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P L A N N I N G & E N V I RON M E N TA L COM M I S S ION February 22, 2010 1 1
Topics for Today • Fiscal Impact Report • Things We’ve Heard • Schedule 2 2
EVER VAIL SITE PLAN 3 3
Fiscal Impacts of Ever Vail Presentation to the Town of Vail Planning & Environmental Commission February 22, 2010 4
Introduction Steve Thompson, of Thompson and Trautz, LLC Former Finance Director of the Town of Vail 5
Current Site No residential units Approx 29,800 sf office uses Approx 15,500 sf of other commercial uses Assessed value of the current properties is $5.5 million TOV has not released
sales tax data for the existing site 6
Property Taxes Located within the Lionshead TIF District 25 year life cycle, ends in 2030 TIF mill levy of 46.124 7
Incremental Assessed Value Source Actual Value Assessed Value Condominiums $966,600,000 $76,941,360 EHUs $34,560,000 $2,750,976 Hotel $66,000,000 $6,960,000 Office $12,218,182 $3,543,273
Restaurant $17,689,091 $5,129,836 Retail $44,442,424 $12,888,303 Total $1,141,509,697 $108,213,748 Current Assessed Value $5,505,440 Incremental Assessed Value $102,708,308 8
Property Taxes TIF Revenue of $4,737,318 annually When TIF expires, annual revenue of $511,385 9
Sales Tax Generated by lodging, food & beverage sales, and retail sales Sales tax is 4% Short-term lodging is 5.4% 10
Sales Tax Source Annual Sales Tax Condo Lodging $679,157 Hotel Lodging $496,692 Utilities $54,260 Retail and F&B $837,456 Total $2,067,565 11
RETT 1% Real Estate Transfer Tax (RETT) on all real property sales Number of Units First Time Sales ($1,800 per sf) Annual Revenue (5% turnover) 358 dwelling units $9,700,000 $486,000
12
Lift Tax Revenue 4% tax on lift ticket sales Lift tax is intended to support the transit system Estimated annual lift tax revenue = $299,640 13
Other One Time Revenue Construction Use Tax = $16,000,000 Permit and Fees = $5,930,000 14
Total Annual Revenues Source Revenue TIF $4,737,318 Sales Tax -Condo Lodging $679,157 Sales Tax -Hotel Lodging $496,692 Sales Tax -Utilities $54,260 Sales Tax -Retail and F&B $837,456
RETT $486,000 Lift Tax $299,640 Total $7,590,523 Total after TIF (2031) $3,364,590 15
One Time Revenues Source Revenues RETT $9,666,000 Construction Use Tax $16,000,000 Permits and Fees $5,430,000 Traffic Impact Fees $500,000 Total $31,596,000 16
Where is the TOV today? $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Sales Tax RETT Property Tax Permit Fees Use
Tax Source: Town of Vail Finance Dept 17
Redevelopment Benchmarks $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 2005 2006 2007 2008 2009 Arrabelle Sonnenalp One Willow Bridge Manor Vail Mountain Plaza Vail Plaza Hotel
The Willows Crossroads Demo Antlers 18
Redevelopment Years Increase in revenues occurred while projects off-line Crossroads Village Inn Chateau at Vail Swiss Chalet Core site 19
Redevelopment Years Increased revenues despite many projects not yet on-line Solaris (79 units) Four Seasons (171 units) Ritz-Carlton Residences, Vail (116 units) 20
Town Sales Tax Collections $10,000,000 $12,500,000 $15,000,000 $17,500,000 $20,000,000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Adoption of LRMP Run of 5 year
of record breaking sales tax collections Economic downturn Redevelopment Avg: $14M Avg: $17.5M Source: Town of Vail Finance Dept 21
record alley. General News FOR IMMEDIATE RELEASE February 10, 2010 Contact: Kelli McDonald, 479‐2454 Economic Development Manager CRANE REMOVAL MARKS NEW LANDSCAPE FOR VAIL’S REDEVELOPMENT
(Vail)—It’s a biJersweet moment for Vail with this week’s dismantling of a tower crane at the Solaris construcPon site. It’s the last of a string of cranes that have been in use since
2004, a symbol of Vail’s robust redevelopment. During the height of the construcPon acPvity in 2008, as many as eight permanent cranes filled the sky. The result includes new lodging
units, addiPonal ameniPes and increased revenues to the town following major investments by the Tivoli Lodge, Arrabelle at Vail Square, One Willow Bridge Road, Vail Plaza Hotel, Manor
Vail, Mountain Plaza, The Willows, Lion Square North, Landmark and many other developments throughout the town. Kelli McDonald, the town’s economic development manager, says the redevelopment
has given Vail a compePPve edge that will conPnue for the foreseeable future. "It's very compePPve out there ‐every resort is trying to be a year‐round resort, too,” she said. “It was
Pme to develop and grow to keep Vail's leadership posiPon. The town is now in the same league with the mountain in terms of experience for our guests and residents." Redeveloped properPes
have generated an esPmated $19.7 million in net new revenue to the town since the renewal began, including a record $9.1 million in 2008. More than half, $10.9 million, was from real
estate transfer tax. Other sources include Vail Reinvestment Authority, $3.3 million; sales tax $2.7 million; recreaPon ameniPes fees, $1.6 million; property tax, $827,000; and lodging
tax, $427,000. When completed, the Solaris project will include new condominiums, underground parking, ice skaPng rink, movie theater, family arcade and a bowling alley. The targeted
complePon date, including the opening of residenPal units is scheduled to occur in July 2010. Yet to come will be the openings of the Four Seasons Resort and Ritz‐Carlton Residences
with complePon targeted for summer 2010 and fall 2010, respecPvely.Redeveloped properPes have generated an esPmated $19.7 million in net new revenue to the town since the renewal began,
including a record $9.1 million in 2008. More than half, $10.9 million, was from real estate transfer tax. Other sources include Vail Reinvestment Authority, $3.3 million; sales tax
$2.7 million; recreaPon ameniPes fees, $1.6 million; property tax, $827,000; and lodging tax, $427,000. 22
Things we’ve heard • Proximity to ERWSD • Flexibility in parking structure • Connection into Lionshead • Transit Center appearance • Flow of Red Sandstone Creek • Phasing 23 23
S C H E D U L E 24 24
March 8, 2010 • Building Bulk and Mass 25 25
Review of all applications Review of all applications Review of all applications Review of all applications Worksession Second Reading /SIA and DIA Worksession Joint Meeting Review of
all applications Update Update Joint Meeting Worksession Worksession Worksession J a n | F e b | M a r | A p r | M a y | J u n | J u l | A u g WorksessionWorksessionUpdate First Reading
/SIA and DIA Final Review of all applications Town Council Planning & Environmental Commission 26 26
EVER VAIL SITE PLAN 27 27