-news/snowplow-driver-strikes-kills-pedestrian-in-vail-the- town-reports https://www.cbsnews.com/colorado/news/pedestrian-dies-struck-snowplow-vail-colorado/ https://kdvr.com/news/local/pedestrian-hit-killed-by-snowplow-in-vail-wednesday-morning/ https://denvergazette.com/outtherecolorado/news/person-killed-by-snowplow-in-vail-reported- as-first-fatal-snowplow-incident-in-towns-history/article_e4fc29ca-fa02-11ef-b1f5- 13aa2647a075.html https://www.westernslopenow.com/news/pedestrian-struck-killed-by-snowplow/ https://krystal93.com/pedestrian-killed-by-snowplow-in-west-vail-neighborhood/ https://www.kktv.com/2025/03/06/pedestrian-dead-after-snowplow-accident-glacier-court/ https://krdo.com/news/2025/03/06/pedestrian-dead-after-being-hit-by-snowplow-in-vail/ March 6 Emergency Ordinance I-70 Chain Law Enforcement https://www.vaildaily.com/news/vail-to-draft-emergency-ordinance-increasing-penalties- enforcement-at-i-70-chain-up-station/ https://krystal93.com/underwhelmed-by-the-state-town-of-vail-writes-its-own-vail-pass-traction- law/ Dobson Initial GMP https://www.vaildaily.com/news/vails-dobson-arena-remodel-will-be-the-towns-most-expensive- project-so-far-but-a-maximum-price-hasnt-been-finalized/ March 8 Single-Use Plastics Survey https://www.realvail.com/town-of-vail-seeks-input-on-single-use-plastic-regulations/a21583/ March 10 East Vail Fire https://www.vaildaily.com/news/crews-extinguish-fire-at-east-vail-duplex/ March 12 205 Drug Bust on I-70 https://www.vaildaily.com/news/vail-officer-seizes-40-pounds-of-pcp-during-traffic-stop-on- interstate-70/ Upcoming Dates March 25 Annual Community Meeting; Donovan Pavilion June 24 Board & Commissions Appreciation Night at Ford Park Amphitheater Hot Summer Nights September 9 Vail Social! 206