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2025-04-15 Agenda and Supporting Documentation Town Council Afternoon Meeting
1.Call to Order (12:30pm) 2.Presentation/Discussion (12:30pm) 2.1 STR Excise Tax Ballot Update (12:30pm)30 min. Listen to presentation and provide feedback. Presenter(s): Lauren Noll, Revenue Manager, and Carlie Smith, Finance Director Background: On February 4th, Council directed staff to research a potential short-term rental excise tax. The next step in this process is to gather voter feedback. This presentation will feature the draft survey and provide an overview of the timeline leading up to potential approval of the ballot question by July 15th. 2.2 2024 Year End Investment Presentation (1:00pm)10 min. Listen to presentation and provide feedback. Presenter(s): Carlie Smith, Finance Director Background: Section 2-2-8 of the Town Code requires an annual presentation of the town's investment report, which is also provided as a written report each quarter. This agenda item is a presentation of the town's investment report as of December 31, 2024. 2.3 West Middle Creek Update (1:10pm)45 min. Listen to update and provide feedback. Presenter(s): Carlie Smith, Finance Director and Jason Dietz, Housing Director Background: Staff will update Council on recent volatility in interest rates impacting the financing of West Middle Creek and update on market risks impacting development agreement negotiations. 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_Q_JCgx6iSDSGvtF60000tQ 12:30 PM April 15, 2025 Notes: Times of items are approximate, subject to change, and cannot be relied upon to determine what time Council will consider an item. Council Memo - STR Ballot Update Attachment A. Town of Vail Ballot Measure Survey DRAFT Council Memo - 2024 Investments Staff Presentation - Year End Investments Council Memo - West Middle Creek Financing 1 2.4 West Lionshead Planning Update (1:55pm)30 min. Listen to update and provide feedback. Presenter(s): Matt Gennett, Community Development Director, and Kevin Murphy, East West Partners Background: The project team will provide a recap of the two open houses, held April 7th and 8th, including a run through of materials presented and summary of the feedback received from the public. 3.DRB/PEC (2:25pm) 3.1 DRB/PEC (5 min.) 4.Information Update (2:30pm) 4.1 March 3, 2025 AIPP Meeting Minutes 4.2 March 17, 2025 AIPP Meeting Minutes 4.3 March 25, 2025 VLHA Meeting Minutes 5.Matters from Mayor, Council, Town Manager and Committee Reports (2:30pm) 5.1 Matters from Mayor, Council, and Committee Reports (15 min.) 5.2 Town Manager Report (5 min.) 5.3 Council Matters and Status Report 6.Executive Session (2:50pm) (140 min.) An Executive Session pursuant to: 1. C.R.S. §24-6-402(4)(a) - to consider the purchase, acquisition, lease, transfer or sale of any real, personal or other property interest, C.R.S. §24-6-402(4)(b) - to hold a conference with the Town Attorney, to receive legal advice on specific legal questions and C.R.S. §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 topics of 1. Potential Real Property Acquisitions by the Town; 2. The Timber Ridge Employee Housing Unit credit program; and 3. the development of the project known as West Middle Creek; 4. the redevelopment of Dobson Arena; and 2. C.R.S. §24-6-402(4)(b) - to hold a conference with the Town Attorney, to receive legal Council Memo - West Middle Creek Development Agreement Staff Presentation - West Middle Creek West Lionshead Presentation 4-15-2025 Public Comment - West Lionshead DRB Results 4-2-2025 AIPP Meeting Minutes 3-03-2025 AIPP Meeting Minutes 3-17-2025 VLHA Minutes 3-25-2025 Future Topics Town Manager's Update 4-15-2025 Council Matters 4-15-2025 2 advice on specific legal questions and C.R.S. §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 Town of: 1. Seewalker v. Town of Vail, Civil Action No.: 1:24-cv-2833; and 3. C.R.S. §24-6-402(4)(b) - to hold a conference with the Town Attorney, to receive legal advice on specific legal questions topic of permitted and conditional uses in the Town's commercial zone districts. 7.Recess (5:10pm) Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website www.vail.gov. All Town Council meetings will be streamed live by High Five Access Media and available for public viewing as the meeting is happening. The meeting videos are also posted to High Five Access Media website the week following meeting day, www.highfivemedia.org. Please call 970-479-2460 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. 3 AGENDA ITEM NO. 2.1 Item Cover Page DATE:April 15, 2025 TIME:30 min. SUBMITTED BY:Carlie Smith, Finance ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (12:30pm) SUBJECT:STR Excise Tax Ballot Update (12:30pm) SUGGESTED ACTION:Listen to presentation and provide feedback. PRESENTER(S):Lauren Noll, Revenue Manager, and Carlie Smith, Finance Director VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Memo - STR Ballot Update Attachment A. Town of Vail Ballot Measure Survey DRAFT 4 _________________________________________________________________________ Memorandum TO: Town Council FROM: Finance Department DATE: April 15th, 2025 SUBJECT: STR Excise Tax Ballot Update I. SUMMARY At the February 4th Council meeting, Council directed staff to research a potential short-term rental excise tax. The next step in this process is to gather voter feedback on the proposed tax. This purpose of this presentation is to gather Council feedback on the draft survey and provide an overview of the timeline leading up to the potential approval of the ballot question by July 15th. II. BACKGROUND In late 2024/early 2025, Council considered implementing an STR impact fee of $1,200 per bedroom for approximately 2,616 short-term rental properties within the Town of Vail. This fee was supported by a study from EPS and RRC, which demonstrated that STRs drive increased demand for employees to support the spending generated by the STR bed base, thus raising the need for housing for those employees. However, after receiving feedback from the community, Council decided to instead pursue an STR excise tax, which was preferred based on public comments and feedback. III. DISCUSSION Staff has contracted with Magellan Strategies, a voter survey research and campaign strategy consultant. They will conduct a survey of Vail voters to gather opinions on a proposed STR tax, with the revenue restricted for housing programs, projects, and initiatives. The polling is planned for the end of May into early June, and the results will be shared with the Council by the end of June. Following this, staff will draft the wording for the ballot question, with a final decision on whether to proceed scheduled for Town Council’s approval by July 15th to meet county deadlines. Attachment A contains a draft of the survey for Council’s review and feedback. The current draft includes example language for a 6.0% excise tax, which is expected to generate approximately $7.2M annually, equivalent to the estimated revenue from a $1,200 per 5 - 2 - bedroom STR fee. The table below shows a range of tax rates and the corresponding estimated revenue: Tax Rate Estimated Annual Revenue 2% 2,405,723 3% 3,608,585 5% 6,014,308 6% 7,217,169 8% 9,622,892 10% 12,028,616 For comparison, staff has also included examples of some peer-community excise tax rates ranging from 2.0% to 15.0%. Community Tax Rate Effective Date Aspen 10% for investment properties and 2nd homes; 5% for primary resident and condotels 5/1/2023 Avon 2% 1/1/2022 Crested Butte 7.5% 7/1/2022 Dillon 5% 7/1/2023 Frisco 5% 6/1/2022 Ouray 15% 12/6/2021 Steamboat 9% 1/1/2023 Telluride 2.5% 1/1/2020 Council does not need to finalize the tax rate for the ballot tonight. The decision at this meeting is only to determine what will be included in the example language for the survey. The current draft includes a rate of 6.0% generating revenue not exceed $8,750,000, allowing for a 20% cushion above the estimated annual revenues in the chart for TABOR purposes. In late June, the Council will receive a presentation with the survey results and will make a final decision on the tax rate no later than the July 15th meeting. IV. ACTION REQUESTED FROM COUNCIL Please provide feedback to staff regarding the survey and timeline. 6 Town of Vail Ballot Measure Survey MAGELLAN ID: COVAIL-030625 Interview Goal = 400n Field Dates: TBD +/- 4.7% MoE The Town of Vail invites you to participate in an important survey about housing in our community and a potential ballot measure this November. Please make your voice heard. The survey will only take ten minutes to complete, and your answers are anonymous and confidential. Let’s get started. Any questions about this survey can be directed to Stephanie Johnson in the Town Clerk Office at 970-479-2156 or by email at sjohnson@vail.gov. T1. First, please verify that you are at least 18 years old and registered to vote in Vail, Colorado. Yes;-1 No;-2 Thank you for your time, but this survey is only for registered voters in Vail, Colorado. Have a good day. T2. How much of a problem is the lack of available homes, including townhomes, condominiums, and apartments for residents in the Town of Vail? Is it: A Big Problem-1 Somewhat of a Problem-2 Not Too Much of a Problem-3 Not a Problem at All-4 No Opinion-5 T3. Do you think the Town of Vail should play an active role in providing affordable housing solutions for year-round residents? Yes, definitely;-1 Yes, probably;-2 No, probably not;-3 No, definitely not;-4 Unsure or No Opinion;-5 T4. Do you approve or disapprove of the job the Town of Vail is doing to address the long-term rental and homeownership housing needs of community residents? Strongly approve;-1 Somewhat approve;-2 Somewhat disapprove;-3 Strongly disapprove;-4 Unsure or No Opinion;-5 7 Magellan ID#: COVAIL-030625 Town of Vail Ballot Measure Survey Page 2 of 8 Interview Goal: 400n, +/- 4.7% MoE, Field Dates: TBD T5. Do you agree or disagree with the following statement? The Town of Vail is fiscally responsible and spends taxpayer money wisely. Strongly agree;-1 Somewhat agree;-2 Somewhat disagree;-3 Strongly disagree;-4 Unsure or No Opinion;-5 T6. Generally speaking, would you support or oppose a tax increase to generate additional revenue for housing in the Town of Vail? Strongly support;-1 Somewhat support;-2 Somewhat oppose;-3 Strongly oppose;-4 Unsure or No Opinion;-5 Before we continue, it is important to understand that the Town of Vail has not decided whether to put a housing-related ballot measure before voters this November. Your participation in this survey and sharing your honest opinions will influence that decision. Let’s continue. T7. Following is the language of a potential measure that may appear on this November’s ballot. After reading it, please indicate if you would vote yes and approve it or vote no and reject it. SHALL TOWN OF VAIL TAXES BE INCREASED BY $9,052,000 ANNUALLY IN THE FIRST FULL CALENDAR YEAR, AND BY WHATEVER ADDITIONAL AMOUNTS ARE RAISED ANNUALLY THEREAFTER, BY IMPOSING A TAX ON SHORT-TERM RENTAL ACCOMMODATIONS AT A RATE OF SEVEN AND ONE HALF (7.5) PERCENT, AND SHALL THE INCREASED REVENUES BE DEDICATED FOR: HOUSING INITIATIVES, HOUSING DEVELOPMENTS AND HOUSING PROGRAMS AND RELATED ACTIVITIES INSIDE AND OUTSIDE THE TOWN; AND MAY THE TOWN ADJUST THE RATE OF TAX FROM TIME TO TIME SO LONG AS IT DOES NOT EXCEED 7.5%, AND SHALL THE TOWN BE AUTHORIZED TO RECEIVE AND SPEND THE PROCEEDS OF SUCH TAX AS A VOTER APPROVED REVENUE CHANGE AND AN EXCEPTION TO THE LIMITS THAT WOULD OTHERWISE APPLY UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW? Definitely vote yes and approve;-1 Probably vote yes and approve;-2 Probably vote no and reject;-3 Definitely vote no and reject;-4 Undecided;-5 Magellan Strategies 4800 Aspen Creek Drive | Broomfield, CO 80023 www.MagellanStrategies.com | 303-861-8585 8 Magellan ID#: COVAIL-030625 Town of Vail Ballot Measure Survey Page 3 of 8 Interview Goal: 400n, +/- 4.7% MoE, Field Dates: TBD We will now share information about this measure and the reasons why the town is considering placing an excise tax on short-term rentals on the ballot. If approved by voters, this tax would generate additional funding for housing initiatives, developments and programs. After reading the information, please indicate if you are more likely to vote yes and approve the ballot measure or if you are more likely to vote no and reject it. Let’s get started: [SAME RESPONSE OPTIONS FOR T8 TO T14] T8. The shortage of long-term rental and homeownership opportunities in the Vail community is a public crisis. This housing crisis is impacting the quality of life in Vail and increases the shortage of available employees to staff our community’s restaurants, shops, bars, and small businesses. Furthermore, the housing crisis is driving Vail’s highly trained, experienced, and valued employees and their families out of our community. Voter approval of an excise tax on short-term rentals specifically dedicated to housing solutions will help address this crisis. Knowing this information, are you: Much more likely to approve the excise tax;-1 Somewhat more likely to approve the excise tax;-2 Somewhat more likely to reject the excise tax;-3 Much more likely to reject ballot the excise tax;-4 No Opinion;-5 T9. An excise tax simply means a tax on a specific good, service or activity, in this case short-term rental accommodations. The Vail Town Council has set a goal to have short-term rentals contribute financially to workforce housing, and this tax would meet that goal. Knowing this, are you: T10. Over the past several years, the Vail Town Council and the Vail Local Housing Authority have successfully provided long-term rental and homeownership housing opportunities for Vail residents. These successes include: Chamonix Town Homes in West Vail (32 deed restricted townhomes) The Residences at Main Vail (72 deed-restricted homes for rent) The Vail InDeed and Buy-Down program (179 units deed restricted homes since 2017) Solar Vail (65 deed-restricted homes for rent) Timber Ridge (294 deed-restricted homes for purchase) Voter approval of an excise tax on short-term rentals specifically dedicated to housing solutions would contribute to similar projects in the future. Knowing this information, are you: Magellan Strategies 4800 Aspen Creek Drive | Broomfield, CO 80023 www.MagellanStrategies.com | 303-861-8585 9 Magellan ID#: COVAIL-030625 Town of Vail Ballot Measure Survey Page 4 of 8 Interview Goal: 400n, +/- 4.7% MoE, Field Dates: TBD T12. The town has invested $4.4 million of the revenue from that sales tax for the predevelopment work for the West Middle Creek project, which will add 268 deed-restricted-for-rent units to the town. The project's total cost is estimated at $168 million. In addition to the $4.4 million in predevelopment costs, the town has committed $10 million in cash to the construction. The remainder of the project will be funded with bond financing. The bonds will be paid back with rental income generated from the project. The $10 million cash contribution will also be reimbursed through rental income and reinvested into the housing fund for future housing projects. This project is still contingent on a successful financing model in order to move forward but is expected to break ground in June 2025. West Middle Creek is an example of the kind of project that an excise tax on short term rentals would fund. Knowing this information, are you: T13. The town has also used housing sales tax dollars to purchase three parcels of land from CDOT. One parcel is being used for the Timber Ridge redevelopment, another for the West Middle Creek project, and the third is located in East Vail, where future development is possible. Again, similar purchases could potentially be funded by an excise tax on shor t term rentals. Knowing this information, are you: T14. The town is also currently redeveloping Timber Ridge. The new Timber Ridge will have 302 deed-restricted for-sale units. The town has invested $41.1 million into this project. This investment is structured creatively, allowing the town to recover funds as the units are sold. These funds will be reinvested into future housing projects. As part of the Timber Ridge redevelopment, the town has also contributed $2 million to Habitat for Humanity, providing an opportunity for employees within certain income limits to purchase zero-loan units at Timber Ridge. The town would like to expand this initiative with additional funding. Additionally, the town has committed to purchasing $25 million worth of units at Timber Ridge, which will be rented to the community. Knowing this information, are you: T15. The slide below shows the short term rental tax rate for peer communities in Colorado. Knowing this information, are you: Magellan Strategies 4800 Aspen Creek Drive | Broomfield, CO 80023 www.MagellanStrategies.com | 303-861-8585 10 Magellan ID#: COVAIL-030625 Town of Vail Ballot Measure Survey Page 5 of 8 Interview Goal: 400n, +/- 4.7% MoE, Field Dates: TBD T16. Thank you for learning why the Town of Vail is considering a potential excise tax on shor t term rentals to generate additional funding for housing initiatives, housing developments, and housing programs . We ask you to read the following ballot language again and indicate if you would vote yes and approve the ballot measure or if you would vote no and reject it. SHALL TOWN OF VAIL TAXES BE INCREASED BY $8,750,000 ANNUALLY IN THE FIRST FULL CALENDAR YEAR, AND BY WHATEVER ADDITIONAL AMOUNTS ARE RAISED ANNUALLY THEREAFTER, BY IMPOSING A TAX ON SHORT-TERM RENTAL ACCOMMODATIONS AT A RATE OF SEVEN AND ONE HALF (6.0) PERCENT, AND SHALL THE INCREASED REVENUES BE DEDICATED FOR: HOUSING INITIATIVES, HOUSING DEVELOPMENTS AND HOUSING PROGRAMS AND RELATED ACTIVITIES INSIDE AND OUTSIDE THE TOWN; AND SHALL THE TAX EXPIRE ON DECEMBER 31, 2045 UNLESS THE QUALIFIED AND REGISTERED ELECTORS OF THE TOWN AUTHORIZE AN EXTENSION, AND MAY THE TOWN ADJUST THE RATE OF TAX FROM TIME TO TIME SO LONG AS IT DOES NOT EXCEED 6.0%, AND SHALL THE TOWN BE AUTHORIZED TO RECEIVE AND SPEND THE PROCEEDS OF SUCH TAX AS A VOTER APPROVED REVENUE CHANGE AND AN EXCEPTION TO THE LIMITS THAT WOULD OTHERWISE APPLY UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW? Magellan Strategies 4800 Aspen Creek Drive | Broomfield, CO 80023 www.MagellanStrategies.com | 303-861-8585 11 Magellan ID#: COVAIL-030625 Town of Vail Ballot Measure Survey Page 6 of 8 Interview Goal: 400n, +/- 4.7% MoE, Field Dates: TBD Definitely vote yes and approve;-1 Probably vote yes and approve;-2 Probably vote no and reject;-3 Definitely vote no and reject;-4 Undecided;-5 IF T16 = 1 OR 2 ASK T17 IF T16 = 3 OR 4 ASK T18 IF T16 = 5 ASK T19 T17. Please describe the reasons why you would vote yes and approve the ballot measure. CAPTURE VERBATIM, SKIP TO T19 T18. Please describe the reasons why you would vote no and reject the ballot measure. CAPTURE VERBATIM And now, we have a few questions for statistical purposes only. T19. Are you: Male;-1 Female;-2 Identify Differently;-3 T20. Are you between the ages of: 18 to 34;-1 35 to 44;-2 45 to 54;-3 55 to 64;-4 65 or Older;-5 T21. For statistical purposes only, are you registered to vote as an Unaffiliated voter, a Democrat, a Republican, or with another party? Unaffiliated;-1 Democrat;-2 Republican;-3 Other Party;-4 Not registered to vote;-5 T22. Have you earned a four-year college degree? Yes;-1 No;-2 Magellan Strategies 4800 Aspen Creek Drive | Broomfield, CO 80023 www.MagellanStrategies.com | 303-861-8585 12 Magellan ID#: COVAIL-030625 Town of Vail Ballot Measure Survey Page 7 of 8 Interview Goal: 400n, +/- 4.7% MoE, Field Dates: TBD Prefer Not to Say;-3 T23. Do you rent or own your home? Rent;-1 Own;-2 Other;-3 Prefer Not to Say;-4 T24. How long have you lived in Vail? Less than a year;-1 One to 2 years;-2 2 to 5 years;-3 6 to 10 years;-4 11 to 20 years;-5 More than 20 years;-6 Prefer Not to Say;-7 T25. Where do you live? East Vail-1 Aspen Lane/Booth Creek-2 Booth Falls/Bald Mountain Road-3 Golf Course-4 Vail Village-5 Lionshead Village-6 Sandstone/Potato Patch-7 Buffehr/Lionsridge/The Valley-8 Safeway/Vail Commons-9 West Vail (Nor th of I-70)-10 Matterhorn/Glen Lyon-11 Vail Intermountain-12 Magellan Strategies 4800 Aspen Creek Drive | Broomfield, CO 80023 www.MagellanStrategies.com | 303-861-8585 13 Magellan ID#: COVAIL-030625 Town of Vail Ballot Measure Survey Page 8 of 8 Interview Goal: 400n, +/- 4.7% MoE, Field Dates: TBD Other-13 The Town of Vail thanks you for participating in this important survey regarding a potential ballot measure. We hope you enjoy the rest of your day. Magellan Strategies 4800 Aspen Creek Drive | Broomfield, CO 80023 www.MagellanStrategies.com | 303-861-8585 14 AGENDA ITEM NO. 2.2 Item Cover Page DATE:April 15, 2025 TIME:10 min. SUBMITTED BY:Carlie Smith, Finance ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (12:30pm) SUBJECT:2024 Year End Investment Presentation (1:00pm) SUGGESTED ACTION:Listen to presentation and provide feedback. PRESENTER(S):Carlie Smith, Finance Director VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Memo - 2024 Investments Staff Presentation - Year End Investments 15 TO: Russell Forrest Carlie Smith Council Members FROM: Alex Jakubiec DATE: 4th Qtr 2024 RE: Investment Report Enclosed is the investment report with balances as of December 31, 2024 The estimated average yield for the pooled cash fund is 4.0%. As of 12/31/2024 the Treasury yield curves for 3 months, 6 months, and 1 year are 4.37%, 4.24%, and 4.16% respectively. Our investment mix follows the policy objectives of safety, liquidity, and yield in that order. Please call me if you have any questions. TOWN OF VAIL MEMORANDUM The Town made no change to it's investment mix during the 4th quarter. The Town's reduced cash balances reflect large capital expenditures for Timber Ridge and Dobson. Following aggressive changes in the Federal Funds rates throughout 2022 and early 2023, the Federal Reserve made its first reduction to the rate in Sepetember, followed by two additonal cuts in the fourth Quarter putting rates at 4.25-4.50% at teh end of Q4 . Long- and intermediate-term treasury yields rose during the fourth quarter while short-term declined slightly. Though inflation continues to ease, the Federal Reserve is not expected to reduce rates over concerns of the potential inflationary impact of tariffs. Although Federal fund rates have remained steady into 2025, treausry rates have been voltile seeing significant fluctiations attributed to tarrif policies. Gov't Securities $38.7 26% CD's $21.0 14% Colorado Investment Pool $63.8 43% Cash $26.0 17% 2024 4th Qtr Investment Mix $149.5 M 16 2024 Balances Percentage Percentage Cash of Total Allowed Commercial Banks $25,264,722 16.90% 50% Money Market Funds $736,941 0.49% 100% Total Cash $26,001,663 17.39% U.S. Government Securities Government Agency Securities -First Western $10,528,951 7.04% FNMA'S, GNMA'S, FHLMC'S & SBA'S - Dana $28,188,748 18.86% 100% Total Government Securities $38,717,699 25.90% Certificates of Deposit $20,958,103 14.02% Colorado Investment Pools $63,818,978 42.69%100% Total Portfolio $149,496,442 100.0% Maturing Within 12 Months 119,043,410 79.63% Maturing Within 24 Months 6,900,023 4.62% Maturing After 24 Months 23,553,009 15.75% 149,496,442 100.0% 2-5 Yrs 3,256,654 2.18% over 5 20,296,355 13.58% 23,553,009 Town of Vail, Colorado Summary of Accounts and Investments As of 12/31/2024 Investment Report 17 Institution Average Balances Type of Accounts Return 12/31/24 "CASH" ACCOUNTS Commercial Bank Accounts: First Bank of Vail - Operating Accounts 3.430% 25,264,722$ Money Market Accounts: Schwab Institutional Money Market Fund - Dana Investments 1.170% 429,899$ Piper Sandler Money Market Fund 4.110% 20,042$ First Western Fidelity IMM Gov Class 4.000% 287,001$ Total Money Market Funds 736,941$ Total "Cash" Accounts 26,001,663$ GOVERNMENT SECURITIES FNMA'S, FHLMC'S & NGO'S -First Western 3.10% 10,528,951$ FNMA'S, GNMA'S, FHLMC'S & SBA'S - Dana 4.16% 28,188,748$ 38,717,699$ Total Government Securities 38,717,699$ 1st Bank, Vail Colorado (#0571) Matures March 11, 2025 4.000% 10,830,692$ 1st Bank, Vail Colorado (#0563) Matures March 8, 2025 4.000% 1,250,390$ 1st Bank, Vail Colorado (#0555) Matures March 8, 2025 4.000% 1,717,678$ 1st Bank, Vail Colorado (#0547) Matures March 8, 2025 4.000% 1,226,498$ 1st Bank, Vail Colorado (#0539) Matures March 8, 2025 4.000% 1,224,703$ 1st Bank, Vail Colorado (#0520) Matures March 8, 2025 4.000% 1,226,221$ 1st Bank, Vail Colorado (#0519) Matures March 8, 2025 4.000% 1,275,546$ Piper Sandler 560390BW5 Matures August ,17 2027 4.400% 202,194$ Piper Sandler 32022RVJ3 Matures January 30, 2026 4.710% 196,342$ Piper Sandler 724468AH6 Matures July 31, 2026 4.700% 201,996$ Piper Sandler 88423MAA3 Matures July 31, 2026 4.700% 209,196$ Piper Sandler 062119CC4 Matures July 28, 2027 4.570% 203,126$ Piper Sandler 02589AFY3 Matures November 1, 2027 3.910% 244,343$ Piper Sandler 88241TTW0 Matures March 8, 2028 4.000% 151,979$ Piper Sandler 40449HAD9 Matures October 27, 2025 4.430% 148,340$ Piper Sandler 39573LDW5 Matures Oct 28,2025 4.720% 246,232$ Piper Sandler 917352AD8 Matures Oct 28, 2025 4.670% 251,133$ Piper Sandler 33715LFM7 Matures December 30, 2025 5.090% 151,493$ 20,958,103$ Total Certificates of Deposit 20,958,103$ LOCAL GOVERNMENT INVESTMENT POOLS Colotrust General Fund Interest 4.361% $63,818,978 Total Local Government Investment Pools Accounts $63,818,978 Total All Accounts $149,496,442 Performance Summary As of 12/31/2024 18 2024 INVESTMENT REPORT Town Council | April 15,2025 19 1. Safety 2. Liquidity 3. Yield Town Council | Finance | 04/15/24 POLICY OBJECTIVES | Investment Policy 20 Town Council | Finance | 04/15/24 2024 INVESTMENT RESULTS | Yield 5 Yr.2 Yr.1 Yr.6 Mos.3 Mos. 3.84%4.23%4.79%5.26%5.40%Dec 2023 4.38%4.25%4.16%4.24%4.37%Dec 2024 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 3 Month 6 Month 1 Yr. 2 Yr. 5 Yr. Treasury Yields Dec‐24 Dec‐23 As 2024 progressed, the yield curve began to un- invert, with the spread between long and short- term yields narrowing This suggested a positive shift in market expectations. 21 Town Council | Finance | 04/15/24 2024 INVESTMENT RESULTS | Comparison to Treasury Federal Reserve began a series of rate cuts in September of 2024 The Town’s average yield decreased 48 basis points during 2024. • Colo Trust yield decreased 86 basis points • Operating account yields decreased 107 basis points Q4Q3Q2Q1 4.16%3.98%5.09%5.03%1 Yr Treasury 4.00%4.42%4.30%4.48%Town of Vail 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Q1 Q2 Q3 Q4 Yield Comparison 1 Yr. Treasury Town of Vail 22 Town Council | Finance | 04/15/24 2024 INVESTMENT RESULTS | Investment Mix Colorado Pool, 47% CD's, 13% Gov't Securitires, 23% Cash, 17% December 31, 2023 $152.9M Gov't Securities $38.7 26% CD's $21.0 14% Colorado Investment Pool $63.8 43% Cash $26.0 17% December 31, 2024 $149.5 M 23 Town Council | Finance | 04/15/24 2024 INVESTMENT RESULTS | Maturity 79.60% 4.60% 2.20% 13.60% December 31,2024 < 1 Yr 1‐ 2 Yrs 2‐5 Yrs > 5 Yrs 82.80% 6.50% 5.50% 5.20% December 31,2023 < 1 Yr 1‐ 2 Yrs 2‐5 Yrs > 5 Yrs 24 Town Council | Finance | 04/15/24 2024 INVESTMENT STRATEGY 0 20 40 60 80 100 120 140 160 Investment Mix Dec 2024 Projected Cash/Investment Balance Dec 2025 < 1 Yr 1‐2 Year 2‐5 Year > 5 Year Of the total $149.5M cash and investment mix, approximately $74.1M of cash reserves are projected to be used in 2024 An additional $9.3M is restricted by fund type Reserve Min and Restricted Fund fund balances 25 Town Council | Finance | 04/15/24 2024 INVESTMENT RESULTS | VLMD Investment Mix Colorado Pool, 66% Cash, 34% December 31, 2024 $2.5M Colorado Pool, 68% Cash, 32% December 31, 2023 $3.1M 26 Stick to our investment policy objectives: safety, liquidity and yield Continue to manage investment mix Make strategic decisions for use of cash for capital projects as appropriate Town Council | Finance | 04/15/24 2024 INVESTMENT STRATEGY 27 AGENDA ITEM NO. 2.3 Item Cover Page DATE:April 15, 2025 TIME:45 min. SUBMITTED BY:Carlie Smith, Finance ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (12:30pm) SUBJECT:West Middle Creek Update (1:10pm) SUGGESTED ACTION:Listen to update and provide feedback. PRESENTER(S):Carlie Smith, Finance Director and Jason Dietz, Housing Director VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Memo - West Middle Creek Financing Council Memo - West Middle Creek Development Agreement Staff Presentation - West Middle Creek 28 TO:Vail Town Council FROM:Finance Department DATE:April 15, 2025 SUBJECT: West Middle Creek Emergency Ordinance & Market Update I.SUMMARY On April 1st, Council approved the 2nd reading of Ordinance No. 5, authorizing the town to issue Certificates of Participation (COPs) in an amount not to exceed $65.5M. On April 3 rd, the newly formed Vail Home Partners authorized the issuance of Housing Revenue Bonds (HRBs) not to exceed $145.0M. While neither approval commits the town to issuing the COPs or HRBs, the authorizations came with specific parameters of debt levels. Due to volatile market conditions and interest rate movement, the current financial pricing is fluctuating between being in excess or very close to the parameters set by the Town in Ordinance No.5 impacting the ability to move forward with the project. The purpose of this emergency ordinance is to expand those parameters to the maximum level Council is comfortable with pursuing for this project financing. This memo is meant to serve as an update on market conditions, the impact to financing costs for the West Middle Creek project and trade-offs that may be necessary if the parameters are increased. II.BACKGROUND The current ordinance currently allows the town to issue debt for the West Middle Creek project within the following parameters: CURRENT PARAMETERS Town Certificates Of Participation (COPs) – 40 year Vail Home Partners Housing Revenue Bonds – 40 year Up to $65.5M Up to $145.0M Interest rate not to exceed 6.5% ($129.5M total interest cost over life) Interest rate not to exceed 7.5% ($129.5M total interest cost over life) Annual debt service not to exceed $8.5M Annual debt service not to exceed $35.0M Up front investment $10M Subsidy of $4.3M in first few years to cover debt service payments The above parameters assume the Town’s up-front investment of $10.0M and a debt service subsidy up to $4.3M in the first few years of operation. 29 Town of Vail Page 2 III.DISCUSSION Based on recent escalation of interest rates and volatility in the market for municipal debt, staff has provided an emergency ordinance should Council want to expand the parameters for the likely event they will restrict the financing from occurring at current levels. Under the financing structure, an increase interest rates will constrain the amount of Housing Revenue Bonds that can be supported by the project. In turn, this will require a larger COP offering to be issued by the town and a larger subsidy in the early years of operation. Outside of the financing risks, the West Middle Creek project is also facing development risks such as volatile cost escalation. Those risks are being addressed by the development agreement, however the project needs to have an approved development agreement prior to issuing the bonds. This is important because while it may be acceptable to the investment community if the town pulls out of financing due to unanticipated interest rate movement, it will harm the town’s financial reputation for backing out for other reasons, making future financings uncertain. Town Council should also consider the two large projects (Dobson and Timber Ridge) that are already underway when contemplating additional financial risks of West Middle Creek (WMC). -While still spending reserves to low levels, Dobson could be cash-financed if the $10M up-front investment in WMC was available. If WMC stays on track, Dobson will need to be financed by either a town COP or a short-term financing by the Vail Reinvestment Authority. However, not having to incur financing costs would allow for additional spending on the project or savings. For the purposes of this analysis, staff assumes the $10M is going to the WMC project. -There is still the risk that Timber Ridge is not fully sold-out within the budgeted timeframe. The town’s maximum risk is $40M, however for the purposes of this analysis, staff assumes that we have an estimated risk of $30M of cash that may not flow back in the next two years. Separate from these two large projects are the capital projects identified in the 5-year capital plan. Should Town Council decide to expand the parameters, there may need to be trade-offs with capital spending in other areas. Some of the larger planned capital projects in the next 5 years include the GeoThermal Energy System ($4.8M), Mobility Hub Expansion at the Vail Village Transportation Center ($3.5M). Neighborhood Road improvements ($4.4M) and Pedestrian Safety Enhancements ($2.3M). The first two have grants attached to them, which would be a part of consideration prior to a decision to defer. 30 Town of Vail Page 3 For Town Council’s consideration, below are options for expanding the parameters of the COP financing, with accompanying impacts to town finances: EXPANDED COP PARAMETERS Original Option A Option B (+70 Basis) COP Sizing $65.5M $80.0M $90.0 Interest Rate 6.5%7.00%7.25% Total Interest Cost $195.0M $245.0M $270.0M Annual debt service max $8.5M $10.0M $11.5M Subsidy exposure $4.3M $12.8M $19.7M Reduction in Capital Projects Spending; $ 0.0M $0.0M, but requires a re- allocation of $8.5M resulting from Eagle County Open Space funds and VRD Dobson cost- share $15.4M Other Considerations The current economic environment is highly volatile, and this uncertainty may continue for the foreseeable future. Undertaking three major projects simultaneously in this climate places the Town in a financially vulnerable position. Committing an additional $8.5M to $15.4M to the project in future years requires council’s careful consideration. In addition to the unpredictable interest rate market and a projected significant drawdown of the Town’s reserves, there are further risks that need to be considered within the development agreement, specifically regarding GMP pricing. The contractor (Shaw) cannot provide a true guaranteed maximum price given the current environment. The reality of the current structure is a “cost plus” model. There are also timing constraints requiring the financing to be completed by May 6th in order to keep the contractor. This leaves no flexibility in the bond sale date, which could pose challenges if market volatility persists. Reserve projections are anticipated to be at levels lower than we've historically maintained and limiting our financial flexibility in the years ahead. While the Town’s formal reserve policy is equivalent to approximately $22.0M across the General Fund, RETT Fund, and Capital Projects Fund, our longstanding fiscal philosophy has emphasized maintaining stronger than average reserves. This conservative approach has served the Town well, particularly during previous periods of economic uncertainty. Healthy reserves have allowed us to invest in the community when it matters most, be prepared for a catastrophic event, invest in our infrastructure, and take advantage of capital opportunities. To support this discussion, staff has prepared updated five-year reserve projection charts. These illustrate available reserves above our minimum policy thresholds under two scenarios: one where the Town is fully repaid for Timber Ridge, and another where only $10M of the $40.0M is repaid. These projections are intended to help inform the financial implications of moving forward with West Middle Creek. 31 Town of Vail Page 4 $139.4M $110.7M $41.4M $63.3M $59.1M $65.0M $60.3M $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 TOV Reserves: Available to Spend 5 Year Projection Housing Fund RETT Fund Capital Projects Fund General Fund $139.4M $110.7M $41.4M $33.3M $29.1M $34.1M $28.0M $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 TOV Reserves: Available to Spend 5 Year Projection without $30.0M TR Sales RETT Fund Housing Fund Capital Projects Fund General Fund 32 Town of Vail Page 5 Market Update The municipal market was exceptionally volatile in the last two weeks. Staff will update this section of the memo on Monday, April 14th so that the most relevant information is available for discussion with Town Council on the 15 th. IV.SUMMARY The council should consider the following options prior to tonight's reading of Ordinance No. 8, Series 2025. Approve Ordinance No. 8, adjusting the COP parameters from $65.5M to $80.0M, allowing for additional interest rate movement but also committing additional cash funding to subsidize the project within the first years of operations. Deny Ordinance No. 8, which could delay or terminate the project if interest rates do not decrease prior to marketing bonds scheduled to begin April 22nd. 33 TO:Vail Town Council FROM:Town Manager and Housing Department DATE:April 15, 2025 SUBJECT: West Middle Creek Development Agreement I.SUMMARY This memo is to provide an overview of the development agreement, in its current form, for West Middle Creek between the Town of Vail, Vail Housing Partners Corporation “VHPC” and Corum Real Estate Group, “Corum”. VHPC is a non-profit organization consisting of a partnership between the Town and the Vail Local Housing Authority. VHPC will be the owner of West Middle Creek Development and Corum is the Development Manager for both VHPC and the Town. At the time of this memo’s drafting, we don’t have a final agreed upon draft for all parties to sign. There continues to be ongoing discussions and negotiations on the development agreement along with the AIA general contractors’ agreement as all parties attempt to navigate an unpredictable environment of cost escalations and trade policy that seem to change daily. Staff will provide the most recent draft as soon as it’s available. II.PROJECT DESCRIPTION West Middle Creek is a deed restricted multifamily workforce housing rental development. The Development consist of 268 rental units in three buildings. The plans include two levels of structured parking in a ‘podium’ spanning the length of the Development. Above the podium, the three residential structures, which are each four stories tall and separated by small plazas, contain the rental units. The Development is planned to contain approximately 6,000 SF of amenity space is located on the two levels of podium in the center of the Development. The first-floor amenity space contains the lobby, leasing, management and coworking space. The second-floor amenity space is made up of co-working and lounge areas, a kitchenette, and a 1,500 square foot fitness facility. The Development also includes 262 covered parking spaces in the structured parking podium and 272 storage lockers. The Development will include a structure containing stairs and an elevator providing vertical access from the ground level of the Development down to a public bus stop along the frontage road. The planned breakdown of rental units within the project is illustrated below. 34 Town of Vail Page 2 Type of Apartment Number of Units Approximate Size Studio 84 515 square feet One-bedroom 100 707 square feet Two-bedroom 36 1,162 square feet Two-bedroom 48 1,070 square feet III.DISCUSSION The Development cost is anticipated to be $164.1 million with approximately $134 million within the scope of the general contractor. The project is expected to be a 40-month build time with over a year of infrastructure work. The underlying AIA GC contracts are based on a Guaranteed Maximum Price “GMP” bid the GC provided in December of 2024 and assumed a spring 2025 start. Through the 40-month build time the GMP assumed cost escalation throughout the project, however, given the new trade war we find ourselves in, the potential cost escalation and predictability into the future have made it difficult to have a true GMP contract. Another factor in the current GMP bid is the buy-out timing, the GC says they can’t buyout the project within 180 days and feels it will take approximately a year to get the major subcontractors contracted. The contract, in its current form, is more of a cost-plus contract. The agreement is currently being modified to add an escalation contingency waterfall to share and mitigate escalation risk. Ultimately the cost escalation risk lays substantially with the Town and VHPC if the various waterfall thresholds are exceeded. The following terms summarize the development agreement in its current form: Key Corum Obligations o Corum shall complete the necessary predevelopment, development, and construction work to enable VHPC to lease a fully entitled and fully constructed and leased apartment building for residential occupancy subject to the Deed Restriction. o Coordinate and direct the work of the General Contractor, Architect, Civil Engineer and designers, engineers, consultants, attorneys, brokerage professionals, and any other professional service providers. o Secure all necessary zoning approvals, permits, governmental approvals, third party approvals and entitlements for the Development. o Cause the Work to be performed at the Development substantially in accordance with the Development Budget and the Plans and Specifications. o Supervise and inspect the progress of any work at the Property and communicate the status of work progress with the Town on a frequency of no less than monthly. o Coordinate the Development so that it remains in compliance with the terms of any applicable financing, leases, or any other agreements and contracts relating to the Development and VHPC. o Provide construction administration services throughout the construction of the Development. o Manage the General Contractor, attend weekly construction meetings, monitor disbursements so that all applicable subcontractors are timely paid, and coordinate applications for payment by contractors performing the Work and, if a representative from the Town is not present at such meetings, advise the Town as to the discussions in such meetings. o Administer all Applications for Payment and manage the payment of amounts owed to any person or entity working on the Development. 35 Town of Vail Page 3 o Manage the schedule of construction of the Development in compliance with the Development Schedule and in accordance with federal, state and local law and the Town’s procedural requirements. o Corum shall coordinate the issuance by the Town of necessary temporary certificates of occupancy and thereafter final certificate of occupancy and certificate of completion, which indicates the Town’s acceptance of the Development. o Corum shall be responsible for causing the Development to be completed at or under the maximum amount set forth in the Development Budget, as amended from time to time. o Corum shall be responsible for the payment of all Covered Cost Overruns, in a maximum amount not to exceed 50% of the Development Fee, provided that such limit shall not apply to any Cost Overruns which result in any breach by Corum of this Agreement or any agreement related to the Development, nor shall such limit apply to any Cost Overruns arising from the negligence or intentional misconduct of Corum (the “Cost Overruns Guaranty”). The Cost Overruns Guaranty shall continue through the Warranty Period. The following events are reasonably foreseeable and Cost Overruns related to the following would constitute Covered Cost Overruns borne by Corum: Failure of the Architect to perform its obligations under the architect agreement, civil engineer to perform its obligations under the civil engineering agreement, or failure of the General Contractor to perform its obligations under the Construction Contract; provided that Corum is a third-party beneficiary of each such contracts for purposes of enforcement, at the cost and expense of VHPC. Failure of the General Contractor to manage construction costs within the constraints of the Construction Contract (other than with respect to Change Orders instituted by and/or approved by VHPC in writing) for the Development once the subcontracts have been procured by the General Contractor for the prime subcontractors and material providers (consisting of concrete, framing, lumber, electrical and plumbing) (i.e., the “Construction Buyout”), including, without limitation, with regards to (i) increased costs arising from a lack of supply of, or demand for, labor, other than otherwise set forth below as an event of Force Majeure; (ii) published changes in federal, state or local law, as of the effective date of this Agreement, other than otherwise set forth below as an event of Force Majeure; (iii) increased costs arising from the adoption on the national, state or local level of more restrictive laws and governmental regulations, including tariffs or similar governmental fees or taxes on materials used in the Development, published as of the effective date of this Agreement; (iv) change orders demanded by the General Contractor to maintain construction of the Development which are not instituted by Corum, VHPC or the Town; (v) intentionally deleted; (vi) health and safety incidents on the construction site; (vii) any penalties or fees arising from non-compliance of law by Corum; or (viii) construction defects arising before or within the Warranty Period which are not reimbursed by the General Contractor, Architect, Engineer, other third party or insurance, pursuant to an enforcement action undertaken by Corum, at the cost and expense of VHCP. 36 Town of Vail Page 4 Any Cost Overrun described in Article VIII.C below that would permit a For Cause Termination of this Agreement by VHPC. Key VHPC Obligations o Assist Corum in obtaining all approvals required to permit development, construction and operation of the Development. o Provide timely decisions to facilitate Corum’s execution of its responsibilities. o Make payments during the Construction Phase in accordance with the development agreement. o All plans, designs and related documentation and materials provided or developed by for the Development shall be exclusively owned by VHPC. o Responsible for Non-Covered Cost Overruns: “Non-Covered Cost Overruns” means: (i) Cost Overruns due to Unforeseen Conditions (as defined below), (ii) any Cost Overruns that are approved by the Town in writing as a modification of the approved Development Budget, except to the extent such modifications in the approved Development Budget are demanded by the General Contractor, (iii) Cost Overruns that result from a Force Majeure Event impacting the Development, (iv) allowances as identified in the Construction Contract; (vi) any and all “financing costs” (including interest expense), operating deficits, real property taxes and assessments and other similar property “carry” costs accruing from and after Final Completion; (vi) Cost Overruns directly related to a failure of VHPC to respond for a period of more than twenty (20) days to a written request by Corum pertaining to a matter affecting the Construction Contract, provided that after ten (10) days after such initial written request Corum shall have provided to VHPC a second written request for such guidance; or (vii) Cost Overruns that are not reasonably foreseeable or within the reasonable control of Corum which could not have been reasonably inferred from the due diligence reviewed by Corum using a customary and generally accepted standard of care for construction projects similar to the Development. o Key Town Obligations o The Town shall waive all development application fees and building permit fees for the Development. o The Town shall waive all fees, assessments, impositions, and - rebate all the Town's construction materials use tax imposed on the Development. Development Fee: The development fee is 5% of the project cost and broken into two equal parts. o 50% of the fee will be earned in monthly installments as the project is developed. o The remaining 50% shall be deferred and used as a “Covered Cost Overrun Guaranty”, an extra layer of protection for the owner to ensure Corum effectively manages the project. The final portion of the developers’ fees will be released in phases based on the completion of the buildings, punch list and warranty period. 10% of the Development Fee shall be payable upon issuance by the Town of a temporary certificate of occupancy for each of the three (3) buildings in the Development, for a total of 30% of the Development Fee 10% of the Development Fee shall be payable upon Final Completion; and 10% of the Development Fee shall be payable upon termination of the Warranty Period. 37 Town of Vail Page 5 IV.NEXT STEPS Staff continue to work with Corum and the legal team on finding the best way to mitigate risk and identify cost in our current environment. V.RECOMMENDATION Staff seek Town Council feedback, comments and questions regarding the development agreement in its current form. 38 pipersandler.com |1 West Middle Creek Project Vail, Colorado Council Update April 15, 2025 39 pipersandler.com | 2 Market Update 3.50% 4.00% 4.50% 5.00% 1/ 1 / 2 0 2 5 1/ 8 / 2 0 2 5 1/ 1 5 / 2 0 2 5 1/ 2 2 / 2 0 2 5 1/ 2 9 / 2 0 2 5 2/ 5 / 2 0 2 5 2/ 1 2 / 2 0 2 5 2/ 1 9 / 2 0 2 5 2/ 2 6 / 2 0 2 5 3/ 5 / 2 0 2 5 3/ 1 2 / 2 0 2 5 3/ 1 9 / 2 0 2 5 3/ 2 6 / 2 0 2 5 4/ 2 / 2 0 2 5 4/ 9 / 2 0 2 5 30-Yr MMD Year-To -Date •The municipal bond market has seen wild swings over the past week due to headlines surrounding tariffs and economic uncertainty. •Investors sold off positions rapidly on early last week which flipped to investors rapidly buying later in the week. •Tuesday (4/8) set a record for the highest number of positions for sale and Wednesday (4/8) set a daily volume record of bonds traded at over $32 billion (approximately 2x a normal Wednesday). •MMD will open on 4/15 at 4.54%, a 30 bp increase (0.30%) compared to where MMD started this month at 4.24%. Date 30-Yr MMD Change From Day Prior (basis points) Cumulative Change (basis points) Mon, April 7 3.99%-8 bps -8 bps Tue, April 8 4.34%35 bps 27 bps Wed, April 9 4.54%20 bps 47 bps Thu, April 10 4.84%30 bps 77 bps Fri, April 11 4.39%-45 bps 32 bps Mon, April 14 4.64%25 bps 57 bps Tue, April 15 4.54%-10 bps 47 bps MMD Over The Last Week 40 pipersandler.com | 3 Financing Scenarios Update •Interest rate cushion of 28 bps to current market rates before hitting a COP par amount of $80 million. Cushion of 79 bps before hitting a COP par amount of $90 million. •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. Base Case Current Rates $80M COP Par Amount Current Rates + 28 bps $90M COP Par Amount Current Rates + 79 bps Unit Mix 115% Avg AMI in Total 115% Avg AMI in Total 115% Avg AMI in Total 2029 Net Cash Flow ~$9,633,840 ~$9,633,840 ~$9,633,840 COP Par Amount $73,885,000 $80,000,000 $90,000,000 Town Equity Contribution $10,000,000 $10,000,000 $10,000,000 Potential Town Exposure $8,066,757 $12,582,411 $23,484,993 Years of Potential Exposure 2028-2035 2028-2036 2028-2039 Projected Surplus $79,556,664 $63,803,771 $36,300,907 Total Interest $392,374,200 $412,171,684 $449,884,058 True Interest Cost 6.08%6.33%6.79% Final Maturity 10/1/2064 10/1/2064 10/1/2064 Summary of Financing Statistics 41 pipersandler.com | 4 Financing Statistics Over Time Preliminary; subject to change. 12/5/2024 1/23/2025 2/25/2025 3/11/2025 3/27/2025 4/7/2025 4/15/2025 Project Size $161.5M $161.5M $161.5M $164.1M $164.1M $164.1M $164.1M Par Amount - Revenue Bonds $133.8M $129.9M $130.0M $131.6M $126.0M $123.3M $118.3M Par Amount - COPs $42.8M $49.8M $49.6M $56.8M $65.5M $67.3M $73.9M True Interest Cost - Revenue Bonds 5.34%5.76%5.74%5.83%6.14%6.17%6.47% True Interest Cost - COPs 4.92%5.00%4.97%5.02%5.17%5.25%5.46% 30-Yr MMD Rate 3.57%3.98%3.97%4.05%4.31%4.34%4.54% Projected Out-Of-Pocket Exposure $666K $822K $773K $2,192K $4,285K $4,828K $8,066K Financing Statistics Over Time 42 pipersandler.com | 5 Sources & Uses (Current Rates) Preliminary; subject to change. Revenue Bond Proceeds (Par + Discount)$116,322,388 Revenue Bond Par Amount $118,320,000 Revenue Bond Discount ($1,997,612) COP Proceeds (Par + Premium)$75,085,916 COP Par Amount $73,885,000 COP Premium $1,200,916 Town Contribution $10,000,000 Investment Earnings $8,504,785 Total Sources $209,913,089 Project Fund $164,074,535 Debt Service Reserve $11,832,000 Capitalized Interest Fund $31,121,940 Costs of Issuance $2,884,613 Total Uses $209,913,089 Uses Sources 43 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 2028-2035 (estimated shortfall of $8.1M) Base Case (Current Rates) – Projected Net Debt Service Graph Net cash flow exceeds aggregate debt service in 2036-2064 (estimated surplus of $79.6M) 44 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 2028-2036 (estimated shortfall of $12.6M) $80M COP (Current Rates + 28 bps) – Projected Net Debt Service Graph Net cash flow exceeds aggregate debt service in 2037-2064 (estimated surplus of $63.8M) 45 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 2028-2039 (estimated shortfall of $23.5M) $90M COP (Current Rates + 79 bps) – Projected Net Debt Service Graph Net cash flow exceeds aggregate debt service in 2040-2064 (estimated surplus of $36.3M) 46 pipersandler.com | 9 Appendix Debt Service Schedules for All Financing Scenarios 47 pipersandler.com | 10 Preliminary; subject to change. Base Case (Current Rates) – 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 - 2,731,107 2,731,107 - 2,731,107 - - - - - - 12/31/2026 - 7,505,331 7,505,331 - 7,505,331 - - - - - - 12/31/2027 - 7,505,331 7,505,331 - 7,505,331 - - - - - - 12/31/2028 - 7,505,331 7,505,331 - 3,752,666 3,752,666 3,042,404 42,707 1,492,558 4,492,254 1.20 12/31/2029 - 7,505,331 7,505,331 - - 7,505,331 9,254,592 74,494 443,700 9,623,798 1.28 12/31/2030 - 7,505,331 7,505,331 - - 7,505,331 9,691,931 76,729 443,700 10,058,902 1.34 12/31/2031 - 7,505,331 7,505,331 - - 7,505,331 9,982,689 79,031 443,700 10,347,358 1.38 12/31/2032 - 7,505,331 7,505,331 - - 7,505,331 10,282,169 81,402 443,700 10,644,467 1.42 12/31/2033 - 7,505,331 7,505,331 - - 7,505,331 10,590,635 83,844 443,700 10,950,491 1.46 12/31/2034 - 7,505,331 7,505,331 - - 7,505,331 10,908,354 86,359 443,700 11,265,695 1.50 12/31/2035 - 7,505,331 7,505,331 - - 7,505,331 11,235,604 88,950 443,700 11,590,354 1.54 12/31/2036 - 7,505,331 7,505,331 - - 7,505,331 11,572,672 91,618 443,700 11,924,754 1.59 12/31/2037 - 7,505,331 7,505,331 - - 7,505,331 11,919,853 94,367 443,700 12,269,186 1.63 12/31/2038 - 7,505,331 7,505,331 - - 7,505,331 12,277,448 97,198 443,700 12,623,950 1.68 12/31/2039 - 7,505,331 7,505,331 - - 7,505,331 12,645,772 100,114 443,700 12,989,358 1.73 12/31/2040 - 7,505,331 7,505,331 - - 7,505,331 13,025,145 103,117 443,700 13,365,728 1.78 12/31/2041 - 7,505,331 7,505,331 - - 7,505,331 13,415,899 106,211 443,700 13,753,388 1.83 12/31/2042 25,000 7,505,331 7,530,331 - - 7,530,331 13,818,376 109,397 443,700 14,152,679 1.88 12/31/2043 240,000 7,503,800 7,743,800 - - 7,743,800 14,232,927 112,679 443,700 14,563,948 1.88 12/31/2044 470,000 7,489,100 7,959,100 - - 7,959,100 14,659,915 116,059 443,700 14,987,556 1.88 12/31/2045 725,000 7,460,313 8,185,313 - - 8,185,313 15,099,713 119,541 443,700 15,423,872 1.88 12/31/2046 1,000,000 7,415,906 8,415,906 - - 8,415,906 15,552,704 123,127 443,700 15,873,277 1.89 12/31/2047 1,305,000 7,353,406 8,658,406 - - 8,658,406 16,019,285 126,821 443,700 16,336,164 1.89 12/31/2048 1,630,000 7,271,844 8,901,844 - - 8,901,844 16,499,864 130,626 443,700 16,812,938 1.89 12/31/2049 1,985,000 7,169,969 9,154,969 - - 9,154,969 16,994,859 134,544 443,700 17,304,015 1.89 12/31/2050 2,375,000 7,045,906 9,420,906 - - 9,420,906 17,504,705 138,581 443,700 17,809,824 1.89 12/31/2051 2,790,000 6,897,469 9,687,469 - - 9,687,469 18,029,846 142,738 443,700 18,330,808 1.89 12/31/2052 3,240,000 6,723,094 9,963,094 - - 9,963,094 18,570,742 147,020 443,700 18,867,422 1.89 12/31/2053 3,730,000 6,520,594 10,250,594 - - 10,250,594 19,127,864 151,431 443,700 19,420,133 1.89 12/31/2054 4,255,000 6,287,469 10,542,469 - - 10,542,469 19,701,700 155,974 443,700 19,989,426 1.90 12/31/2055 4,825,000 6,021,531 10,846,531 - - 10,846,531 20,292,751 160,653 443,700 20,575,798 1.90 12/31/2056 5,440,000 5,719,969 11,159,969 - - 11,159,969 20,901,534 165,473 443,700 21,179,761 1.90 12/31/2057 6,110,000 5,373,169 11,483,169 - - 11,483,169 21,528,580 170,437 443,700 21,801,843 1.90 12/31/2058 6,830,000 4,983,656 11,813,656 - - 11,813,656 22,174,437 175,550 443,700 22,442,587 1.90 12/31/2059 7,605,000 4,548,244 12,153,244 - - 12,153,244 22,839,670 180,816 443,700 23,102,554 1.90 12/31/2060 8,440,000 4,063,425 12,503,425 - - 12,503,425 23,524,860 186,241 443,700 23,782,319 1.90 12/31/2061 9,340,000 3,525,375 12,865,375 - - 12,865,375 24,230,606 191,828 443,700 24,482,478 1.90 12/31/2062 10,310,000 2,929,950 13,239,950 - - 13,239,950 24,957,524 197,583 443,700 25,203,641 1.90 12/31/2063 11,350,000 2,272,688 13,622,688 - - 13,622,688 25,706,250 203,510 443,700 25,946,439 1.90 12/31/2064 24,300,000 1,549,125 25,849,125 11,832,000 - 14,017,125 26,477,437 209,616 443,700 26,711,522 1.91 Total:118,320,000 256,447,738 374,767,738 11,832,000 21,494,435 341,441,303 598,291,315 4,756,381 17,465,758 611,000,692 48 pipersandler.com | 11 Period Principal Interest Gross COP Debt Service Capitalized Interest Net COP Debt Service Residual Net Cash Flow (Deficit) / Surplus Combined NOI Coverage 12/31/2025 - 1,491,949 1,491,949 1,491,949 - - - - 12/31/2026 - 4,100,013 4,100,013 4,100,013 - - - - 12/31/2027 - 4,100,013 4,100,013 4,100,013 - - - - 12/31/2028 - 4,100,013 4,100,013 2,050,006 2,050,006 739,588 (1,310,418) 0.77 12/31/2029 - 4,100,013 4,100,013 - 4,100,013 2,118,467 (1,981,546) 0.83 12/31/2030 - 4,100,013 4,100,013 - 4,100,013 2,553,571 (1,546,442) 0.87 12/31/2031 - 4,100,013 4,100,013 - 4,100,013 2,842,027 (1,257,985) 0.89 12/31/2032 - 4,100,013 4,100,013 - 4,100,013 3,139,136 (960,876) 0.92 12/31/2033 - 4,100,013 4,100,013 - 4,100,013 3,445,160 (654,852) 0.94 12/31/2034 - 4,100,013 4,100,013 - 4,100,013 3,760,364 (339,649) 0.97 12/31/2035 - 4,100,013 4,100,013 - 4,100,013 4,085,023 (14,989) 1.00 12/31/2036 - 4,100,013 4,100,013 - 4,100,013 4,419,423 319,410 1.03 12/31/2037 - 4,100,013 4,100,013 - 4,100,013 4,763,855 663,843 1.06 12/31/2038 - 4,100,013 4,100,013 - 4,100,013 5,118,619 1,018,607 1.09 12/31/2039 - 4,100,013 4,100,013 - 4,100,013 5,484,027 1,384,015 1.12 12/31/2040 40,000 4,100,013 4,140,013 - 4,140,013 5,860,397 1,720,384 1.15 12/31/2041 165,000 4,097,913 4,262,913 - 4,262,913 6,248,057 1,985,145 1.17 12/31/2042 300,000 4,089,250 4,389,250 - 4,389,250 6,622,348 2,233,098 1.19 12/31/2043 450,000 4,073,500 4,523,500 - 4,523,500 6,820,148 2,296,648 1.19 12/31/2044 610,000 4,049,875 4,659,875 - 4,659,875 7,028,456 2,368,581 1.19 12/31/2045 780,000 4,017,850 4,797,850 - 4,797,850 7,238,560 2,440,710 1.19 12/31/2046 965,000 3,976,900 4,941,900 - 4,941,900 7,457,371 2,515,471 1.19 12/31/2047 1,165,000 3,926,238 5,091,238 - 5,091,238 7,677,758 2,586,520 1.19 12/31/2048 1,380,000 3,865,075 5,245,075 - 5,245,075 7,911,095 2,666,020 1.19 12/31/2049 1,610,000 3,792,625 5,402,625 - 5,402,625 8,149,046 2,746,421 1.19 12/31/2050 1,855,000 3,708,100 5,563,100 - 5,563,100 8,388,918 2,825,818 1.19 12/31/2051 2,120,000 3,610,713 5,730,713 - 5,730,713 8,643,339 2,912,627 1.19 12/31/2052 2,395,000 3,504,713 5,899,713 - 5,899,713 8,904,328 3,004,616 1.19 12/31/2053 2,695,000 3,384,963 6,079,963 - 6,079,963 9,169,539 3,089,577 1.19 12/31/2054 3,010,000 3,250,213 6,260,213 - 6,260,213 9,446,957 3,186,745 1.19 12/31/2055 3,350,000 3,099,713 6,449,713 - 6,449,713 9,729,267 3,279,554 1.19 12/31/2056 3,710,000 2,932,213 6,642,213 - 6,642,213 10,019,792 3,377,580 1.19 12/31/2057 4,125,000 2,718,888 6,843,888 - 6,843,888 10,318,674 3,474,787 1.19 12/31/2058 4,565,000 2,481,700 7,046,700 - 7,046,700 10,628,931 3,582,231 1.19 12/31/2059 5,040,000 2,219,213 7,259,213 - 7,259,213 10,949,310 3,690,097 1.19 12/31/2060 5,545,000 1,929,413 7,474,413 - 7,474,413 11,278,894 3,804,482 1.19 12/31/2061 6,090,000 1,610,575 7,700,575 - 7,700,575 11,617,103 3,916,528 1.19 12/31/2062 6,670,000 1,260,400 7,930,400 - 7,930,400 11,963,691 4,033,291 1.19 12/31/2063 7,295,000 876,875 8,171,875 - 8,171,875 12,323,752 4,151,877 1.19 12/31/2064 7,955,000 457,413 8,412,413 - 8,412,413 12,694,397 4,281,984 1.19 Total:73,885,000 135,926,461 209,811,461 11,741,980 198,069,481 269,559,388 71,489,907 Projected $8.1M out-of-pocket exposure Preliminary; subject to change. Base Case (Current Rates) – Projected Net Debt Service Graph (COPs) 49 pipersandler.com | 12 Preliminary; subject to change. $80M COP (Current Rates + 28 bps) – 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 - 2,721,230 2,721,230 - 2,721,230 - - - - - - 12/31/2026 - 7,478,189 7,478,189 - 7,478,189 - - - - - - 12/31/2027 - 7,478,189 7,478,189 - 7,478,189 - - - - - - 12/31/2028 - 7,478,189 7,478,189 - 3,739,095 3,739,095 3,042,404 42,707 1,423,934 4,423,631 1.18 12/31/2029 - 7,478,189 7,478,189 - - 7,478,189 9,254,592 74,494 423,300 9,603,398 1.28 12/31/2030 - 7,478,189 7,478,189 - - 7,478,189 9,691,931 76,729 423,300 10,038,502 1.34 12/31/2031 - 7,478,189 7,478,189 - - 7,478,189 9,982,689 79,031 423,300 10,326,958 1.38 12/31/2032 - 7,478,189 7,478,189 - - 7,478,189 10,282,169 81,402 423,300 10,624,067 1.42 12/31/2033 - 7,478,189 7,478,189 - - 7,478,189 10,590,635 83,844 423,300 10,930,091 1.46 12/31/2034 - 7,478,189 7,478,189 - - 7,478,189 10,908,354 86,359 423,300 11,245,295 1.50 12/31/2035 - 7,478,189 7,478,189 - - 7,478,189 11,235,604 88,950 423,300 11,569,954 1.55 12/31/2036 - 7,478,189 7,478,189 - - 7,478,189 11,572,672 91,618 423,300 11,904,354 1.59 12/31/2037 - 7,478,189 7,478,189 - - 7,478,189 11,919,853 94,367 423,300 12,248,786 1.64 12/31/2038 - 7,478,189 7,478,189 - - 7,478,189 12,277,448 97,198 423,300 12,603,550 1.69 12/31/2039 - 7,478,189 7,478,189 - - 7,478,189 12,645,772 100,114 423,300 12,968,958 1.73 12/31/2040 - 7,478,189 7,478,189 - - 7,478,189 13,025,145 103,117 423,300 13,345,328 1.78 12/31/2041 - 7,478,189 7,478,189 - - 7,478,189 13,415,899 106,211 423,300 13,732,988 1.84 12/31/2042 - 7,478,189 7,478,189 - - 7,478,189 13,818,376 109,397 423,300 14,132,279 1.89 12/31/2043 115,000 7,478,189 7,593,189 - - 7,593,189 14,232,927 112,679 423,300 14,543,548 1.92 12/31/2044 340,000 7,470,823 7,810,823 - - 7,810,823 14,659,915 116,059 423,300 14,967,156 1.92 12/31/2045 580,000 7,449,046 8,029,046 - - 8,029,046 15,099,713 119,541 423,300 15,403,472 1.92 12/31/2046 850,000 7,411,897 8,261,897 - - 8,261,897 15,552,704 123,127 423,300 15,852,877 1.92 12/31/2047 1,140,000 7,356,392 8,496,392 - - 8,496,392 16,019,285 126,821 423,300 16,315,764 1.92 12/31/2048 1,455,000 7,281,950 8,736,950 - - 8,736,950 16,499,864 130,626 423,300 16,792,538 1.92 12/31/2049 1,800,000 7,186,939 8,986,939 - - 8,986,939 16,994,859 134,544 423,300 17,283,615 1.92 12/31/2050 2,175,000 7,069,399 9,244,399 - - 9,244,399 17,504,705 138,581 423,300 17,789,424 1.92 12/31/2051 2,580,000 6,927,371 9,507,371 - - 9,507,371 18,029,846 142,738 423,300 18,310,408 1.93 12/31/2052 3,020,000 6,758,897 9,778,897 - - 9,778,897 18,570,742 147,020 423,300 18,847,022 1.93 12/31/2053 3,500,000 6,561,691 10,061,691 - - 10,061,691 19,127,864 151,431 423,300 19,399,733 1.93 12/31/2054 4,015,000 6,333,141 10,348,141 - - 10,348,141 19,701,700 155,974 423,300 19,969,026 1.93 12/31/2055 4,575,000 6,070,962 10,645,962 - - 10,645,962 20,292,751 160,653 423,300 20,555,398 1.93 12/31/2056 5,185,000 5,772,214 10,957,214 - - 10,957,214 20,901,534 165,473 423,300 21,159,361 1.93 12/31/2057 5,845,000 5,427,153 11,272,153 - - 11,272,153 21,528,580 170,437 423,300 21,781,443 1.93 12/31/2058 6,560,000 5,038,168 11,598,168 - - 11,598,168 22,174,437 175,550 423,300 22,422,187 1.93 12/31/2059 7,330,000 4,601,600 11,931,600 - - 11,931,600 22,839,670 180,816 423,300 23,082,154 1.93 12/31/2060 8,160,000 4,113,788 12,273,788 - - 12,273,788 23,524,860 186,241 423,300 23,761,919 1.94 12/31/2061 9,060,000 3,570,740 12,630,740 - - 12,630,740 24,230,606 191,828 423,300 24,462,078 1.94 12/31/2062 10,030,000 2,967,797 12,997,797 - - 12,997,797 24,957,524 197,583 423,300 25,183,241 1.94 12/31/2063 11,075,000 2,300,301 13,375,301 - - 13,375,301 25,706,250 203,510 423,300 25,926,039 1.94 12/31/2064 23,490,000 1,563,260 25,053,260 11,288,000 - 13,765,260 26,477,437 209,616 423,300 26,691,122 1.94 Total:112,880,000 256,562,162 369,442,162 11,288,000 21,416,702 336,737,459 598,291,315 4,756,381 16,662,734 610,197,668 50 pipersandler.com | 13 Period Principal Interest Gross COP Debt Service Capitalized Interest Net COP Debt Service Residual Net Cash Flow (Deficit) / Surplus Combined NOI Coverage 12/31/2025 - 1,698,893 1,698,893 1,698,893 - - - - 12/31/2026 - 4,668,713 4,668,713 4,668,713 - - - - 12/31/2027 - 4,668,713 4,668,713 4,668,713 - - - - 12/31/2028 - 4,668,713 4,668,713 2,334,356 2,334,356 684,536 (1,649,820) 0.73 12/31/2029 - 4,668,713 4,668,713 - 4,668,713 2,125,209 (2,543,503) 0.79 12/31/2030 - 4,668,713 4,668,713 - 4,668,713 2,560,313 (2,108,399) 0.83 12/31/2031 - 4,668,713 4,668,713 - 4,668,713 2,848,769 (1,819,943) 0.85 12/31/2032 - 4,668,713 4,668,713 - 4,668,713 3,145,878 (1,522,834) 0.87 12/31/2033 - 4,668,713 4,668,713 - 4,668,713 3,451,902 (1,216,810) 0.90 12/31/2034 - 4,668,713 4,668,713 - 4,668,713 3,767,106 (901,606) 0.93 12/31/2035 - 4,668,713 4,668,713 - 4,668,713 4,091,765 (576,947) 0.95 12/31/2036 - 4,668,713 4,668,713 - 4,668,713 4,426,165 (242,548) 0.98 12/31/2037 - 4,668,713 4,668,713 - 4,668,713 4,770,597 101,885 1.01 12/31/2038 - 4,668,713 4,668,713 - 4,668,713 5,125,361 456,649 1.04 12/31/2039 - 4,668,713 4,668,713 - 4,668,713 5,490,769 822,057 1.07 12/31/2040 - 4,668,713 4,668,713 - 4,668,713 5,867,139 1,198,426 1.10 12/31/2041 90,000 4,668,713 4,758,713 - 4,758,713 6,254,799 1,496,087 1.12 12/31/2042 240,000 4,663,736 4,903,736 - 4,903,736 6,654,090 1,750,355 1.14 12/31/2043 400,000 4,650,464 5,050,464 - 5,050,464 6,950,359 1,899,896 1.15 12/31/2044 575,000 4,628,344 5,203,344 - 5,203,344 7,156,333 1,952,989 1.15 12/31/2045 760,000 4,596,546 5,356,546 - 5,356,546 7,374,426 2,017,880 1.15 12/31/2046 965,000 4,554,518 5,519,518 - 5,519,518 7,590,980 2,071,462 1.15 12/31/2047 1,185,000 4,501,154 5,686,154 - 5,686,154 7,819,372 2,133,218 1.15 12/31/2048 1,420,000 4,435,623 5,855,623 - 5,855,623 8,055,588 2,199,965 1.15 12/31/2049 1,675,000 4,357,097 6,032,097 - 6,032,097 8,296,676 2,264,579 1.15 12/31/2050 1,945,000 4,264,470 6,209,470 - 6,209,470 8,545,026 2,335,556 1.15 12/31/2051 2,240,000 4,156,911 6,396,911 - 6,396,911 8,803,037 2,406,126 1.15 12/31/2052 2,550,000 4,038,639 6,588,639 - 6,588,639 9,068,125 2,479,486 1.15 12/31/2053 2,885,000 3,903,999 6,788,999 - 6,788,999 9,338,042 2,549,043 1.15 12/31/2054 3,240,000 3,751,671 6,991,671 - 6,991,671 9,620,885 2,629,214 1.15 12/31/2055 3,620,000 3,580,599 7,200,599 - 7,200,599 9,909,436 2,708,837 1.15 12/31/2056 4,025,000 3,389,463 7,414,463 - 7,414,463 10,202,147 2,787,684 1.15 12/31/2057 4,490,000 3,146,756 7,636,756 - 7,636,756 10,509,290 2,872,535 1.15 12/31/2058 4,990,000 2,876,009 7,866,009 - 7,866,009 10,824,019 2,958,011 1.15 12/31/2059 5,530,000 2,575,112 8,105,112 - 8,105,112 11,150,554 3,045,442 1.15 12/31/2060 6,105,000 2,241,653 8,346,653 - 8,346,653 11,488,131 3,141,479 1.15 12/31/2061 6,725,000 1,873,521 8,598,521 - 8,598,521 11,831,338 3,232,817 1.15 12/31/2062 7,385,000 1,468,004 8,853,004 - 8,853,004 12,185,444 3,332,440 1.15 12/31/2063 8,100,000 1,022,688 9,122,688 - 9,122,688 12,550,739 3,428,051 1.15 12/31/2064 8,860,000 534,258 9,394,258 - 9,394,258 12,925,862 3,531,604 1.15 Total:80,000,000 155,609,523 235,609,523 13,370,674 222,238,849 273,460,209 51,221,360 Projected $12.6M out-of-pocket exposure Preliminary; subject to change. $80M COP (Current Rates + 28 bps) – Projected Net Debt Service Graph (COPs) 51 pipersandler.com | 14 Preliminary; subject to change. $90M COP (Current Rates + 79 bps) – 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 - 2,712,233 2,712,233 - 2,712,233 - - - - - - 12/31/2026 - 7,453,464 7,453,464 - 7,453,464 - - - - - - 12/31/2027 - 7,453,464 7,453,464 - 7,453,464 - - - - - - 12/31/2028 - 7,453,464 7,453,464 - 3,726,732 3,726,732 3,042,404 42,707 1,317,278 4,316,974 1.16 12/31/2029 - 7,453,464 7,453,464 - - 7,453,464 9,254,592 74,494 391,594 9,571,692 1.28 12/31/2030 - 7,453,464 7,453,464 - - 7,453,464 9,691,931 76,729 391,594 10,006,796 1.34 12/31/2031 - 7,453,464 7,453,464 - - 7,453,464 9,982,689 79,031 391,594 10,295,252 1.38 12/31/2032 - 7,453,464 7,453,464 - - 7,453,464 10,282,169 81,402 391,594 10,592,361 1.42 12/31/2033 - 7,453,464 7,453,464 - - 7,453,464 10,590,635 83,844 391,594 10,898,385 1.46 12/31/2034 - 7,453,464 7,453,464 - - 7,453,464 10,908,354 86,359 391,594 11,213,589 1.50 12/31/2035 - 7,453,464 7,453,464 - - 7,453,464 11,235,604 88,950 391,594 11,538,248 1.55 12/31/2036 - 7,453,464 7,453,464 - - 7,453,464 11,572,672 91,618 391,594 11,872,648 1.59 12/31/2037 - 7,453,464 7,453,464 - - 7,453,464 11,919,853 94,367 391,594 12,217,080 1.64 12/31/2038 - 7,453,464 7,453,464 - - 7,453,464 12,277,448 97,198 391,594 12,571,844 1.69 12/31/2039 - 7,453,464 7,453,464 - - 7,453,464 12,645,772 100,114 391,594 12,937,252 1.74 12/31/2040 - 7,453,464 7,453,464 - - 7,453,464 13,025,145 103,117 391,594 13,313,622 1.79 12/31/2041 - 7,453,464 7,453,464 - - 7,453,464 13,415,899 106,211 391,594 13,701,282 1.84 12/31/2042 - 7,453,464 7,453,464 - - 7,453,464 13,818,376 109,397 391,594 14,100,573 1.89 12/31/2043 - 7,453,464 7,453,464 - - 7,453,464 14,232,927 112,679 391,594 14,511,842 1.95 12/31/2044 135,000 7,453,464 7,588,464 - - 7,588,464 14,659,915 116,059 391,594 14,935,450 1.97 12/31/2045 360,000 7,444,129 7,804,129 - - 7,804,129 15,099,713 119,541 391,594 15,371,766 1.97 12/31/2046 605,000 7,419,235 8,024,235 - - 8,024,235 15,552,704 123,127 391,594 15,821,171 1.97 12/31/2047 880,000 7,376,643 8,256,643 - - 8,256,643 16,019,285 126,821 391,594 16,284,058 1.97 12/31/2048 1,175,000 7,314,691 8,489,691 - - 8,489,691 16,499,864 130,626 391,594 16,760,832 1.97 12/31/2049 1,500,000 7,231,971 8,731,971 - - 8,731,971 16,994,859 134,544 391,594 17,251,908 1.98 12/31/2050 1,860,000 7,126,371 8,986,371 - - 8,986,371 17,504,705 138,581 391,594 17,757,718 1.98 12/31/2051 2,245,000 6,995,427 9,240,427 - - 9,240,427 18,029,846 142,738 391,594 18,278,702 1.98 12/31/2052 2,670,000 6,837,379 9,507,379 - - 9,507,379 18,570,742 147,020 391,594 18,815,316 1.98 12/31/2053 3,130,000 6,649,411 9,779,411 - - 9,779,411 19,127,864 151,431 391,594 19,368,027 1.98 12/31/2054 3,635,000 6,429,059 10,064,059 - - 10,064,059 19,701,700 155,974 391,594 19,937,320 1.98 12/31/2055 4,180,000 6,173,155 10,353,155 - - 10,353,155 20,292,751 160,653 391,594 20,523,692 1.98 12/31/2056 4,770,000 5,878,883 10,648,883 - - 10,648,883 20,901,534 165,473 391,594 21,127,655 1.98 12/31/2057 5,420,000 5,537,112 10,957,112 - - 10,957,112 21,528,580 170,437 391,594 21,749,737 1.98 12/31/2058 6,125,000 5,148,769 11,273,769 - - 11,273,769 22,174,437 175,550 391,594 22,390,481 1.99 12/31/2059 6,895,000 4,709,913 11,604,913 - - 11,604,913 22,839,670 180,816 391,594 23,050,447 1.99 12/31/2060 7,725,000 4,215,886 11,940,886 - - 11,940,886 23,524,860 186,241 391,594 23,730,213 1.99 12/31/2061 8,625,000 3,662,390 12,287,390 - - 12,287,390 24,230,606 191,828 391,594 24,430,372 1.99 12/31/2062 9,600,000 3,044,409 12,644,409 - - 12,644,409 24,957,524 197,583 391,594 25,151,535 1.99 12/31/2063 10,655,000 2,356,569 13,011,569 - - 13,011,569 25,706,250 203,510 391,594 25,894,333 1.99 12/31/2064 22,235,000 1,593,138 23,828,138 10,442,500 - 13,385,638 26,477,437 209,616 391,594 26,659,415 1.99 Total:104,425,000 257,472,576 361,897,576 10,442,500 21,345,892 330,109,184 598,291,315 4,756,381 15,414,653 608,949,587 52 pipersandler.com | 15 Period Principal Interest Gross COP Debt Service Capitalized Interest Net COP Debt Service Residual Net Cash Flow (Deficit) / Surplus Combined NOI Coverage 12/31/2025 - 2,082,149 2,082,149 2,082,149 - - - - 12/31/2026 - 5,721,938 5,721,938 5,721,938 - - - - 12/31/2027 - 5,721,938 5,721,938 5,721,938 - - - - 12/31/2028 - 5,721,938 5,721,938 2,860,969 2,860,969 590,243 (2,270,726) 0.66 12/31/2029 - 5,721,938 5,721,938 - 5,721,938 2,118,228 (3,603,709) 0.73 12/31/2030 - 5,721,938 5,721,938 - 5,721,938 2,553,332 (3,168,605) 0.76 12/31/2031 - 5,721,938 5,721,938 - 5,721,938 2,841,788 (2,880,149) 0.78 12/31/2032 - 5,721,938 5,721,938 - 5,721,938 3,138,897 (2,583,040) 0.80 12/31/2033 - 5,721,938 5,721,938 - 5,721,938 3,444,921 (2,277,016) 0.83 12/31/2034 - 5,721,938 5,721,938 - 5,721,938 3,760,125 (1,961,812) 0.85 12/31/2035 - 5,721,938 5,721,938 - 5,721,938 4,084,784 (1,637,153) 0.88 12/31/2036 - 5,721,938 5,721,938 - 5,721,938 4,419,184 (1,302,754) 0.90 12/31/2037 - 5,721,938 5,721,938 - 5,721,938 4,763,616 (958,321) 0.93 12/31/2038 - 5,721,938 5,721,938 - 5,721,938 5,118,380 (603,557) 0.95 12/31/2039 - 5,721,938 5,721,938 - 5,721,938 5,483,788 (238,149) 0.98 12/31/2040 - 5,721,938 5,721,938 - 5,721,938 5,860,158 138,220 1.01 12/31/2041 - 5,721,938 5,721,938 - 5,721,938 6,247,818 525,881 1.04 12/31/2042 95,000 5,721,938 5,816,938 - 5,816,938 6,647,109 830,172 1.06 12/31/2043 275,000 5,716,200 5,991,200 - 5,991,200 7,058,378 1,067,179 1.08 12/31/2044 470,000 5,699,590 6,169,590 - 6,169,590 7,346,986 1,177,396 1.09 12/31/2045 685,000 5,671,202 6,356,202 - 6,356,202 7,567,637 1,211,436 1.09 12/31/2046 920,000 5,629,828 6,549,828 - 6,549,828 7,796,936 1,247,109 1.09 12/31/2047 1,170,000 5,574,260 6,744,260 - 6,744,260 8,027,415 1,283,156 1.09 12/31/2048 1,440,000 5,503,592 6,943,592 - 6,943,592 8,271,142 1,327,550 1.09 12/31/2049 1,740,000 5,416,616 7,156,616 - 7,156,616 8,519,938 1,363,322 1.09 12/31/2050 2,055,000 5,311,520 7,366,520 - 7,366,520 8,771,348 1,404,828 1.09 12/31/2051 2,405,000 5,187,398 7,592,398 - 7,592,398 9,038,275 1,445,878 1.09 12/31/2052 2,770,000 5,048,148 7,818,148 - 7,818,148 9,307,937 1,489,789 1.09 12/31/2053 3,165,000 4,887,765 8,052,765 - 8,052,765 9,588,616 1,535,851 1.09 12/31/2054 3,590,000 4,704,512 8,294,512 - 8,294,512 9,873,262 1,578,750 1.09 12/31/2055 4,045,000 4,496,651 8,541,651 - 8,541,651 10,170,537 1,628,887 1.09 12/31/2056 4,535,000 4,262,445 8,797,445 - 8,797,445 10,478,772 1,681,327 1.09 12/31/2057 5,095,000 3,965,856 9,060,856 - 9,060,856 10,792,625 1,731,769 1.09 12/31/2058 5,700,000 3,632,643 9,332,643 - 9,332,643 11,116,712 1,784,069 1.09 12/31/2059 6,355,000 3,259,863 9,614,863 - 9,614,863 11,445,535 1,830,672 1.09 12/31/2060 7,060,000 2,844,246 9,904,246 - 9,904,246 11,789,327 1,885,081 1.09 12/31/2061 7,820,000 2,382,522 10,202,522 - 10,202,522 12,142,982 1,940,460 1.09 12/31/2062 8,635,000 1,871,094 10,506,094 - 10,506,094 12,507,126 2,001,032 1.09 12/31/2063 9,515,000 1,306,365 10,821,365 - 10,821,365 12,882,765 2,061,400 1.09 12/31/2064 10,460,000 684,084 11,144,084 - 11,144,084 13,273,778 2,129,694 1.09 Total:90,000,000 192,411,481 282,411,481 16,386,993 266,024,488 278,840,403 12,815,915 Projected $23.5M out-of-pocket exposure Preliminary; subject to change. $90M COP (Current Rates + 79 bps) – Projected Net Debt Service Graph (COPs) 53 pipersandler.com | 16 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. 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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 54 AGENDA ITEM NO. 2.4 Item Cover Page DATE:April 15, 2025 TIME:30 min. SUBMITTED BY:Steph Johnson, Community Development ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (12:30pm) SUBJECT:West Lionshead Planning Update (1:55pm) SUGGESTED ACTION:Listen to update and provide feedback. PRESENTER(S):Matt Gennett, Community Development Director, and Kevin Murphy, East West Partners VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: West Lionshead Presentation 4-15-2025 Public Comment - West Lionshead 55 WELCOME TO WEST LIONSHEAD OPEN HOUSE APRIL 7 & 8, 2025 56 WEST LIONSHEAD OPEN HOUSE EXISTING CONDITIONS © 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 January 14, 2025 Existing Site & Gross Parcels | From CAD File Received - Xref "Peak-Bndry" and "Peak-Base" EXIST. PARCELS 0.94 AC 1.77 AC 6.78 AC 3.77 AC *2010 EVERVAIL PARCELS POTENTIAL ROW INTEGRATION I-70 G O R E C R E E K R E D S A N D S T O N E C R E E K F O R E S T R D RITZ CARLTON THE HYTHE VAIL SPA CONDOMINIUMS GORE CREEK PLACE EAGLE RIVER WATER & SANITATION *From Eagle County GIS Viewer © 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 January 14, 2025 Developable Area 1.89 AC 4.34 AC 8140 81208110 8110 8100 8100 8110 8130 0.49 AC 1.33 AC 1.60 AC 1.79 AC 5 MIN . W A L K 2,000' 500' I-70 G O R E C R E E K R E D S A N D S T O N E C R E E K F O R E S T R D RITZ CARLTON THE HYTHE VAIL SPA CONDOMINIUMS GORE CREEK PLACE EAGLE RIVER WATER & SANITATION NW Parcel 1.89 ac NE Parcel 4.34 ac SW Parcel 1.33 ac SE Parcel 0.49 ac Parcel Subtotal 8.05 ac W ROW 1.60 ac E ROW 1.79 ac ROW Subtotal 3.39 ac Parcel 8.04 ac ROW Integration 3.39 ac Total 11.43 ac What is West Lionshead? 7 57 WEST LIONSHEAD OPEN HOUSE DESIGN CONCEPT Retail / F&B Hotel Lobby & Amenities Village Event Barn Residential Lobby & Amnities Office Back of House 1 min. walk 1/4 ac 1/8 ac1" = 80' at 24" x 36" 16080 240 320 480400 640'0 I-70 GORE C R E E K W . L O N S H E A D C I R 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 SPA & FITNESS CLUBRESTAURANT SKIER SERVICES SECTION A1 SECTION A1 SECTION A2 SECTION A2 BRIDGE RETAIL / F&B PEDESTRIAN STREET PEDESTRIAN WALK RETAIL / F&B VILLAGE BARN RETAIL RETAIL SKIER DROP-OFF PARKING GARAGE REALIGNED SOUTH FRONTAGE ROAD BUS STOP RETAIL / F&BGONDOLA SKI BEACH HOTEL HIGHWAY HIGHWAY PROPOSED FRONTAGE ROAD PROPOSED FRONTAGE ROADGONDOLACREEKSPEDESTRIAN STREET RESIDENTIAL & RETAIL / F&B RESIDENTIAL & RETAIL / F&B RESTAURANT HOTEL AR- RIVAL EVENT DROP-OFF HOTEL LOB - BY HOTEL LOBBY & AMENITIES OFFICE RESIDENTIAL LOBBY / AMENI- TIES RESIDENTIAL LOBBY / AMENI- TIES 700'DRAFT 58 WEST LIONSHEAD OPEN HOUSE DESIGN CONCEPT West Lionshead Village Master Plan, Vail, CO April 1, 2025 © 2025 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. 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 G O R E C R E E K R E D S A N D S T O N E C R E E K F O 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 Retail / F&B Hotel Lobby & Amenities Village Event Barn Residential Lobby & Amnities Office Back of House West Lionshead Village Master Plan, Vail, CO April 1, 2025 © 2025 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. 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 SER- VICELOWER LOBBY DROP-OFF ABOVE BOH POTENTIAL OFFICE LOCA- TION 2 PARKING ACCESS TO GARAGE BELOW UNDER THE HOTEL SERVICE ACCESS (CONNECTED TO THE HOTEL VIA LEVEL BELOW) 1 min. walk 1/4 ac 1/8 ac1" = 80' at 24" x 36" 16080 240 320 480400 640'0 Retail / F&B Hotel Lobby & Amenities Village Event Barn Residential Lobby & Amnities Office Back of House TYPICAL UPPER LEVEL (HOTEL & RESIDENTIAL) LOWER LEVEL (SKI BEACH) DRAFT DRAFT 59 WEST LIONSHEAD OPEN HOUSE DESIGN CONCEPT SKIER DROP-OFF PEDESTRIANS DAY SKIERS BY CAR DAY SKIERS BY BUS SKI BACK HOTEL GUESTS HOTEL GUESTS EVENT DROP-OFF CONDO RESIDENTS CONDO RESIDENTS PARKING GARAGE BUS STOP SPA & FITNESS CLUB RESTAURANT SKIER SERVICES GONDOLA SKI BEACH RETAIL / F&B RETAIL / F&B VILLAGE BARN RETAIL RETAIL RETAIL / F&B 700' 1 min. walk 1/4 ac 1/8 ac1" = 80' at 24" x 36" 16080 240 320 480400 640'0 DRAFT 60 WEST LIONSHEAD OPEN HOUSE DESIGN CONCEPT Ideas & Aspirations © 2021 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 Precedent Image Boards I-70 G O R E C R E E K W . L O N S H E A D C I R R E D S A N D S T O N E C R E E K F O R E S T R D THE HYTHE SPA & FITNESS CLUB RESTAURANT BRIDGE RETAIL / F&B PEDESTRIAN STREET PEDESTRIAN WALK RETAIL / F&B VILLAGE BARN RETAIL RETAIL SKIER DROP-OFF PARKING GARAGE REALIGNED SOUTH FRONTAGE ROAD BUS STOP RETAIL / F&BGONDOLA SKI BEACH RESTAURANT EVENT DROP-OFFHOTEL LOBBY & AMENITIES 1 2 34 5 6 7 2. ACTIVE RETAIL GROUND PLANE1. MASSING TO SHIELD 1-70 WITH MOUNTAIN BACKDROP 2. VARIETY OF RETAIL PROGRAM 3. MULTI-PURPOSE EVENT BARN 4. TRAIL JUMP-OFF POINT 5. CREEK ENGAEMENT AND ACTIVATION 6. FITNESS 7. POP-UP ACTIVATION 7. YEAR ROUND OUTDOOR ACTIVITIES 7. COMMUNITY EVENT GATHERING AND ACTIVATION 61 62 63 64 65 66 From:Clare Hefferren To:Council Dist List Subject:Feedback on West Lionshead Base Development & Housing Concerns Date:Monday, April 14, 2025 8:47:09 PM Dear Vail Town Council, Thank you for hosting last week’s open house regarding the West Lionshead Base development. I also attended the previous session and appreciated seeing the progress made thus far. The aggressive timeline is impressive, though I do hope it proves realistic. While I understand we are still reviewing conceptual designs, I’d like to offer a few reflections as both a resident and business owner in Vail. First, I inquired during the session why underground parking isn’t being considered and learned it could potentially double development costs. I believe this is a valuable piece of context that many community members may not be aware of. Second, I am unclear on the inclusion of high-end condos in the project. Luxury housing is already abundant in Vail, while accessible housing for locals remains one of our most urgent challenges. It was encouraging to see workforce housing and parking represented in the concept boards, but I am concerned to see them listed not as priority #1. In my view, local housing should be the top priority, especially to accommodate the workforce needed to operate the base. Will there be a commitment or expectation that on-site employee housing is included in the final plan? I believe it’s critical to prioritize this early in the process to avoid future setbacks that could limit housing opportunities for locals. These decisions have long-term impacts on the vitality and sustainability of our community, and I encourage the Council to take a forward-thinking, accountable approach. I understand that one of the three partners is a luxury real estate firm, which may influence the inclusion of high-end condos. However, I hope the Town of Vail continues to lead with a strong commitment to addressing our missing middle and critical workforce housing before prioritizing additional luxury development. I’m grateful for the transparency and opportunities for community engagement throughout this process. Warmly, Clare Hefferren Vail Resident & Business Owner P.S. A safety request as a West Vail Intermountain resident: I’ve repeatedly seen drivers take a dangerous left turn from the eastbound I-70 off-ramp, directly under the underpass and into the roundabout going the wrong direction. While the large arrows pointing right are helpful, they don’t seem to be enough. Would it be possible to add a “No Left Turn” sign beneath the yield sign?Thank you for consideration. Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible. -St. Francis of Assisi 67 68 AGENDA ITEM NO. 3.1 Item Cover Page DATE:April 15, 2025 SUBMITTED BY:Greg Roy, Community Development ITEM TYPE:DRB/PEC Update AGENDA SECTION:DRB/PEC (2:25pm) SUBJECT:DRB/PEC (5 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: DRB Results 4-2-2025 69 Design Review Board Minutes Wednesday, April 2, 2025 2:00 PM Vail Town Council Chambers Present: Herbert B Roth Kit Austin Roland J Kjesbo Absent: Mary Egan Tony Grandt 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. Swearing In of New Members 4. Election of Officers 5. Main Agenda 5.1 DRB25-0045 - 303 Gore Creek 8 LLC Conceptual review Address/ Legal Description: 303 Gore Creek Drive 8/Lot 8, Block 5, Vail Village Filing 1 Planner: Greg Roy Applicant Name: 303 Gore Creek 8, represented by Ceres+ Landscape Architecture DRB25-0045 Conceptual Plans.pdf Conceptual review. No action taken 5.2 DRB25-0088 - Prima Cornice LLC Conceptual review of a New Single-Family Residence Address/ Legal Description: 807 Potato Patch Drive/Lot 30, Block 1, Vail Potato Patch Filing 1 Planner: Greg Roy Applicant Name: Prima Cornice LLC, represented by Pinnacle Mountain Homes & Collective Design DRB25-0088 Site Photos.pdf DRB25-0088 Plans.pdf Conceptual review. No action taken 5.3 DRB25 -0054 - Stansbury/Rasmussen Residence Final review of new construction Address/ Legal Description: 2179 Saint Moritz Way/Lot 9, Vail Heights Filing 1 Planner: Jamie Leaman-Miller Design Review Board Meeting Minutes of April 2, 2025 1 70 Applicant Name: Christopher D Stansbury Trust & Anna M Rasmussen Trust, represented by Collective Design DRB25-0054 Photos & Documents.pdf DRB25-0054 Plans.pdf Roland J Kjesbo made a motion to Table to the DRB meeting on April 16, 2025; Kit Austin seconded the motion Passed (3 - 0). 5.4 DRB25-0094 - Evergreen Lodge Conceptual review (Redevelopment) Address/ Legal Description: 250 South Frontage Road West/Lot 2W, Block 1, Vail Lionshead Filing 2, and Lot F-1, Vail VIllage Filing 2 Planner: Jamie Leaman-Miller Applicant Name: HCT Member LLC, represented by Mauriello Planning Group DRB25-0094 Supporting Documents.pdf DRB25-0094 Renderings.pdf DRB25-0094 Elevations.pdf DRB25-0094 Conceptual Plans.pdf Conceptual review. No action taken. 6. Staff Approvals 6.1 DRB24-0074.002 - Bartlit Residence Final review of a change to approved plans (awning) Address/ Legal Description: 778 Potato Patch Drive 2/Lot 18, Block 1, Vail Potato Patch Filing 1 Planner: Greg Roy Applicant Name: Fred Bartlit, represented by Pierce Austin Architects 6.2 DRB24-0155.002 - Wengert-Neff Residence Final review of a change to approved plans Address/ Legal Description: 1234 Westhaven Drive A81/Cascade Village - Liftside Condominiums Planner: Jamie Leaman-Miller Applicant Name: Donna Wengert Neff Revocable Trust, represented by Pierce Austin Architects 6.3 DRB24-0181.001 - Vail Corp Final review of a change to approved plans Address/ Legal Description: 244 Wall Street M1/Lot A & C, Block 5C, Vail Village Filing 1 Planner: Jamie Leaman-Miller Applicant Name: Vail Corp The Fixed Assets Department, represented by House of Signs 6.4 DRB24-0374 - Timber Creek Lodge Final review of an exterior alteration (deck) Address/ Legal Description: 2863 Timber Creek Drive/Lot 8, Block 4, Vail Intermountain Development Subdivision Intermountain Swim and Tennis Club Condominiums Planner: Jamie Leaman-Miller Applicant Name: Timber Creek Lodge, represented by Timber Creek Lodge HOA 6.5 DRB24-0421 - The Hythe Design Review Board Meeting Minutes of April 2, 2025 2 71 Final review of a sign application Address/ Legal Description: 715 West Lionshead Circle/ West Day Subdivision Planner: Jamie Leaman-Miller Applicant Name: Diamondrock Vail Owner LLC, represented by House of Signs 6.6 DRB24-0433 - Davenport Residence Final review of an addition Address/ Legal Description: 4223 Spruce Way A/Lot 14, Block 9, Bighorn Subdivision 3rd Addition Planner: Jamie Leaman-Miller Applicant Name: Arthur & Judith Davenport, represented by Resolution Design 6.7 DRB24-0448 - Up the Creek Final review of a sign application Address/ Legal Description: 223 Gore Creek Drive/Lot A, Block 5B. Vail Village Filling 1 Planner: Greg Roy Applicant Name: Up the Creek, represented by First Chair Designs 6.8 DRB24-0461.001-1119 Ptarmigan LLC Final review of a change to approved plans (window updates) Address/ Legal Description: 1119 Ptarmigan Road/Lot 4, Block 5, Vail Village Filing 7 / Vail Village Filing 10 Planner: Greg Roy Applicant Name: 1119 Ptarmigan LLC, represented by KH Webb Architects 6.9 DRB24-0466 Black Stallion Holdings Final review of an addition Address/ Legal Description: 400 Vail Valley Drive Unit 7/Lot Tract B, Vail Village Filing 1 Planner: Heather Knight Applicant Name: Black Stallion Holdings, represented by Pierce Austin Architects 6.10 DRB24-0476.001 - Eakin Residence Final review of a change to approved plans Address/ Legal Description: 433 Gore Creek Drive 12/Lot 7-15, Block 4, Vail Village Filing 1 Planner: Heather Knight Applicant Name: Dennis & Kandace Eakin, represented by Alicia Davis Architect 6.11 DRB24-0483 - Wren Residence Final review of an exterior alteration (window) Address/ Legal Description: 4594 Meadow Drive Unit A6/Sunwood at Vail Condominiums Planner: Jamie Leaman-Miller Applicant Name: Wren Family Trust Davis & Gilbert LLP, represented by Shepherd Resources, Inc. 6.12 DRB25-0033-West/Holmsen Residence Final review of an exterior alteration (windows/doors/sconces) Address/ Legal Description: 1388 Vail Valley Drive East/Lot 20, Block 3, Vail Valley Filing 1 Planner: Greg Roy Design Review Board Meeting Minutes of April 2, 2025 3 72 Applicant Name: Cordillera Production Company, represented by Sinclair Building/Architecture/Design LTD 6.13 DRB25-0034 - Arseneau Residence Final review of an exterior alteration (driveway) Address/ Legal Description: 4802 Meadow Lane/Lot 7, Block 7, Bighorn Subdivision 5th Additon Planner: Greg Roy Applicant Name: Craig & Alicia Arseneau, represented by Resolution Design 6.14 DRB25-0037 - Youngblood Residence Final review of an exterior alteration (windows/door) Address/ Legal Description: 4640 Vail Racquet Club Drive 13/Vail Racquet Club Condominiums Planner: Greg Roy Applicant Name: Aneta Youngblood Trust, represented by Renewal by Andersen 6.15 DRB25-0039 - 97 Rockledge Road Final review of an exterior alteration (windows) Address/ Legal Description: 97 Rockledge Road/Lot 3, Block 7, Vail Village Filing 1 / Raether Minor Subdivision - Replat Planner: Jamie Leaman-Miller Applicant Name: 97 Rockledge Road, represented by Shepherd Resources 6.16 DRB25 -0043 - Town of Vail Transportation Center Final review of an exterior alteration (heat pump) Address/ Legal Description: 241 East Meadow Drive/Tract B & C, Vail Village Filing 1 Planner: Greg Roy Applicant Name: Town of Vail, represented by John King 6.17 DRB25-0048 - Vail Mountain School Final review of an exterior alteration (solar panels) Address/ Legal Description: 3000 Booth Falls Road/Lot 1, Vail Mountain School Subdivision Planner: Heather Knight Applicant Name: Vail Mountain School, represented by Active Engergies Solar 6.18 DRB25-0049 - Vail Mountain School Final review of an exterior alteration (solar) Address/ Legal Description: 3216 Katsos Ranch Road/Lot 2, Vail Mountain School Subdivision Planner: Heather Knight Applicant Name: Vail Mountain School, represented by Active Energies Solar 6.19 DRB25-0051 - Millrace Condos Final review of an exterior alteration (re-roof) Address/ Legal Description: 1320 Westhaven Drive/Cascade Village-Millrace Condominiums Planner: Heather Knight Applicant Name: Millrace Condominium Association 6.20 DRB25-0052 - Coldstream Condos Design Review Board Meeting Minutes of April 2, 2025 4 73 Final review of an exterior alteration (re-roof) Address/ Legal Description: 1476 Westhaven Drive/Lot 53, Glen Lyon Subdivision Planner: Heather Knight Applicant Name: Coldstream Condominium Association 6.21 DRB25-0053 - Kelton Residence Final review of an exterior alteration (windows, doors, AC) Address/ Legal Description: 225 Wall Street 206/Lot B & C, Block 5C, Vail Village Filing 1 Planner: Greg Roy Applicant Name: Arthur Kelton, represented by All in Design 6.22 DRB25 -0055 - Potato Patch Drive Holdings LTD Final review of an exterior alteration (windows/doors) Address/ Legal Description: 794 Potato Patch Drive A/Lot 10, Block 1, Vail Potato Patch Filing 1 Planner: Heather Knight Applicant Name: Potato Patch Drive Holdings, represented by Renewal by Andersen 6.23 DRB25-0058 - MacCormick Residence Final review of an exterior alteration (windows/doors) Address/ Legal Description: 483 Gore Creek Drive 6-2/Lot 6, Vail Village Filing 4 Planner: Jamie Leaman-Miller Applicant Name: Alexander Campbell MacCormick & Fiona Louise MacCormick Austin, represented by 159 Design 6.24 DRB25-0079 - Zack Residence Final review of an exterior alteration (windows/doors/AC) Address/ Legal Description: 225 Wall Street 306/Lot B & C, Block 5C, Vail Village Filing 1 Planner: Greg Roy Applicant Name: Zack Family Trust, represented by All in Design 6.25 DRB25-0083 - Christian Residence Final review of an exterior alteration (sliders/door) Address/ Legal Description: 4580 Vail Racquet Club Drive 4/Vail Racquet Club Condominiums Planner: Heather Knight Applicant Name: Roby Scott Christian Revocable Trust - ETAL, represented by Artisan Builders of the Rockies 7. Staff Denials 8. Adjournment Roland J Kjesbo made a motion to Adjourn ; Herbert B Roth seconded the motion Passed (2 - 0). Design Review Board Meeting Minutes of April 2, 2025 5 74 AGENDA ITEM NO. 4.1 Item Cover Page DATE:April 15, 2025 SUBMITTED BY:Molly Eppard, Public Works ITEM TYPE:Information Update AGENDA SECTION:Information Update (2:30pm) SUBJECT:March 3, 2025 AIPP Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: AIPP Meeting Minutes 3-03-2025 75 Art in Public Places Board Meeting Minutes Monday, March 3, 2025 AIPP Board members present: Lindsea Stowe - Chair, Tracy Gordon, Kathy Langenwalter, Courtney St. John & Susanne Graff Others present: Molly Eppard - AIPP Coordinator, Gregg Barrie and Mia Vlaar – TOV staff 1. Call to Order 2. No citizen participation 3. Main Agenda 3.1 Approval of February 3, 2025 AIPP Board meeting minutes. February 3, 2025 Minutes.pdf • Kathy motions to approve the minutes, Tracy seconds and all in favor. 3.2 Gore Creek Promenade design and public art integration update. Gregg Barrie, Town of Vail Landscape Architect. approved concept 2-20-2025.pdf Perspective A- Proposed Concept.jpg Perspective B- Proposed Concept.jpg Perspective C- West View-Proposed Concept.jpg Perscpective D- East View-Proposed Concept.jpg • Gregg updates the Board on the approval process for this level of concept. • He discusses the next steps for integrating site-specific art (stone benches, fire pit design), temporary art placement and permanent placement. • The timeline is for Fall 2025 and in Spring 2026. • The Board discusses site-specific art and the process for working with an artist on the Gore Creek Promenade project and design. • Kathy would like to look at multiple artists and pursue who may be willing to submit for consideration. • Molly asks the Board to research this type of work, stone artists, what a call to artists may look like and to review it at a future meeting. • Gregg asks that this be resolved by the April 2025 meeting. 3.3 Discover Vail: Vail's Destination Marketing Organization update, Mia Vlaar Director Economic Development Town of Vail. Discover Vail Destination Marketing Organization Overview • Mia reviews the VLMD history (lodging/promotions marketing tax, summer marketing), Stewardship Roadmap and Vail’s newly formed Destination Marking Organization. • Special Events budget ($3 million) is now moved into the VLMD’s purview, as well as the Welcome Centers. 76 • Customer data analytics/collection and Discover Vail website is discussed. • The three-year Strategic Plan is reviewed which is in alignment with the Town Council’s Strategic Plan. • Molly inquires about the Vail Experience mission and any synergy with AIPP, perhaps an audio tour of the public art collection and map may be a good cultural offering. • Lindsea asks Mia to speak to cultural vitality as a priority and experience within the community. She discusses the many facilities within the town and especially the Welcome Centers which can be utilized for cultural experiences. She also discusses the importance of embracing and supporting the artists and craftsmen/creators in the community. • Mia informs the Board about the Business Tool Kit on Discover Vail which would be helpful for promoting AIPP programs, as well as looking into QR codes and researching where public art lands in general internet searches. 3.4 Summer 2025 AIPP program updates. • The Board will meet in the coming weeks to review a potential summer temporary installation with HYBYCOZO. 4. Coordinator Updates • Studio construction now scheduled for completion by mid-June with a potential unveiling August 3. • The potential installation of donated works is discussed. • GoPro is working on potential artists for the event. • Lot 10 is scheduled to propose at the April meeting. • J Cotter Gallery is interested in placing a sculpture in front the gallery in a TOV planter. Molly sent a copy of the standard agreement for them to review. 5. Adjournment 77 AGENDA ITEM NO. 4.2 Item Cover Page DATE:April 15, 2025 SUBMITTED BY:Molly Eppard, Public Works ITEM TYPE:Information Update AGENDA SECTION:Information Update (2:30pm) SUBJECT:March 17, 2025 AIPP Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: AIPP Meeting Minutes 3-17-2025 78 Art in Public Places Board Special Meeting Minutes Monday, March 17, 2025 AIPP Board members present: Lindsea Stowe - Chair, Tracy Gordon, Kathy Langenwalter, Courtney St. John & Susanne Graff (via zoom) Others present: Molly Eppard - AIPP Coordinator, Gregg Barrie – TOV staff 1. Call to Order 2. No citizen participation 3. Main Agenda 3.1 Summer 2025 Program Discussion with HYBYCOZO. HYBYCOZO_Vail_Summer2025 • The collaborative studio HYBYCOZO, Serge Beaulieu and Yelena Filipchuk, present a proposal for a temporary installation (late June – through October) in Ford Park. • The three large scale geometric artworks explore sculpture, light, and shadow and are proposed for installation in proximity to the new Vail Art Studio. • The sites will be compromised from the winter construction, so it is a good opportunity to install temporary surfaces on the locations to facilitate an installation. • The Board unanimously approves the installation proposal and to enter into a contract. 3.2 Gore Creek Promenade site-integrated art, Gregg Barrie–TOV Landscape Architect • Gregg discusses the renovation of the Gore Creek Promenade and the possibilities of integrating art into the park from free standing locations to site-specific. • The Board agrees with Gregg to contact stone artists who have worked in Vail parks to see if they may be interested collaborating on design concepts. 3.3 Final approval of proposed gifted artwork from the collection of Vicki and Kent Logan. • The Art Board unanimously approves the donation of two works into the Town of Vail’s Public Art Collection: o Matt Wedel, Flower Tree, 2013, Ceramic, 72 x 42 x 52 inches sited at the Lionshead Welcome Center: 79 o Thomas Houseago, Rattlesnake Figure (bronze), 2011, Edition 2/2, Bronze, 128.75 x 29 x 29 inches sited in proximity to the Vail Art Studio in Ford Park 4. Adjournment 80 AGENDA ITEM NO. 4.3 Item Cover Page DATE:April 15, 2025 SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Information Update AGENDA SECTION:Information Update (2:30pm) SUBJECT:March 25, 2025 VLHA Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: VLHA Minutes 3-25-2025 81 Vail Local Housing Authority Minutes Tuesday, March 25, 2025 3:00 PM Virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/83110634258 The Vail Local Housing Authority meets on the 2nd and 4th Tuesday of each month. PRESENT ABSENT Steve Lindstrom Christine Santucci Dan Godec Kristin Kenny Williams Craig Denton STAFF Jason Dietz, Housing Director Missy Johnson, Housing Coordinator 1. Call to Order (3:00pm) 3:02 p.m. with a quorum. 2. Citizen Participation (5 min.) No citizen participation. 3. Approval of Minutes (5 min.) 3.1 Approval of March 11, 2025 Minutes Presenter(s): Missy Johnson Time: 5 Mins 2025-03-11 VLHA Meeting Minutes.pdf MOTION: Williams SECOND: Denton PASSED: 4 - 0 4. Main Agenda (20 min.) 4.1 Construction Defects Legislation at State Legislature Presenter(s): Steve Lindstrom, VLHA Chairman Time: 10 Min. HB 25-1261 HON_Oppose_Fact Sheet 3.12.25.pdf HE4CO_Handout_02182025.pdf Lindstrom referred to current Construction Defects Legislation and the value it can bring to Eagle County. He proposed to provide a memo to Town Council to explore their support and next steps to testify on behalf of the Town of Vail in support of the measure. The Authority agrees that this aligns with goals and mission of the Vail Local Housing Authority in that it is a huge start in the right direction.The current constraints scare people off from new projects for all types of development projects. The next step is for Dietz to develop a memo for the Town Council. 4.2 Update on West Middle Creek Housing Project Presenter(s): Jason Dietz, Housing Director Time: 10 Min. Dietz provided a brief update regarding West Middle Creek, and a recent update to Town Council. 82 A variety of options were presented to Council. The presented AMI has moved up from the December 17, 2024 Council meeting. At the council meeting, risk factors of the project were also discussed including cost increases related to tariffs, normal construction risk, economic uncertainty, environmental risk and Timber Ridge sales risk. The projections show that the Town would still be 30% above reserves at worse case scenario in 2029. A productive executive session included walking through contingencies and allowances. Upcoming steps include approval of second reading of COP ordinances, receipt of COP rating, market review and a no-go decision would take place before April 21 with projected closing of May 20. Discussion ensued around the upcoming discussions at future Town Council meetings and Dietz will email the group with a link to future agendas. Williams stated the appreciation of the thoughtfulness around the review and dynamics around the opportunity and risks associated with the West Middle Creek project. She stated that Dietz pulled together an excellent presentation that was clearly very effective and ending up in the right place. Lindstrom agrees and sees that it is an example of when the whole organization works effectively top down and is working in alignment. 5. Matters from the Chairman and Authority Members (5 min.) Lindstrom mentioned the letter that collectively went out from Town, Habitat for Humanity and Vail Local Housing Authority and County Commissioners. The Community Meeting takes place at Donovan Pavillion, where the Town will honor Lindstrom and Ruther as recipients of the Trailblazer Award. Housing staff will be there alongside to highlight West Middle Creek, Timber Ridge and West Lionshead projects. 6. Adjournment Meeting adjourned at 3:23 p.m. 7. Next Meeting Date (April 8, 2025) 83 AGENDA ITEM NO. 5.1 Item Cover Page DATE:April 15, 2025 SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:Matters from Mayor, Council, Town Manager and Committee Reports AGENDA SECTION:Matters from Mayor, Council, Town Manager and Committee Reports (2:30pm) SUBJECT:Matters from Mayor, Council, and Committee Reports (15 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 84 AGENDA ITEM NO. 5.2 Item Cover Page DATE:April 15, 2025 SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:Town Manager Report AGENDA SECTION:Matters from Mayor, Council, Town Manager and Committee Reports (2:30pm) SUBJECT:Town Manager Report (5 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Future Topics Town Manager's Update 4-15-2025 85 Future Topics, May 2025 TOPIC DEPARTMENT Ford Park Committee Update Town Manager’s Office Town of Vail and Colorado Grand Scholarships Town Clerk’s Office Bus Barn Fire Safety Public Works & Fire Betty Ford Alpine Gardens Presentation Town Manager’s Office Pedestrian Safety Update Public Works IT Support IGA with Vail Recreation District IT Guest Survey Responses Presentation Economic Development Vail Local Housing Authority Interviews Housing & Town Clerk’s Office 86 Town Managers Update April 15, 2025 1. Council Strategic Plan A public dashboard sharing progress on the Vail Town Council's 5 -Year Strategic Plan will soon be made public. Here is a preview: https://performance.envisio.com/dashboard/vail4398 Once the permanent link is create d, the Town Council and the community will be able to track progress in real time. Town staff will be updating the dashboard on a quarterly basis. 2. Vail Public Library A temporary reduction in hours of operation at the Library for the months of May and June due to staffing shortage. The Library will be open Monday – Saturday from 10am to 6pm and closed on Sundays. 3. Other There may be other topics the Town Manager needs to share with the Town Council. 87 AGENDA ITEM NO. 5.3 Item Cover Page DATE:April 15, 2025 SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:Town Manager Report AGENDA SECTION:Matters from Mayor, Council, Town Manager and Committee Reports (2:30pm) SUBJECT:Council Matters and Status Report SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Matters 4-15-2025 88 COUNCIL MATTERS Status Report Report for April 15,2025 Comments from the April 1 Town Council meeting during “Matters”: Town Council thanked Vail Police Department for the impressive enforcement of I-70 chain laws and encouraged them to stay safe! Town Council asked for improvements at the crosswalk across the Frontage Road near City Market. Staff has received approval from CDOT for flashing beacons and bids are going out. Town Council again asked about the status of car share programs to ensure a service is in place before the first Timber Ridge residents are moving in. Russ reported that the original car share vendor backed out and the town is talking with the vendor we contract with for shared E-bikes. Town Council acknowledged the parking team for “crazy great attitudes”from the booth attendants! Social Media Listening Volume and Impressions charts spiked dramatically beginning March 26 due to this Tweet from the Tesla owner who contacted the PD regarding people writing messages on their car in dirt. This also led to the lowest sentiment score I've ever seen on our reports at 11%. Report without exclusions around this tweet: https://share.sproutsocial.com/view/5326693e-577f-4746-a669-3e577f4746f8 89 When that Tweet and terms related to it are excluded from the report, it stabilizes to be more on par with our usual numbers. Sentiment score was still slightly lower than where we've been tracking due to conversations around paid summer parking. Report with exclusions around tweet: https://share.sproutsocial.com/view/300771c8- 1dca-4a40-8771-c81dca0a4088 90 In the News______________________________________________________ March 27 Loading & Delivery https://www.summitdaily.com/news/a-major-vendor-used-by-breckenridge-restaurants-now- wants-in-on-the-towns-e-delivery-service-officials-have-split-views/ March 28 Tesla https://kdvr.com/news/local/vail-police-seek-help-after-antisemitic-symbol-and-message-written- in-dirt-on-tesla-cybertruck/ March 30 Vail Valley Housing Authority https://www.vaildaily.com/news/housing-needs-assessment-avon-eagle-county/ March 31 91 Trout Habitat Ford Park https://www.vaildaily.com/news/ford-park-project-vail-resorts-snowmaking-mishap-fish-kill-gore- creek/ Booth Heights Conservation Easement https://www.vaildaily.com/news/vail-eagle-county-preserve-bighorn-sheep-habitat-conservation- easement/ Tesla https://denvergazette.com/outtherecolorado/news/tesla-cybertruck-reportedly-vandalized-with- antisemitic-imagery-in-vail/article_e19ef18d-bfd3-4e67-ad40-99bc669ce3cc.html April 1 Temporary Ice https://www.vaildaily.com/news/whats-the-future-of-displacement-ice-now-that-vails-dobson-ice- arena-is-closed-for-renovation/ April 2 Summer Parking https://www.vaildaily.com/news/vail-charging-for-summer-parking/ https://www.postindependent.com/news/vail-charging-for-summer-parking/ https://www.realvail.com/town-of-vail-to-implement-paid-summer-parking-to-pay-for-structure- repairs/a21909/ Automated Ticketing https://www.vaildaily.com/news/vail-could-soon-start-issuing-automated-tickets-to-frontage- road-speeders/ https://www.postindependent.com/news/vail-could-soon-start-issuing-automated-tickets-to- frontage-road-speeders/ West Lionshead Open Houses https://www.realvail.com/partners-to-share-preliminary-concepts-for-west-lionshead-area-in- vail/a21890/ Arrive Vail Survey https://www.realvail.com/vail-seeks-input-on-future-plan-for-vail-transportation-center/a21888/ April 3 West Lionshead Open Houses https://www.vaildaily.com/news/west-lionshead-concepts-to-be-shared-at-open-houses-april-7- 8/ Single-Use Plastics Workshops https://www.realvail.com/vail-to-host-workshops-on-potential-single-use-plastics- regulations/a21907/ April 4 Chain Law Enforcement https://www.vaildaily.com/news/i70-chain-law-enforcement-record-week/ 92 April 6 New Judge https://www.realvail.com/vail-town-council-appoints-courtney-holm-as-new-vail-municipal- judge/a21938/ April 7 Truck by Train https://www.realvail.com/amid-media-frenzy-i-70-truck-by-train-backer-touts-plan-at-denver-rail- show/a21941/ April 8 Vail Bighorn Preserve https://www.vaildaily.com/news/eagle-county-contributes-5-million-conserve-east-vail-open- space-bighorn-sheep-herd/ April 9 New Chain Law Fines Issued https://www.vaildaily.com/news/vail-issues-new-tickets-4150-in-total-to-truck-driver-who- blocked-i-70-while-not-wearing-chains/ Upcoming Dates April 18 End of Season Community Event! May 3 Clean Up Day! May 9 Hard to Recycle Event June 24 Board & Commissions Appreciation Night at Ford Park Amphitheater Hot Summer Nights September 9 Vail Social! 93