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HomeMy WebLinkAbout2025-12-2 Agenda and Supporting Documentation Town Council Evening Meeting1.Call to Order (6:00pm) 2.Public Participation (6:00pm) 2.1 Public Participation (10 min.) 3.Any action as a result of Executive Session 4.Consent Agenda (6:10pm) 4.1 November 4, 2025 Meeting Minutes 4.2 November 18, 2025 TC Meeting Minutes 4.3 Contract Award to Axon Enterprises Inc for the Axon AI Era Plan Authorize the Town Manager to enter into an agreement, in a form approved by the Town Attorney, with Axon Enterprises Inc for the Axon AI Era Plan, in an amount not to exceed $334,160.69. Background: The udget.Axon AI Era Plan aims to enhance operational efficiency and reduce administrative burdens across the department. This technology package was developed specifically for law enforcement to streamline processes, support frontline staff, and improve response capabilities. This project was approved in the 2026 b 5.Action Items (6:10pm) 5.1 Ordinance No. 32, Series of 2025, First Reading, An 20 min. VAIL TOWN COUNCIL MEETING Evening Session Agenda Vail Town Council Chambers and virtually by Zoom. Zoom meeting link: https://vail.zoom.us/webinar/register/WN_euxeM5CzT-CEkk91ySSo-A 6:00 PM, December 2, 2025 Notes: Times of items are approximate, subject to change, and cannot be relied upon to determine what time Council will consider an item. Public comment will be taken on each agenda item. Public participation offers an opportunity for attendees to express opinions or ask questions regarding town services, policies or other matters of community concern that are not on the agenda. Please keep comments to three minutes; time limits established are to provide efficiency in the conduct of the meeting and to allow equal opportunity for everyone wishing to speak. 11425 TC Meeting Minutes.pdf 111825 TC Minutes.pdf Axon Memo.pdf 1 Ordinance Making Budget Adjustments to the Town of Vail General Fund, Capital Projects Fund, Real Estate Transfer Tax Fund, Housing Fund, and Heavy Equipment Fund of the 2025 Budget for the Town of Vail; Colorado; and Authorizing the Said Adjustments as Set Forth Herein; and Setting Forth Details in Regard Thereto (6:10pm) Approve, approve with amendments, or deny Ordinance No. 32, Series of 2025 upon first reading. Presenter(s): Jake Shipe, Budget Manager Background: Since the approval of the second supplemental budget of 2025 on June 17, various unanticipated events and decisions have occurred that require adjustments to the 2025 budget. 6.Public Hearings (6:30pm) 6.1 Ordinance No. 28, Series of 2025, First Reading, An Ordinance Approving the Establishment of a New Special Development District No. 44, Lunar Park, and Specifically to Approve the Development of a Multi-Family Development. Located at 442 South Frontage Road East (6:30pm) The applicant is requesting that Ordinance No. 28, Series of 2025, be tabled to January 6, 2026. Presenter(s): Greg Roy, Planning Manager 6.2 Ordinance No. 31, Series of 2025, Second Reading, An Ordinance Rezoning Certain Property in West Lionshead to the Lionshead Mixed Use 2 Zone District (6:40pm) 5 min. Approve, approve with amendments, or deny Ordinance No. 31, Series of 2025 upon second reading. Presenter(s): Heather Knight, Planner II Background: The applicants, Vail Corp, Soho Development and East West Partners, are requesting a recommendation to the Vail Town Council for a zone district boundary amendment, pursuant to Section 12-3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 S Frontage Rd W, Glen Lyon Subdivision from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 S Frontage Rd W from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; and, 953 S Frontage Rd W from the Arterial Business (ABD) Zone District to the LMU-2 Zone District. 2025 Third Supplemental Budget of 2025 - Memo.pdf Ordinance #32, Series of 2025 - Third Supplemental Budget.pdf Third Supplemental Budget of 2025 - Presentation.pdf Ord #31 of 2025 Staff Memo-Second Reading.pdf Attachment A. Ordinance No.31, Series of 2025.pdf Attachment B. West Lionshead Rezone PEC Staff Memo.pdf Attachment C. PEC25-0033 Documents.pdf Attachment D. 10-27-25 PEC Minutes.pdf West Lionshead Rezone Staff Presentation.pdf 2 6.3 Ordinance No. 25, Series of 2025, Second Reading, An Ordinance Providing for the Levy Assessment and Collection of Town Ad Valorem Property Taxes Due for the 2025 Tax Year and Payable in the 2026 Fiscal Year (6:35pm) 5 min. Approve, approve with amendments, or deny Ordinance No. 25, Series of 2025 upon Second reading. Presenter(s): Carlie Smith, Finance Director Background: This ordinance authorizes the collection of property taxes in 2026 based on 2025 assessed valuations of property within the town’s boundaries. 7.Adjournment 6:45pm (estimated) Applicant Presentation - Rezoning Application - Town Council First Reading - West Lionshead.pdf 26 Mill Levy 2nd.docx Mill Levy Ordinance 2026 2nd.doc 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:December 2, 2025 SUBMITTED BY:Stephanie Bibbens, Town Manager ITEM TYPE:Citizen Participation AGENDA SECTION:Public Participation (6:00pm) SUBJECT:Public Participation (10 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 4 AGENDA ITEM NO. 4.1 Item Cover Page DATE:December 2, 2025 SUBMITTED BY:Stephanie Bibbens, Town Manager ITEM TYPE:Consent Agenda AGENDA SECTION:Consent Agenda (6:10pm) SUBJECT:November 4, 2025 Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 11425 TC Meeting Minutes.pdf 5 Town Council Meeting Minutes of November 4, 2025. Page 1 Vail Town Council Meeting Minutes Tuesday, November 4, 2025 3:00 P.M. Vail Town Council Chambers The meeting of the Vail Town Council was called to order at approximately 3:00 P.M. by Mayor Coggin. Members present: Travis Coggin, Mayor Barry Davis, Mayor Pro Tem Pete Seibert Jonathan Staufer Dave Chapin Reid Phillips Samantha Biszantz Staff members present: Russell Forrest, Town Manager Kathleen Halloran, Deputy Town Manager Stephanie Kauffman (Bibbens), Town Clerk Matt Mire, Town Attorney 1. Call to Order 2. Interviews for Boards and Commissions Interviews for the Planning and Environmental Commission began at time stamp 0:00:15 on the High Five video. 2.1 Interviews for the Planning and Environmental Commission Presenter(s): Stephanie Kauffman, Town Clerk Interview candidates that are interested in serving on the PEC. Background: One partial vacancy exists on the Planning and Environmental Commission and four applicants have submitted applications. The term of the new appointments will begin on November 10, 2025 and expires on March 31, 2027 (partial term). Duties and functions of the PEC include review and determination of requests for variances and conditional use permits, and recommendations to Town Council on special development districts, subdivisions, re- zonings, various Town of Vail proposed plans and other community matters per the Town Charter and ordinances. 3. Presentation/Discussion The presentation for the Energy Performance Contract Budget Discussion began at time stamp 0:10:36 on the High Five video. 6 Town Council Meeting Minutes of November 4, 2025. Page 2 3.1 Energy Performance Contract Budget Discussion Presenter(s): Kristen Bertuglia, Director of Environmental Sustainability, Cameron Millard, Clean Energy Specialist, Stephan Rank, Senior Project Engineer with McKinstry Listen to presentation and provide feedback. Background: Updated project information to share with Town Council regarding the Energy Performance Contract. Council agreed to continue to move forward with the Energy Performance Contract. 4. DRB/PEC Update DRB/PEC update began at time stamp 0:44:50 on the High Five video. 5. Information Update Information update began at time stamp 0:45:43 on the High Five video. 5.1 October 2025 Revenue Update 5.2 3rd Quarter Investment Report 6. Matters from Mayor, Council, Town Manager and Committee Reports Matters began at time stamp 0:46:42 on the High Five video. 6.1 Mayor, Council Members, and Committee Reports 6.2 Town Manager Report 6.3 Council Matters and Status Update 7. Executive Session Executive Session began at time stamp 0:57:03 on the High Five video. Executive Session pursuant to: 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 on the topic of an Operating Agreement between the Town of Vail and Vail Park and Recreation District for Dobson Arena; and C.R.S. § 24-6-402(4)(b) to hold a conference with the Town Attorney, to receive legal advice on specific legal questions regarding:1. Short Term Rental Fire Inspection/Renewal Issues; and 7 Town Council Meeting Minutes of November 4, 2025. Page 3 2. Ordinance No. 13, Series of 2025, An Emergency Ordinance Temporarily Suspending the Acceptance and Processing of Applications, the Scheduling of Public Hearings and the Issuance of Building Permits Related to the Conversion of Eating and Drinking Establishments to Any Other Permitted or Conditional Use in the SBR, SBR-2, CC-1, CC-2, LMU-1, LMU-2, and PA Zone Districts. 8. Any action as a result of Executive Session 9. Consent Agenda Consent Agenda began at time stamp 0:58:18 on the High Five video. 9.1 October 7, 2025 TC Meeting Minutes 9.2 October 21, 2025 TC Meeting Minutes 9.3 Resolution No. 53, Series of 2025, A Resolution of the Vail Town Council Granting Certain Easements to the Eagle River Water and Sanitation District (the "ERWSD") Approve, approve with amendments, or deny Resolution 53, Series of 2025. Background: The Eagle River Water and Sanitation District (ERWSD) is completing infrastructure upgrades that require use of Town property. In order to complete these projects ERWSD needs to obtain three easements from the Town of Vail. 9.4 Resolution No. 54, Series of 2025, A Resolution of the Vail Town Council Approving a Lease Agreement with Long Pourr for a Limited Food Establishment in the Vail Transportation Center Approve, approve with amendments, or deny Resolution No. 54, Series of 2025. Background: The Town wishes to grant a lease agreement with Long Pourr for the operation of a limited food establishment in the Vail Transportation Center. Staufer made a motion to approve Consent Agenda as presented; Seibert seconded motion passed (7-0). 10. Appointments for Boards and Commissions Appointments for Boards and Commissions began at time stamp 0:58:36 on the High Five video. 10.1 Planning and Environmental Commission Davis made a motion to appoint Margaret Hanlon Brown to service on the Planning and Environmental Commission for a partial term, ending March 31, 2027; Staufer seconded motion passes (7-0). 8 Town Council Meeting Minutes of November 4, 2025. Page 4 11. Action Items Discussion for Contract Award to Zip Car for the Vail Car Share Program began at time stamp 0:59:25 on the High Five Media video. 11.1 Contract Award to Zip Car for Vail Car Share Program Presenter(s): Beth Markham, Environmental Sustainability Manager Authorize the Town Manager to enter into an agreement, in a form approved by the Town Attorney, with Zip Car for the Vail Car Share program to begin in 2026, in an amount not to exceed $147,000. Background: The purpose of this item is to request the Vail Town Council to authorize a contract beginning in 2026 for the Vail Car Share program with Zip Car. Staufer made a motion to approve; Chapin seconded motion passed (7-0). Discussion for the Permission to Proceed with Loading and Delivery Changes for Grand Hyatt began at timestamp 1:04:57on the High Five Media video. 11.2 Permission to Proceed with Loading and Delivery Changes for Grand Hyatt Presenter(s): Greg Roy, Planning Manager Approve, approve with amendments, or deny permission to proceed. Background: The owner of the 1300 Westhaven Dr, Vail Hotel Partners, LLC Hotelave, represented by Ruther Associates, LLC located at 1300 Westhaven Drive, is requesting permission to construct a loading and delivery berth in the Town of Vail right-of-way. Chapin made a motion to approve; Phillips seconded motion passed (7-0). Discussion for Ordinance No. 24, Series of 2025 began at timestamp 1:08:14 on the High Five Media video. 11.3 Ordinance No. 24, Series of 2025, First Reading, Annual Appropriation Ordinance Adopting a Budget and Financial Plan and Making Appropriations to Pay the Costs, Expenses, and Liabilities of the Town of Vail, Colorado, for its Fiscal Year January 1, 2026 through December 31, 2026 Presenter(s): Jake Shipe, Budget Manager Approve, approve with amendments, or deny Ordinance No. 24, Series of 2025. Background: On October 21st, staff presented a draft of the Town Manager’s budget for Council’s Review. Staff has made adjustments and provided additional information in response 9 Town Council Meeting Minutes of November 4, 2025. Page 5 to Council's comments and questions and is seeking approval of the Budget Ordinance on first reading. Information provided in the attached memo includes the proposed revenue and expenditures for all town funds, a summary of changes in personnel, funding recommendations for Council contributions, and a five-year capital plan. Davis made a motion to approve; Chapin seconded motion passed (7-0). Discussion for Ordinance No. 26, Series of 2025 began at timestamp 1:29:11 on the High Five Media video. 11.4 Ordinance No. 26, Series of 2025, First Reading, An Ordinance Amending Section 7- 8-4 of the Vail Town Code Regarding Designated Areas for the Operation of Golf Cars and Low Speed Electric Vehicles Presenter(s): Chief Ryan Kenney, Vail Police Department Approve, approve with amendments, or deny Ordinance No. 26, Series of 2025 upon first reading. Background: The proposed ordinance clarifies the definitions of “Golf Car” and “Low-Speed Electric Vehicle” and establishes designated areas where these vehicles may be operated within the Town of Vail. Chapin made a motion to approve; Phillips seconded motion passed (7-0). 12. Public Hearings Discussion for Ordinance No. 21, Series of 2025 began at time stamp 1:35:07 on the High Five video. 12.1 Ordinance No. 21, Series of 2025, Second Reading, An Ordinance Amending Chapter 13 of Title 7 of the Vail Town Code Regarding Designated Loading and Delivery Areas Presenter(s): Chief Ryan Kenney, Vail Police Department Approve, approve with amendments, or deny Ordinance No. 21, Series of 2025 upon second reading. Background: Recent loading and delivery violations have been occurring with greater frequency in the outlying areas of the Village Core. As enforcement strengthens within the Village, delivery companies are getting creative with locations they can deliver from. Public comment was called. There was none. Chapin made a motion to approve; Staufer seconded motion passed (7-0). 10 Town Council Meeting Minutes of November 4, 2025. Page 6 Discussion for Ordinance No. 22, Series of 2025 began at time stamp 1:36:45 on the High Five video. 12.2 Ordinance No. 22, Series of 2025, Second Reading, An Ordinance to Amending Chapter 3 of Title 6 of the Vail Town Code, Regarding Unlawfully Disobeying Peace Officers Presenter(s): Chief Ryan Kenney, Vail Police Department Approve, approve with amendments, or deny Ordinance No. 22, Series of 2025 upon second reading. Background: The Vail Police Department is requesting Town Council approve an amendment to Vail Town Code 6-3A-5, which is based on recent case law that applies to the lawful requests of a person to identify themselves to peace officers. Public comment was called at time stamp 1:37:33 on the High Five video. Public comment ended at time stamp 1:38:29 on the High Five video. Phillips made a m0tion to approve; Staufer seconded motion passed (7-0). Discussion for Ordinance No. 23, Series of 2025 began at time stamp 1:38:56 on the High Five video. 12.3 Ordinance No. 23, Series of 2025, Second Reading, An Ordinance Authorizing the Sale of Certain Real Property Known as Pitkin Creek Park Condominium Unit 3B at a Proposed Sales Price of $500,000.00 Presenter(s): Jason Dietz, Housing Director Approve, approve with amendments, or deny Ordinance No. 23, Series of 2025 upon second reading. Background: The purpose of this memorandum is to provide a summary of the background seeking the approval of the proposed Ordinance No. 23, Series of 2025 which authorizes the sale of certain real property owned by the Town of Vail. Public comment was called. There was none. Staufer made a motion to approve; Davis seconded motion passed (7-0). Discussion for Ordinance No. 29, Series of 2025 began at time stamp 1:40:24 on the High Five video. 13.4 Ordinance No. 29, Series of 2025, Second Reading, An Ordinance Rezoning 16 Vail Road, Vail Village Filing 1, Lots M & O, also known as Vail Village Inn Phase IV, from the Public Accommodation (PA) Zone District to the Vail Village Inn (VV) Zone District 11 Town Council Meeting Minutes of November 4, 2025. Page 7 Presenter(s): Heather Knight, Planner II Approve, approve with amendments, or deny Ordinance No. 29, Series of 2025 upon second reading. Background: The applicant, Ferruco Vail Ventures LLC, is proposing a Zone District Boundary amendment pursuant to 12-3-7 Amendment, Vail Town Code to rezone 16 Vail Road, Vail Village Filing 1, Lots M & O, also known as Vail Village Inn Phase IV, from the Public Accommodation (PA) Zone District to the Vaill Village Inn (VVI) Zone District. Public comment was called. There was none. Staufer made a motion to approve; Seibert seconded motion passed (7-0). 13. Public Participation Public participation began at time stamp 1:45:36 of the High Five video. Tim McMahon, Town of Avon resident, apologized to anyone whom he may have offended during the campaign season. 14. Action Items Discussion for Ordinance No. 27, Series of 2027 began at time stamp 1:48:00 on the High Five video. 14.5 Ordinance No. 27, Series of 2025, First Reading, An Ordinance Amending Chapter 7 of Title 12 of the Vail Town Code Regarding the Conversion of Eating and Drinking Establishments Presenter(s): Matt Gennett, Director of Community Development Approve, approve with amendments, or deny Ordinance No. 27, Series of 2025 upon first reading. Background: The applicant, the Town of Vail, is requesting the Town Council approve Ordinance No. 27, Series of 2025, An Ordinance Amending Chapter 7 of Title 12 of the Vail Town Code Regarding the Conversion of Eating and Drinking Establishments, on First reading. Chapin made a motion to approve; Phillips seconded motion passed (5-2 Davis and Biszantz opposed). Discussion for Ordinance No. 30, Series of 2025 at time stamp 1:59:48 on the High Five video. 14.6 Ordinance No. 30, Series of 2025, First Reading, An Ordinance Repealing Ordinance No. 13, Series of 2025, to Lift the Temporary Suspension on the Acceptance and Processing of Applications, the Scheduling of Public Hearings and the Issuance of Building Permits related to the Conversion of Eating and Drinking Establishments to any 12 Town Council Meeting Minutes of November 4, 2025. Page 8 other Permitted or Conditional Use in the SBR, SBR-2, CC-1, LMU-1, LMU-2 and PA Zone Districts Presenter(s): Matt Gennet, Community Development Director Approve, approve with amendments, or deny Ordinance No. 30, Series of 2025 upon first reading. Background: On June 3, 2025, the Town Council adopted Ordinance No. 13, Series 2025, which imposed a temporary suspension on the acceptance and processing of applications and the scheduling of public hearings related to the conversion of eating and drinking establishments to any other permitted or conditional use in the zone districts cited herein to allow the Town Council to consider amendments to the Vail Town Code in furtherance of the Master Plans and related goals of supporting nightlife and maintaining vibrancy in the Town. Staufer made a motion to approve; Davis seconded motion passed (7-0). 15. Public Hearings Discussion for Ordinance No.52. Series of 2025 began at 2:02:16 on the High Five video. 15.5 Resolution No. 52, Series of 2025 Vail Village Master Plan Amendment Presenter(s): Greg Roy, Planning Manager Approve, approve with amendments, or deny Resolution No. 52, Series of 2025. Background: The applicant, Lunar Vail Land Investments, LLC represented by Ruther Associates LLC, is requesting a recommendation to the Vail Town Council, pursuant to Section 3-2-6A, Function, Vail Town Code, to amend Conceptual Building Height Plan of the Vail Village Master Plan. The Planning and Environmental Commission, with a unanimous vote of 5-0 (Tucker and Lintner absent) forwarded a recommendation of denial to the Vail Town Council, to amend Conceptual Building Height Plan of the Vail Village Master Plan. Public comment was called at time stamp 2:27:06 on the High Five video. Public comment ended at time stamp 2:40:22 on the High Five video. Phillips made a motion to deny Resolution No. 52, Series of 2025 based on the recommendation of the Planning and Environmental Commission: 1. That the master plan amendment is not consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail comprehensive plan and is compatible with the development objectives of the town; and 2. That the master plan amendment does not further the general and specific 13 Town Council Meeting Minutes of November 4, 2025. Page 9 purposes of the zoning regulations; and 3. That the master plan amendment does not promote the health, safety, morals, and general welfare of the town and promotes the coordinated and harmonious development of the town in a manner that conserves and enhances its natural environment and its established character as a resort and residential community of the highest quality." ; Staufer seconded motion for denial passed (6-1 Coggin in favor). Discussion for Ordinance No. 28, Series of 2025 began at time stamp 2:58:31 on the High Five video. 15.6 Ordinance No. 28, Series of 2025, First Reading, An Ordinance Approving the Establishment of a New Special Development District No. 44, Lunar Park, and Specifically to Approve the Development of a Multi-Family Development. Located at 442 South Frontage Road East Presenter(s): Greg Roy, Planning Manager Approve, approve with amendments, or deny Ordinance No. 28, Series of 2025 upon first reading. Background: The applicant, Lunar Vail Land Investments, LLC, represented by Ruther Associates is requesting approval for the establishment of a new Special Development District, pursuant to Section 12-9(A), Special Development Districts, Vail Town Code, to allow for the development of a multi-family project, located at 442 South Frontage Road East/ Vail Village Filing 5, Tract D. Public comment was called at time stamp 4:17:54 of the High Five video. Public comment ended at time stamp 4:42:03 on the High Five video. Phillips made a motion to table Ordinance No. 28, Series of 2025 and to continue the public hearing until Tuesday, December 2, 2025; Davis seconded motion passed (7-0). There being no further business to come before the council, Davis made a motion to adjourn the meeting; Staufer seconded; meeting adjourned at 9:01pm. Respectfully Submitted, Attest: __________________________________ , Mayor ______________________________ Stephanie Kauffman, Town Clerk 14 AGENDA ITEM NO. 4.2 Item Cover Page DATE:December 2, 2025 SUBMITTED BY:Stephanie Bibbens, Town Manager ITEM TYPE:Consent Agenda AGENDA SECTION:Consent Agenda (6:10pm) SUBJECT:November 18, 2025 TC Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 111825 TC Minutes.pdf 15 Town Council Meeting Minutes of November 18, 2025. Page 1 Vail Town Council Meeting Minutes Tuesday, November 18, 2025 6:00 P.M. Vail Town Council Chambers The meeting of the Vail Town Council was called to order at approximately 6:00 P.M. by Mayor Coggin. Members present: Travis Coggin, Mayor Barry Davis, Mayor Pro Tem Pete Seibert Jonathan Staufer Dave Chapin Reid Phillips Samantha Biszantz Staff members present: Russell Forrest, Town Manager Kathleen Halloran, Deputy Town Manager Stephanie Kauffman (Bibbens), Town Clerk Matt Mire, Town Attorney 1. Call to Order 2. Proclamation The reading of Proclamation No. 9, Series of 2025 began at time stamp 0:00:15 of the High Five Media video. 2.1 Proclamation No. 9, 2025 Colorado Gives Day Presenter(s): John Weiss, Small Champions Executive Director Read proclamation into the record. 3. Public Participation Public Participation began at time stamp 0:04:20 on the High Five Media video. Bob Armour, a Vail resident, congratulated Sam Biszantz and Barry Davis on their reelection and thanked Pete Seibert and Travis Coggin for their service. Emily Coggin, a Vail resident, expressed pride in her husband, Mayor Travis Coggin, for his commitment and years of service. 16 Town Council Meeting Minutes of November 18, 2025. Page 2 Dan Godec, a Vail resident and Jason Dietz, Housing Director for the Town of Vail, thanked Pete Seibert and Travis Coggin for their service on behalf of the Vail Local Housing Authority and the Town of Vail Housing Department, respectively. Bill Hanlon, a Vail resident, thanked Pete Seibert and Travis Coggin for their service and addressed concerns he had with traffic speeds in town. Tim McMahon, a Town of Avon resident, asked about the emergency action plan for when Vail Pass closes, mentioned beaver activity happening near the Covered Bridge, and thanked Travis Coggin and Pete Seibert for their service and congratulated Sam Biszantz and Barry Davis on their reelection. Kaitlyn Merriman, a Vail resident, expressed concerns with the decision to cut funding for Walking Mountains programming at the Vail Nature Center. Sasha Hickox, a Vail resident, announced the formation of an alliance of Short-Term Rental businesses and asked for a fiscal impact statement on businesses since the end of the pandemic. Michael Bolland, a Vail resident, asked about pedestrian improvements to the underpass at the Main Vail Roundabout. 4. Any action as a result of Executive Session There was none. 5. Consent Agenda Consent agenda began at timestamp 0:18:37 on the Hight Five Media video. 5.1 Resolution No. 55, Series of 2025, a Resolution Approving a Second Amendment to Second Amended and Restated Development Agreement Approve, approve with amendments, or deny Resolution No. 55, Series of 2025. Background: The purpose of this resolution is to amend the development agreement with Triumph Timber Ridge LLC to reflect that the Towns’ $3,000,000 contribution buying down Timber Ridge Village units shall be deducted from the Towns' $25,449,948 purchase obligation.5.2 Resolution No. 47, Series of 2025, A Resolution Supporting Eagle River Water & Sanitation District Ballot Issue 6A- Funding Regional Wastewater Facility Upgrades through a General Obligation Bond 5.2 Contract Award to McKinstry Essention, LLC for the Energy Performance Project Authorize the Town Manager to enter into a contract, in a form approved by the Town Attorney, with McKinstry Essention, LLC for energy performance project, in an amount not to exceed $9,147,164. 17 Town Council Meeting Minutes of November 18, 2025. Page 3 Background: The Energy Performance Contract (EPC) is a program of the Colorado Energy Office which allows municipalities to utilize savings from energy efficiency measures to fund the capital requirements for facility improvements. The project includes building envelope upgrades, lighting, HVAC equipment, renewable energy and battery storage, electric vehicle charging and a geothermal system. Staufer made a motion to approve consent agenda as read; Phillips seconded motion passed (7-0). 6. Action Items Discussion for Ordinance No. 25, Series of 2025 began at timestamp 0:19:02 on the High Five Media video. 6.1 Ordinance No. 25, Series of 2025, First Reading, An Ordinance Providing for the Levy Assessment and Collection of Town Ad Valorem Property Taxes Due for the 2025 Tax Year and Payable in the 2026 Fiscal Year Presenter(s): Carlie Smith, Finance Director and Jake Shipe, Budget Analyst Approve, approve with amendments, or deny Ordinance No. 25, Series of 2025 upon first reading. Background: This ordinance authorizes the collection of property taxes in 2026 based on 2025 assessed valuations of property within the town’s boundaries. Chapin made a motion to approve; Staufer seconded motion passed (7-0). 7. Public Hearings Discussion for Ordinance No. 31, Series of 2025 began at time stamp 0:20:21 on the High Five video. 7.1 Ordinance No. 31, Series of 2025, First Reading, An Ordinance Rezoning Certain Property in West Lionshead to the Lionshead Mixed Use 2 Zone District Presenter(s): Heather Knight, Planner II Approve, approve with amendments, or deny Ordinance No. 31, Series of 2025 upon first reading. Background: The applicants, Vail Corp, Soho Development and East West Partners, are requesting a recommendation to the Vail Town Council for a zone district boundary amendment, pursuant to Section 12-3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 S Frontage Rd W, Glen Lyon Subdivision from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 S Frontage Rd W from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; and, 953 S Frontage Rd W from the Arterial Business (ABD) Zone District to the LMU-2 Zone District. 18 Town Council Meeting Minutes of November 18, 2025. Page 4 Public comment was called. There was none. Staufer made a motion to approve; Seibert seconded motion passed (7-0). Discussion for Ordinance No. 24, Series of 2025 began at time stamp 0:26:39 on the High Five video. 7.2 Ordinance No. 24, Series of 2025, Second Reading, Annual Appropriation Ordinance Adopting a Budget and Financial Plan and Making Appropriations to Pay the Costs, Expenses, and Liabilities of the Town of Vail, Colorado, for its Fiscal Year January 1, 2026 through December 31, 2026 Presenter(s): Jake Shipe, Budget Manager Approve, approve with amendments, or deny Ordinance No. 24, Series of 2025 upon second reading. Background: On November 4th, Council passed Ordinance No. 24 upon first reading. Staff has made adjustments and provided additional information in response to Council's comments and questions and is seeking final approval of the Budget Ordinance on second reading. Information provided in the attached memo includes the proposed revenue and expenditures for all town funds, a summary of changes in personnel, funding recommendations for Council contributions, and a five-year capital plan. Public comment was called. There was none. Chapin made a motion to approve; Phillips seconded motion passed (7-0). Discussion for Ordinance No. 26, Series of 2025 began at time stamp 0:44:46 on the High Five video. 7.3 Ordinance No. 26, Series of 2025, Second Reading, An Ordinance Amending Section 7-8-4 of the Vail Town Code Regarding Designated Areas for the Operation of Golf Cars and Low Speed Electric Vehicles Presenter(s): Chief Ryan Kenney, Vail Police Department Approve, approve with amendments, or deny Ordinance No. 26, Series of 2025 upon second reading. Background: The proposed ordinance clarifies the definitions of “Golf Car” and “Low-Speed Electric Vehicle” and establishes designated areas where these vehicles may be operated within the Town of Vail. Public comment was called at time stamp 0:46:13 on the High Five video. Public comment ended at time stamp 0:49:32 on the High Five video. 19 Town Council Meeting Minutes of November 18, 2025. Page 5 Staufer made a motion to approve; Seibert seconded motion passed (7-0). Discussion for Ordinance No. 27, Series of 2025 began at time stamp 0:50:00 on the High Five video. 7.4 Ordinance No. 27, Series of 2025, Second Reading, An Ordinance Amending Chapter 7 of Title 12 of the Vail Town Code Regarding the Conversion of Eating and Drinking Establishments Presenter(s): Matt Gennett, Director of Community Development Approve, approve with amendments, or deny Ordinance No. 27, Series of 2025 upon second reading. Background: The applicant, the Town of Vail, is requesting the Town Council approve Ordinance No. 27, Series of 2025, An Ordinance Amending Chapter 7 of Title 12 of the Vail Town Code Regarding the Conversion of Eating and Drinking Establishments, on First reading. Public comment was called. There was none. Staufer made a motion to approve; Seibert seconded motion passed (5-2 Davis and Biszantz opposed). Discussion for Ordinance 29, Series of 2025 began at time stamp 0:51:03 on the High Five video. 7.5 Ordinance No. 29, Series of 2025, Second Reading, An Ordinance Rezoning 16 Vail Road, Vail Village Filing 1, Lots M & O, also known as Vail Village Inn Phase IV, from the Public Accommodation (PA) Zone District to the Vail Village Inn (VV) Zone District Presenter(s): Heather Knight, Planner II Approve, approve with amendments, or deny Ordinance No. 29, Series of 2025 upon second reading. Background: The applicant, Ferruco Vail Ventures LLC, is proposing a Zone District Boundary amendment pursuant to 12-3-7 Amendment, Vail Town Code to rezone 16 Vail Road, Vail Village Filing 1, Lots M & O, also known as Vail Village Inn Phase IV, from the Public Accommodation (PA) Zone District to the Vaill Village Inn (VVI) Zone District. Public comment was called. There was none. Staufer made a motion to approve; Davis seconded motion passed (7-0). Discussion for Ordinance No. 30, Series of 2025 began at time stamp 0:52:13 on the High Five video. 20 Town Council Meeting Minutes of November 18, 2025. Page 6 7.6 Ordinance No. 30, Series of 2025, Second Reading, An Ordinance Repealing Ordinance No. 13, Series of 2025, to Lift the Temporary Suspension on the Acceptance and Processing of Applications, the Scheduling of Public Hearings and the Issuance of Building Permits related to the Conversion of Eating and Drinking Establishments to any other Permitted or Conditional Use in the SBR, SBR-2, CC-1, LMU-1, LMU-2 and PA Zone Districts Presenter(s): Matt Gennett, Community Development Director Approve, approve with amendments, or deny Ordinance No. 30, Series of 2025 upon second reading. Background: On June 3, 2025, the Town Council adopted Ordinance No. 13, Series 2025, which imposed a temporary suspension on the acceptance and processing of applications and the scheduling of public hearings related to the conversion of eating and drinking establishments to any other permitted or conditional use in the zone districts cited herein to allow the Town Council to consider amendments to the Vail Town Code in furtherance of the Master Plans and related goals of supporting nightlife and maintaining vibrancy in the Town. Public comment was called. There was none. Chapin made a motion to approve; Davis seconded motion passed (7-0). There being no further business to come before the council, Staufer made a motion to adjourn the meeting; Seibert seconded; meeting adjourned at 6:55pm. Respectfully Submitted, Attest: __________________________________ , Mayor ______________________________ Stephanie Kauffman, Town Clerk 21 AGENDA ITEM NO. 4.3 Item Cover Page DATE:December 2, 2025 SUBMITTED BY:Stephanie Bibbens, Town Manager ITEM TYPE:Consent Agenda AGENDA SECTION:Consent Agenda (6:10pm) SUBJECT:Contract Award to Axon Enterprises Inc for the Axon AI Era Plan SUGGESTED ACTION:Authorize the Town Manager to enter into an agreement, in a form approved by the Town Attorney, with Axon Enterprises Inc for the Axon AI Era Plan, in an amount not to exceed $334,160.69. VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Axon Memo.pdf 22 23 24 AGENDA ITEM NO. 5.1 Item Cover Page DATE:December 2, 2025 TIME:20 min. SUBMITTED BY:Jake Shipe, Finance ITEM TYPE:Action Items AGENDA SECTION:Action Items (6:10pm) SUBJECT:Ordinance No. 32, Series of 2025, First Reading, An Ordinance Making Budget Adjustments to the Town of Vail General Fund, Capital Projects Fund, Real Estate Transfer Tax Fund, Housing Fund, and Heavy Equipment Fund of the 2025 Budget for the Town of Vail; Colorado; and Authorizing the Said Adjustments as Set Forth Herein; and Setting Forth Details in Regard Thereto (6:10pm) SUGGESTED ACTION:Approve, approve with amendments, or deny Ordinance No. 32, Series of 2025 upon first reading. PRESENTER(S):Jake Shipe, Budget Manager VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 2025 Third Supplemental Budget of 2025 - Memo.pdf Ordinance #32, Series of 2025 - Third Supplemental Budget.pdf Third Supplemental Budget of 2025 - Presentation.pdf 25 TO: Vail Town Council FROM: Finance Department DATE: December 2, 2025 SUBJECT: Third Supplemental Appropriation of 2025; 1st Reading of Ordinance 32, Series of 2025 I. SUMMARY Since the approval of the second supplemental budget of 2025 on June 17, various unanticipated events and decisions have occurred that require adjustments to the 2025 budget. During Tuesday evening’s session, the Town Council will be asked to approve the first reading of Ordinance No. 32 making supplemental appropriations and adjustments to the 2025 budget. II. DISCUSSION Across all funds, this supplemental includes a net increase in expenditures totaling $6,371,816 to the 2025 budget. The majority of this amount, or $4,541,280, is attributed to expenditure increases previously approved by Council earlier in the year that now need to be caught up and reflected in the budget. An additional $830,471 represents increases which are directly offset by additional revenue sources, such as grants and donations. The remaining increase of $1,000,065 relates to costs proposed to increase due to unforeseen changes throughout the year as well as final true-ups of the capital projects. This supplemental budget also reflects the re-allocation of $943,651 of expenditures towards different uses than originally intended, which have a net-zero impact to the budget. General Fund Updated Revenue Projections In total, General Fund revenues are proposed to increase by $2,044,338. This includes $2,026,898 of adjustments to revenue projections based on year-to-date collections offset by a decrease in revenues projections of $890,000; a net $680,863 in revenues reimbursements and grants that are directly offsetting an increase in expenditures; and lastly $260,077 in interfund revenue adjustments which have no net-zero impact to the Town-wide revenue budget. During the 2025 budget process, revenue projections were developed conservatively, in-line with the Town’s budgeting philosophy. However, year-to-date collections have outperformed initial 26 - 2 - expectations. As a result, revenue forecasts have been adjusted upwards by $2,026,898 and allocated as follows:  Special Events Sales Tax: Budgeted revenue has been increased by $50,000. Total annual collections are forecasted to end the year at $200,000.  Design Review Board Fees: Budgeted revenue has been increased by $120,000 to an annual total of $235,000. The increase is largely due to the impact of the fee increases implemented in mid-2024. The number of DRB applications year-to-date are pacing similarly to 2024.  License & Permit Revenue: Budgeted revenue has been increased by a total of $115,060 including the following: o $54,000 for loading and delivery permits with annual collections estimated at $594,000 o $37,060 for short-term rental licenses with annual collections estimated at $453,060 o $24,000 for transportation permits with annual collections estimated at $39,000  Fines & Forfeitures: Fine and penalty collections have been increased by $118,000 for Chain Law enforcement ($100,000) and higher-than anticipated fines on short-term rental properties ($18,000). Total annual collections for fines and forfeitures are budgeted at $337,116.  5% RETT Collection Fees: An increase of $60,000, bringing the budgeted annual total to $445,000, with funds remitted to the General Fund. This corresponds with an increase in RETT forecasted RETT collections. RETT collections are estimated to end the year at $8,900,000, an increase of $1,200,000.  Insurance Reimbursements: $32,900 in reimbursements from insurance claims has been included  Interest Earnings: An increase of $1,590,938, bringing the annual total to $2,226,834. Year-to-date earnings through September total $1,926,835. Total interest earning across all funds has been increased by a total of $2,620,938 bring annual Town-wide estimated interest earnings to $4,972,826 for 2025. The revenue increases above will be offset by a decrease in daily summer parking collections by $890,000. Total summer parking revenues during 2025 (including pass sales) totaled $1,612,542 compared to an original budget of $2,503,359. In 2025, the Town implemented a daily summer paid parking program to help cover capital maintenance costs of the ageing infrastructure Comparatively, in 2024, only overnight stays and event parking were charged fees. Staff originally estimated summer parking collections at $2.5M based off of transaction data in the prior year, but believes actual revenues were lower than projected due to a combination of factors, including the total number of transactions, average duration of stays, and the volume of employee parking passes sold and used. Additionally, the Town expects to receive $680,863 in revenues that will be directly offset by increased expenditures. The increases include:  $530,363 for wildland fire deployments including the Palisades, Derby, Elk, Cutaway, Turner Gulch, and Rim Road fires. This will be offset by $399,788 of personnel costs, and $130,575 of travel, vehicle and equipment use, and miscellaneous costs related to the deployments.  Collections of a DUI enforcement grant award of $85,000 which go towards DIU enforcement efforts throughout the county  $54,000 in reimbursements for police contract overtime related to special events. The majority of this amount is related to the John Summit and Oktoberfest events.  A utilization of $10,500 of Friends of the Library donations towards a updating the new maker space including a new 3D printer, shelving, and workspaces 27 - 3 -  A scholarship of $1,000 from the American Public Works Association for an employee to attend an Asset Management class. Revenue increases will be reduced by $80,000 for a State Planning and Capacity grant originally budgeted in the General Fund. However those funds will be reallocated to the Capital Projects Fund to fund to be used towards the Community Development’s new permitting software. General Fund Expenditures will reflect a corresponding decreased for this change. This are no net impact on the total budget. The total cost of the permitting software is $140,160 and is funded as follows: o $100,000 from the DOLA Housing Capacity grant ($80,000) and Town 20% match ($20,000). o $40,160 of savings in the Civic Area Master Plan. Lastly, the General Fund reflects revenue adjustment of $260,077 related to the 5% administrative fee from the Housing Fund paid to the General Fund. This administrative fee reimburses the General Fund for administrative costs associated with collection of the Housing Sales Tax and the cost of administering the town’s housing programs including legal fees, human resources, software costs, finance and accounting, and well as audit fees. This was approved and supported by Council during the 2026 budget process. General Fund expenditures are proposed to increase by $1,474,203. Of this amount, $680,683 is reimbursed by the revenue reimbursement items listed above. The remaining $793,520 includes the following:  A $456,000 contribution to the Vail Mountaineer Hockey Club for the Rodeo Rink. Of this amount $300,000 will be paid back over five years (2026-2030) at $60,000 per year. This contribution was approved by Council in September.  $400,000 increase in legal and litigation fees. During 2025, the Town has incurred a higher-than-typical number of hours for legal services related to issues and lawsuits. This includes legal services related to the Loading & Delivery program, permitting disputes, election-related items, and deed restriction/EHU initiatives. The total proposed amended budget for legal services and litigation is $930,000.  $65,000 for increased water and sewer costs at Town-wide facilities. Over the past few years, water rates have risen significantly. The rates have risen particularly sharply for users in the higher usage tiers. Due to the nature of the high-usage at many larger Town-owned facilities, many of the Town’s meters fall into the highest tier, making the increase in water rates higher than the average increase implemented by the Eagle River Water and Sanitation district and difficult to estimate. The proposed amended budget for water and sewer fees at all General Fund facilities is $213,000. (An additional increase of $80,000 is included in the RETT fund for water and sewer fees at Town-owned parks and recreational facilities.)  $20,000 for the contribution to the Eagle Valley Community Foundation’s Community Market emergency food fund related to SNAP interruption. This represents up-to 4- weeks of support at $5,000 per week if the organization receives matching contributions of an equal amount from the community. This was approved by Council at the November 18th meeting.  $6,000 to catch-up for fire-alarm inspection fees that took place in 2024 but were not billed until 2025 This supplemental also reflects a re-allocation of existing expenditures to other funds or planning projects. These adjustments have a net-zero impact to Town-wide expenditures and include:  A decrease in General Fund expenditures by $140,160 to be reallocated to the Capital Projects fund towards the community development permitting software. This includes $100,000 from the DOLA Capacity Grant ($80,000) and Town match ($20,000), as 28 - 4 - well as $40,160 in savings from the Civic Area Master Plan. This was approved by Council at the July 15th meeting.  A reallocation of $60,000 in General Fund expenditures related to the destination stewardship plan implementation to be transferred to the RETT fund for the installation of water refill stations in Town to encourage a reduction in single-use plastic bottles.  A reallocation of $1,200 in planning project contingency towards the West Lionshead Master Plan ($1,000) and Transit Route and Operations planning ($200). The above adjustments to the General Fund 2025 budget result in a total projected fund balance of $46.0M. Of that amount, $19.4M is available above the minimum and not restricted for specific purposes. Capital Projects Fund Budgeted revenues will be adjusted by a total of $2,443,760. This includes the following:  $1,613,760 related to the Federal FTA 5339(B) grant towards the purchase of two electric buses. This grant was originally awarded in 2024 but was not re-appropriated in the first supplemental budget due to uncertainties around the collectability of this grant due to federal funding freezes. This grant has now been collected.  An increase in interest earnings of $750,000, bringing the annual total to $1,611,957. Year-to-date earnings through September total $1,448,997.  $80,000 in revenue from the DOLA Capacity Grant for the community development permitting software implementation re-allocated from the General Fund. Capital Projects Fund expenditures are proposed to increase by $3,266,647. This includes the following:  $1,940,000 for rockfall mitigation work near the Timber Ridge and Lionsridge developments. The total budget for this work is $2,040,000. This increase was approved by Council at the October 7th meeting.  $1,125,280 for the implementation of the Payroll and Human Resources Information System. The total budgeted cost is $1,415,280. This increase was approved by Council at the April 15th meeting. The first phase of the system has been rolled out with employee benefit open enrollment. The next phase of the system will roll out with payroll in December and lastly with recruitment and workforce management in the first quarter of 2026.  $61,207 for an increase to the Axon body worn camera contract. The total amount for 2025 is $163,207. In late 2024, the Police Department renewed the initial Axon contract early, which was set to expire in 2025. To ensure continuity of service and to upgrade departmental technology, the Police Department negotiated and executed a new five-year contract with Axon. This agreement included the acquisition of new and enhanced equipment for departmental use. However, due to miscommunications and billing discrepancies between both parties, an outstanding balance of $61,207 has been identified that includes charges associated with the original contract as well as the new and updated agreement.The 2026 budget will also require adjustment in-line with the updated contract. A request for $22,500 will be included in the first supplemental of 2026, for a total 2026 budget of $124,500. This supplemental also reflects a re-allocation of existing projects expenditures within the Capital Projects Fund. These adjustments have a net-zero impact to expenditures and include:  $268,791 has been reallocated from the Electric Bus Station installation project to the Bus Barn Fire Sprinkler upgrade. The total proposed amended budget for the Bus Barn Fire Sprinkler Upgrades is $1,018,791. The contract award for the construction of this project was approved by Council at the October 21st meeting. 29 - 5 -  $140,160 reallocation of expenditures from the General Fund for the community development permitting software.  To align with the final issuance of the Certificates of Participation for the Southface project, $30,416 will be transferred to the Housing Fund to reimburse the Housing Fund for predevelopment and issuance costs paid directly by the Town. All of the above adjustments will result in an estimated available balance of $17.5 million by the end of 2025, or 116% of annual sales tax revenues. Of this amount, $217.6K is available above the minimum reserve and not restricted for specific purposes. Real Estate Transfer Tax (RETT) Fund Real Estate Transfer Tax revenues include a projected increase of $1,843,725. Of this amount, $153,825 is directly offset by an increase in expenditures ($138,825) or a reimbursement for existing expenditures ($15,000). This includes the following items:  $73,000 in donations from Kent Logan ($70,000), Winmax ($1,000), Bronfman ($1,000), and Vail International Gallery towards the art studio programming along with the studios Grand Opening Challenge  $55,000 for the Eagle County intergovernmental agreement for wildfire mitigation work. Of this amount, $15,000 is for personnel and vehicle costs already in the budget.  $15,000 donation from the Borgen Family towards the Booth Heights Open Space  $11,400 for utilization of additional built-up bag fees towards the Hard to Recycle event and support for the Zero Hero program. In total, $64,400 in bag fees will be used in 2025 towards these events.  $4,000 in donations towards prizes for the Sole Power program  A $500 donation from the Vail Board of Realtors for the wildfire evacuation game night The remaining increase in RETT fund revenues is related to the following items:  $1,200,000 increase in Real Estate Transfer Tax collections with annual collections estimated at $8,900,000. Year-to-date collections through November 24 total $8,722,436. A corresponding expenditure increase in the 5% collections fee to the General Fund of $60,000 has also included.  An increase in interest earnings of $420,000, bringing the annual total to $633,405. Year-to-date earnings through September total $617,695.  A $60,000 transfer from the General Fund to utilize destination stewardship funding on the installation of water refill stations to encourage the reduction of single use plastics. Staff is requesting to increase expenditures in the RETT Fund by $1,325,325. Of this amount, $138,825 is reimbursed by the revenue items listed. The remaining increases are related to the following items:  $1,000,000 was shifted forward from 2026 in the five-year plan to allow construction of the Gore Creek Promenade rehabilitation and amenity upgrades to go under contract in 2025. This was approved by Council at the August 5th meeting.  $80,000 for increased water and sewer costs at Town-wide parks. Over the past few years, water rates have risen significantly. The rates have risen particularly sharply for users in the higher usage tiers. Due to the nature of the high-usage at many larger Town-owned parks, many of the Town’s meters fall into the highest tier, resulting in an increase in water rates higher than the average increase implemented by the Eagle River Water and Sanitation district and difficult to estimate. The proposed amended budget for water and sewer fees at all RETT parks and recreational facilities is $229,350. 30 - 6 - This supplemental also reflects a re-allocation of existing projects expenditures in the Real Estate Transfer Tax Fund. These adjustments have a net-zero impact to expenditures and include: A reallocation of $158,000 in savings from the Ford Park Lower Bench Turf repair. At the September 2nd Council meeting, these savings were approved to be used towards the following: o $118,000 for improvements to the Ford Park Vehicle entryway, including an improved gate and equipment reconfiguration. o $40,000 for an increase in the cost of the construction of the Ford Park Art Studio A re-allocation of $2,500 in savings from streambank mitigation work at the Golf Course towards final repair and maintenance costs at the Dobson Arena prior to redevelopment. The above adjustments will result in an estimated fund balance of $7.0M; however only, $5.0M of that amount is available above the minimum reserve. Housing Fund Budgeted revenue will increase by $643,936 offset by a decrease in revenue of $155,000 to reflect the following adjustments: $434,707 in revenue collections for the Timber Ridge EHU Credit program. An increase in interest earnings of $280,000, bringing the annual total to $330,000. Year- to-date earnings through September total $330,000. $180,000 for the buyout of the deed restriction associated with the property at 2349 Chamonix Lane $48,446 increase in reimbursements from the Vail Home Partners and Capital Projects fund for predevelopment costs at the Southface project based on final bond issuance details. $10,783 in collections of the Housing Fee in Lieu. These collections are offset by an equal increase in expenditures to be used towards future buydown program purchases. A decrease in revenue of $30,000 related to the reduced sales price of Pitkin Creek #7N. The final sales price of $450,000 was approved by Council on October 7th. A decrease in revenue of $125,000 related to the reduced sales price of Pitkin Creek #3B. The final sales price of $500,000 was approved by Council on November 4th. Expenditures are proposed to increase by $681,634. Of this amount, $10,783 is reimbursed by the revenue items listed. The remaining increases in expenditures are related to the following items: A $410,774 increase in predevelopment costs for the Southface project based on the final project structure and timing. $260,077 for the 5% administrative fee from the Housing Fund paid to the General Fund. This administrative fee reimburses the General Fund for administrative costs associated with collection of the Housing Sales Tax and the cost of administering the town’s housing programs including legal fees, human resources, software costs, finance and accounting, and well as audit fees. This was approved and supported by Council during the 2026 budget process. This supplemental also reflects a re-allocation of existing expenditures in the Housing Fund. These adjustments have a net-zero impact to expenditures and include: A re-allocation of $250,000 of Vail InDeed expenditures towards the predevelopment of the East Vail housing project at the recently acquired East Vail parcel. This adjustment was requested by Council during the 2026 budget process. A re-allocation of $3,000 of place-held buy-down housing expenditures towards the Pitkin Creek #7N buydown unit ($2,500) and the Pitkin Creek #3B buydown unit ($500). These increases are due to final acquisition and holding costs prior to the resale of the units. 31 - 7 - The above adjustments will result in an estimated fund balance of $1.4M at the end of 2025. Heavy Equipment Fund Budgeted expenditures are proposed to increase by $7,500 to adjust for the increase cost of outfitting a Ford F150 police vehicle which is reaching its end of life and being replaced with a PD Ford Interceptor. Generally, staff attempts to salvage add-on equipment such as light bars when an older police vehicle is up for replacement. However, due to differences in the current Ford F150 platform, the equipment cannot be transferred and needs to be purchased, increasing the cost of the vehicle from the original estimate. The total acquisition cost for this vehicle is $72,200. 32 Proposed 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Notes Revenue Local Taxes:42,064,000$ 42,064,000$ 42,064,000$ 42,064,000$ Sales Tax Split b/t Gen'l Fund & Capital Fund 62/38 62/38 62/38 62/38 Sales Tax 26,280,000 26,280,000 26,280,000 50,000 26,330,000 Increased special event sales tax ($50.0K) Property and Ownership 8,083,644 8,083,644 8,083,644 8,083,644 Ski Lift Tax 6,915,427 6,915,427 6,915,427 6,915,427 Franchise Fees, Penalties, and Other Taxes 1,971,710 1,971,710 1,971,710 1,971,710 Licenses & Permits 3,216,565 3,216,565 3,216,565 235,060 3,451,625 Increased DRB fees ($120.0K); Increased STR Licenses ($37.0K); Transportation permits ($24.0K); Loading & Delivery permits ($54.0K) Intergovernmental Revenue 3,575,621 (4,820) 3,570,801 424,808 3,995,609 535,363 4,530,972 Wildland fire deployment reimbursements ($530.3K); 2025 - 2026 DUI Enforcement Grant ($85.0K); Portion of Housing Capacity Grant shifted to CPF for Permit System (-$80.0K) Transportation Centers 8,992,252 2,173,244 11,165,496 11,165,496 (890,000) 10,275,496 Summer parking collections below intial first-year estimates (-$890.0K) Charges for Services 1,586,377 12,883 1,599,260 86,848 1,686,108 374,077 2,060,185 Housing Fund Administrative Fee ($260.0K); Increased RETT Collection Fees ($60.0K) PD Event Contract OT ($54.0K) Fines & Forfeitures 219,116 219,116 219,116 118,000 337,116 Increased court fines ($100.0K); STR Fines ($18.0K) Earnings on Investments 635,896 635,896 635,896 1,590,938 2,226,834 Increased earnings on investments ($1.6M) Rental Revenue 740,387 740,387 740,387 740,387 Miscellaneous and Project Reimbursements 116,000 116,000 116,000 44,400 160,400 Insurance reimbursements ($32.9K); Utilize Library donations towards Maker Space ($10.5K); AWPA Scholarship ($1.0K) Total Revenue 62,332,995 2,181,307 64,514,302 511,656 65,025,958 2,057,838 67,083,796 Expenditures Salaries 30,495,338 392,198 30,887,536 (59,070) 30,828,466 411,301 31,239,767 Wildland Deployment salaries/overtime ($357.3K); Reimbursed contract police overtime at special events ($54.0K) Benefits 9,565,532 150,451 9,715,983 (5,741) 9,710,242 42,487 9,752,729 Wildland Deployment benefits ($42.5K) Subtotal Compensation and Benefits 40,060,870 542,649 40,603,519 (64,811) 40,538,708 453,788 40,992,496 Contributions and Welcome Centers 360,551 360,551 360,551 476,000 836,551 Rodeo Rink Contribution ($456.0K); Eagle Valley Community Foundation emergency food fund contribution ($20.0K) Childcare Program Funding 551,000 551,000 551,000 551,000 All Other Operating Expenses 13,219,704 529,499 13,749,203 174,000 13,923,203 698,075 14,621,278 Incresed Legal Fees ($400.0K); DUI Enforcement funds ($85.0K); Wildland deployment operational costs ($130.6K); Increased water and sewer costs ($65.0K); Maker space upgrade ($10.5K) Heavy Equipment Operating Charges 3,530,452 69,796 3,600,248 3,600,248 3,600,248 Heavy Equipment Replacement Charges 1,340,867 1,340,867 1,340,867 1,340,867 Dispatch Services 827,331 827,331 827,331 827,331 Total Expenditures 59,890,775 1,141,944 61,032,719 109,189 61,141,908 1,627,863 62,769,771 Surplus (Deficit) from Operations 2,442,220 1,039,363 3,481,583 402,467 3,884,050 429,975 4,314,025 TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND 33 Proposed 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Notes TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND Transit Route & Operations Planning - (19,680) (19,680) (19,680) (200) (19,880) Utillize portion of contingency towards West Lionshead ($200) Destination Stewardship Mgmt. Plan - (160,596) (160,596) (160,596) 60,000 (100,596) Utililze funds towards water filling stations in RETT fund (-$60.0K) Civic Area Master Plan (150,000) (78,772) (228,772) (228,772) 40,160 (188,612) Utilize savings in Civic Area Master Plan towards permitting software implementation (-$40.2K) West Vail Master Plan (150,000) (150,000) (150,000) (150,000) West Lionshead Master Plan - (130,000) (130,000) (130,000) (1,000) (131,000) Utillize portion of contingency towards West Lionshead ($1.0K) Neighborhood Drainage Master Plan (350,000) (350,000) (350,000) (350,000) Housing Capacity Intitiatves - (259,125) (259,125) (259,125) 100,000 (159,125) Re-allocate portion of grant expenditures to CPF for permitting software implementation (-$100.0K) Contingency (50,000) (50,000) (50,000) 1,200 (48,800) Utillize portion of contingency towards West Lionshead and Transit Route Planning (-$1.2K) Net Increase /(Decrease) due to One- Time Items: (700,000) (648,173) (1,348,173) - (1,348,173) 200,160 (1,148,013) Transfer (to)/from Marketing & Special Events Fund - - - - Transfer (to)/from VLMD for Special Events (2,522,299) (2,522,299) (2,522,299) (2,522,299) Transfer to Capital Projects Fund for Dobson Renovation (CPF Loan)(8,000,000) (8,000,000) (8,000,000) Transfer from RETT for Destination Stewardship - - 13,500 13,500 (13,500) - Transfer (to) RETT for Destination Stewardship - (23,510) (23,510) (23,510) (46,500) (70,010) Transfer Desitination Stewardship funds to RETT for bottle filling station installations ($60.0K) Transfer (to)/from Housing Fund (Communtiy TR Unit Purchases)- - - Timber Ridge Transfer to TR for Redevelopment (Loan to TR)- (229,233) (229,233) (229,233) (229,233) $20.3M Loan for TR units Surplus (Deficit) Net of Transfers and One-Time Items (1,780,079) 1,138,447 (641,632) (7,584,033) (8,225,665) 570,135 (7,655,530) Beginning Fund Balance 53,700,860 53,700,860 53,700,860 53,700,860 Ending Fund Balance 51,920,780$ 53,059,227$ 45,475,194$ 46,045,329$ As % of Annual Revenues 83%82%70%69% Reserved/Restrcited Fund Balances Reserve Minimum Requirement (25% of Revenues)15,583,249 545,327 16,128,575 127,914 16,256,489 16,256,489 Parking Capital Reserve 5,000,000 1,230,000 6,230,000 6,230,000 6,230,000 Employee Homeownership Program (EHOP) Balance 1,621,907 1,621,907 500,000 2,121,907 2,121,907 Childcare Program Reserve funded by Tobacco Tax 2,032,179 2,032,179 2,032,179 2,032,179 2,032,179 Total Ending Reserved Fund Balances 24,237,335 1,775,327 26,012,661 2,660,093 26,640,575 - 26,640,575 Ending Fund Balance- Available 27,683,446$ 27,046,566$ 18,834,619$ 19,404,754$ 34 Proposed 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Description Revenue Total Sales Tax Revenue:42,064,000$ -$ 42,064,000$ 42,064,000$ 42,064,000$ Sales Tax Split between General Fund & Capital Fund 62/38 62/38 62/38 62/38 Sales Tax - Capital Projects Fund 15,984,000$ -$ 15,984,000 15,984,000 15,984,000 Use Tax 2,502,000 - 2,502,000 2,502,000 2,502,000 Franchise Fee - 1,123,392 1,123,392 1,123,392 1,123,392 Utilization of 1% Franchise Fee for Holy Cross underground utilities project ($1.1M) Federal Grant Revenue - - - - 1,613,760 1,613,760 Federal Grant #24-HTR0ZL00250 for purchase of two buses received ($1.6M) Other State Revenue - 1,246,043 1,246,043 (154,079) 1,091,964 80,000 1,171,964 Roll forward unused MMOF Grant towards Mobility Hub Design ($750.0K); CO Energy Office Geothermal Design Grant ($250.0K); MMOF Grant toward Bollards ($92.0K); CDOT Grant towards 3 electric bus chargers ($154.1K); Eliminate Reappropriation of CDOT #22-HTR-ZL-011 Received in 2024 (154.0K); DOLA Housing Capacity Grant utilized towards permitting software ($80.0K) Lease Revenue 172,270 - 172,270 172,270 172,270 Per Vail Commons commercial (incr. every 5 years) Project Reimbursement - 774,437 774,437 774,437 774,437 Reappropriate utilization of HCE Funds for Underground Utility Project with Holy Cross ($774.4K) Timber Ridge Loan repayment 462,909 - 462,909 462,909 462,909 Earnings on Investments and Other 861,957 - 861,957 861,957 750,000 1,611,957 Increased earnings based on YTD collections ($750.0K) Total Revenue 19,983,136 3,143,872 23,127,008 (154,079) 22,972,929 2,443,760 25,416,689 Expenditures Facilities Facilities Capital Maintenance 430,000 - 430,000 430,000 430,000 Annual repair and maintenance costs of Town-owned facilities. Municipal Complex Maintenance 260,000 442,788 702,788 702,788 702,788 Annual repair and maintenance cost of Municipal Complex including the Police Department Building Energy Enhancement Projects 25,000 50,000 75,000 75,000 75,000 Re-appropriate unspent placeholder funds towards efficiency enhancements in Town building, pending results of 2024 Energy Audit ($50.0K) Public Works Specialty Equipment 30,000 - 30,000 30,000 30,000 Purchase of Sign Shop Printer ($30.0K) Welcome Center/Grandview Capital Maintenance 25,000 - 25,000 25,000 25,000 Placeholder for annual capital maintenance of Welcome Center and Grandview Room Purchase of Employee Rental Units - 2,046,641 2,046,641 2,046,641 2,046,641 Re-appropriate funds towards purchase of Hamlet Townhome Unit #3 ($1.8M); New funding as true-up for Hamlet #3 unit due to final commission negotiations and discrepancy during staff turnover ($234.9K); All Future purchases of employee units will be reflected in the Internal Housing Fund Geothermal Energy System 1,500,000 343,096 1,843,096 1,843,096 1,843,096 Placeholders for geothermal component of snowmelt boiler replacement ($1.5M); Re-appropriate design funds for Geothermal Energy District ($394.9K); Reduce budget by $51.8K for Art Studio budget increase to connect to existing Geothermal Well in RETT fund ($51.8K); Snowmelt Boilers Replacement - 1,895,594 1,895,594 1,895,594 1,895,594 Placeholder for routine replacement of snowmelt boilers with like-equipment; May be necessary depending on financial and technical feasibility and timing of the Geothermal Energy District currently under exploration Arrabelle Snowmelt Boilers - 190,000 190,000 190,000 190,000 Re-appropriate funds towards Arabelle Boiler Replacement - Shared cost managed by Vail Resorts ($190.0K) Donovan Pavilion Remodel 59,500 50,000 109,500 109,500 109,500 Main Floor refinishing/resealing ($35.0K); Walk-behind floor buffer/sweeper ($10.0K); Furniture Replacements ($14.5K); Re-appropriate 2024 placeholder as capital maint contingency ($50.0K) Mountain Plaza Elevator Renovation 100,000 - 100,000 100,000 100,000 Placeholder for Mountain plaza elevator renovation (shared cost with Vail Resorts) Vail Mobility Hub Expansion - 1,500,000 1,500,000 1,500,000 1,500,000 Re-appropriate funds for design of Vail Mobility Hub Expansion, offset by $750K MMOF match grant included in state reimbursements above ($1.5M) Fire Sprinkler Upgrades at Bus Barn - 780,000 780,000 780,000 268,791 1,048,791 Reappropriate funds towards Bus Barn fire sprinkler upgrades; Project is still in engineering phase ($600.0K); Utilize 2024 savings in routine PW Shops maintenance towards increase in estimated cost of Bus Barn fire sprinkler upgrades, pending design outcomes ($180.0K); Utilize additional savings in Bus Barn Charger upgrades towards increased cost in Fire Sprinkler upgrades based on design outcomes ($268.8K) TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 35 Proposed 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Description TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND Public Works Shops Expansion - 18,058 18,058 18,058 18,058 Re-appropriate funds towards architectural feasibility and planning for identified phase two expansion opportunities ($18.0K) Total Facilities 2,429,500 7,316,177 9,745,677 - 9,745,677 268,791 10,014,468 Parking Parking Structures 1,697,000 1,217,577 2,914,577 2,914,577 2,914,577 Various annual repairs including deck topping replacement, expansion joint repairs, ventilation, HVAC, plumbing and other structural repairs Parking Entry System / Equipment - 353,214 353,214 353,214 353,214 Ongoing Parking Entry System capital repair and maintenance Re-appropriate funds for remaining parking system replacement costs, including subscription recognized over 5-years ($233.2K); Re-appropriate ongoing parking replacement equipment purchases for damaged items ($55.0K); Shift parking maintenance budget from GF for accounting consistency ($50.0K); Parking pass system buildout for summer passes ($15.0K) 2027: Placeholder for Parking Structure Entry System Replacement ($1.0M) Red Sandstone Parking Structure - 40,000 40,000 40,000 40,000 Placeholder for routine capital maintenance at Red Sandstone Parking Structure ($40.0K) Total Parking 1,697,000 1,610,791 3,307,791 - 3,307,791 - 3,307,791 Transportation Bus Shelters 50,000 - 50,000 50,000 50,000 Annual Bus Shelter Maintenance ($30.0K) Add solar lighting to existing shelters ($20.0K) Timber Ridge Transit Stop - 1,908,277 1,908,277 1,908,277 1,908,277 Re-appropriate construction of a transit stop at the new Timber Ridge housing development ($1.9M) Replace Buses - 2,139,050 2,139,050 2,139,050 2,139,050 Re-appropriate $2.1M for two electric buses which are still awaiting delivery (May be offset by $1.6M of potential federal grant funding) Electric bus chargers and electrical service rebuild - 268,791 268,791 268,791 (268,791) - Utilize savings in electric bus chargers towards Bus Barn Sprinkler Upgrades ($268.8K) Car Share Program Infrastructure 117,675 - 117,675 117,675 117,675 Purchase of two vehicles ($100K) for car share program; upgrades to Electric Chargers ($17.7K) for implementation of Car Share program Total Transportation 167,675 4,316,118 4,483,793 - 4,483,793 (268,791) 4,215,002 Road and Bridges Capital Street Maintenance 1,660,000 - 1,660,000 1,660,000 1,660,000 Annual Capital Maintenance of Town-maintained streets Street Light Improvements 75,000 440,000 515,000 515,000 515,000 Annual Town-Wide street light replacement ($80.0K); Re-appropriate funds towards neighborhood street light replacements scheduled for this year ($440.0K) Neighborhood Bridge Repair - 408,036 408,036 408,036 408,036 Re-appropriate ongoing bridge scour mitigation project at Chamonix Rd ($408.0K) Seibert Fountain Improvements - 27,082 27,082 27,082 27,082 Utilize 2024 savings from circulation pump replacement not implemented towards repairs to the drain lines in the equipment vault to prevent flooding ($27.1K) Roundabout Lighting Project - 488,939 488,939 488,939 488,939 Re-appropriate funds to complete lighting project at Town Center ($488.9K) Neighborhood Road Reconstruction - 1,553,694 1,553,694 1,553,694 1,553,694 Re-appropriate funds towards delayed Meadow Dr culvert lining, Black Gore Dr culver replacements, and Meadow Dr/Meadow Ln drainage improvements design ($1.6M) South Frontage Road Pedestrian Improvements 250,000 - 250,000 250,000 250,000 Design of pedestrian improvements on the South Frontage Road (paved bike lanes/shoulders, sidewalk sections) between W LH Circle and E LH Circle, and Donovan to Westhaven ($250.0K) 2027: Construction of pedestrian improvements from W LH Circle to E LH Circle ($1.0M) Vail Village Streetscape/Snowmelt Repair - 900,000 900,000 900,000 900,000 Re-appropriate funds towards Vail Village snowmelt repairs with a reduced scope ($900.0K) Lionshead Streetscape/Snowmelt Replacement (VRA)- 50,000 50,000 50,000 50,000 Re-appropriate funds as contingency for snowmelt repairs ($50.0K) Total Road and Bridge 2,020,000 3,867,751 5,887,751 (35,000) 5,852,751 - 5,852,751 Technology Town-wide camera system 50,000 30,000 80,000 80,000 80,000 Annual maintenance of Town-wide camera system Utilize 2024 savings in routine camera maintenance towards placeholder for installation of cameras at $ 36 Proposed 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Description TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND Audio-Visual capital maintenance 100,000 - 100,000 100,000 100,000 Annual maintenance of hardware set to support internal and external meeting spaces ($50.0K) Update of A/V systems in Council Chambers, Grandview/Library/Community room/Donovan A/V systems; Replacement cycle every 3-5 years ($100K) Cybersecurity 140,000 - 140,000 140,000 140,000 Annual Investment in cybersecurity, to keeps up with the ongoing changes that are required to maintain a safe and secure computing environment; Includes annual fees for security programs Software Licensing 959,135 36,000 995,135 995,135 995,135 Annual software licensing and support for town wide systems (3% Annual Increase) UbiPark annual fees - implemented Fall 2024 ($36.0K) Hardware Purchases 90,000 - 90,000 90,000 90,000 Workstation replacements (20-25 per year) Website and e-commerce 75,000 - 75,000 75,000 75,000 Annual website maintenance (3% Annual Increase) Fiber Optics / Cabling Systems in Buildings 50,000 719,949 769,949 769,949 769,949 Repair, maintain & upgrade cabling/network Infrastructure ($75.0K) Reappropriate funds towards ongoing design of redundant Fiber Optic paths in the Town ($719.9K) Network upgrades 150,000 - 150,000 150,000 150,000 Computer network systems - replacement cycle every 3-5 years ($150K) Data Center (Computer Rooms)150,000 - 150,000 150,000 150,000 Annual data center maintenance ($150K) Broadband (THOR)115,000 - 115,000 115,000 115,000 Annual Broadband Expenses (3% Annual Increase) Business Systems Replacement 185,000 255,231 440,231 440,231 1,265,440 1,705,671 Placeholder for Human Resources/Enterprise Information System ($120.0K); Employee Housing Unit compliance software ($35.0K); Re-appropriate funds for ongoing Budget Software Implementation ($18.0K); Strategic Planning Milestone tracking software ($49.9K); Parking data reporting software ($17.3K); $150.0K increase in HR/Enterprise IS system to include replacement of the payroll system; Increase in HR/Payroll system cost ($1.1M); Com Dev Permitting Software, partially offset by DOLA local capacity planning grant ($140.2K) Total Technology 2,064,135 1,041,180 3,105,315 - 3,105,315 1,265,440 4,370,755 Public Safety Public Safety IT Equipment 75,000 - 75,000 75,000 75,000 Annual Maint/Replacement of PD IT Equipment including patrol car and fire truck laptops and software used to push information to TOV and other agencies; TOV portion of annual Intergraph software maintenance Public Safety Equipment 241,387 - 241,387 241,387 61,207 302,594 Annual licensing/maintenance costs for Axon Body-Worn Camera Equipment ($102.0K), Flock License Plate Readers ($15.0K); Purchase of Skydio X10 Drones ($48.4K); Increased cost of Axon body-worn camera licensing/maintenance ($61.2K) Fire Safety Equipment 45,000 - 45,000 45,000 45,000 Knox Box System Replacement/Upgrade ($45.0K): Drone Expansion ($16.0K); Extrication Equipment ($35.0K) Radio Equipment replacement/expansion 1,020,000 - 1,020,000 1,020,000 1,020,000 Replacements of radios for PW, PD and Fire (approximately every 5 years) ($1.0M) Fire Truck Replacement - 69,285 69,285 69,285 69,285 Re-appropriate remaining funds for Enforcer Aerial Ladder Truck Upfitting ($69.3K) Total Public Safety 1,381,387 214,285 1,595,672 (145,000) 1,450,672 61,207 1,511,879 Community and Guest Service Children's Garden of Learning Capital Maintenance - 32,248 32,248 32,248 32,248 West Side Siding replacement due to warping from weather exposure utilizing 2024 savings in gutter/heat tape replacement ($32.2K) Energy Enhancements 130,000 62,872 192,872 192,872 192,872 Installation of EV stations to meet increased demand ($130.0K); Utilize 2024 savings in new charger installations towards upgrading existing Level 2 Wiring and addition of Tesla chargers to Level 3 stations in Lionshead Parking Structure ($62.9K); Utilize savings in 2025 deferred projects towards Energy Performance Contract which includes installation of new EV chargers (-$157.0K) Pedestrian Safety Enhancements 200,000 366,213 566,213 566,213 566,213 Design of Pedestrian improvements through Main Vail Underpass ($200.0K); Re-appropriate funds towards RFP Crossing near Safeway to be constructed this year ($366.2K) Bollard Installation Project - 389,747 389,747 389,747 389,747 Re-appropriate ongoing bollard installation project partially offset by MMOF Grant funding ($389.7K) Underground Utility improvements - 4,181,558 4,181,558 4,181,558 4,181,558 Re-appropriate underground HCE from Main Vail to East Vail in conjunction with fiber conduit scheduled to begin in 2025 ($4.2M) Land Safety Improvements - - - 100,000 100,000 1,940,000 2,040,000 Rock fall mitigation on Town-owned land on the northside of Lionsridge Loop near Timber Ridge and Lionsridge housing sites; Additional funding for larger scope of mitigation project ($1.9M) 37 Proposed 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Description TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND Guest Services Enhancements/Wayfinding - 717,413 717,413 717,413 717,413 Re-appropriate funds towards ongoing replacement of damaged signs ($6.9K); Utilize savings from electric bus signage project towards ongoing replacement of damaged signs ($15.0K); Re-appropriate ongoing installation of new signage to guide guests to available parking ($695.5K) Vehicle Expansion 65,000 45,974 110,974 110,974 110,974 Vehicle for Deputy Chief of Community Risk Reduction position (added in 2024); Upfitting of two PD take- home expansion vehicles ($46.0K) Total Community and Guest Service 395,000 5,796,025 6,191,025 100,000 6,291,025 1,940,000 8,231,025 Total Expenditures 10,154,697 24,162,327 34,317,024 (80,000) 34,237,024 3,266,647 37,503,671 Dobson Financing Sources/(Uses) Transfer Fund Balance from RETT 762,546 (15,397) 747,149 5,000,000 5,747,149 5,747,149 Transfer Dobson maintenance budget from RETT 5 year plan; Reduce funds available for transfer used for repairs completed in 2024 ($15.4K); Increase transfer from RETT for Dobson Arena Redevelopment ($5.0M) Transfer from General Fund - 8,000,000 8,000,000 8,000,000 Transfer from General Fund for Dobson Arena Redevelopment (to be repaid 2026 - 2027) Vail Recreation District Contribution - 3,400,000 3,400,000 3,400,000 Contribution from VRD towards Dobson Redevelopment Transfer from Vail Reinvestment Authority 4,361,633 1,741,906 6,103,539 9,381,033 15,484,572 15,484,572 Re-appropriate transfer from VRA for Dobson Redevelopment ($1.7M); Increase transfer from Vail Reinvestment Authority towards Dobson Arena Redevelopment ($6.1M) Dobson Redevelopment (50,350,000) (1,741,906) (52,091,906) (52,091,906) (52,091,906) Dobson redevelopment; Reappropriate funds towards ongoing Dobson Arena Redevelopment to begin construction in spring ($1.7M) Total Net Dobson Financing Sources/(Uses)(20,495,821) (15,397) (20,511,218) 1,051,033 (19,460,185) - (19,460,185) Southface Certificates of Participation Source/(Uses) West Middle Creek COP Proceeds - - - 65,308,920 65,308,920 65,308,920 Recognize revenues and expenditures related to the issuance of Interest Earned on COPs - - - 2,726,590 2,726,590 2,726,590 Certificates of Participation for the Southface project, and transfer of Discount on Bond Proceeds - - - (186,307) (186,307) (186,307) funds to Vail Home Partners for development Costs of Issuance and Compliance - - - (323,250) (323,250) 30,416 (292,834) Cost of COP issuance; Reduced issuance costs (-$30.4K) Debt Service Payments - - - (1,821,680) (1,821,680) (1,821,680) Southface debt payments Southface Reimbursements - - - Reimbursement for debt payments from Southface rental payments Transfer to Vail Home Partners - - - (57,225,359) (57,225,359) (57,225,359) COP funds transferred to Vail Home Partners for Southface development Southface COP Sources/(Uses)- - - 8,478,914 8,478,914 - 8,478,914 Excess Bond Proceeds are restricted for capitalized debt payments in the fund balance Other Financing Sources/(Uses) Debt Service Payment (1,158,298) - (1,158,298) (1,158,298) (1,158,298) PW Shops Debt Service Payment Transfer to Internal Employee Housing Fund - (52,631) (52,631) (52,631) (52,631) Transfer to IEHRF for incomplete remodel projects on new units from 2024, including Buffehr Creek Unit window replacements ($52.6K) Transfer to Housing Fund (2,500,000) - (2,500,000) (2,500,000) (2,500,000) Annual appropriation towards community housing projects (Transfer to Housing Fund) Transfer to Housing Fund (W. Middle Creek)(9,000,000) (1,000,000) (10,000,000) 4,464,816 (5,535,184) (30,416) (5,565,600) Loan to HF for W. Middle Creek (Increase total to $10.0M Previously in GF); Decrease loan to Housing Fund for W. Middle Creek (-$4.5M) reimbursed by bond proceeds; Reimburse Housing Fund for additional issuance/predev costs ($30.4K) Total Other Financing Sources/(Uses)(12,658,298) (1,052,631) (13,710,929) 4,464,816 (9,246,113) (30,416) (9,276,529) Revenue Over (Under) Expenditures (23,325,680) (22,086,483) (45,412,163) 13,920,684 (31,491,479) (853,303) (32,344,782) 38 Proposed 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Description TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND Beginning Fund Balance 50,037,289 50,037,289 50,037,289 50,037,289 Ending Fund Balance 26,711,610 4,625,127 18,545,811 17,692,508 Reserved Fund Balances Minimum Reserve Requirement (25% of Sales Tax)3,996,000 3,996,000 3,996,000 3,996,000 Southface COP Debt Service Reserve - - - 8,478,915 8,478,915 8,478,915 Southface Operating Reserve 5,000,000 5,000,000 5,000,000 Total Ending Reserved and Restricted Fund Balances 3,996,000 - 3,996,000 8,478,915 17,474,915 17,474,915 Ending Fund Balance- Available 22,715,610 629,127 1,070,896 217,593 39 Proposed 1st 2025 2nd 2025 3rd 2025 2025 Supplemental Amended Supplemental Amended Supplemental Amended Description Revenue Real Estate Transfer Tax 7,700,000$ -$ 7,700,000$ 7,700,000$ 1,200,000$ 8,900,000$ Increased RETT collections based on YTD earnings ($1.2M) Golf Course Lease 176,903 14,382 191,285 191,285 191,285 Annual lease payment from Vail Recreation District; Rent income funds the "Recreation Enhancement Account" below; Increase based on CPI Intergovernmental Revenue 155,000 216,192 371,192 5,000,000 5,371,192 55,000 5,426,192 Lottery proceeds used annual for park projects ($30.0K) 2025: Roll forward remaining ERWSD reimbursement for Dowd Junction stabilization ($205.3K); Roll forward remaining Bear Education Grant from Colorado Parks and Wildlife ($10.8K); USFS Grant for Booth Creek Fuels Reduction ($125K); County Contribution towards East Vail Bighorn Sheep Habitat Conservation ($5.0M); Eagle County Wildfire Mitigation IGA ($55.0K) Project Reimbursements - 75,000 75,000 75,000 18,325 93,325 2025: Roll forward Middle Creek restoration contribution from Evergreen Redevelopment ($75.0K) 2025: CC4CA Reimbursements towards additional conference costs ($18.4K) Donations - 10,000 10,000 10,000 92,500 102,500 2025: Kosloff Foundation and Winmax Foundation Donations towards Winterfest ($10.0K) 2025: Logan Donation towards Art Studio Programming ($70.0K) 2025: WinMax Foundation & Vail International Gallery Donations towards Inaugural Art Studio Grand Prize ($2.0K) 2025: Bronfman Donation towards Art Studio Programming ($1.0K) 2025: Open Space donation from Borgen Family ($15.0K) 2025: Vail Board of Realtors contribution to Evacuation Game Night ($500) 2025: Donations towards Sole Power Prizes ($4.0K) Recreation Amenity Fees 10,000 - 10,000 10,000 10,000 $10K annually Bag Fees 50,000 - 50,000 50,000 11,400 61,400 2025: Utilize bag fees towards Hard to Recycle events and Zero Hero support ($50K); True-up bag fee usage to Hard to Recycle and Zero Hero budgets ($11.4K) Earnings on Investments and Other 213,405 - 213,405 213,405 420,000 633,405 2025: Increase based on YTD earnings ($420.0K) Total Revenue 8,305,308 315,574 8,620,882 5,000,000 13,620,882 1,797,225 15,418,107 Expenditures Management Fee to General Fund (5%)385,000 - 385,000 385,000 60,000 445,000 5% of RETT Collections - fee remitted to the General Fund for administration; Adjusted based on increased RETT collections ($60.0K) Wildland Forest Health Management 744,450 - 744,450 2,749 747,199 5,500 752,699 Annual operating expenditures for Wildland department; Operational supply reimbursements from Eagle County IGA ($5.0K); Evacuation game night funding from VBR donation ($500) Wildfire Mitigation 385,000 - 385,000 385,000 35,000 420,000 2025: Booth Creek Fuels Implementation, partially offset by USFS grant ($275.0K); Booth Heights and Booth Creek Trailhead Fuels Reduction ($100.0K); Additional Mitigation related to Eagle County IGA ($35.0K) Fire Free Five - Rebate Program 50,000 86,135 136,135 136,135 136,135 Annual Funding for Fire Free Five Community Assistance Program Fire Free Five - TOV Implementation - 25,000 25,000 25,000 25,000 2025: Re-appropriate funds for Fire Free Five landscaping around gymnastics center ($25.0K) Total Wildland 1,179,450 111,135 1,290,585 2,749 1,293,334 40,500 1,333,834 Parks Annual Park and Landscape Maintenance 2,078,443 107,500 2,185,943 8,799 2,194,742 80,000 2,274,742 Annual operating expenditures for Parks department (including personnel, supplies, utility, contract services); Increased water & sewer costs at parks ($80.0K) TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND 40 Proposed 1st 2025 2nd 2025 3rd 2025 2025 Supplemental Amended Supplemental Amended Supplemental Amended Description TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND Park / Playground Capital Maintenance 231,000 50,000 281,000 281,000 281,000 Annual maintenance items include projects such as playground surface refurbishing, replacing bear- proof trash cans, painting/staining of play structures, picnic shelter additions/repairs, and fence maintenance ($169.0K) 2025: Ford Park Entry Landscape ($45.0K) 2025: Re-appropriate funds towards ford Park Entry landscape improvements near Amp Bridge entry ($40.0K) Tree Maintenance 85,000 6,000 91,000 91,000 91,000 Annual on going pest control, tree removal and replacements in stream tract, open space, and park areas 2025: Re-appropriate funds towards new plantings to replace trees removed in 2024 ($6.0K) Street Furniture Replacement 35,000 72,000 107,000 107,000 107,000 Annual Placeholder for Street Furniture Replacements ($35.0K) Annual Replacement of existing trash/recycle cans with new models ($75.0K) 2025: Re-appropriate funds for ongoing Village and Lionshead picnic table replacement ($72.0K) Ford Park- Betty Ford Way Pavers - 40,000 40,000 40,000 40,000 2025: Re-appropriate towards final gravel shoulder grading repair and landscaping ($40.0K) Ford Park Lower Bench Turf/Irrigation 300,000 - 300,000 300,000 (158,000) 142,000 2025: Replacement of worn turf grass and inefficient irrigation system ($300.0K); Utilize savings in lower bench turf project towards Ford Park Vehicle Entryway improvements ($158.0K) Ford Park Playground Improvements - 125,000 125,000 125,000 125,000 2025: Re-appropriate funds towards replacement of wood fiber play surface under swings with rubber surfacing for better durability ($125.0K) Ford Park Master Plan Capital Design - 199,909 199,909 199,909 199,909 2025: Re-appropriate funds for outcomes of Ford Park Masterplan Update. Projects include a park- wide ADA compliance Study, site planning for future facilities including a picnic shelter and expanded maintenance areas, wayfinding, etc. ($199.9K) Ford Park Vehicle Entryway Improvements - 118,000 118,000 2025: Utilize savings from Ford Park Lower Bench Turf repair towards: -Parking Lot Gate Equipment Configuration ($32.0K) -Oversize Vehicle Entrance Paving repair ($45.0K) -Tennis Center Lot Manual Gate ($38.0K) -Electronic Loops at West Betty Ford Way gate ($10.0K) Turf Grass Reduction 15,000 85,836 100,836 100,836 100,836 2025: Completion of Main Vail Roundabout Turf Reduction ($100.8K) Donovan Park Improvements - 20,000 20,000 20,000 20,000 2025: Replacement of play equipment ($20.0K) Pirateship Park Improvements - 43,862 43,862 43,862 43,862 2025: Re-appropriate funds towards ongoing improvements including two play components and minor ADA upgrades ($43.9K) Bighorn Park Playground Improvements 150,000 - 150,000 150,000 150,000 2025: Bighorn Park Play Area Maintenance ($150.0K) Gore Creek Promenade Rehabilitation 750,000 368,460 1,118,460 1,118,460 1,000,000 2,118,460 2025: Re-appropriate funds towards ongoing refresh of the Gore Creek Promenade ($328.5K); Reclass children's fountain steps at promenade to be done as part of this project ($40.0K); Gore Creek Promenade Rehabilitation budget moved forward from 2026 ($1.0M) Slifer Fountain Feature Four Repair - 75,000 75,000 75,000 75,000 2025: Re-appropriate funds towards incomplete plumbing leak; further investigation needed prior to repair ($75.0K) Total Parks 3,679,443 1,218,567 4,898,010 (51,201) 4,846,809 1,040,000 5,886,809 Rec Paths and Trails Rec. Path Capital Maintenance 85,000 - 85,000 85,000 85,000 Annual Capital maintenance of the town's recreation path system ($85.0K) Recreation Path Safety Improvements 50,000 31,662 81,662 81,662 81,662 2025: Pedestrian Traffic Counters ($50.0K); Re-appropriate funds towards next phase of Antlers curve redesign ($31.7K) Bike Safety 10,000 - 10,000 10,000 10,000 Annual cost for bike safety programs ($5.0K) Pedestrian Bridge Projects - 703,329 703,329 703,329 703,329 2025: Re-appropriate funds towards ongoing pedestrian overpass rehabilitation and outcomes of upcoming pedestrian bridge report ($703.3K) 41 Proposed 1st 2025 2nd 2025 3rd 2025 2025 Supplemental Amended Supplemental Amended Supplemental Amended Description TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND Gore Valley Trail Reconstruction 180,000 146,224 326,224 326,224 326,224 2025: Placeholder for Gore Valley Trail Maintenance ($80.0K); Library to Lionshead Nature Walk Environmental Assessment and Design ($100.0K); Utilize 2024 savings in the recreation path maintenance budget towards the rebuild of 1250' of the North Recreation Trail between Red Sandstone Road and the pedestrian overpass ($146.2K) East Vail Interchange Improvements - 190,543 190,543 190,543 190,543 2025: Re-appropriate funds for repairs due to landscaping and drainage issues, including plantings and parking area improvements ($190.5K); Additional funds using 2024 savings in Water Quality Infrastructure for drainage improvements including additional concrete gutters to direct to water quality vaults and bioswale areas, and the replacement of plantings ($40.0K) Dowd Junction repairs and improvements - 453,794 453,794 453,794 453,794 2025: Re-appropriate funds for ongoing restabilization of Dowd Junction retaining wall ($454.0K) Portalet Enclosures - 40,500 40,500 40,500 40,500 2025: Re-appropriate funds towards screening in residential-area portalets ($40.5K) Total Rec Paths and Trails 325,000 1,566,052 1,891,052 - 1,891,052 - 1,891,052 Recreational Facilities Nature Center Operations 117,437 - 117,437 117,437 117,437 2025: Nature Center operating costs Nature Center Capital Maintenance 26,291 - 26,291 26,291 26,291 Placeholder for annual maintenance costs at or near Nature Center ($15.0K) 2025: Signage ($16.6K); Regravel access road ($9.7K) Total Recreational Facilities 143,728 - 143,728 - 143,728 - 143,728 Environmental Environmental Sustainability 884,177 - 884,177 8,486 892,663 892,663 Annual operating expenditures for Environmental department (including personnel and supplies) Recycling and Waste Reduction Programs 127,050 15,000 142,050 142,050 3,000 145,050 Annual recycling and waste reduction programs; Increased hard to recycle cost utilizing bag fees ($3.0K) Water Refill Station Installation - - - 60,000 60,000 2025: Installation of Water Refill stations - offset by Destination Stewardship funds transferred from GF ($60.0K) Ecosystem Health 281,000 300,000 581,000 581,000 18,325 599,325 Annual ecosystem health programs; Increased cost of CC4CA conference - Offset by contributions from other members ($18.3K) Energy & Transportation 75,000 42,510 117,510 117,510 4,000 121,510 Annual energy and transportation programs; Sole Power Prizes - Offset by donations ($4.0K) E-Bike Programs 193,000 - 193,000 193,000 193,000 Annual E-Bike Programs; 2026 includes: -$175.0K: Shift E-Bike Share Program (Ongoing) -E-bikes for essentials program proposed to be discontinued E-Bike Share Infrastructure - 14,711 14,711 14,711 14,711 2025: Re-appropriate funds as placeholder for additional gravel pads and bike racks at redevelopment locations ($14.7K) Sole Power App 25,000 10,000 35,000 35,000 35,000 2025: Development of App modifications for the Sole Power Plus App Phase 2 Expansion to include Transit and Milestones ($25K); Re-appropriate funds towards original app development ($8.0K); Additional development funds to connect app to Town's Cloud service ($2.0K) Streamtract Education/Mitigation 75,000 - 75,000 75,000 75,000 Annual streamtract education programming; 2026 includes: -$30.0K: General education programming (Ongoing) -$45.0K: Continuation of Restore the Gore Campaign Relaunch/rebrand Water Quality Initiatives - 121,729 121,729 121,729 121,729 Annual monitoring of Gore Creek Macroinvertebrates - previously conducted by ERWSD ($45.0K) Streambank Mitigation 140,000 - 140,000 140,000 140,000 2025: Streambank Mitigation at Ford Park in conjunction with in-stream improvements by Trout Unlimited ($100.0K); Streambank Mitigation along Mill Creek ($40.0K) Middle Creek Restoration Fund - 75,000 75,000 75,000 75,000 2025: Re-appropriate funds towards the restoration of Middle Creek on TOV property in relation to the Evergreen redevelopment project. This will be reimbursed by the developer ($75.0K) Private Streambank Mitigation Program - 50,000 50,000 50,000 50,000 2025: Private Streambank Mitigation Program; 2025: Re-appropriate funds towards continuation of private streambank mitigation ($50.0K) 42 Proposed 1st 2025 2nd 2025 3rd 2025 2025 Supplemental Amended Supplemental Amended Supplemental Amended Description TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND Booth Heights Open Space Conservation - - - 84,800 84,800 84,800 2025: Costs to establish Booth Heights conservation easement ($84.8K) Energy Efficiency Performance Contract - 105,158 105,158 105,158 105,158 2025: Re-appropriate funds towards ongoing Energy Audit ($105.2K) Total Environmental 1,800,227 734,108 2,534,335 93,286 2,627,621 85,325 2,712,946 Art Public Art - Operating 196,599 - 196,599 196,599 196,599 Annual operating expenditures for Art in Public Places department; 2026 includes: -$187.6K: Personnel -$25.0K: miscellaneous Programs & Events (Ongoing) Public Art Installations - - - 60,000 60,000 60,000 Annual cost of installation and landscaping/beautification costs for new/donated Art Public Art - General program / art 60,000 110,567 170,567 170,567 170,567 Annual appropriation of funds to purchase sculptures, artwork, and conduct art programs/events; remainder is re-appropriated each year to accumulate towards larger purchases ($60.0K) 2025: Re-appropriate unspent funds ($110.6K) Public Art - Winterfest 30,000 53,967 83,967 83,967 83,967 Annual Winterfest budget ($30.0K) 2025: Increase Winterfest budget utilizing Kosloff Foundation and Winmax Foundation donations ($10.0K); Re-appropriate funds for Winterfest program ($44.0K) Seibert Memorial Statue- Maintenance - 11,192 11,192 11,192 11,192 2025: Re-appropriate donated funds towards upkeep of sculpture ($11.7K) Art Space - 1,015,232 1,015,232 1,015,232 40,000 1,055,232 2025: Re-appropriate funds towards construction of Art Space Studio in Ford Park anticipated to be completed in Summer of 2025 ($963.4K); Additional request for funding to connect Art Space Studio HVAC to existing Geothermal Test Well, offset by budget reduction in CPF Geothermal Project ($51.8K); Additional funds from Ford Park Lower Bench turf repair savings ($40.0K) Art Studio - Programming & Operations 70,500 - 70,500 70,500 73,000 143,500 Operating costs for artist in residency program utilizing the new Art Space 2025: Increase Art Studio programming budget for Logan, WinMax Foundation, Bronfman, and Vail International Gallery Donations ($72.0K) Artist In Residency - Capital Art Acquisitions 37,500 20,000 57,500 57,500 57,500 Capital art acquisition costs associated with artist in residency program 2025: Re-appropriate unspent funds towards 2025 program ($20.0K) Total Art 394,599 1,210,958 1,605,557 60,000 1,665,557 113,000 1,778,557 Community Council Contribution: Betty Ford Alpine Garden Support 80,779 - 80,779 80,779 80,779 Annual operating support of the Betty Ford Alpine Gardens; annual increase to follow town's general operating annual increase Council Contribution: Eagle River Watershed Support 42,000 - 42,000 42,000 42,000 Annual support of the Eagle River Watershed Council programs Council Contribution: Trail Alliance 22,500 - 22,500 22,500 22,500 Adopt A Trail Council Contribution for trails in or bordering the Town Total Contributions 145,279 - 145,279 - 145,279 - 145,279 VRD-Managed Facilities & Maintenance Recreation Enhancement Account 176,903 569,837 746,740 746,740 746,740 Annual rent paid by Vail Recreation District; to be re-invested in asset maintenance 2025: Roll forward unspent Enhancement Funds ($539.3K); Increase for $16.1K paid above budget in 2024; Increase for $14.3K based on 2025 CPI true-up Recreation Facility Maintenance 22,000 - 22,000 22,000 22,000 Annual RETT facility maintenance ($22.0K) Synthetic Turf Replacement - 472,000 472,000 472,000 472,000 2025: Re-appropriate funds towards synthetic turf replacement ($472.0K) Golf Clubhouse 123,287 - 123,287 123,287 123,287 2025: Circulation Pump Replacement ($98.0K); Clubhouse parking lot mill & overlay ($23.9K); Clubhouse Signage ($9.4K) Athletic Field Restroom/Storage Building - 1,000,000 1,000,000 1,000,000 1,000,000 2025: Re-appropriate $1.0M for the replacement of existing restroom/concession with new 2000 sq. ft. restroom/storage building 43 Proposed 1st 2025 2nd 2025 3rd 2025 2025 Supplemental Amended Supplemental Amended Supplemental Amended Description TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND Golf Course - Other 3,954 432,069 436,023 436,023 (2,500) 433,523 2025: Maintenance building asphalt driving and parking area ($4.0K); Re-appropriate funds towards ongoing routine projects with VRD including Streambank Restoration ($432.1K); Decrease in streambank restoration (-$2.5K) Dobson Ice Arena - - - - 2,500 2,500 Final Dobson maintenance costs prior to closing - offset by decrease in Golf Course streambank funds ($2.5K) Ford Park / Tennis Center Improvements 54,166 150,854 205,020 205,020 205,020 2025: Wood siding and windows ($54.2K); Re-appropriate funds towards Tennis Center Improvements ($150.9K) Athletic Fields 99,319 74,490 173,809 173,809 173,809 2025: Asphalt parking lot ($99.3K); Re-appropriate funds towards ongoing improvements ($74.5K) Gymnastics Center 3,863 361,058 364,921 364,921 364,921 2025: Replace Airconditioning Unit Total VRD-Managed Facilities & Maintenance 483,492 3,060,308 3,543,800 - 3,543,800 - 3,543,800 Total Expenditures 8,536,218 7,901,128 16,437,346 104,834 16,542,180 1,338,825 17,881,005 Other Financing Sources (Uses) Transfer from General Fund - Destination Stewardship - 23,510 23,510 23,510 46,500 70,010 2025: Transfer from General Fund for Implementation Steps of Destination Stewards Management Plan: Greenhouse Gas Inventory and Modeling ($10.0K) 2025: Transfer from General Fund Destination Stewardship budget for installation of water refill stations Transfer from/(to) CPF (762,546) 15,397 (747,149) (5,000,000) (5,747,149) (5,747,149) 2025: Transfer to Capital Projects Fund for Dobson Arena (utilizing savings in annual Dobson maintenance); Reduce transfer based on funds spent in 2024 ($15.4K); Increase transfer to Capital Projects Fund towards Dobson Arena ($5.0M) Revenue Over (Under) Expenditures (993,456) (7,546,647) (8,540,103) (118,334) (8,658,437) 518,400 (8,140,037) Beginning Fund Balance 15,184,790 15,184,790 15,184,790 15,184,790 Ending Fund Balance 14,191,334$ 6,644,687$ 6,526,353$ 7,044,753$ Minimum Reserve Requirement 2,000,000$ 2,000,000$ 2,000,000$ 2,000,000$ Above Minimum (Available Fund Balance)12,191,334$ 4,644,687$ 4,526,353$ 5,044,753$ 44 TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HOUSING FUND Proposed 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Notes Revenue Housing Sales Tax 5,201,534$ 5,201,534$ 5,201,534$ 5,201,534$ Housing Fee in Lieu Annual Collections - - - 10,783 10,783 Housing Fee in-lieu collections ($10.8K) Transfer in from Capital Projects Fund - Community Housing 2,500,000 2,500,000 2,500,000 2,500,000 Workforce Housing Sales - 625,000 625,000 480,000 1,105,000 (155,000) 950,000 Roll forward resale revenue for Pitkin Creek #3B ($625.0K); Estimated Resale Revenue for Pitkin Creek #7N ($480.0K); Reduced sales price on Pitkin Creek #3B (-$125.0K); Reduced sales prcie on Pitkin Creek #7N (-$30.0K) Housing Late Fees - - 12,300 12,300 12,300 Government Reimbursements- Vail Home Partners - - 4,464,816 4,464,816 18,030 4,482,846 Repayment of predevelopment costs from Vail Home Partners for West Middle Creek bond proceeds ($4.5M); True-up repayment from bond proceeds ($18.0K) Deed Restriction Buyouts 275,400 275,400 410,000 685,400 180,000 865,400 Deed Restriction buyout at 363 Beaver Dam Circle ($275.4K); Deed restriction buyout at 315 Mill Creek Cir ($410.0K); Deed restriction buyout at 2349 Chamonix Lane ($180.0K) EHU Credit Program (Timber Ridge)- - - 434,707 434,707 YTD collections for EHU Credit program at Timber Ridge ($434.7K) Earnings on Investments 50,000 50,000 50,000 280,000 330,000 Increase interest based on YTD earnings ($280.0K) Total Revenue 7,751,534 900,400 8,651,934 5,367,116 14,019,050 768,520 14,787,570 Expenditures Management Fee to General Fund (5%)- 260,077 260,077 5% Housing Sales Tax Administrative fee ($260.0K) Housing Programs InDeed Program 1,500,000 2,885,645 4,385,645 4,385,645 (250,000) 4,135,645 Annual Funding for Vail InDeed Program; Re-allocate portion of InDeed placeholder to East Vail Parcel Planning (-$250.0K) Buy Down Housing - 150,904 150,904 150,904 10,783 161,687 Re-appropriate utilization of housing fee in lieu towards Buy Down housing; Utilize housing fee in lieu toward Buy Down Housing ($10.8K) Future Purchases 2,275,000 1,500,000 3,775,000 (547,400) 3,227,600 (3,000) 3,224,600 Placeholder for Buy Down housing purchases; Utilize portion towards Pitkin Creek #3B and #7N (- $3.0K) Pitkin Creek Unit #3B - - - 500 500 Final Pitkin Creek #3B resale costs paid in 2025 ($500) Pitkin Creek Unit #7N - - 547,400 547,400 2,500 549,900 Purchase of Pitkin Creek #7N for resale ($547.4K); True-up acquisition cost ($2.5K) Construction Housing Projects Timber Ridge Habitat Contribution 2,000,000 2,000,000 2,000,000 2,000,000 $2.0M contribution to Habitat for Humanity for TR units Southface Predevelopment - 807,920 807,920 807,920 410,774 1,218,694 Re-appropriate West Middle Creek predevelopment costs ($808.5K); True-up Southface predevelopment costs ($410.8K) Southface Development Legal Fee Contingency - 50,000 50,000 50,000 50,000 Re-appropriate placeholder for West Middle Creek legal costs ($50.0K) East Vail Parcel Predevelopment - 400,000 400,000 400,000 250,000 650,000 Re-appropriate placeholder for West Middle Creek legal costs ($400.0K); Re-allocate portion of InDeed placeholder to East Vail Parcel Planning (-$250.0K) Residences at Main Vail Opportunity Fee - 50,000 50,000 50,000 50,000 Re-appropriation of remaining RMV opportunity fee Land Purchases for Future Housing CDOT Parcel Acquisition Placeholder - East Vail - 2,398,502 2,398,502 18,000 2,416,502 2,416,502 Re-appropriate purchase of CDOT East Vail parcel ($2.4M); Re-appropriate additional funds needed for East Vail CDOT parcel ($18.0K) East Vail Carnie Parcel - 17,900 17,900 17,900 17,900 Re-appropriate purchase of 1' wide parcel ($17.9K) 45 TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HOUSING FUND Proposed 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Notes Eagle-Vail Parcel Placeholder - 50,000 50,000 50,000 50,000 Total Expenditures 5,775,000 8,310,871 14,085,871 18,000 14,103,871 681,634 14,785,505 Operating Income 1,976,534 (7,410,471) (5,433,937) 5,349,116 (84,821) 86,886 2,065 Other Finance Sources (Uses) Transfer to Vail Home Partners- WMC Contribution (10,000,000) (10,000,000) (10,000,000) (10,000,000) $10.0M placeholder for W. Middle Creek housing projects Transfer from CPF for Southface Contribution (Loan)10,000,000 10,000,000 (4,464,816) 5,535,184 30,416 5,565,600 Loan from Capital Projects Fund for Southface contribution ($5.5M); Transfer from CPF for HF reimbursement from COP proceeds ($30.4K) Transfer from/(to) Timber Ridge- Timber Ridge Sales - (10,541,295) (10,541,295) (10,541,295) (10,541,295) Transfer to/Frm TR for TR constrcution contribution paid back by TR sales Total Other Finance Sources (Uses)- (10,541,295) (10,541,295) (4,464,816) (15,006,111) 30,416 (14,975,695) Surplus (Deficit) Net of Transfers and One-Time Items 1,976,534 (17,951,766) (15,975,232) 884,300 (15,090,932) 117,302 (14,973,630) Beginning Fund Balance 7,323,815 16,420,512 16,420,512 16,420,512 Ending Fund Balance 9,300,349$ 445,280$ 1,329,580$ 1,446,882$ 46 2025 1st 2025 2nd 2025 3rd 2025 Budget Supplemental Amended Supplemental Amended Supplemental Amended Notes Revenue Town of Vail Interagency Charge 5,000,479$ 69,796$ 5,070,275$ 5,070,275$ 5,070,275$ Intergovernmental Revenues - - - - Earnings on Investments 7,000 7,000 7,000 7,000 Equipment Sales and Trade-ins 317,070 317,070 317,070 317,070 Total Revenue 5,324,549 69,796 5,394,345 - 5,394,345 - 5,394,345 Expenditures Salaries & Benefits 1,575,281 1,575,281 2,777 1,578,058 1,578,058 Operating, Maintenance & Contracts 2,311,716 130,796 2,442,512 2,442,512 2,442,512 Capital Outlay 1,603,200 1,350,715 2,953,915 2,953,915 7,500 2,961,415 Increased cost of PD F150 Acquisition ($7.5K) Total Expenditures 5,490,197 1,481,511 6,971,708 2,777 6,974,485 7,500 6,981,985 Revenue Over (Under) Expenditures (165,648) (1,411,715) (1,577,363) (2,777) (1,580,140) (7,500) (1,587,640) Beginning Fund Balance 3,976,045 3,976,045 3,976,045 3,976,045 Ending Fund Balance 3,810,397$ 2,398,682$ 2,395,905$ 2,388,405$ TOWN OF VAIL 2025 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HEAVY EQUIPMENT FUND 47 Ordinance No. 32, Series of 2025 ORDINANCE NO. 32 SERIES OF 2025 AN ORDINANCE MAKING BUDGET ADJUSTMENTS TO THE TOWN OF VAIL GENERAL FUND, CAPITAL PROJECTS FUND, REAL ESTATE TRANSFER TAX FUND, HOUSING FUND, AND HEAVY EQUIPMENT FUND OF THE 2025 BUDGET FOR THE TOWN OF VAIL, COLORADO; AND AUTHORIZING THE SAID ADJUSTMENTS AS SET FORTH HEREIN; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, contingencies have arisen during the fiscal year 2025 which could not have been reasonably foreseen or anticipated by the Town Council at the time it enacted Ordinance No. 18, Series of 2024, adopting the 2025 Budget and Financial Plan for the Town of Vail, Colorado; and, WHEREAS, the Town Manager has certified to the Town Council that sufficient funds are available to discharge the appropriations referred to herein, not otherwise reflected in the Budget, in accordance with Section 9.10(a) of the Charter of the Town of Vail; and, WHEREAS, in order to accomplish the foregoing, the Town Council finds that it should make certain budget adjustments as set forth herein. NOW, THEREFORE, BE IT ORDAINED, BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO that: 1. Pursuant to Section 9.10(a) of the Charter of the Town of Vail, Colorado, the Town Council hereby makes the following budget adjustments for the 2025 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the following budget adjustments: General Fund $ 1,474,203 Capital Projects Fund 3,266,647 Real Estate Transfer Tax Fund 1,325,325 Housing Fund 681,634 Heavy Equipment Fund 7,500 Interfund Transfers (383,493) Total $ 6,371,816 2. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or 48 Ordinance No. 32, Series of 2025 more parts, sections, subsections, sentences, clauses or phrases be declared invalid. 3. The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. 4. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 5. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 2nd day of December 2025, and a public hearing shall be held on this Ordinance on the 16th day of December, 2025, at the regular meeting of the Town Council of the Town of Vail, Colorado, in the Municipal Building of the town. _______________________________ _________________, Mayor ATTEST: ___________________________ Stephanie Kauffman, Town Clerk 49 2025 3rd SUPPLEMENTAL BUDGET APPROPRIATION 1ST READING FINANCE | November 18th, 2025 50 2 2025 SUPPLEMENTAL BUDGET | Revenues Town of Vail | Finance Adjustments to Existing Revenue Projections, $3,238,328 , 51% Misc. Revenue Source (EHU Credit Program & Deed Restriction Buy- Out), $614,707 , 10% Revenues Reimbursements for New Expenditures, $830,471 , 13% Revenues Reimbursing Existing Budgeted Expenditures, $1,643,760 , 26% Revenue Adjustments: $6,747,266 Increase 51 3 2025 SUPPLEMENTAL BUDGET | Revenues Town of Vail | Finance Revenue Source Fund 2025 Increase / (Decrease) Total Proposed Amended Budget YTD Collections (thru 11/24/25) Earnings on Investments All $2,620,938 $4,972,826 $4,698,284* FTA 5339(B) Grant (2 Elec. Buses)CPF $1,613,760 $1,613,760 $1,613,760 Real Estate Transfer Tax Collections RETT $1,200,000 $8,900,000 $8,722,436 Timber Ridge EHU Credits HF $434,707 $434,707 $434,707 Major Revenue Adjustments Include: *Interest Earnings are through September 30th and exclude earnings on proceeds of Town-issued debt Please see the included Memo for detailed information on all revenue adjustments 52 4 2025 SUPPLEMENTAL BUDGET | Revenues Town of Vail | Finance Requests Previously Approved by Council, $4,541,280 , 71% New Requests, $1,000,065 , 16% Expenditure Adjustments Reimbursed by Revenues, $830,471 , 13% Expenditure Adjustments: $6,317,816 Increase 53 5 2025 SUPPLEMENTAL BUDGET | Expenditures Town of Vail | Finance Expenditure Fund Category Amount Gore Creek Promenade Rehabilitation RETT Previously Approved by Council $1,000,000 Wildland Fire Deployment Costs GF Offset by Revenue $530,363 Rodeo Rink Contribution (Vail Mountaineer Hockey Club) GF Previously Approved by Council $456,000 Southface Predevelopment Costs HF True -Up to final project/bond issuance structure $410,774 Legal Fees and Litigation*GF New Request $400,000 Water & Sewer Fees GF/RETT New Request $145,000 Larger/Significant Expenditure Adjustments Include: *The increase in legal fees is due to higher-than-typical costs associated with lawsuits, the Loading & Delivery program, permitting disputes, election-related items, and deed restriction/EHU initiatives. Please see the included Memo for detailed information on all expenditure adjustments 54 6 2025 SUPPLEMENTAL BUDGET | Reserves Town of Vail | Finance Fund Balance above minimum: Current Budget (2nd amended) Fund Balance above minimum: Proposed Amended Budget (3rd amended) Net increase to Fund Balance due to Budget Adjustments:$375,450 Current Budget $18.8M Current Budget $1.1M Current Budget $4.5M Current Budget $1.3M +$570.1K Proposed Amended $19.4M -$822.9K Proposed Amended $0.2M +$518.4K Proposed Amended $5.0M +$117.3K Proposed Amended $1.4M $0.0M $5.0M $10.0M $15.0M $20.0M $25.0M General Fund Capital Projects Fund Real Estate Transfer Tax Fund Housing Fund Change in Reserve Projections since 2nd Supplemental: Non-Restricted Amounts 55 7 2025 SUPPLEMENTAL BUDGET | Recap Town of Vail | Finance Are there any questions? 56 AGENDA ITEM NO. 6.1 Item Cover Page DATE:December 2, 2025 SUBMITTED BY:Greg Roy, Community Development ITEM TYPE:Public Hearings AGENDA SECTION:Public Hearings (6:30pm) SUBJECT:Ordinance No. 28, Series of 2025, First Reading, An Ordinance Approving the Establishment of a New Special Development District No. 44, Lunar Park, and Specifically to Approve the Development of a Multi-Family Development. Located at 442 South Frontage Road East (6:30pm) SUGGESTED ACTION:The applicant is requesting that Ordinance No. 28, Series of 2025, be tabled to January 6, 2026. PRESENTER(S):Greg Roy, Planning Manager VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 57 AGENDA ITEM NO. 6.2 Item Cover Page DATE:December 2, 2025 TIME:5 min. SUBMITTED BY:Heather Knight, Community Development ITEM TYPE:Public Hearings AGENDA SECTION:Public Hearings (6:30pm) SUBJECT:Ordinance No. 31, Series of 2025, Second Reading, An Ordinance Rezoning Certain Property in West Lionshead to the Lionshead Mixed Use 2 Zone District (6:40pm) SUGGESTED ACTION:Approve, approve with amendments, or deny Ordinance No. 31, Series of 2025 upon second reading. PRESENTER(S):Heather Knight, Planner II VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Ord #31 of 2025 Staff Memo-Second Reading.pdf Attachment A. Ordinance No.31, Series of 2025.pdf Attachment B. West Lionshead Rezone PEC Staff Memo.pdf Attachment C. PEC25-0033 Documents.pdf Attachment D. 10-27-25 PEC Minutes.pdf West Lionshead Rezone Staff Presentation.pdf Applicant Presentation - Rezoning Application - Town Council First Reading - West Lionshead.pdf 58 TO: Town Council FROM: Community Development Department DATE: December 2, 2025 SUBJECT: Second reading of Ordinance No. 31, Series of 2025, an ordinance rezoning 1000 S Frontage Rd W, Glen Lyon Subdivision, Parcel ID#2103 -121-09-003 from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 S Frontage Rd W, Parcel ID# 2103-121-00-004, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; and, 953 S Frontage Rd W, Parcel ID# 2103-121-00-002, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District. Applicant: Vail Corp, Soho Development, and East West Partners Planner: Heather Knight I. SUMMARY The applicants, Vail Corp, Soho Development and East West Partners, is proposing a zone district boundary amendment, pursuant to Section 12 -3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 S Frontage Rd W, Glen Lyon Subdivision, Parcel ID#2103-121-09-003 from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU- 2) Zone District; 1031 S Frontage Rd W, Parcel ID# 2103 -121-00-004, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; and, 953 S Frontage Rd W, Parcel ID# 2103-121-00-002, from the Arterial Business (ABD) Zone District to the LMU- 2 Zone District. On October 27, 2025, the Planning and Environmental Commission (PEC) voted 6-0 to recommend approval of the proposed amendment (PEC25-0033). Please find the staff memorandum to the PEC and the minutes from the October 27, 2025 PEC meeting attached to this report. The first reading of Ordinance No. 31, Series of 2025 was presented and read to Town Council on November 18, 2025 and was unanimously approved (7-0). II. ACTION REQUESTED OF THE TOWN COUNCIL 59 Town of Vail Page 2 The Vail Town Council shall approve, approve with modifications, or deny Ordinance No. 31, Series of 2025 on second reading. III. DESCRIPTION OF REQUEST The following items are included for review: Attachment A. Ordinance No. 31, Series of 2025 Attachment B. PEC25-0033 Staff Memo Attachment C. PEC25-0033 Documents Attachment D. PEC Results 10-27-25 IV. BACKGROUND The parcel located at 1000 S Frontage Rd W falls within Special Development District (SDD) No. 4. SDD No. 4, Cascade Village, was adopted by Ordinance No. 4 Series of 1976. At least twenty amendments have occurred between 1977 and 2008. SDD No. 4 includes the following areas: Area A Cascade Village Area B Coldstream Condominiums Area C Glen Lyon Primary/Secondary and Single-Family Lots Area D Glen Lyon Commercial Site Area E Tract K The entire Cascade Village SDD is approximately 97.5 acres. Because the property was annexed into the Town of Vail as a Planned Unit Development under Eagle County jurisdiction and early Special Development Districts were not based on underlying zoning, there is no underlying zoning for Cascade Village. Uses and development standards for the entire property are as outlined in the adopting ordinance for Special Development District No. 4. Applying the LMU-2 zone district to this parcel and removing it from the SDD will formally quantify the allowable density and dimensional limitations allowed for future development. Applying a zone district to this area would also provide a level of certa inty and predictability to Staff and Commissions as to the limits of development for this parcel in the future and would also create consistency with surrounding adjacent Zone Districts and land uses. 1031 S Frontage Rd W and 953 S Frontage Rd W are currently zoned as the Arterial Business (ABD) Zone District. The Vail Resorts Maintenance Shop was annexed into the Town of Vail by Ordinance No. 8, Series of 1969. The Holy Cross Lot, Vail Professional Building, Cascade Crossing and former gas station sites that comprise the remainder of the ABD district sites were annexed into the Town in 1975 with Ordinance No. 26, Series of 1975. The Arterial Business District is intended to provide sites for office space, public utilities, service stations, limited light industry having no adverse 60 Town of Vail Page 3 environmental impacts that provides significant on-site tourist amenities and limited shopping and commercial facilities serving the town and Upper Eagle Valley residents and guests. Residential uses are not permitted in this district zone, nor are they considered a conditional use. Therefore, it is beneficial to the Lionshead Redevelopment Master Plan that rezoning these two properties to the LMU -2 zone district provides opportunities for multi-family residential and accommodation units (as these uses are permitted on the second floor and above). In addition, a wider variety of tourist-related and resident-related uses are permitted under the LMU-2 zone district than in the ABD zone district. Beginning in 2006, the Planning and Environmental Commission forwarded recommendations to the Lionshead Redevelopment Master Plan to include all three of the above-mentioned parcels within the Master Plan boundaries. Further amendments were also made to the Master Plan regarding this area, first known as Ever Vail and most recently as West Lionshead. Further, Ordinance No. 7, Series of 2011, approved by the Vail Town Council in 2012, authorized the rezoning of the subject parcels to the LMU-2 zoning district. A condition of this rezoning approval was the relocation of the frontage road within a specified time frame. Since the required relocation of the frontage road did not occur within that period, the rezoning never became effective, and the ordinance has since expired. On October 27, 2025, the current application was presented to the PEC where the PEC forwarded a unanimous recommendation of approval to the Town Council (6-0). V. RECOMMENDED MOTION Please see the attached Staff Report from the October 27, 2025 PEC meeting for analysis of the review criteria for this rezoning application. Should the Vail Town Council choose to approve Ordinance No. 31, Series of 2025, on second reading, staff recommends the Council pass the following motion: “The Vail Town Council approves, on second reading, Ordinance No. 31, Series of 2025, an ordinance rezoning 1000 S Frontage Rd W from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 and 953 S Frontage Rd W from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; parcel legal descriptions noted on Exhibit A of Ordinance No. 31, Series of 2025.” Should the Vail Town Council choose to approve Ordinance No. 31 Series of 2025, staff recommends the Council make the following findings: “The Vail Town Council finds:” 1. That the amendment is consistent with the applicable elements of the adopted 61 Town of Vail Page 4 goals, objectives and policies outlined in the Vail comprehensive plan and is compatible with the development objectives of the town; and 2. That the amendment furthers the general and specific purposes of the zoning regulations; and 3. That the amendment promotes the health, safety, morals, and general welfare of the town and promotes the coordinated and harmonious development of the town in a manner that conserves and enhances its natural environment and its established character as a resort and residential community of the highest quality.” Vl. ATTACHMENTS Attachment A. Ordinance No. 31, Series of 2025 Attachment B. PEC25-0033 Staff Memo Attachment C. PEC25-0033 Documents Attachment D. PEC Results 10-27-25 62 1 11/12/2025 HTTPS://VAILCOGOV-MY.SHAREPOINT.COM/PERSONAL/HKNIGHT_VAIL_GOV/DOCUMENTS/PEC/WEST LIONSHEAD/ORDINANCE NO.31, SERIES OF 2025.DOCX ORDINANCE NO. 31 SERIES OF 2025 AN ORDINANCE REZONING CERTAIN PROPERTY IN WEST LIONSHEAD TO THE LIONSHEAD MIXED USE 2 ZONE DISTRICT WHEREAS, Soho Development and the Vail Corporation (the "Owners") own the real property more particularly described in Exhibit A, attached hereto and incorporated herein by this reference (the "Property"); WHEREAS, on September 22, 2025, on behalf of the Owner, East West Partners (the "Applicant") filed an application to rezone the Property to the Lionshead Mixed Use 2 Zone District (the "Application"); WHEREAS, Section 12-3-7 of the Vail Town Code sets forth the procedures for rezoning; WHEREAS, on October 27, 2025, the Planning and Environmental Commission (the "PEC") held a properly-noticed public hearing on the Application, and recommended that the Town Council approve the Application; and WHEREAS, on November 18, 2025, the Town Council held a properly-noticed public hearing on the Application. NOW, THEREFORE BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: Section 1. The Town Council, upon reviewing the recommendation of the Planning Commission, hearing the statements of Town staff, the Applicant and the public, and giving due consideration to the matter, finds and determines as follows: a. The rezoning is consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the Town; b. The rezoning is compatible with and suitable to adjacent uses and appropriate for the surrounding areas; and c. The rezoning promotes the health, safety, morals, and general welfare of the Town and promote the coordinated and harmonious development of the Town in a manner that conserves and enhances its natural environment and its established character as a resort and residential community of the highest quality. Section 2. Based on the foregoing findings, the Town Council hereby approves the Application and rezones the Property to the Lionshead Mixed Use 2 (LMU-2) Zone District. 63 2 11/12/2025 HTTPS://VAILCOGOV-MY.SHAREPOINT.COM/PERSONAL/HKNIGHT_VAIL_GOV/DOCUMENTS/PEC/WEST LIONSHEAD/ORDINANCE NO.31, SERIES OF 2025.DOCX Section 3. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not effect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 4. The Town Council hereby finds, determines and declares that this ordinance is necessary and proper for the health, safety and welfare of the Town and the inhabitants thereof. Section 5. The amendment of any provision of the Town Code as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceeding as commenced under or by virtue of the provision amended. The amendment of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. Section 6. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 18th day of November, 2025, and a public hearing for second reading of this Ordinance set for the 2nd day of December, 2025, in the Council Chambers of the Vail Municipal Building, Vail, Colorado. _____________________________ Travis Coggin, Mayor ATTEST: ____________________________ Stephanie Kaufmann, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this 2nd day of December, 2025. _____________________________ ___, Mayor ATTEST: ____________________________ Stephanie Kauffman, Town Clerk 64 3 11/12/2025 HTTPS://VAILCOGOV-MY.SHAREPOINT.COM/PERSONAL/HKNIGHT_VAIL_GOV/DOCUMENTS/PEC/WEST LIONSHEAD/ORDINANCE NO.31, SERIES OF 2025.DOCX EXHIBIT A Legal Description • 1000 South Frontage Road West, Vail, CO – Eagle County Assessor's Parcel ID#2103-121-09-003 • 1031 South Frontage Road West, Vail, CO – Eagle County Assessor's Parcel ID# 2103-121-00-004 • 953 South Frontage Road West – Eagle County Assessor's Parcel ID# 2103-121- 00-002 65 TO: Planning and Environmental Commission FROM: Community Development Department DATE: October 27, 2025 SUBJECT: A request for a recommendation to the Vail Town Council for a zone district boundary amendment, pursuant to Section 12-3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 S Frontage Rd W, Glen Lyon Subdivision, Parcel ID#2103-121-09-003 from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 S Frontage Rd W, Parcel ID# 2103- 121-00-004, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; and, 953 S Frontage Rd W, Parcel ID# 2103-121-00-002, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District. (PEC25-0033). Applicant: Vail Corp, Soho Development, and East West Partners Planner: Heather Knight I. SUMMARY The applicants, Vail Corp, Soho Development and East West Partners , are requesting a recommendation to the Vail Town Council for a zone district boundary amendment, pursuant to Section 12-3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 S Frontage Rd W, Glen Lyon Subdivision, Parcel ID#2103 -121-09-003 from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 S Frontage Rd W, Parcel ID# 2103-121-00-004, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; and, 953 S Frontage Rd W, Parcel ID# 2103 -121-00-002, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District. Based upon staff’s review of the criteria outlined in Section VI II of this memorandum and the evidence and testimony presented, the Community Development Department recommends the Planning and Environmental Commission forward a recommendation of approval to the Vail Town Council. II. DESCRIPTION OF REQUEST The applicants, Vail Corp, Soho Development and East West Partners , are requesting a recommendation to the Vail Town Council for a zone district boundary amendment, pursuant to Section 12-3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 66 Town of Vail Page 2 S Frontage Rd W, Glen Lyon Subdivision, Parcel ID#2103 -121-09-003 from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 S Frontage Rd W, Parcel ID# 2103-121-00-004, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; and, 953 S Frontage Rd W, Parcel ID# 2103 -121-00-002, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District. The following items are included for review: A. Vicinity Map B. Applicant narrative and supporting documents III. BACKGROUND The parcel located at 1000 S Frontage Rd W falls within Special Development District (SDD) No. 4. SDD No. 4, Cascade Village, was adopted by Ordinance No. 4 Series of 1976. At least twenty amendments have occurred between 1977 and 2008. SDD No. 4 includes the following areas: Area A Cascade Village Area B Coldstream Condominiums 67 Town of Vail Page 3 Area C Glen Lyon Primary/Secondary and Single-Family Lots Area D Glen Lyon Commercial Site Area E Tract K The entire Cascade Village SDD is approximately 97.5 acres. Because the property was annexed into the Town of Vail as a Planned Unit Development under Eagle County jurisdiction and early Special Development Districts were not based on underlying zoning, there is no underlying zoning for Cascade Village. Uses and development standards for the entire property are as outlined in the adopting ordinance for Special Development District No. 4. Applying the LMU-2 zone district to this parcel and removing it from the SDD will formally quantify the allowable density and dimensional limitations allowed for future development. Applying a zone district to this area would also provide a level of certainty and predictab ility to Staff and Commissions as to the limits of development for this parcel in the future and would also create consistency with surrounding adjacent Zone Districts and land uses. 1031 S Frontage Rd W and 953 S Frontage Rd W are currently zoned as the Arterial Business (ABD) Zone District. The Vail Resorts Maintenance Shop was annexed into the Town of Vail by Ordinance No. 8, Series of 1969. The Holy Cross Lot, Vail Professional Building, Cascade Crossing and former gas station sites that comprise the remainder of the ABD district sites were annexed into the Town in 1975 with Ordinance No. 26, Series of 1975. The Arterial Business District is intended to provide sites for office space, public utilities, service stations, limited light industry having no adverse environmental impacts that provides significant on-site tourist amenities and limited shopping and commercial facilities serving the town and Upper Eagle Valley residents and guests . Residential uses are not permitted in this district zone, nor are they considered a conditional use. Therefore, it is beneficial to the Lionshead Redevelopment Master Plan that rezoning these two properties to the LMU-2 zone district provides opportunities for multi-family residential and accommodation units (as these uses are permitted on the second floor and above ). In addition, a wider variety of tourist-related and resident-related uses are permitted under the LMU-2 zone district than in the ABD zone district. Beginning in 2006, the Planning and Environmental Commission forwarded recommendations to the Lionshead Redevelopment Master Plan to include all three of the above-mentioned parcels within the Master Plan boundaries. Further amendments were also made to the Master Plan regarding this area, first known as Ever Vail and most recently as West Lionshead. Further, Ordinance No. 7, Series of 2011, approved by the Vail Town Council in 2012, authorized the rezoning of the subject parcels to the LMU-2 zoning district. A condition of this rezoning approval was the relocation of the frontage road within a specified time f rame. Since the required relocation of the frontage road did not occur within that period, the rezoning never became effective, and the ordinance has since expired. IV. ZONING ANALYSIS 68 Town of Vail Page 4 Address: 1000 S Frontage Road W, 1031 S Frontage Road W, 953 S Frontage Road W Legal Description: Glen Lyon Subdivision, Parcel ID#2103-121-09-003, Parcel ID# 2103-121-00-004, and Parcel ID# 2103- 121-00-002 Existing Zoning: SDD No. 4 and Arterial Business District (ABD) Proposed Zoning: Lionshead Mixed Use 2 (LMU-2) Existing Land Use Designation: Lionshead Redevelopment Master Plan Mapped Geological Hazards: FEMA Hazard (floodplain), in part SURROUNDING LAND USES AND ZONING Existing Land Use Zoning District North: I-70 Not zoned (CDOT) East: Vail Resorts Maintenance Bldg Lionshead Mixed Use 2 Vail Mountain Administration parking Lionshead Mixed Use 2 South: Town of Vail Stream Tract Not zoned West: CDOT right of way Not zoned Standard Arterial Business District Proposed Lionshead Mixed Use 2 district Setbacks Adjacent to frontage road - a maximum of 60% of the length of the setback may be kept to the minimum 15 foot distance from the property line. The remaining 40% of the length of the setback shall be 20 feet or more distant from the property line. Side – 15’ where bldg. height is less than 20’; 20’ where bldg. height is over 20’ Rear – 10’ Front – 10’ Side – 10’ Rear – 10’ Unless otherwise specified in the Lionshead Redevelopment Master Plan as a build-to line Maximum Height No more than 70% of the roof area may exceed 32’ and none of the area may exceed 40’ Maximum average building height of 71 feet with a maximum height of 82.5 feet, as further defined by the Lionshead Redevelopment Master Plan. Density 60 sf of GRFA per 100 sf of buildable site area 35 dwelling units/acre GRFA None permitted 250 sf of GRFA for each 100 sf of buildable site area 69 Town of Vail Page 5 Site Coverage maximum 60% of site area 70% of site area Commercial Floor Area Not more than seventy five one-hundredths floor area ratio (FAR) shall be permitted on any site or lot. Unlimited Minimum Landscaping 25% of the site area 20% of the site area Parking Per 12-10-10; No drives, parking or loading areas are permitted in the front setback except for the ingress and egress drive. Per 12-10-10; at least 50% of required parking shall be located within the main building V. APPLICABLE PLANNING DOCUMENTS Staff believes that following provisions of the Vail Town Code and Vail Land Use Plan are relevant to the review of this proposal: Title 12, Zoning Regulations, Vail Town Code CHAPTER 12-1, TITLE, PURPOSE AND APPLICABILITY (in part) Section 12-1-2: Purpose: A. General: These regulations are enacted for the purpose of promoting the health, safety, morals, and general welfare of the Town, and to promote the coordinated and harmonious development of the Town in a manner that will conserve and enhance its natural environment and its established character as a resort and residential community of high quality. B. Specific: These regulations are intended to achieve the following more specific purposes: 1. To provide for adequate light, air, sanitation, drainage, and public facilities. 2. To secure safety from fire, panic, flood, avalanche, accumulation of snow, and other dangerous conditions. 3. To promote safe and efficient pedestrian and vehicular traffic circulation and to lessen congestion in the streets. 4. To promote adequate and appropriately located off -street parking and loading facilities. 5. To conserve and maintain established community qualities and economic values. 6. To encourage a harmonious, convenient, workable relationship among land uses, consistent with Municipal development objectives. 7. To prevent excessive population densities and overcrowding of the land with structures. 8. To safeguard and enhance the appearance of the Town. 9. To conserve and protect wildlife, streams, woods, hillsides, and other desirable natural features. 10. To assure adequate open space, recreation opportunities, and other amenities and facilities conducive to desired living quarters. 70 Town of Vail Page 6 11. To otherwise provide for the growth of an orderly and viable community. Arterial Business District (ABD) Zone District Lionshead Mixed Use 2 (LMU-2) Zone District Title 12, Article 7F: Arterial Business District (ABD) 12-7F-3 PERMITTED USES The following uses shall be permitted in the Arterial Business District: (A) Eating and drinking establishments, as follows, are permitted on the first (street) level: (1) Cocktail lounges and bars; and (2) Coffee shops, fountains, sandwich shops and restaurant. (B) Employee housing units, as further regulated by Chapter 13 of this title; (C) Personal services and repair shops, as follows, are deemed to be generally accessory and/or supportive of office uses and shall be permitted on the first (street) level: (1) Beauty and barber shops; (2) Shoe repair; (3) Tailors and dressmakers; and (4) Travel and ticket agencies. (D) Professional offices, business offices and studios; (E) Radio and television broadcasting studios; (F) Retail stores and establishments, as follows, are deemed to be generally accessory and/or supportive of office uses and are therefore permitted so long as they do not exceed 8,000 square feet in floor area for each such business use and so long as they are located on the first (street) level: (1) Art supply stores; (2) Bookstores; (3) Drugstores; (4) Florists; (5) Newsstands; (6) Stationery stores; and (7) Tobacco stores. (G) Additional offices, businesses or services determined to be similar to permitted uses in accordance with the provisions of § 12-7F-1 of this article. 12-7F-4 CONDITIONAL USES (A) Enumerated. The following conditional uses shall be permitted in the Arterial Business District, subject to the issuance of a conditional use permit in accordance with the provisions of Chapter 16 of this title: (1) Any use permitted by § 12-7F-3 of this article, which is not conducted entirely within a building; (2) Bed and breakfasts, as further provided by § 12-14-18 of this title; (3) Brewpubs; (4) Child daycare centers; (5) Communications antennas and appurtenant equipment; 71 Town of Vail Page 7 (6) Microbreweries; (7) Private unstructured parking; (8) Public buildings, grounds and facilities; (9) Public park and recreation facilities; (10) Public utility and public service uses, including screened outside storage; (11) Service yards; and (12) Transportation businesses. Title 12, Article 7I: Lionshead Mixed Use 2 (LMU-2) district 12-7I-2 PERMITTED AND CONDITIONAL USES; BASEMENT OR GARDEN LEVEL. (A) Permitted uses. The following uses shall be permitted in basement or garden levels within a structure: (1) Banks and financial institutions; (2) Child daycare centers; (3) Commercial ski storage/ski club; (4) Eating and drinking establishments; (5) Employee housing units, as further regulated by Chapter 13 of this title; (6) Personal services and repair shops; (7) Professional offices, business offices and studios; (8) Public or private lockers and storage; (9) Recreation facilities; (10) Retail establishments; (11) Skier ticketing, ski school and skier services; (12) Travel and ticket agencies; and (13) Additional uses determined to be similar to permitted uses described in this subsection (A), in accordance with the provisions of § 12 -3-4 of this title. (B) Conditional uses. The following uses shall be permitted in basement or garden levels within a structure, subject to issuance of a conditional use permit in accordance with the provisions of Chapter 16 of this title: (1) Conference facilities and meeting rooms; (2) Electronics sales and repair shops; (3) Liquor stores; (4) Lodges and accommodation units; (5) Major arcades; (6) Multiple-family residential dwelling units, timeshare units, fractional fee clubs, and lodge dwelling units; (7) Religious institutions; (8) Theaters; and (9) Additional uses determined to be similar to conditional uses described in this subsection (B), in accordance with the provisions of § 12 -3-4 of this title. 12-7I-3 PERMITTED AND CONDITIONAL USES; FIRST FLOOR OR STREET LEVEL. (A) Permitted uses. The following uses shall be permitted on the first floor or street level within a structure: (1) Banks, with walk-up teller facilities; 72 Town of Vail Page 8 (2) Child daycare centers; (3) Eating and drinking establishments; (4) Employee housing units, as further regulated by Chapter 13 of this title; (5) Recreation facilities; (6) Retail stores and establishments; (7) Skier ticketing, ski school and skier services; (8) Travel and ticket agencies; and (9) Additional uses determined to be similar to permitted uses described in this subsection (A), in accordance with the provisions of § 12 -3-4 of this title. (B) Conditional uses. The following uses shall be permitted on the first floor or street level floor within a structure, subject to issuance of a conditional use permit in accordance with the provisions of Chapter 16 of this title: (1) Beauty and barber shops; (2) Conference facilities and meeting rooms; (3) Electronics sales and repair shops; (4) Financial institutions, other than banks; (5) Liquor stores; (6) Lodges and accommodation units; (7) Multiple-family residential dwelling units, timeshare units, fractional fee clubs, and lodge dwelling units; (8) Religious institutions; and (9) Additional uses determined to be similar to conditional uses described in this subsection (B), in accordance with the provisions of § 12 -3-4 of this title. 12-7I-4 PERMITTED AND CONDITIONAL USES; SECOND FLOOR AND ABOVE. (A) Permitted uses. The following uses shall be permitted on those floors above the first floor within a structure: (1) Employee housing units, as further regulated by Chapter 13 of this title; (2) Lodges and accommodation units; (3) Multiple-family residential dwelling units, lodge dwelling units; and (4) Additional uses determined to be similar to permitted uses described in this subsection (A), in accordance with the provisions of § 12 -3-4 of this title. (B) Conditional uses. The following uses shall be permitted on second floors and higher above grade, subject to the issuance of a conditional use permit in accordance with the provisions of Chapter 16 of this title: (1) Banks and financial institutions; (2) Child daycare centers; (3) Conference facilities and meeting rooms; (4) Eating and drinking establishments; (5) Electronics sales and repair shops; (6) Liquor stores; (7) Personal services and repair shops; (8) Professional offices, business offices and studios; (9) Recreation facilities; (10) Religious institutions; (11) Retail establishments; 73 Town of Vail Page 9 (12) Skier ticketing, ski school and skier services; (13) Theaters; (14) Timeshare units and fractional fee clubs; and (15) Additional uses determined to be similar to conditional uses described in this subsection (B), in accordance with the provisions of § 12 -3-4 of this title. 12-7I-5 CONDITIONAL USES; GENERALLY (ON ALL LEVELS OF A BUILDING OR OUTSIDE OF A BUILDING). The following conditional uses shall be permitted, subject to issuance of a conditional use permit in accordance with the provisions of Chapter 16 of this title: (A) Automotive service stations; (B) Bed and breakfasts, as further regulated by § 12 -14-18 of this title; (C) Brewpubs; (D) Child daycare centers; (E) Commercial storage; (F) Communications antennas and appurtenant equipment; (G) Laundromats; (H) Private outdoor recreation facilities, as a primary use; (I) Public buildings, grounds and facilities; (J) Public or private parking lots; (K) Public parks and recreation facilities; (L) Public utility and public service uses; (M) Ski lifts and tows; (N) Television stations; (O) Vehicle maintenance, service, repair, storage and fueling; (P) Warehouses; and (Q) Additional uses determined to be similar to conditional uses described in this section, in accordance with the provisions of 12-3-4 of this title. 12-7I-6 ACCESSORY USES. The following accessory uses shall be permitted in the Lionshead Mixed Use 2 District: (A) Home occupations, subject to issuance of a home occupation permit in accordance with the provisions of § 12-14-12 of this title; (B) Loading and delivery and parking facilities customarily incidental and accessory to permitted and conditional uses; (C) Minor arcades; (D) Offices, lobbies, laundry, and other facilities customarily incidental and accessory to hotels, lodges and multiple-family uses; (E) Outdoor dining decks and patios; (F) Swimming pools, tennis courts, patios or other recreation facilities customarily incidental to permitted residential or lodge uses; and (G) Other uses customarily incidental and accessory to permitted or conditional uses, and necessary for the operation thereof. Vail Land Use Plan 74 Town of Vail Page 10 1. General Growth / Development 1.1. Vail should continue to grow in a controlled environment, maintaining a balance between residential, commercial and recreational uses to serve both the visitor and the permanent resident. 2. Skier /Tourist Concerns 2.1. The community should emphasize its role as a destination resort while accommodating day visitors. 2.2. The ski area owner, the business community and the Town leaders should work together closely to make existing facilities and the Town function more efficiently. 2.3. The ski area owner, the business community and the Town leaders should work together to improve facilities for day skiers. 2.4. The community should improve summer recreational options to improve year -round tourism. 2.5. The community should improve non-skier recreational options to improve year-round tourism. 2.8. Day skier needs for parking and access should be accommodated through creative solutions such as: a. Increase busing from out of town. b. Expanded points of access to the mountain by adding additional base portals. c. Continuing to provide temporary surface parking. d. Addition of structured parking. 3. Commercial 3.2 The Village and Lionshead areas are the best location for hotels to serve the future needs of destination skiers 3.3 Hotels are important to the continued success of the Town of Vail, therefore conversion to condominiums should be discouraged. 3.4 Commercial growth should be concentrated in existing commercial areas to accommodate both local and visitor needs. 3.5. Entertainment oriented business and cultural activities should be encouraged in the core areas to create diversity. More night-time businesses, on-going events and sanctioned “street happenings” should be encouraged. 4. Village Core / Lionshead 75 Town of Vail Page 11 4.1. Future commercial development should continue to occur primarily in existing commercial areas. Future commercial development in the Core areas needs to be carefully controlled to facilitate access and delivery. 4.3. The ambiance of the Village is important to the identity of Vail and should be preserved. (Scale, alpine character, small town feeling, mountains, natural settings, intimate size, cosmopolitan feeling, environmental quality.) 4.4. The connection between the Village Core and Lionshead should be enhanced through: a. Installation of a new type of people mover. b. Improving the pedestrian system with a creatively designed connection, oriented toward a nature walk, alpine garden, and/or sculpture plaza. c. New development should be controlled to limit commercial uses. 5. Residential 5.1. Additional residential growth should continue to occur primarily in existing, platted areas and as appropriate in new areas where high hazards do not exist. 5.2. Quality time share units should be accommodated to help keep occupancy rates up. 5.3. Affordable employee housing should be made available through private efforts, assisted by limited incentives, provided by the Town of Vail, with appropriate restrictions. 5.4. Residential growth should keep pace with the market place demands for a full range of housing types. Lionshead Redevelopment Master Plan 4.1.5 West Lionshead - Residential/ Mixed-Use Hub 4.3 Connections to the Natural Environment One of the outstanding characteristics of Vail Village is its spectacular visual connection to Vail Mountain, particularly the protected view corridors up Bridge Street from the village parking structure and toward the Gore Range from East Meadow Drive. Over the years the village has also strengthened its physical connections to the natural environment by improving creek side parks and trails and by integrating landscape into the built environment at every opportunity. Lionshead has no similarly strong connection to the natural environment even though it is situated even closer to the base of the mountain . 4.6.2 South Frontage Road 4.6.2.1 Potential Realignment 5.17 West Lionshead Project 76 Town of Vail Page 12 This Section was amended and approved by the Vail Town Council at the September 2, 2025 town council meeting as Resolution No. 36, Series of 2025. See Attachment C for full amendment of this section of the Lionshead Redevelopment Master Plan. West Lionshead is an approximately 13-acre site, bordered by I-70 on the north, Gore Creek on the south, and Lionshead Village on the east. Red Sandstone Creek bifurcates the site, running north-south before joining Gore Creek. West Lionshead currently includes the Vail Resorts Maintenance Facility, the Vail Professional building, Cascade Crossings, and the Vail Resorts Administrative Office building. The South Frontage Road currently runs east-west across the southern portion of the site. The Eagle River Water and Sanitation District (“ERWSD”) is adjacent to West Lionshead. The subject property is divided into six parcels, all of which should be zoned Lionshead Mixed Use 2 District. VI. CRITERIA FOR REVIEW Zone District Boundary Amendment 1. The extent to which the zone district amendment is consistent with all the applicable elements of the adopted goals, objectives and policies outlined in the Vail comprehensive plan and is compatible with the development objectives of the town. The proposed zone district boundary amendment provides a path forward for the site to develop in alignment with the specific goal of zoning regulations to “provide for the growth of an orderly and viable community”. The comprehensive plan also looks to increase the commercial development in the area. With the site unable to develop with residential or lodging components under the current zoning, the proposed zoning would allow for these uses as well as align these sites with others in the vicinity. The proposed zoning is also in line with the recent Lionshead Redevelopment Master Plan amendment that was reviewed and recommended for approval by the PEC. Staff finds this criterion to be met. 2. The extent to which the zone district amendment is suitable with the existing and potential land uses on the site and existing and potential surrounding land uses as set out in the town's adopted planning documents. The entirety of Lionshead is zoned either Lionshead Mixed Use 1 (LMU-1) or Lionshead Mixed Use 2 (LMU-2) and rezoning these sites to LMU-2 further adds to the overall continuity of Lionshead area. The underlying land use of the subject sites is Lionshead Redevelopment Master Plan, also consistent with the surrounding land uses within Lionshead. As seen in the vicinity map there are no immediately adjacent properties to the west . The closest property in that direction is the Lift House development, part of the Cascade 77 Town of Vail Page 13 development. Immediately to the east are the properties zoned LMU-2, providing a suitable zoning change for the subject lots. Staff finds this criterion to be met. 3. The extent to which the zone district amendment presents a harmonious, convenient, w orkable relationship among land uses consistent with municipal development objectives. The entirety of Lionshead is zoned either Lionshead Mixed Use 1 (LMU -1) or Lionshead Mixed Use 2 (LMU-2) and rezoning these sites to LMU-2 further adds to the overall continuity of Lionshead area. The underlying land use of the subject sites is Lionshead Redevelopment Master Plan, also consistent with the surrounding land uses within Lionshead. The comprehensive plan also looks to increase the commercial development and vitality in the area. With the site unable to develop with residential or lodging components under the current zoning, the proposed zoning would allow for these uses as well as align these sites with others in the vicinity. Staff finds this criterion to be met. 4. The extent to which the zone district amendment provides for the growth of an orderly viable community and does not constitute spot zoning as the amendment serves the best interests of the community as a whole. This zoning amendment does not result in the granting of privilege is consistent with the Vail Comprehensive Plan, a test for determining spot zoning. The land use for this parcel is Lionshead Redevelopment Master Plan (LRMP), which is also part of the comprehensive plan. As noted earlier in this staff report there are several specific goals from the Lionshead Redevelopment Master Plan that are applicable to this area. Further, the Lionshead Redevelopment Master Plan was amended by Resolution No. 36, Series of 2025 to specifically align the LRMP. Staff finds this criterion to be met. 5. The extent to which the zone district amendment results in adverse or beneficial impacts on the natural environment, including, but not limited to, water quality, air quality, noise, vegetation, riparian corridors, hillsides and other desirable natural features. The site of the proposed zone district boundary amendment is within a fully developed area with little natural environment. The current uses on the sites are office spaces, parking lots and maintenance shops. The height, site coverage, and landscaping requirements should not produce a development product that is detrimental to the items listed in this criterion. Future development on the parcel will be required to adhere to all applicable environmental standards during development review, construction, and operation . 78 Town of Vail Page 14 Staff finds this criterion to be met. 6. The extent to which the zone district amendment is consistent with the purpose statement of the proposed zone district. The purpose statement for the proposed zone district is noted below: (A) The Lionshead Mixed Use 2 District is intended to provide sites for a mixture of multiple-family dwellings, lodges, hotels, fractional fee clubs, timeshares, lodge dwelling units, restaurants, offices, skier services, light industrial activities and commercial establishments in a clustered, unified development. Lionshead Mixed Use 2 District, in accordance with the Lionshead Redevelopment Master Plan, is intended to ensure adequate light, air, open space and other amenities appropriate to the permitted type s of buildings and uses and to maintain the desirable qualities of the zone district by establishing appropriate site development standards. This zone district is meant to encourage and provide incentives for redevelopment in accordance with the Lionshead Redevelopment Master Plan. (B) This zone district was specifically developed to provide incentives for properties to redevelop. The ultimate goal of these incentives is to create an economically vibrant lodging, housing and commercial core area. The incentives in this zone district incl ude increases in allowable gross residential floor area, building height, and density over the previously established zoning in the Lionshead Redevelopment Master Plan study area. The primary goal of the incentives is to create economic conditions favorable to inducing private redevelopment consistent with the Lionshead Redevelopment Master Plan. Additionally, the incentives are created to help finance public, off site, improvements adjacent to redevelopment projects. Public amenities which will be evaluated with redevelopment proposals taking advantage of the incentives created herein may include: streetscape improvements; pedestrian/bicycle access; public plaza redevelopment; public art; roadway improvements; and similar improvements. The site is appropriate for the LMU-2 zone district, as noted in the purpose statement listed above. Staff finds this criterion to be met. 7. The extent to which the zone district amendment demonstrates how conditions have changed since the zoning designation of the subject property was adopted and is no longer appropriate. As noted earlier in the report, this one parcel was originally developed under SDD No. 4, with no underlying zoning. The other two parcels were developed under the Arterial Business District zoning. Future development on these parcels would meet the goals of the Lionshead Redevelopment Master Plan, which includes residential, lodging and commercial development that benefits both the visitor and permanent resident alike. The 79 Town of Vail Page 15 LMU-2 zone district would align the property with the underlying land use as well as the adjacent sites in the Lionshead area. Staff finds this criterion to be met. 8. Such other factors and criteria as the commission and/or council deem applicable to the proposed rezoning. VII. STAFF RECOMMENDATION Based upon the review of the criteria outlined in Section Vl of this memorandum and the evidence and testimony presented, the Community Development Department recommends the Planning and Environmental Commission forwards a recommendation of approval to the Vail Town Council for a recommendation to the Vail Town Council for a zone district boundary amendment, pursuant to Section 12 -3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 S Frontage Rd W, Glen Lyon Subdivision, Parcel ID#2103 -121- 09-003 from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 S Frontage Rd W, Parcel ID# 2103 -121-00-004, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; and, 953 S Frontage Rd W, Parcel ID# 2103-121- 00-002, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District. Should the Planning and Environmental Commission choose to recommend approval of this request, the Community Development Department recommends the Commission pass the following motion: “The Planning and Environmental Commission recommends approval to the Vail Town Council for a for a recommendation to the Vail Town Council for a zone district boundary amendment, pursuant to Section 12-3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 S Frontage Rd W from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 and 953 S Frontage Rd W from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; parcel legal descriptions noted on page 1 of the staff report.” (PEC25-0033) Should the Planning and Environmental Commission choose to recommend approval, of this request, the Community Development Department recommends the Commission make the following findings: 1. That the amendment is consistent with the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and compatible with the development objectives of the town; 2. That the amendment is compatible with and suitable to adjacent uses and appropriate for the surrounding areas; and 3. That the amendment promotes the health, safety, morals and general welfare of the town and promotes the coordinated and harmonious development of the town 80 Town of Vail Page 16 in a manner that conserves and enhances its natural environment and its established character as a resort and residential community of the highest quality. 4. That the amendment is consistent with the applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the town; 5. That the amendment furthers the general and specific purposes of the zoning regulations; and 6. That the amendment promotes the health, safety, morals and general welfare of the town and promotes the coordinated and harmonious development of the town in a manner that conserves and enhances its natural environment and its established character as a resort and residential community of the highest quality. X. ATTACHMENTS A. Vicinity Map B. Applicant narrative, dated September 2025 C. Resolution No. 36, Series of 2025 81 West Lionshead 953, 1000, & 1031 South Frontage Road W Vail, CO 81657 Zone Code Amendment Application September 2025 82 Table of Contents 1. Application Contents 3 2. Introduction & Background 5 3. Criteria for Rezoning 7 4. Exhibits 10 83 1. Application Contents a) Name and address of the owner and/or applicant and a statement that the applicant, if not the owner, has the permission of the owner to make application and act as agent for the owner; i. Ownership Soho Development, LLC (953 & 1031 S Frontage Road W) & Vail Corp (1000 S Frontage Road W) Gabrielle Lerner 917-882-6303 Gabrielle.lerner@vailresorts.com Melissa Sherburne 970-222-3983 melissa.r.sherburne@vailresorts.com ii. Development Partner (Applicant) East West Partners Jim Telling 970-343-0073 Jtelling@ewpartners.com Kevin Murphy 720-839-6153 Kmurphy@ewpartners.com iii. A letter of authorization has been provided as Exhibit A – Letter of Authorization. b) Legal description, street address, and other identifying data concerning the site; i. Title commitments for each of the three parcels including the legal description, street address and other identifying data has been provided as Exhibit B – Title Commitment c) Preliminary building plans and elevations sufficient to indicate the dimensions, general appearance, scale and interior plan of all buildings; i. There is no new development brought forth with this application; the building plan and elevations will remain as they currently exist. 84 d) A list of the owner or owners of record of the properties adjacent to the subject property which is subject of the hearing; provided, however, notification of owners within a condominium project shall be satisfied by notifying the managing agent, or the registered agent of the condominium project, or any member of the board of directors of a condominium association. The list of owners, managing agent of the condominium project, registered agent or members of the board of directors, as appropriate, shall include the names of the individuals, their mailing addresses and the general description of the property owned or managed by each. Accompanying the list shall be stamped, addressed envelopes to each individual or agent to be notified to be used for the mailing of the notice of hearing. It will be the applicant’s responsibility to provide this information and stamped, addressed envelopes. Notice to the adjacent property owners shall be mailed first class, postage prepaid; and i. A list of adjacent property owners has been provided as Exhibit D – Adjacent Property Owners e) If the property is owned in common (condominium association) and/or located within a development lot, the written approval of the other property owner, owners or applicable owners’ association shall be required. This can be either in the form of a letter of approval or signature on the application. i. The property is wholly owned by Vail Corp and Soho Development, LLC (a subsidiary of Vail Corp), however, a Letter of Authorization has been provided as Exhibit A – Letter of Authorization. 85 2. Introduction & Background Vail Corp and Soho Development, LLC are the owners of the three subject parcels located at 953 South Frontage Road West (Vail Professional Building), 1000 South Frontage Road West (Glen Lyon Building), and 1031 South Frontage Road West (Cascade Crossing) in Vail, Colorado. Vail Corp, Soho Development, and East West Partners (“Applicant”) are submitting this application to the Town of Vail’s Community Development department to facilitate a Zone Code Amendment from the existing, underlying, Arterial Business District (ABD) zoning and Special Design District #4 (SDD #4) zoning to Lionshead Mixed Use 2 (LMU 2) zoning. This application for a zone code amendment is the next step, after the Town Council approval of the Lionshead Redevelopment Master Plan Amendment on September 16th, 2025, towards entitlements to redevelop West Lionshead. The general entitlement process forward is detailed in the following exhibit: Vail Corp and Soho Development, LLC. are the owners of the six parcels that make up the area known as West Lionshead (formerly Ever Vail). Three of the six parcels are zoned Lionshead Mixed Use 2 and the remaining three parcels are zoned Arterial Business District or Special Design District #4. In keeping with the vision stated in the amended Lionshead Redevelopment Master Plan (and the former versions of the Lionshead Redevelopment Master Plan) the West Lionshead area “should be zoned Lionshead Mixed Use 2” and this application for a zone code amendment will accomplish said rezoning. After the rezoning applications review and approval, it is anticipated that the Applicant will establish a Preliminary Development Agreement amongst the partnership and subsequently submit a two additional, and related, applications. The first a subdivision application to realign the South Frontage Road that, in its current alignment, bifurcates the site and the second a rezoning application to apply zoning to the newly subdivided parcels. Lastly the Applicant will be submitting project specific Major Exterior Alteration applications, and development agreements, likely by phase for each of the projects to be constructed within West Lionshead. Vail Corp, Soho Development, LLC, and East West Partners are requesting that the site’s existing zoning is modified from Arterial Business District (ABD) and Special Design District #4 (SDD #4) zoning to Lionshead Mixed Use 2 (LMU 2) zoning to properly conform with the existing uses on the site and are intended to exist on the site upon any redevelopment of the site. Specifically, the Applicant requests that the Planning and Environmental Commission 86 forward a recommendation of approval to the Vail Town Council to rezone parcel numbers 2103-121-00-002 and 2103-121-00-004 from Arterial Business District (ABD) and parcel number 2103-121-09-003 from Special Design District #4 zoning to Lionshead Mixed Use 2 zoning. There is no proposed change in existing use or design brought forth by this Zone District Amendment Application, rather the application, establishes the framework for subsequent development agreements and applications (Subdivision Applications and Major Exterior Alteration Applications) to be brought forth to the Town of Vail’s Community Development department in conjunction with the vision set forth in the LRMP. 87 3. Criteria for Rezoning 1. The extent to which the zone district amendment is consistent with all applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the town. i. The Zone District Amendment is consistent with the adopted goals, objectives, and policies outlined in both the Vail Comprehensive Plan, the Lionshead Redevelopment Master Plan and the development objectives of the Town by laying the foundation for the site to accomplish goals outlined in the Vail Land Use Plan such as “... to grow in a controlled environment, maintaining a balance between residential, commercial and recreation uses to serve both the visitor and the permanent resident”. 2. The extent to which the zone district amendment is suitable with the existing and potential land uses on the site and existing and potential land uses as set out in the towns adopted planning documents. i. The Zone District Amendment is suitable with the existing land use on the three subject parcels as professional offices and eating and drinking establishments are listed as permitted uses within the Lionshead Mixed Use 2 zone district. Additionally, the anticipated uses, to be proposed with a subsequent land use applications to the Town’s Community Development department, within the West Lionshead concept plan are included as permitted and conditional uses within the Lionshead Mixed Use 2 zone district. 3. The extent to which the zone district amendment presents a harmonious, convenient, workable relationship among land uses consistent with municipal development objectives. i. The Zone District amendment will present an even more harmonious, convenient, workable relationship among land uses that is consistent with the Town’s development objectives by bringing the three subject parcels into the same underlying zone district, Lionshead Mixed Use 2, that make up the balance of the West Lionshead area. 4. The extent to which the zone district amendment provides for the growth of an orderly viable community and does not constitute spot zoning as the amendment serves the best interests of the community as a whole. 88 i. The zone district does not constitute spot zoning as the Lionshead Mixed Use 2 zone district currently underlays Lionshead and the parcels immediately to the east of the subject properties. The proposed zone district amendment provides for the growth of an orderly viable community, serving the best interests of the Town as a whole by replacing the existing underlying Arterial Business District and Special Design District #4 zoning with Lionshead Mixed Use 2 zoning. 5. The extent to which the zone district amendment results in adverse or beneficial impacts on the natural environment, including, but not limited to, water quality, air quality, noise, vegetation, riparian corridors, hillsides, and other desirable natural features. i. The zone district amendment will have no impact on the natural environment as there is no change to the existing use/design of the building brought forth by this application. 6. The extent to which the zone district amendment is consistent with the purpose statement of the proposed zone district. i. The site is currently consistent with the Lionshead Mixed Use 2 zone district’s purpose statement as the subject parcels are a “mixture of …restaurants, offices, and commercial establishments in a clustered, unified development.” Additionally, this zone district amendment is consistent with the purpose statement of the Lionshead Mixed Use 2 as the code states, “This zone district is meant to encourage and provide incentives for redevelopment in accordance with the Lionshead Redevelopment Master Plan”. Said redevelopment, in accordance with the Lionshead Redevelopment Master Plan, is the ultimate goal of this application for a zone district amendment in tandem with forthcoming applications. 7. The extent to which the zone district amendment demonstrates how conditions have changed since the zoning designation of the subject property was adopted and is no longer appropriate. i. The zoning designation of the subject properties, Arterial Business District and Special Design District #4, were imposed on the three subject parcels prior to the publishing of the Lionshead Redevelopment Master Plan and subsequent amendments. The Lionshead Redevelopment Master Plan calls for the West Lionshead area to be zoned as Lionshead Mixed Use 2, thus the existing zoning is no longer 89 appropriate. 8. Such other factors and criteria as the Commission and/or Council deem applicable to the proposed zoning. i. The Applicant is happy to furnish any additional materials the Commission requests in evaluating this application for a Conditional Use Permit. 90 4. Exhibits 91 Exhibit A – Letter of Authorization 92 August 20, 2025 Town of Vail – Community Development 111 South Frontage Road West Vail, CO 81657 Attention: Matt Gennett Re: West Lionshead – Application for Rezoning Dear Matt, Soho Development, LLC. and Vail Corp are the owners of three parcels of certain property that are part of the group of parcels commonly known as the “West Lionshead”, located at 953, 1000, and 1031 South Frontage Road West in Vail, Colorado (Respectively, parcel IDs 2103-121-00-002; 2103- 121-09-003; 2103-121-00-004). As the owner of the West Lionshead properties, please accept this letter authorizing Jim Telling & Kevin Murphy with East West Partners to represent our interests in the entitlement approval process. Find Jim & Kevin’s contact information below. Jim Telling East West Partners jtelling@ewpartners.com C 970-748-7598 Kevin Murphy East West Partners kmurphy@ewpartners.com C 720-839-6153 Please let us know if you have any questions or concerns. Sincerely, Soho Development, LLC Name: Title: By: Vail Corp Name: Title: By: Docusign Envelope ID: 93F010D2-80EA-4305-99BF-32632E28802E Edward T Walker Edward T Walker VP & DGC VP & DGC 93 Exhibit B – Title Commitments 94 Customer Distribution Prevent fraud - Please call a member of our closing team for wire transfer instructions or to initiate a wire transfer. Note that our wiring instructions will never change. Order Number: ABC50074625-2 Date: 08/07/2025 Property Address: 953 SOUTH FRONTAGE ROAD, VAIL, CO 81657 For Closing Assistance Closer's Assistant For Title Assistance Katie Kuchler 0030 BENCHMARK ROAD, SUITE 107 AVON, CO 81620 PO BOX 3480 (970) 748-4782 (Work) (866) 358-6634 (Work Fax) kkuchler@ltgc.com Contact License: CO281402 Company License: CO44565 Allison Benoit 0030 BENCHMARK ROAD, SUITE 107 AVON, CO 81620 PO BOX 3480 (970) 748-4798 (Work) (877) 261-1631 (Work Fax) abenoit@ltgc.com Company License: CO44565 Scott Bennetts 5975 GREENWOOD PLAZA BLVD GREENWOOD VILLAGE, CO 80111 (303) 850-4175 (Work) sbennetts@ltgc.com Agent for Seller EAST WEST PARTNERS Attention: KEVIN MURPHY DRAWER 2770 126 RIVERFRONT LANE 5TH FLOOR AVON, CO 81620 (720) 839-6153 (Cell) (970) 845-9200 (Work) (970) 845-7205 (Work Fax) kmurphy@ewpartners.com Delivered via: Electronic Mail 95 Estimate of Title Fees Order Number: ABC50074625-2 Date: 08/07/2025 Property Address: 953 SOUTH FRONTAGE ROAD, VAIL, CO 81657 Seller(s): SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY Buyer(s): A BUYER TO BE DETERMINED Thank you for putting your trust in Land Title. Below is the estimate of title fees for the transaction. The final fees will be collected at closing. Visit ltgc.com to learn more about Land Title. Estimate of Title Insurance Fees "ALTA" Owner's Policy 07-30-21 TBD TOTAL TBD Note: The documents linked in this commitment should be reviewed carefully. These documents, such as covenants conditions and restrictions, may affect the title, ownership and use of the property. You may wish to engage legal assistance in order to fully understand and be aware of the implications of the documents on your property. Chain of Title Documents: Eagle county recorded 08/12/2005 under reception no. 925920 96 Property Address: 953 SOUTH FRONTAGE ROAD, VAIL, CO 81657 1.Commitment Date: 08/01/2025 at 5:00 P.M. 2.Policy to be Issued and Proposed Insured: "ALTA" Owner's Policy 07-30-21 Proposed Insured: A BUYER TO BE DETERMINED TBD 3.The estate or interest in the land described or referred to in this Commitment and covered herein is: FEE SIMPLE AS TO PARCEL 1, AN EASEMENT AS TO PARCEL 2 4.The Title is, at the Commitment Date, vested in: SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY 5.The Land is described as follows: PARCEL 1:​ A PARCEL OF LAND SITUATED IN A PART OF THE NE1/4 OF THE NE1/4 OF SECTION 12, TOWNSHIP 5 SOUTH, RANGE 81 WEST OF THE SIXTH PRINCIPAL MERIDIAN, TOWN OF VAIL, COUNTY OF EAGLE, STATE OF COLORADO, SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:​ BEGINNING AT THE SOUTHWESTERLY CORNER OF TRACT A, SOUTH FRONTAGE ROAD SUBDIVISION, PER THE PLAT THEREOF RECORDED NOVEMBER 6, 2000, UNDER RECEPTION NO. 743424 IN THE OFFICE OF THE EAGLE COUNTY CLERK AND RECORDER, SAID CORNER ALSO BEING THE NORTHERLY RIGHT OF WAY OF THE SOUTH FRONTAGE ROAD OF INTERSTATE HIGHWAY NUMBER 70; ​ THENCE ALONG SAID NORTHERLY RIGHT OF WAY S. 73 DEGREES 37 MINUTES 52 SECONDS W. 200.00 FEET; ​ THENCE DEPARTING SAID NORTHERLY RIGHT OF WAY N. 16 DEGREES 51 MINUTES 09 SECONDS W. 158.18 FEET TO A POINT ON THE SOUTHERLY RIGHT OF WAY OF INTERSTATE HIGHWAY NUMBER 70; ​ THENCE ALONG SAID SOUTHERLY RIGHT OF WAY N. 59 DEGREES 28 MINUTES 16 SECONDS E. 274.19 FEET TO THE NORTHWESTERLY CORNER OF INTERSTATE HIGHWAY NUMBER 70 PARCEL 26B; ​ THENCE DEPARTING SAID SOUTHERLY RIGHT OF WAY AND ALONG THE WESTERLY BOUNDARY OF SAID PARCEL 26B S. 10 DEGREES 36 MINUTES 52 SECONDS W. 31.26 FEET TO THE SOUTHWESTERLY CORNER OF SAID PARCEL 26B, SAID POINT ALSO BEING THE NORTHWESTERLY CORNER OF SAID TRACT A; ​ THENCE ALONG THE WESTERLY BOUNDARY OF SAID TRACT A S. 10 DEGREES 45 MINUTES 05 SECONDS W. 34.40 FEET; ​ THENCE CONTINUING ALONG SAID BOUNDARY S. 04 DEGREES 37 MINUTES 43 SECONDS E. 170.34 FEET TO THE POINT OF BEGINNING, COUNTY OF EAGLE, STATE OF COLORADO. ​ PARCEL 2:​ EASEMENT FOR INGRESS AND EGRESS AS CREATED BY COMBINATION RELEASE OF EXISTING EASEMENTS AND CREATION OF NEW CROSS EASEMENT AGREEMENT RECORDED DECEMBER 13, 1989 IN BOOK 519 AT PAGE 619, COUNTY OF EAGLE, STATE OF COLORADO. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule A Order Number:ABC50074625-2 97 This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2021 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule A Order Number:ABC50074625-2 98 ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part I (Requirements) Order Number: ABC50074625-2 All of the following Requirements must be met: This proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. Pay the agreed amount for the estate or interest to be insured. Pay the premiums, fees, and charges for the Policy to the Company. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 1.A FULL COPY OF THE FULLY EXECUTED OPERATING AGREEMENT AND ANY AND ALL AMENDMENTS THERETO FOR SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY MUST BE FURNISHED TO LAND TITLE GUARANTEE COMPANY. SAID AGREEMENT MUST DISCLOSE WHO MAY CONVEY, ACQUIRE, ENCUMBER, LEASE OR OTHERWISE DEAL WITH INTERESTS IN REAL PROPERTY FOR SAID ENTITY. NOTE: ADDITIONAL REQUIREMENTS MAY BE NECESSARY UPON REVIEW OF THIS DOCUMENTATION. 2.DULY EXECUTED AND ACKNOWLEDGED STATEMENT OF AUTHORITY SETTING FORTH THE NAME OF SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY AS A LIMITED LIABILITY COMPANY. THE STATEMENT OF AUTHORITY MUST STATE UNDER WHICH LAWS THE ENTITY WAS CREATED, THE MAILING ADDRESS OF THE ENTITY, AND THE NAME AND POSITION OF THE PERSON(S) AUTHORIZED TO EXECUTE INSTRUMENTS CONVEYING, ENCUMBERING, OR OTHERWISE AFFECTING TITLE TO REAL PROPERTY ON BEHALF OF THE ENTITY AND OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 38-30-172, CRS. NOTE: THE STATEMENT OF AUTHORITY MUST BE RECORDED WITH THE CLERK AND RECORDER. 3.WARRANTY DEED FROM SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY TO A BUYER TO BE DETERMINED CONVEYING SUBJECT PROPERTY. NOTE: ADDITIONAL REQUIREMENTS OR EXCEPTIONS MAY BE NECESSARY WHEN THE BUYERS NAMES ARE ADDED TO THIS COMMITMENT. COVERAGES AND/OR CHARGES REFLECTED HEREIN, IF ANY, ARE SUBJECT TO CHANGE UPON RECEIPT OF THE CONTRACT TO BUY AND SELL REAL ESTATE AND ANY AMENDMENTS THERETO. 99 Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage. 1.Any facts, rights, interests, or claims thereof, not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land. 2.Easements, liens or encumbrances, or claims thereof, not shown by the Public Records. 3.Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records. 4.Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5.Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6.(a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 7.(a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 8.EXISTING LEASES AND TENANCIES, IF ANY. 9.RIGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES AS RESERVED IN UNITED STATES PATENT RECORDED DECEMBER 29, 1920, IN BOOK 93 AT PAGE 42. 10.RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS RESERVED IN UNITED STATES PATENT RECORDED DECEMBER 29, 1920, IN BOOK 93 AT PAGE 42. 11.ANY RIGHTS, INTERESTS OR EASEMENTS IN FAVOR OF THE STATE OF COLORADO, THE UNITED STATES OF AMERICA, OR THE GENERAL PUBLIC, WHICH EXIST OR ARE CLAIMED TO EXIST IN, OVER, UNDER AND/OR ACROSS THE WATERS AND PRESENT AND PAST BED AND BANKS OF THE RED SANDSTONE CREEK. 12.TERMS, CONDITIONS AND PROVISIONS OF RIGHT OF WAY EASEMENT RECORDED JULY 09, 1984 IN BOOK 388 AT PAGE 756. 13.TERMS, CONDITIONS AND PROVISIONS OF COMBINATION RELEASE OF EXISTING EASEMENTS AND CREATION OF NEW CROSS EASEMENT AGREEMENT RECORDED DECEMBER 13, 1989 IN BOOK 519 AT PAGE 619. 14.TERMS, CONDITIONS AND PROVISIONS OF USE RESTRICTION AGREEMENT RECORDED DECEMBER 27, 1989 IN BOOK 520 AT PAGE 202 AND AMENDMENT RECORDED AUGUST 29, 1991 IN BOOK 561 AT PAGE 190. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part II (Exceptions) Order Number: ABC50074625-2 100 15.TERMS, CONDITIONS AND PROVISIONS OF CONVEYANCE OF EASEMENT RECORDED JUNE 25, 1991 IN BOOK 556 AT PAGE 702 AND RERECORDED AUGUST 29, 1991 IN BOOK 561 AT PAGE 191. 16.LACK OF A DIRECT ACCESS ON AND TO INTERSTATE HIGHWAY 70, WHICH ABUTS SUBJECT PROPERTY. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part II (Exceptions) Order Number: ABC50074625-2 101 ALTA Commitment For Title Insurance issued by Old Republic National Title Insurance Company NOTICE IMPORTANT—READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. . COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and the Commitment Conditions ,Old Republic National Title Insurance Company, a Minnesota corporation (the “Company”), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of insurance and the name of the Proposed Insured. If all of the Schedule B, Part I—Requirements have not been met within 6 months after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end. COMMITMENT CONDITIONS 1. DEFINITIONS 2. If all of the Schedule B, Part I—Requirements have not been met within the time period specified in the Commitment to Issue Policy, Commitment terminates and the Company’s liability and obligation end. 3. The Company’s liability and obligation is limited by and this Commitment is not valid without: 4. COMPANY’S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company is not liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY i. comply with the Schedule B, Part I—Requirements; ii. eliminate, with the Company’s written consent, any Schedule B, Part II—Exceptions; or iii. acquire the Title or create the Mortgage covered by this Commitment. “Discriminatory Covenant”: Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class. (a) “Knowledge” or “Known”: Actual knowledge or actual notice, but not constructive notice imparted by the Public Records.(b) “Land”: The land described in item 5 of Schedule A and affixed improvements located on that land that by State law constitute real property. The term “Land” does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any abutting street, road, aavenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) “Mortgage”: A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. (d) “Policy”: Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) “Proposed Amount of Insurance”: Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment. (f) “Proposed Insured”: Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment.(g) “Public Records”: The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the TItle to a purchaser for value without Knowledge. The term “Public Records” does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting, zoning, licensing, building, health, public safety, or national security matters. (h) “State”: The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term “State” also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam. (i) “Title”: The estate or interest in the Land identified in Item 3 of Schedule A.(j) the Notice;(a) the Commitment to Issue Policy;(b) the Commitment Conditions;(c) Schedule A;(d) Schedule B, Part I—Requirements; and(e) Schedule B, Part II—Exceptions; and(f) a counter-signature by the Company or its issuing agent that may be in electronic form.(g) The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense incurred in the interval between the Company’s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to: (a) The Company is not liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (b) The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (c) The Company’s liability does not exceed the lesser of the Proposed Insured’s actual expense incurred in good faith and described in Commitment Condition 5(a) or the Proposed Amount of Insurance. (d) The Company is not liable for the content of the Transaction Identification Data, if any.(e) The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I—Requirements have been met to the satisfaction of the Company. (f) 102 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT. CHOICE OF LAW AND CHOICE OF FORUM 7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT The issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company’s agent for the purpose of providing closing or settlement services. 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. CLAIMS PROCEDURES This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6. 10. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING. ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION. 11. ARBITRATION The Policy contains an arbitration clause. All arbitrable matters when the Proposed Amount of insurance is $2,000,000 or less may be arbitrated at the election of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration IN WITNESS WHEREOF, Old Republic National Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A to be valid when countersigned by a validating officer or other authorized signatory. Issued by: Land Title Guarantee Company 3033 East First Avenue Suite 600 Denver, Colorado 80206 303-321-1880 Craig B. Rants, Senior Vice President This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2021 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. The Company’s liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured.(g) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment.(a) Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction (b) This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (c) The deletion or modification of any Schedule B, Part II—Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (d) Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company.(e) When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the Policy.(f) 103 Land Title Guarantee Company Disclosure Statements Note: Pursuant to CRS 10-11-122, notice is hereby given that: Note: Effective September 1, 1997, CRS 30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one half of an inch. The clerk and recorder may refuse to record or file any document that does not conform, except that, the requirement for the top margin shall not apply to documents using forms on which space is provided for recording or filing information at the top margin of the document. Note: Colorado Division of Insurance Regulations 8-1-2 requires that "Every title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed". Provided that Land Title Guarantee Company conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lenders Policy when issued. Note: Affirmative mechanic's lien protection for the Owner may be available (typically by deletion of Exception no. 4 of Schedule B, Section 2 of the Commitment from the Owner's Policy to be issued) upon compliance with the following conditions: No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Note: Pursuant to CRS 10-11-123, notice is hereby given: The Subject real property may be located in a special taxing district.(A) A certificate of taxes due listing each taxing jurisdiction will be obtained from the county treasurer of the county in which the real property is located or that county treasurer's authorized agent unless the proposed insured provides written instructions to the contrary. (for an Owner's Policy of Title Insurance pertaining to a sale of residential real property). (B) The information regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. (C) The land described in Schedule A of this commitment must be a single family residence which includes a condominium or townhouse unit. (A) No labor or materials have been furnished by mechanics or material-men for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. (B) The Company must receive an appropriate affidavit indemnifying the Company against un-filed mechanic's and material-men's liens. (C) The Company must receive payment of the appropriate premium.(D) If there has been construction, improvements or major repairs undertaken on the property to be purchased within six months prior to the Date of Commitment, the requirements to obtain coverage for unrecorded liens will include: disclosure of certain construction information; financial information as to the seller, the builder and or the contractor; payment of the appropriate premium fully executed Indemnity Agreements satisfactory to the company, and, any additional requirements as may be necessary after an examination of the aforesaid information by the Company. (E) 104 This notice applies to owner's policy commitments disclosing that a mineral estate has been severed from the surface estate, in Schedule B-2. Note: Pursuant to CRS 10-1-128(6)(a), It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance, and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado Division of Insurance within the Department of Regulatory Agencies. Note: Pursuant to Colorado Division of Insurance Regulations 8-1-3, notice is hereby given of the availability of a closing protection letter for the lender, purchaser, lessee or seller in connection with this transaction. Note: Pursuant to CRS 24-21-514.5, Colorado notaries may remotely notarize real estate deeds and other documents using real-time audio-video communication technology. You may choose not to use remote notarization for any document. That there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and (A) That such mineral estate may include the right to enter and use the property without the surface owner's permission. (B) 105 Joint Notice of Privacy Policy of Land Title Guarantee Company Land Title Insurance Corporation and Old Republic National Title Insurancy Company This Statement is provided to you as a customer of Land Title Guarantee Company as agent for Land Title Insurance Corporation and Old Republic National Title Insurance Company. We want you to know that we recognize and respect your privacy expectations and the requirements of federal and state privacy laws. Information security is one of our highest priorities. We recognize that maintaining your trust and confidence is the bedrock of our business. We maintain and regularly review internal and external safeguards against unauthorized access to your non-public personal information ("Personal Information"). In the course of our business, we may collect Personal Information about you from: applications or other forms we receive from you, including communications sent through TMX, our web-based transaction management system; your transactions with, or from the services being performed by us, our affiliates, or others; a consumer reporting agency, if such information is provided to us in connection with your transaction; and The public records maintained by governmental entities that we obtain either directly from those entities, or from our affiliates and non-affiliates. Our policies regarding the protection of the confidentiality and security of your Personal Information are as follows: We restrict access to all Personal Information about you to those employees who need to know that information in order to provide products and services to you. We may share your Personal Information with affiliated contractors or service providers who provide services in the course of our business, but only to the extent necessary for these providers to perform their services and to provide these services to you as may be required by your transaction. We maintain physical, electronic and procedural safeguards that comply with federal standards to protect your Personal Information from unauthorized access or intrusion. Employees who violate our strict policies and procedures regarding privacy are subject to disciplinary action. We regularly assess security standards and procedures to protect against unauthorized access to Personal Information. WE DO NOT DISCLOSE ANY PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT STATED ABOVE OR PERMITTED BY LAW. Consistent with applicable privacy laws, there are some situations in which Personal Information may be disclosed. We may disclose your Personal Information when you direct or give us permission; when we are required by law to do so, for example, if we are served a subpoena; or when we suspect fraudulent or criminal activities. We also may disclose your Personal Information when otherwise permitted by applicable privacy laws such as, for example, when disclosure is needed to enforce our rights arising out of any agreement, transaction or relationship with you. Our policy regarding dispute resolution is as follows: Any controversy or claim arising out of or relating to our privacy policy, or the breach thereof, shall be settled by arbitration in accordance with the rules of the American Arbitration 106 Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 107 Customer Distribution Prevent fraud - Please call a member of our closing team for wire transfer instructions or to initiate a wire transfer. Note that our wiring instructions will never change. Order Number: ABC50074623 Date: 06/04/2025 Property Address: PARCEL 210312109003 (R008248), VAIL, CO 81657 For Closing Assistance Closer's Assistant For Title Assistance Katie Kuchler 0030 BENCHMARK ROAD, SUITE 107 AVON, CO 81620 PO BOX 3480 (970) 748-4782 (Work) (866) 358-6634 (Work Fax) kkuchler@ltgc.com Contact License: CO281402 Company License: CO44565 Allison Benoit 0030 BENCHMARK ROAD, SUITE 107 AVON, CO 81620 PO BOX 3480 (970) 748-4798 (Work) (877) 261-1631 (Work Fax) abenoit@ltgc.com Company License: CO44565 Scott Bennetts 5975 GREENWOOD PLAZA BLVD GREENWOOD VILLAGE, CO 80111 (303) 850-4175 (Work) sbennetts@ltgc.com Agent for Seller EAST WEST PARTNERS Attention: KEVIN MURPHY DRAWER 2770 126 RIVERFRONT LANE 5TH FLOOR AVON, CO 81620 (720) 839-6153 (Cell) (970) 845-9200 (Work) (970) 845-7205 (Work Fax) kmurphy@ewpartners.com Delivered via: Electronic Mail 108 Estimate of Title Fees Order Number: ABC50074623 Date: 06/04/2025 Property Address: PARCEL 210312109003 (R008248), VAIL, CO 81657 Seller(s): THE VAIL CORPORATION, A COLORADO CORPORATION Buyer(s): A BUYER TO BE DETERMINED Thank you for putting your trust in Land Title. Below is the estimate of title fees for the transaction. The final fees will be collected at closing. Visit ltgc.com to learn more about Land Title. Estimate of Title Insurance Fees "ALTA" Owner's Policy 07-30-21 TBD TOTAL TBD Note: The documents linked in this commitment should be reviewed carefully. These documents, such as covenants conditions and restrictions, may affect the title, ownership and use of the property. You may wish to engage legal assistance in order to fully understand and be aware of the implications of the documents on your property. Plat Map(s): Eagle county recorded 07/18/1978 at book 272 page 370 109 This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2021 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Property Address: PARCEL 210312109003 (R008248), VAIL, CO 81657 1.Commitment Date: 05/30/2025 at 5:00 P.M. 2.Policy to be Issued and Proposed Insured: "ALTA" Owner's Policy 07-30-21 Proposed Insured: A BUYER TO BE DETERMINED TBD 3.The estate or interest in the land described or referred to in this Commitment and covered herein is: A Fee Simple 4.The Title is, at the Commitment Date, vested in: THE VAIL CORPORATION, A COLORADO CORPORATION 5.The Land is described as follows: LOT 54, GLEN LYON SUBDIVISION, ACCORDING TO THE AMENDED PLAT THEREOF RECORDED JULY 18, 1978 IN BOOK 272 AT PAGE 370, COUNTY OF EAGLE, STATE OF COLORADO. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule A Order Number:ABC50074623 110 ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part I (Requirements) Order Number: ABC50074623 All of the following Requirements must be met: This proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. Pay the agreed amount for the estate or interest to be insured. Pay the premiums, fees, and charges for the Policy to the Company. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 1.WARRANTY DEED FROM THE VAIL CORPORATION, A COLORADO CORPORATION TO A BUYER TO BE DETERMINED CONVEYING SUBJECT PROPERTY. NOTE: ADDITIONAL REQUIREMENTS OR EXCEPTIONS MAY BE NECESSARY WHEN THE BUYERS NAMES ARE ADDED TO THIS COMMITMENT. COVERAGES AND/OR CHARGES REFLECTED HEREIN, IF ANY, ARE SUBJECT TO CHANGE UPON RECEIPT OF THE CONTRACT TO BUY AND SELL REAL ESTATE AND ANY AMENDMENTS THERETO. 111 Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage. 1.Any facts, rights, interests, or claims thereof, not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land. 2.Easements, liens or encumbrances, or claims thereof, not shown by the Public Records. 3.Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records. 4.Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5.Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6.(a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 7.(a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 8.EXISTING LEASES AND TENANCIES, IF ANY. 9.RIGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES AS RESERVED IN UNITED STATES PATENT RECORDED AUGUST 16, 1909, IN BOOK 48 AT PAGE 542. 10.RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS RESERVED IN UNITED STATES PATENT RECORDED AUGUST 16, 1909, IN BOOK 48 AT PAGE 542. 11.RESERVATION AS TO THE NORTHWEST 1/4 OF SECTION 12 TOWNSHIP 5 SOUTH, RANGE 81 WEST OF THE RIGHT OF WAY OF THE UNITED STATES, ITS PERMITTEE OR LICENSEE, TO ENTER UPON, OCCUPY AND USE ANY PART OR ALL OF SAID LAND FOR THE PURPOSES PROVIDED IN THE ACT OF JUNE 10, 1920 (41 SAT. 1063) AS RESERVED IN THE PATENT RECORDED OCTOBER 2, 1946 IN BOOK 132 AT PAGE 405. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part II (Exceptions) Order Number: ABC50074623 112 12.RESTRICTIVE COVENANTS WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, FAMILIAL STATUS, MARITAL STATUS, DISABILITY, HANDICAP, NATIONAL ORIGIN, ANCESTRY, OR SOURCE OF INCOME, AS SET FORTH IN APPLICABLE STATE OR FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS PERMITTED BY APPLICABLE LAW AS CONTAINED IN INSTRUMENT RECORDED APRIL 04, 1978, IN BOOK 268 AT PAGE 698 AND AS AMENDED IN INSTRUMENT RECORDED AUGUST 25, 1987, IN BOOK 468 AT PAGE 447 THROUGH 472 AND AS RERECORDED IN INSTRUMENT RECORDED SEPTEMBER 15, 1987 IN BOOK 469 AT PAGE 801, AND AS AMENDED IN INSTRUMENT RECORDED MAY 2, 1990 IN BOOK 528 AT PAGE 154 AND AS AMENDED IN INSTRUMENT RECORDED MARCH 5, 2007 UNDER RECEPTION NO. 200705601 AND AS AMENDED IN INSTRUMENT RECORDED SEPTEMBER 20, 2007 UNDER RECEPTION NO. 200725244. 13.EASEMENTS, CONDITIONS, COVENANTS, RESTRICTIONS, RESERVATIONS AND NOTES ON THE AMENDED PLAT OF GLEN LYON SUBDIVISION RECORDED JULY 18, 1978 IN BOOK 272 AT PAGE 370. VACATION OF 20 FOOT UTILITY EASEMENT AS RECORDED IN THE INSTRUMENTS RECORDED: JUNE 7, 1990 IN BOOK 530 AT PAGE 966, JUNE 7, 1990 IN BOOK 530 AT PAGE 964, JUNE 7, 1990 IN BOOK 530 AT PAGE 963 AND JUNE 7, 1989 IN BOOK 507 AT PAGE 641, APRIL 3, 2019 UNDER RECEPTION NO. 201904346. 14.RIGHTS AND EASEMENTS FOR NAVIGATION AND FISHERY IN FAVOR OF THE PUBLIC WHICH MAY EXIST OVER THAT PORTION OF SAID LAND LYING BENEATH THE WATERS OF GORE CREEK. 15.EASEMENT AND RIGHT OF WAY FOR CONSTRUCTION AND MAINTENANCE OF AN ELECTRIC SYSTEM, AS GRANTED TO HOLY CROSS ELECTRIC ASSOCIATION BY GORE CREEK ASSOCIATES, IN THE INSTRUMENT RECORDED APRIL 24, 1978 IN BOOK 269 AT PAGE 277. 16.UTILITY EASEMENT AS GRANTED TO HOLY CROSS ELECTRIC ASSOCIATION, INC., IN INSTRUMENT RECORDED MAY 19, 1989, IN BOOK 506 AT PAGE 676. 17.UTILITY EASEMENT AS GRANTED TO UPPER EAGLE VALLEY CONSOLIDATED SANITATION DISTRICT AND VAIL VALLEY CONSOLIDATED WATER DISTRICT IN INSTRUMENT RECORDED JUNE 07, 1989, IN BOOK 507 AT PAGE 642. 18.UTILITY EASEMENT AS GRANTED TO THE TOWN OF VAIL IN INSTRUMENT RECORDED JUNE 7, 1990 IN BOOK 530 AT PAGE 962. 19.UTILITY EASEMENT AS GRANTED TO UPPER EAGLE VALLEY CONSOLIDATED SANITATION DISTRICT AND VAIL VALLEY CONSOLIDATED WATER DISTRICT IN INSTRUMENT RECORDED JUNE 7, 1990 IN BOOK 530 AT PAGE 965. 20.TERMS, CONDITIONS AND PROVISIONS OF DECLARATION OF RESTRICTIVE COVENANTS, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, FAMILIAL STATUS, MARITAL STATUS, DISABILITY, HANDICAP, NATIONAL ORIGIN, ANCESTRY, OR SOURCE OF INCOME, AS SET FORTH IN APPLICABLE STATE OR FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS PERMITTED BY APPLICABLE LAW RECORDED APRIL 17, 2009 AT RECEPTION NO. 200906990 AND AMENDMENT RECORDED JANUARY 28, 2010 RECEPTION NO. 201001717 21.TERMS, CONDITIONS, PROVISIONS, BURDENS, OBLIGATIONS AND EASEMENTS AS SET FORTH AND GRANTED IN RECREATIONAL EASEMENT AND MAINTENANCE AGREEMENT RECORDED MAY 10, 2017 UNDER RECEPTION NO. 201708355. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part II (Exceptions) Order Number: ABC50074623 113 ALTA Commitment For Title Insurance issued by Old Republic National Title Insurance Company NOTICE IMPORTANT—READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. . COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and the Commitment Conditions ,Old Republic National Title Insurance Company, a Minnesota corporation (the “Company”), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of insurance and the name of the Proposed Insured. If all of the Schedule B, Part I—Requirements have not been met within 6 months after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end. COMMITMENT CONDITIONS 1. DEFINITIONS 2. If all of the Schedule B, Part I—Requirements have not been met within the time period specified in the Commitment to Issue Policy, Commitment terminates and the Company’s liability and obligation end. 3. The Company’s liability and obligation is limited by and this Commitment is not valid without: 4. COMPANY’S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company is not liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY i. comply with the Schedule B, Part I—Requirements; ii. eliminate, with the Company’s written consent, any Schedule B, Part II—Exceptions; or iii. acquire the Title or create the Mortgage covered by this Commitment. “Discriminatory Covenant”: Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class. (a) “Knowledge” or “Known”: Actual knowledge or actual notice, but not constructive notice imparted by the Public Records.(b) “Land”: The land described in item 5 of Schedule A and affixed improvements located on that land that by State law constitute real property. The term “Land” does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any abutting street, road, aavenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) “Mortgage”: A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. (d) “Policy”: Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) “Proposed Amount of Insurance”: Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment. (f) “Proposed Insured”: Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment.(g) “Public Records”: The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the TItle to a purchaser for value without Knowledge. The term “Public Records” does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting, zoning, licensing, building, health, public safety, or national security matters. (h) “State”: The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term “State” also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam. (i) “Title”: The estate or interest in the Land identified in Item 3 of Schedule A.(j) the Notice;(a) the Commitment to Issue Policy;(b) the Commitment Conditions;(c) Schedule A;(d) Schedule B, Part I—Requirements; and(e) Schedule B, Part II—Exceptions; and(f) a counter-signature by the Company or its issuing agent that may be in electronic form.(g) The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense incurred in the interval between the Company’s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to: (a) The Company is not liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (b) The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (c) The Company’s liability does not exceed the lesser of the Proposed Insured’s actual expense incurred in good faith and described in Commitment Condition 5(a) or the Proposed Amount of Insurance. (d) The Company is not liable for the content of the Transaction Identification Data, if any.(e) The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I—Requirements have been met to the satisfaction of the Company. (f) 114 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT. CHOICE OF LAW AND CHOICE OF FORUM 7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT The issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company’s agent for the purpose of providing closing or settlement services. 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. CLAIMS PROCEDURES This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6. 10. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING. ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION. 11. ARBITRATION The Policy contains an arbitration clause. All arbitrable matters when the Proposed Amount of insurance is $2,000,000 or less may be arbitrated at the election of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration IN WITNESS WHEREOF, Old Republic National Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A to be valid when countersigned by a validating officer or other authorized signatory. Issued by: Land Title Guarantee Company 3033 East First Avenue Suite 600 Denver, Colorado 80206 303-321-1880 Craig B. Rants, Senior Vice President This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2021 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. The Company’s liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured.(g) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment.(a) Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction (b) This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (c) The deletion or modification of any Schedule B, Part II—Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (d) Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company.(e) When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the Policy.(f) 115 Land Title Guarantee Company Disclosure Statements Note: Pursuant to CRS 10-11-122, notice is hereby given that: Note: Effective September 1, 1997, CRS 30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one half of an inch. The clerk and recorder may refuse to record or file any document that does not conform, except that, the requirement for the top margin shall not apply to documents using forms on which space is provided for recording or filing information at the top margin of the document. Note: Colorado Division of Insurance Regulations 8-1-2 requires that "Every title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed". Provided that Land Title Guarantee Company conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lenders Policy when issued. Note: Affirmative mechanic's lien protection for the Owner may be available (typically by deletion of Exception no. 4 of Schedule B, Section 2 of the Commitment from the Owner's Policy to be issued) upon compliance with the following conditions: No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Note: Pursuant to CRS 10-11-123, notice is hereby given: The Subject real property may be located in a special taxing district.(A) A certificate of taxes due listing each taxing jurisdiction will be obtained from the county treasurer of the county in which the real property is located or that county treasurer's authorized agent unless the proposed insured provides written instructions to the contrary. (for an Owner's Policy of Title Insurance pertaining to a sale of residential real property). (B) The information regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. (C) The land described in Schedule A of this commitment must be a single family residence which includes a condominium or townhouse unit. (A) No labor or materials have been furnished by mechanics or material-men for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. (B) The Company must receive an appropriate affidavit indemnifying the Company against un-filed mechanic's and material-men's liens. (C) The Company must receive payment of the appropriate premium.(D) If there has been construction, improvements or major repairs undertaken on the property to be purchased within six months prior to the Date of Commitment, the requirements to obtain coverage for unrecorded liens will include: disclosure of certain construction information; financial information as to the seller, the builder and or the contractor; payment of the appropriate premium fully executed Indemnity Agreements satisfactory to the company, and, any additional requirements as may be necessary after an examination of the aforesaid information by the Company. (E) 116 This notice applies to owner's policy commitments disclosing that a mineral estate has been severed from the surface estate, in Schedule B-2. Note: Pursuant to CRS 10-1-128(6)(a), It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance, and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado Division of Insurance within the Department of Regulatory Agencies. Note: Pursuant to Colorado Division of Insurance Regulations 8-1-3, notice is hereby given of the availability of a closing protection letter for the lender, purchaser, lessee or seller in connection with this transaction. Note: Pursuant to CRS 24-21-514.5, Colorado notaries may remotely notarize real estate deeds and other documents using real-time audio-video communication technology. You may choose not to use remote notarization for any document. That there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and (A) That such mineral estate may include the right to enter and use the property without the surface owner's permission. (B) 117 Joint Notice of Privacy Policy of Land Title Guarantee Company Land Title Insurance Corporation and Old Republic National Title Insurancy Company This Statement is provided to you as a customer of Land Title Guarantee Company as agent for Land Title Insurance Corporation and Old Republic National Title Insurance Company. We want you to know that we recognize and respect your privacy expectations and the requirements of federal and state privacy laws. Information security is one of our highest priorities. We recognize that maintaining your trust and confidence is the bedrock of our business. We maintain and regularly review internal and external safeguards against unauthorized access to your non-public personal information ("Personal Information"). In the course of our business, we may collect Personal Information about you from: applications or other forms we receive from you, including communications sent through TMX, our web-based transaction management system; your transactions with, or from the services being performed by us, our affiliates, or others; a consumer reporting agency, if such information is provided to us in connection with your transaction; and The public records maintained by governmental entities that we obtain either directly from those entities, or from our affiliates and non-affiliates. Our policies regarding the protection of the confidentiality and security of your Personal Information are as follows: We restrict access to all Personal Information about you to those employees who need to know that information in order to provide products and services to you. We may share your Personal Information with affiliated contractors or service providers who provide services in the course of our business, but only to the extent necessary for these providers to perform their services and to provide these services to you as may be required by your transaction. We maintain physical, electronic and procedural safeguards that comply with federal standards to protect your Personal Information from unauthorized access or intrusion. Employees who violate our strict policies and procedures regarding privacy are subject to disciplinary action. We regularly assess security standards and procedures to protect against unauthorized access to Personal Information. WE DO NOT DISCLOSE ANY PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT STATED ABOVE OR PERMITTED BY LAW. Consistent with applicable privacy laws, there are some situations in which Personal Information may be disclosed. We may disclose your Personal Information when you direct or give us permission; when we are required by law to do so, for example, if we are served a subpoena; or when we suspect fraudulent or criminal activities. We also may disclose your Personal Information when otherwise permitted by applicable privacy laws such as, for example, when disclosure is needed to enforce our rights arising out of any agreement, transaction or relationship with you. Our policy regarding dispute resolution is as follows: Any controversy or claim arising out of or relating to our privacy policy, or the breach thereof, shall be settled by arbitration in accordance with the rules of the American Arbitration 118 Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 119 Customer Distribution Prevent fraud - Please call a member of our closing team for wire transfer instructions or to initiate a wire transfer. Note that our wiring instructions will never change. Order Number: ABC50074622 Date: 06/03/2025 Property Address: 1031 SOUTH FRONTAGE ROAD, VAIL, CO 81657 For Closing Assistance Closer's Assistant For Title Assistance Katie Kuchler 0030 BENCHMARK ROAD, SUITE 107 AVON, CO 81620 PO BOX 3480 (970) 748-4782 (Work) (866) 358-6634 (Work Fax) kkuchler@ltgc.com Contact License: CO281402 Company License: CO44565 Allison Benoit 0030 BENCHMARK ROAD, SUITE 107 AVON, CO 81620 PO BOX 3480 (970) 748-4798 (Work) (877) 261-1631 (Work Fax) abenoit@ltgc.com Company License: CO44565 Scott Bennetts 5975 GREENWOOD PLAZA BLVD GREENWOOD VILLAGE, CO 80111 (303) 850-4175 (Work) sbennetts@ltgc.com Agent for Seller EAST WEST PARTNERS Attention: KEVIN MURPHY DRAWER 2770 126 RIVERFRONT LANE 5TH FLOOR AVON, CO 81620 (720) 839-6153 (Cell) (970) 845-9200 (Work) (970) 845-7205 (Work Fax) kmurphy@ewpartners.com Delivered via: Electronic Mail 120 Estimate of Title Fees Order Number: ABC50074622 Date: 06/03/2025 Property Address: 1031 SOUTH FRONTAGE ROAD, VAIL, CO 81657 Seller(s): SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY Buyer(s): A BUYER TO BE DETERMINED Thank you for putting your trust in Land Title. Below is the estimate of title fees for the transaction. The final fees will be collected at closing. Visit ltgc.com to learn more about Land Title. Estimate of Title Insurance Fees "ALTA" Owner's Policy 07-30-21 TBD TOTAL TBD Note: The documents linked in this commitment should be reviewed carefully. These documents, such as covenants conditions and restrictions, may affect the title, ownership and use of the property. You may wish to engage legal assistance in order to fully understand and be aware of the implications of the documents on your property. Chain of Title Documents: Eagle county recorded 08/12/2005 under reception no. 925920 121 Property Address: 1031 SOUTH FRONTAGE ROAD, VAIL, CO 81657 1.Commitment Date: 05/29/2025 at 5:00 P.M. 2.Policy to be Issued and Proposed Insured: "ALTA" Owner's Policy 07-30-21 Proposed Insured: A BUYER TO BE DETERMINED TBD 3.The estate or interest in the land described or referred to in this Commitment and covered herein is: A Fee Simple, as to Parcel 1, An Easement as to Parcel 2 4.The Title is, at the Commitment Date, vested in: SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY 5.The Land is described as follows: PARCEL 1:​ A PARCEL OF LAND SITUATED IN A PART OF THE NE1/4 OF THE NE1/4 OF SECTION 12, TOWNSHIP 5 SOUTH, RANGE 81 WEST OF THE SIXTH PRINCIPAL MERIDIAN, TOWN OF VAIL, COUNTY OF EAGLE, STATE OF COLORADO, SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS;​ BEGINNING AT THE SOUTHWESTERLY CORNER OF TRACT A, SOUTH FRONTAGE ROAD SUBDIVISION, PER THE PLAT THEREOF RECORDED NOVEMBER 6, 2000, UNDER RECEPTION NO. 743424 IN THE OFFICE OF THE EAGLE COUNTY CLERK AND RECORDED, SAID CORNER ALSO BEING ON THE NORTHERLY RIGHT OF WAY OF THE SOUTH FRONTAGE ROAD OF INTERSTATE HIGHWAY NUMBER 70; ​ THENCE ALONG SAID NORTHERLY RIGHT OF WAY SOUTH 73 DEGREES 37 MINUTES 52 SECONDS WEST 200.00 FEET TO THE TRUE POINT OF BEGINNING; ​ THENCE CONTINUING ALONG SAID NORTHERLY RIGHT OF WAY SOUTH 73 DEGREES 37 MINUTES 52 SECONDS WEST 519.60 FEET TO THE POINT OF INTERSECTION OF SAID NORTHERLY RIGHT OF WAY AND THE SOUTHERLY RIGHT OF WAY OF INTERSTATE HIGHWAY NUMBER 70; ​ THENCE DEPARTING SAID NORTHERLY RIGHT OF WAY NORTH 53 DEGREES 51 MINUTES 29 SECONDS EAST 246.03 FEET ALONG THE SOUTHERLY RIGHT OF WAY OF INTERSTATE HIGHWAY NUMBER 70; ​ THENCE CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY NORTH 58 DEGREES 53 MINUTES 10 SECONDS EAST 247.30 FEET;​ THENCE NORTH 59 DEGREES 28 MINUTES 16 SECONDS EAST 49.07 FEET; ​ THENCE DEPARTING SAID SOUTHERLY RIGHT OF WAY SOUTH 16 DEGREES 51 MINUTES 09 SECONDS EAST 158.18 FEET TO THE TRUE POINT OF BEGINNING.​ PARCEL 2:​ EASEMENT FOR INGRESS AND EGRESS AS CREATED BY COMBINATION RELEASE OF EXISTING EASEMENTS AND CREATION OF NEW CROSS EASEMENT AGREEMENT RECORDED DECEMBER 13, 1989 IN BOOK 519 AT PAGE 619, COUNTY OF EAGLE, STATE OF COLORADO. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule A Order Number:ABC50074622 122 This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2021 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule A Order Number:ABC50074622 123 ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part I (Requirements) Order Number: ABC50074622 All of the following Requirements must be met: This proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. Pay the agreed amount for the estate or interest to be insured. Pay the premiums, fees, and charges for the Policy to the Company. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 1.A FULL COPY OF THE FULLY EXECUTED OPERATING AGREEMENT AND ANY AND ALL AMENDMENTS THERETO FOR SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY MUST BE FURNISHED TO LAND TITLE GUARANTEE COMPANY. SAID AGREEMENT MUST DISCLOSE WHO MAY CONVEY, ACQUIRE, ENCUMBER, LEASE OR OTHERWISE DEAL WITH INTERESTS IN REAL PROPERTY FOR SAID ENTITY. NOTE: ADDITIONAL REQUIREMENTS MAY BE NECESSARY UPON REVIEW OF THIS DOCUMENTATION. 2.DULY EXECUTED AND ACKNOWLEDGED STATEMENT OF AUTHORITY SETTING FORTH THE NAME OF SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY AS A LIMITED LIABILITY COMPANY. THE STATEMENT OF AUTHORITY MUST STATE UNDER WHICH LAWS THE ENTITY WAS CREATED, THE MAILING ADDRESS OF THE ENTITY, AND THE NAME AND POSITION OF THE PERSON(S) AUTHORIZED TO EXECUTE INSTRUMENTS CONVEYING, ENCUMBERING, OR OTHERWISE AFFECTING TITLE TO REAL PROPERTY ON BEHALF OF THE ENTITY AND OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 38-30-172, CRS. NOTE: THE STATEMENT OF AUTHORITY MUST BE RECORDED WITH THE CLERK AND RECORDER. 3.WARRANTY DEED FROM SOHO DEVELOPMENT, LLC, A COLORADO LIMITED LIABILITY COMPANY TO A BUYER TO BE DETERMINED CONVEYING SUBJECT PROPERTY. NOTE: ADDITIONAL REQUIREMENTS OR EXCEPTIONS MAY BE NECESSARY WHEN THE BUYERS NAMES ARE ADDED TO THIS COMMITMENT. COVERAGES AND/OR CHARGES REFLECTED HEREIN, IF ANY, ARE SUBJECT TO CHANGE UPON RECEIPT OF THE CONTRACT TO BUY AND SELL REAL ESTATE AND ANY AMENDMENTS THERETO. 124 Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage. 1.Any facts, rights, interests, or claims thereof, not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land. 2.Easements, liens or encumbrances, or claims thereof, not shown by the Public Records. 3.Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records. 4.Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5.Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6.(a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 7.(a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 8.EXISTING LEASES AND TENANCIES, IF ANY. 9.RIGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES AS RESERVED IN UNITED STATES PATENT RECORDED DECEMBER 29, 1920, IN BOOK 93 AT PAGE 42. 10.RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS RESERVED IN UNITED STATES PATENT RECORDED DECEMBER 29, 1920, IN BOOK 93 AT PAGE 42. 11.TERMS, CONDITIONS AND PROVISIONS OF COMBINATION RELEASE OF EXISTING EASEMENTS AND CREATION OF NEW CROSS EASEMENT AGREEMENT RECORDED DECEMBER 13, 1989 IN BOOK 519 AT PAGE 619. 12.EASEMENT AS GRANTED TO PUBLIC SERVICE COMPANY OF COLORADO IN INSTRUMENT RECORDED AUGUST 31, 1993 IN BOOK 618 AT PAGE 291. 13.LACK OF A DIRECT ACCESS ON AND TO INTERSTATE HIGHWAY 70, WHICH ABUTS SUBJECT PROPERTY. ALTA COMMITMENT Old Republic National Title Insurance Company Schedule B, Part II (Exceptions) Order Number: ABC50074622 125 ALTA Commitment For Title Insurance issued by Old Republic National Title Insurance Company NOTICE IMPORTANT—READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. . COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and the Commitment Conditions ,Old Republic National Title Insurance Company, a Minnesota corporation (the “Company”), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of insurance and the name of the Proposed Insured. If all of the Schedule B, Part I—Requirements have not been met within 6 months after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end. COMMITMENT CONDITIONS 1. DEFINITIONS 2. If all of the Schedule B, Part I—Requirements have not been met within the time period specified in the Commitment to Issue Policy, Commitment terminates and the Company’s liability and obligation end. 3. The Company’s liability and obligation is limited by and this Commitment is not valid without: 4. COMPANY’S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company is not liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY i. comply with the Schedule B, Part I—Requirements; ii. eliminate, with the Company’s written consent, any Schedule B, Part II—Exceptions; or iii. acquire the Title or create the Mortgage covered by this Commitment. “Discriminatory Covenant”: Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class. (a) “Knowledge” or “Known”: Actual knowledge or actual notice, but not constructive notice imparted by the Public Records.(b) “Land”: The land described in item 5 of Schedule A and affixed improvements located on that land that by State law constitute real property. The term “Land” does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any abutting street, road, aavenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) “Mortgage”: A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. (d) “Policy”: Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) “Proposed Amount of Insurance”: Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment. (f) “Proposed Insured”: Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment.(g) “Public Records”: The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the TItle to a purchaser for value without Knowledge. The term “Public Records” does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting, zoning, licensing, building, health, public safety, or national security matters. (h) “State”: The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term “State” also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam. (i) “Title”: The estate or interest in the Land identified in Item 3 of Schedule A.(j) the Notice;(a) the Commitment to Issue Policy;(b) the Commitment Conditions;(c) Schedule A;(d) Schedule B, Part I—Requirements; and(e) Schedule B, Part II—Exceptions; and(f) a counter-signature by the Company or its issuing agent that may be in electronic form.(g) The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense incurred in the interval between the Company’s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to: (a) The Company is not liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (b) The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (c) The Company’s liability does not exceed the lesser of the Proposed Insured’s actual expense incurred in good faith and described in Commitment Condition 5(a) or the Proposed Amount of Insurance. (d) The Company is not liable for the content of the Transaction Identification Data, if any.(e) The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I—Requirements have been met to the satisfaction of the Company. (f) 126 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT. CHOICE OF LAW AND CHOICE OF FORUM 7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT The issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company’s agent for the purpose of providing closing or settlement services. 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. CLAIMS PROCEDURES This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6. 10. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING. ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION. 11. ARBITRATION The Policy contains an arbitration clause. All arbitrable matters when the Proposed Amount of insurance is $2,000,000 or less may be arbitrated at the election of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration IN WITNESS WHEREOF, Old Republic National Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A to be valid when countersigned by a validating officer or other authorized signatory. Issued by: Land Title Guarantee Company 3033 East First Avenue Suite 600 Denver, Colorado 80206 303-321-1880 Craig B. Rants, Senior Vice President This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2021 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. The Company’s liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured.(g) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment.(a) Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction (b) This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (c) The deletion or modification of any Schedule B, Part II—Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (d) Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company.(e) When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the Policy.(f) 127 Land Title Guarantee Company Disclosure Statements Note: Pursuant to CRS 10-11-122, notice is hereby given that: Note: Effective September 1, 1997, CRS 30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one half of an inch. The clerk and recorder may refuse to record or file any document that does not conform, except that, the requirement for the top margin shall not apply to documents using forms on which space is provided for recording or filing information at the top margin of the document. Note: Colorado Division of Insurance Regulations 8-1-2 requires that "Every title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed". Provided that Land Title Guarantee Company conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lenders Policy when issued. Note: Affirmative mechanic's lien protection for the Owner may be available (typically by deletion of Exception no. 4 of Schedule B, Section 2 of the Commitment from the Owner's Policy to be issued) upon compliance with the following conditions: No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Note: Pursuant to CRS 10-11-123, notice is hereby given: The Subject real property may be located in a special taxing district.(A) A certificate of taxes due listing each taxing jurisdiction will be obtained from the county treasurer of the county in which the real property is located or that county treasurer's authorized agent unless the proposed insured provides written instructions to the contrary. (for an Owner's Policy of Title Insurance pertaining to a sale of residential real property). (B) The information regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. (C) The land described in Schedule A of this commitment must be a single family residence which includes a condominium or townhouse unit. (A) No labor or materials have been furnished by mechanics or material-men for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. (B) The Company must receive an appropriate affidavit indemnifying the Company against un-filed mechanic's and material-men's liens. (C) The Company must receive payment of the appropriate premium.(D) If there has been construction, improvements or major repairs undertaken on the property to be purchased within six months prior to the Date of Commitment, the requirements to obtain coverage for unrecorded liens will include: disclosure of certain construction information; financial information as to the seller, the builder and or the contractor; payment of the appropriate premium fully executed Indemnity Agreements satisfactory to the company, and, any additional requirements as may be necessary after an examination of the aforesaid information by the Company. (E) 128 This notice applies to owner's policy commitments disclosing that a mineral estate has been severed from the surface estate, in Schedule B-2. Note: Pursuant to CRS 10-1-128(6)(a), It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance, and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado Division of Insurance within the Department of Regulatory Agencies. Note: Pursuant to Colorado Division of Insurance Regulations 8-1-3, notice is hereby given of the availability of a closing protection letter for the lender, purchaser, lessee or seller in connection with this transaction. Note: Pursuant to CRS 24-21-514.5, Colorado notaries may remotely notarize real estate deeds and other documents using real-time audio-video communication technology. You may choose not to use remote notarization for any document. That there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and (A) That such mineral estate may include the right to enter and use the property without the surface owner's permission. (B) 129 Joint Notice of Privacy Policy of Land Title Guarantee Company Land Title Insurance Corporation and Old Republic National Title Insurancy Company This Statement is provided to you as a customer of Land Title Guarantee Company as agent for Land Title Insurance Corporation and Old Republic National Title Insurance Company. We want you to know that we recognize and respect your privacy expectations and the requirements of federal and state privacy laws. Information security is one of our highest priorities. We recognize that maintaining your trust and confidence is the bedrock of our business. We maintain and regularly review internal and external safeguards against unauthorized access to your non-public personal information ("Personal Information"). In the course of our business, we may collect Personal Information about you from: applications or other forms we receive from you, including communications sent through TMX, our web-based transaction management system; your transactions with, or from the services being performed by us, our affiliates, or others; a consumer reporting agency, if such information is provided to us in connection with your transaction; and The public records maintained by governmental entities that we obtain either directly from those entities, or from our affiliates and non-affiliates. Our policies regarding the protection of the confidentiality and security of your Personal Information are as follows: We restrict access to all Personal Information about you to those employees who need to know that information in order to provide products and services to you. We may share your Personal Information with affiliated contractors or service providers who provide services in the course of our business, but only to the extent necessary for these providers to perform their services and to provide these services to you as may be required by your transaction. We maintain physical, electronic and procedural safeguards that comply with federal standards to protect your Personal Information from unauthorized access or intrusion. Employees who violate our strict policies and procedures regarding privacy are subject to disciplinary action. We regularly assess security standards and procedures to protect against unauthorized access to Personal Information. WE DO NOT DISCLOSE ANY PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT STATED ABOVE OR PERMITTED BY LAW. Consistent with applicable privacy laws, there are some situations in which Personal Information may be disclosed. We may disclose your Personal Information when you direct or give us permission; when we are required by law to do so, for example, if we are served a subpoena; or when we suspect fraudulent or criminal activities. We also may disclose your Personal Information when otherwise permitted by applicable privacy laws such as, for example, when disclosure is needed to enforce our rights arising out of any agreement, transaction or relationship with you. Our policy regarding dispute resolution is as follows: Any controversy or claim arising out of or relating to our privacy policy, or the breach thereof, shall be settled by arbitration in accordance with the rules of the American Arbitration 130 Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 131 Exhibit C – Adjacent Property Owners 1. Vail Corp 390 Interlocken Crescent Suite 1000 Broomfield, CO 80021 2. Town of Vail c/o Finance Department 75 South Frontage Road W Vail, CO 81657 132 Exhibit D – Vicinity Map (Property Lines Approximate Only) 133 Present:Robert N Lipnick Robert N Lipnick Brad Hagedorn David N Tucker Craig H Lintner Jr John Rediker John Rediker William A Jensen William A Jensen Absent:Robyn Smith Robyn Smith 1.Virtual Link Register to attend the Planning and Environmental Commission meeting. Once registered, you will receive a confirmation email containing information about joining this webinar. 2.Call to Order 3.Worksession 3.1 PEC Rules of Order Discussion 4.Main Agenda Planner: Heather Knight Applicant Name: Vail Corp, Soho Development, and East West Partners Time: 30 min. 4.1 A request for a recommendation to the Vail Town Council for a zone district boundary amendment, pursuant to Section 12-3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 S Frontage Rd W, Glen Lyon Subdivision, Parcel ID#2103-121-09-003 from the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 S Frontage Rd W, Parcel ID# 2103-121-00-004, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; and, 953 S Frontage Rd W, Parcel ID# 2103-121-00-002, from the Arterial Business (ABD) Zone District to the LMU-2 Zone District. (PEC25-0033). Time Stamp: 0:1:00 Planner Knight gives a presentation. She walks through the zoning standards. Staff finds that the criteria are met and are recommending approval. Hagedorn, is there any other Arterial Business zoning in Town? Knight says no, this is the last one. Kevin Murphy is representing the applicant, East West Partners, Vail Corp, and Soho Development. Planning and Environmental Commission Minutes Monday, October 27, 2025 1:00 PM Vail Town Council Chambers West Lionshead Rezone Staff Memo.pdf PEC25-0033_Attachment A. Vicinity Map.pdf PEC25-0033_Attachment B. Applicant Narrative.pdf PEC25-0033_Attachment C. Resolution No.36, Series of 2025.pdf 1 Planning and Environmental Commission Meeting Minutes of October 27, 2025 134 Murphy gives a presentation. Rediker asks about a previous application for this property. Knight says the rezoning had an expiration date listed in the ordinance, the frontage road was not relocated, the rezoning didn’t happen. Rediker, is there a reason why we’re not conditioning it this time around? Knight, it makes sense from a zoning perspective, we haven’t seen anything related to the development plan yet, just the master plan. Hagedorn, timeline for next steps? Murphy, talks about the timeline, working with the Town and highway administration. Rediker asks for public comment. No public comment, public comment closed. Rediker asks for commissioner comment. Jensen believes it makes sense given the overall potential for the site, is supportive of it. Lintner agrees with Jensen, it is a logical request. Hagedorn believes it meets the criteria. It has already been approved once before, anytime we can get rid of an SDD he is for it, this gets rid of Arterial Business District all together. Lipnick says it meets the criteria and no other questions. Tucker, no comment, supports recommendations. Rediker agrees with staff analysis in memo. The criteria are met. Planner: Matt Gennett Applicant Name: Town of Vail, represented by Matt Gennett Time: 30 min. 4.2 A request for a recommendation to the Vail Town Council for prescribed regulations amendments to Title 12, Zoning Regulations, Article 7B: Commercial Core 1 (CC1) District; Article 7C: Commercial Core 2 (CC2) Zone District; Article 7H: Lionshead Mixed Use 1 (LMU-1) Zone District; and, Article 7I: Lionshead Mixed Use 2 (LMU-2) Zone District, pursuant to Section 12-3-7, Amendments, Vail Town Code, to add language regarding conversions of existing eating and drinking establishments. (PEC25-0034) Timestamp: 0:25:40 Community Development Director Matt Gennett gives a presentation. He talks about the emergency ordinance that was passed earlier this year. Gennett, in the future staff will be looking at updates to Title 12 to improve efficiency, update outdated references, processes, etc.. Robert N Lipnick made a motion to forward a recommendation of approval with the findings on page 16 of the staff memo; David N Tucker seconded the motion Passed (6 - 0). PEC25-0034_Staff Memo.pdf PEC25-0034_Attachment A.pdf 2 Planning and Environmental Commission Meeting Minutes of October 27, 2025 135 Rediker, are there examples from other communities who have passed similar ordinances? Gennett, our legal firm researched other communities and case law, felt this was the most responsible way to handle it. Rediker, is restricting commercial uses on private property something that’s legal? Can the Town pass this type of ordinance? Gennett, the legal advice we’ve gotten thus far is yes, in this way we can. It is limited to four zone districts, not property or site specific Hagedorn, are we trying to solve a problem that doesn’t exist? This seems to be a knee jerk reaction over one or two high profile examples, hasn’t seen data that we’re losing vibrancy in the core. Gennett, I don’t think we do have data that would point to a trends that exists today, the intention is to look forward. Hagedorn, this seems to be addressing a symptom not a cause. It is trying to put a bandaid over a larger underlying cause. He brings up other possible solutions. Gennett, that has come up. What type of deed restriction or public subsidy could be proposed and applied to retain these types of businesses that the Town finds valuable? Hagedorn, it’s on applicant to prove there’s no net loss but you’re not doing a snapshot right now? Gennett, it’s on a case-by-case basis. We don’t see a lot of applications for conversions for eating and drinking to another use but that’s when this process would begin. Hagedorn, were buildings notified that have these commercial spaces? Gennett, not necessarily, it went through the standard notification process. He believes they are aware. Jensen, would this give developers cause to preclude building a new restaurant as it locks them into that requirement? Gennett, it could have that effect, that is a valid question. Lintner, how did you arrive at 18-month number? Gennett, we looked at a couple options, this is a placeholder for discussion like we’re having now. We’re working with legal counsel, they used that as a baseline based on their research. Lintner, it would be helpful to see a written summary of other jurisdictions where this was successful in terms of enforcement. Gennett, we don’t know of other communities that have done this specific thing. Rediker, what specific concerns did Town Council have about losing vibrancy? Or are they trying to be proactive? Gennett, it is the latter. Looking at Lionshead particularly in the summer months a lot of those larger retail spaces are closed. It’s also a result of Town visits to peer resort communities with lively bar/restaurant operations close to the slopes. Jensen can argue both ways for 18 months. It’s painful to see a space empty, but sometimes landlords can work around it. More supportive of the 18 than shortening it. 3 Planning and Environmental Commission Meeting Minutes of October 27, 2025 136 Gennett and Tucker discuss retail establishments with food and beverage opportunities. Gennett, this is really about the experience, tax revenue is not the primary motivator. We would have to discuss with Council what would be a reasonable fee for a conversion application. Jensen believes it is vibrancy that Council is concerned about. In the Los Amigos example it was a watering hole for 40 years, now it’s continuing to be a restaurant with a different approach. Probably not a change in tax revenue, but maybe a change in vibrancy. Gennett agrees it is a different vibe. Rediker, unfortunately this ordinance doesn’t do anything to address the Los Amigos situation. Not just for guests, locals want that vibrancy as well. Rediker, would this stymie opportunities to convert retail to restaurants because property owners don’t want to lock themselves into that? Gennett, there is an appeal process if a conversion permit is denied. Rediker asks for public comment. Dominic Mauriello, on behalf of the Evergreen and Concert Hall Plaza and as a planner. He has suggested language that could be added here. He emailed the PEC this morning. Why are we here and why so quickly? There’s a mandate coming that tells staff get this ordinance done, but they’re going off this knee jerk reaction. Most communities would spend a lot of money and time doing a study. Here we don’t know what is the recommended mix for Vail, what is the sweet spot? Another observation is how many examples have you seen of restaurants being replaced by another use, is this actually a trend? Really it has been the other way around, there’s not proof that this trend is happening. There’s so much complexity about this, that I don’t think that it’s ripe yet. Staff is under pressure to get something to Council for a vote. This is the worst legislation he has seen, but it could be improved with some changes. Mauriello continues: staff has the opinion on demo/rebuild projects that it doesn’t apply, but why not have a sentence in this ordinance making this clear. There are unintended consequences, what owner will ever convert to a restaurant, you’ve taken 30 uses and now you have one. This probably doesn’t meet the threshold of a taking but it gets close. Restaurants are a risky business; pretty sure nobody is going to want to convert to this use knowing that is the only option in the future. Proposed – if I have another use today and want to convert it after Nov. 18th I can do that knowing that I can convert it back. That would alleviate one of the biggest consequences which is screwing up the marketplace. The high end businesses you see in Vail are a product of who our customers are. You should give a lot of input, staff should come back and you should craft an ordinance that works. There is a mandate that is really unfortunate. Mauriello talks about scenarios between a restaurant tenant and landlord. The appeal process doesn’t give you what you think and can you get a variance from this section? Suggests that the PEC table this item. Recommends two updates to the language: including language exempting existing approvals like staff says, and to make it so future changes from retail to restaurant can go back to retail. Brain Judge, raises a concern on the general idea of no net loss. If we’re moving forward with this, the quality of that loss is not well defined. Taking something that may be street level and putting it on an upper floor doesn’t really do the same thing. This doesn’t talk much about the enhancement or betterment of the districts that they are in, not very well defined. Some of the comments were talking about conversion, but we can agree that a loss of all the restaurants in Vail Village would change that area. Maybe we’re rushing to a decision quickly and more thought could be put into this. Rediker brings up public comment about stifling conversions from retail to restaurants, and the other is exempting existing approvals. Has staff considered this? Gennett, we wanted to make sure our considerations and thoughts were heard in public. That is 4 Planning and Environmental Commission Meeting Minutes of October 27, 2025 137 something at your discretion to add language to a recommendation. The exemptions one makes sense and is something staff generally agrees with. The conversion is something Council should discuss. Rediker you don’t see a conflict with these suggestions? Gennett doesn’t see one. They were approved under existing zoning, not the proposed. Legal may have believed it was implied but doesn’t see harm in spelling that out. Jensen talks about the real estate along Bridge St. Is demo/rebuild excluded from having to put back a restaurant? Gennett confirms. Hagedorn, that seems counter-intuitive to the goals. Gennett, we will have to start looking at that square footage analysis if this is passed. Mauriello, there are other ways to deal with this. Could change uses, have an overlay district, talks about options with permitted uses and conditional uses. George Ruther on behalf of his client, Red Lion. Asks for clarification about demo/rebuild situation. Believe there are some additional issues that need to be resolved here, but client has been waiting over six months to get their application moving. Public comment closed. Rediker asks for commissioner comment. Hagedorn, this is half-baked, not a personal critique of staff. There is not a condition that would make him comfortable with this. He is not comfortable with this level of government intervention, this is all stick and no carrot. This does nothing to address the affordability issue, it’s addressing the symptom and not the root cause. We need to talk about other ways to address this. Suggests other potential financing and incentive solutions. This is not the right way, nothing to get him to support today. Lipnick is still bothered by Council wanting it approved by Nov. 18th. That’s not what is in their best interest. Not in support of this application. Tucker agrees. This opens up a can of worms with unintended consequences. There are better way to go about this with more collaboration with stakeholders. Lintner agrees. This is well intended, understands the end goal but putting it forth in this way is all stick no carrot and could have negative impacts. If this issue is going to be addressed, we need to look at it with more of a long-term approach. Jensen agrees. Understands the intent but with the language and process and speed of this, it is not baked yet. Rediker shares Council concerns about protecting and encouraging vibrancy through restaurants. Appreciates that Council is trying to be proactive, but there is a lack of evidence that there is a problem. To support, at minimum would need some language changes. Agrees with Mauriello on the two items of suggested languages, supportive of those changes. We have to look at this 18 month language. The idea of restricting uses, is that the direction we want to go in general? Very concerned about restricting an owner’s uses, wish there were other ways for the Town to encourage and support the restaurant community. There needs to be further conversation and discussion. We haven’t heard from any property owners, surprised about that. Can get behind the concept, but not ready at this point, this needs changes. We’re not getting community input or discussion, concerned that there are business owners out there who were not hearing from. Does share Councils concerns and appreciates that they’re trying to be proactive. 5 Planning and Environmental Commission Meeting Minutes of October 27, 2025 138 Gennett, respectfully we are looking for a vote. Planner: Cole Michaelsen Applicant Name: Town of Vail Time: 45 min 4.3 A request for the review of a Conditional Use Permit, pursuant to Section 12-9C-3, Conditional Use Permits, Vail Town Code, to allow for a restaurant at Vail Transit Center, pursuant to Section 12-16, Conditional Use Permits, Vail Town Code located at 241 East Meadow Drive/Tract B & C, Vail Village Filing 1, and setting forth details in regard thereto. (PEC25-0035) Timestamped 1.48:15 Planner Michaelson gives a presentation. Kathleen Halloran, deputy Town Manager, talks about operations. There is no active cooking on the site. This will be servicing transit users, we’ve seen a big increase in use coming into the Vail Transit Center. The intent is provide an amenity for these folks. Lipnick, will the café be enclosed? Halloran, the public would only see the window service on the interior and also the exterior window. Jensen, who is paying the TI costs of improving this space? Halloran, council approved anything in the space would be the responsibility of the café owner. Jensen, hopes there is enough revenue to sustain the business to coincide with the demand. Halloran, hours in the winter would be 7:30am to 4-5pm, it wouldn’t continue into dinner. Jensen, what is the desire or intent to move forward with this? Halloran, one was to activate the space. Also to provide an amenity as the transportation numbers and ridership has gone up. Tucker asks about interior floor plans. Halloran, the Town is planning on heavy furniture that will detract from it getting moved. Rediker asks for public comment. No comment, public comment closed. Commissioner comment. Brad Hagedorn made a motion to forward a recommendation of denial. If Council considers approval they should consider the two suggested changes for added language as discussed today.; Robert N Lipnick seconded the motion (6 - 0). PEC25-0035 Staff Memo.pdf PEC25-0035_Attachment A. Vail Village Filing 1 - Tracts B and C Vicinty Map.pdf PEC25-0035_Attachment B. Applicant Narrative.pdf PEC25-0035_Attachment C. Vail Transportation Center Floor Plan.pdf PEC25-0035_Attachment D. Proposed and Existing Photos.pdf 6 Planning and Environmental Commission Meeting Minutes of October 27, 2025 139 Tucker, happy to see this opportunity. Jensen commends Town for having a modest rent. It will be interesting to see if hours of operation and rent allows this to be a viable year round activity there. Rediker, agrees with staff that the criteria are met. Generally thinks this is a good idea to activate that space. 5.Approval of Minutes 5.1 PEC Minutes 10-13-25 6.Information Update Staff and PEC discusses measures to improve the timeliness and efficiency of meetings. Gennett, in Title 3 it says commissions shall adopt rules for business of the meetings. As the first order of business, the officer can set forth the rules. Or you can have a standard set of rules that you choose to deviate from. Discussion on limiting time for presentations, much of it is in the packet. Rediker, leaning towards consistent rules of order, create expectations and a pattern of how it will be conducted. Rediker, commissioners will need to be prepared. We have a good commission in that regard. PEC agrees on setting a consistent rules of order for every meeting. Roy, we’ll draft something up. 7.Adjournment David N Tucker made a motion to Approve with the conditions on pg. 9 of the staff memo and the findings on pg. 9 & 10. ; Brad Hagedorn seconded the motion Passed (6 - 0). Robert N Lipnick made a motion to Approve with the condition and findings on page 9 and 10; Brad Hagedorn seconded the motion Passed (5 - 0). PEC_Results_10-13-25.pdf William A Jensen made a motion to Approve ; Brad Hagedorn seconded the motion Passed (4 - 0). Brad Hagedorn made a motion to Adjourn ; David N Tucker seconded the motion Passed (6 - 0). 7 Planning and Environmental Commission Meeting Minutes of October 27, 2025 140 STAFF PRESENTATION Heather Knight, Planner II PEC25-0033 Zone District Boundary Amendment West Lionshead 141 Vicinity Map Town of Vail | PEC25-0033 | vailgov.com 142 Description of Request Town of Vail | PEC25-0033 | vailgov.com •The parcel located at 1000 S Frontage Rd W currently falls within Special Development District (SDD) No. 4, Cascade; there is no underlying zoning. •Removing this parcel from the SDD will formally quantify zoning standards and create consistency to area. •1031 S Frontage Rd W and 953 S Frontage Rd W are currently zoned as the Arterial Business (ABD) Zone District. •Residential and lodging uses are not permitted in the ABD zone district, nor are they considered a conditional use. •Rezoning to LMU-2 provides opportunities for multi-family residential and accommodation units as a wider variety of tourist-related and resident-related uses are permitted under the LMU-2 zone district than in the ABD zone district. 143 Previous Approvals Town of Vail | PEC25-0033 | vailgov.com Ordinance No. 7, Series of 2011, approved by the Vail Town Council in 2012, authorized the rezoning of the subject parcels to the LMU-2 zoning district. A condition of this rezoning approval was the relocation of the frontage road within a specified time frame. Since the required relocation of the frontage road did not occur within that period, the rezoning never became effective, and the ordinance has since expired. The Lionshead Redevelopment Master Plan was amended and approved by the PEC and the Vail Town Council in 2025 as Resolution No. 36, Series of 2025. The updates aligned the proposed redevelopment and land uses of the area to the Lionshead Redevelopment Master Plan. 144 Why LMU-2? Town of Vail | PEC25-0033 | vailgov.com •The entirety of Lionshead is zoned either Lionshead Mixed Use 1 (LMU-1) or Lionshead Mixed Use 2 (LMU-2) and rezoning these sites to LMU-2 further adds to the overall continuity of Lionshead area. •This zone district was specifically developed to provide incentives for properties to redevelop. The ultimate goal of these incentives is to create an economically vibrant lodging, housing and commercial core area. •Redevelopment would meet the goals of the Lionshead Redevelopment Master Plan, which includes residential, lodging and commercial development that benefits both the visitor and permanent resident alike. 145 Lionshead zoning map Town of Vail | PEC25-0033 | vailgov.com 146 Zoning Standards Town of Vail | PEC25-0033 | vailgov.com Standard Arterial Business District Proposed Lionshead Mixed Use 2 district Setbacks Adjacent to frontage road - a maximum of 60% of the length of the setback may be kept to the minimum 15 foot distance from the property line. The remaining 40% of the length of the setback shall be 20 feet or more distant from the property line. Side – 15’ where bldg. height is less than 20’; 20’ where bldg. height is over 20’ Rear – 10’ Front – 10’ Side – 10’ Rear – 10’ Unless otherwise specified in the Lionshead Redevelopment Master Plan as a build-to line Maximum Height No more than 70% of the roof area may exceed 32’ and none of the area may exceed 40’ Maximum average building height of 71 feet with a maximum height of 82.5 feet, as further defined by the Lionshead Redevelopment Master Plan. Density 60 sf of GRFA per 100 sf of buildable site area 35 dwelling units/acre GRFA None permitted 250 sf of GRFA for each 100 sf of buildable site area Site Coverage maximum 60% of site area 70% of site area Commercial Floor Area Not more than seventy five one-hundredths floor area ratio (FAR) shall be permitted on any site or lot. Unlimited Minimum Landscaping 25% of the site area 20% of the site area Parking Per 12-10-10; No drives, parking or loading areas are permitted in the front setback except for the ingress and egress drive. Per 12-10-10; at least 50% of required parking shall be located within the main building 147 Zoning Standards Town of Vail | PEC25-0033 | vailgov.com Standard Arterial Business District Proposed Lionshead Mixed Use 2 district Setbacks Adjacent to frontage road - a maximum of 60% of the length of the setback may be kept to the minimum 15 foot distance from the property line. The remaining 40% of the length of the setback shall be 20 feet or more distant from the property line. Side – 15’ where bldg. height is less than 20’; 20’ where bldg. height is over 20’ Rear – 10’ Front – 10’ Side – 10’ Rear – 10’ Unless otherwise specified in the Lionshead Redevelopment Master Plan as a build-to line Maximum Height No more than 70% of the roof area may exceed 32’ and none of the area may exceed 40’ Maximum average building height of 71 feet with a maximum height of 82.5 feet, as further defined by the Lionshead Redevelopment Master Plan. Density 60 sf of GRFA per 100 sf of buildable site area 35 dwelling units/acre GRFA None permitted 250 sf of GRFA for each 100 sf of buildable site area Site Coverage maximum 60% of site area 70% of site area Commercial Floor Area Not more than seventy five one-hundredths floor area ratio (FAR) shall be permitted on any site or lot. Unlimited Minimum Landscaping 25% of the site area 20% of the site area Parking Per 12-10-10; No drives, parking or loading areas are permitted in the front setback except for the ingress and egress drive. Per 12-10-10; at least 50% of required parking shall be located within the main building Standard Arterial Business District Proposed Lionshead Mixed Use 2 district Setbacks Adjacent to frontage road - a maximum of 60% of the length of the setback may be kept to the minimum 15 foot distance from the property line. The remaining 40% of the length of the setback shall be 20 feet or more distant from the property line. Side – 15’ where bldg. height is less than 20’; 20’ where bldg. height is over 20’ Rear – 10’ Front – 10’ Side – 10’ Rear – 10’ Unless otherwise specified in the Lionshead Redevelopment Master Plan as a build-to line Maximum Height No more than 70% of the roof area may exceed 32’ and none of the area may exceed 40’ Maximum average building height of 71 feet with a maximum height of 82.5 feet, as further defined by the Lionshead Redevelopment Master Plan. Density 60 sf of GRFA per 100 sf of buildable site area 35 dwelling units/acre GRFA None permitted 250 sf of GRFA for each 100 sf of buildable site area Site Coverage maximum 60% of site area 70% of site area Commercial Floor Area Not more than seventy five one-hundredths floor area ratio (FAR) shall be permitted on any site or lot. Unlimited Minimum Landscaping 25% of the site area 20% of the site area Parking Per 12-10-10; No drives, parking or loading areas are permitted in the front setback except for the ingress and egress drive. Per 12-10-10; at least 50% of required parking shall be located within the main building 148 Criteria for Review Town of Vail | PEC25-0033 | vailgov.com 1.The extent to which the zone district amendment is consistent with all the applicable elements of the adopted goals, objectives and policies outlined in the Vail comprehensive plan and is compatible with the development objectives of the town. 2.The extent to which the zone district amendment is suitable with the existing and potential land uses on the site and existing and potential surrounding land uses as set out in the town's adopted planning documents. 3.The extent to which the zone district amendment presents a harmonious, convenient, workable relationship among land uses consistent with municipal development objectives. 4.The extent to which the zone district amendment provides for the growth of an orderly viable community and does not constitute spot zoning as the amendment serves the best interests of the community as a whole. 5.The extent to which the zone district amendment results in adverse or beneficial impacts on the natural environment, including, but not limited to, water quality, air quality, noise, vegetation, riparian corridors, hillsides and other desirable natural features. 6.The extent to which the zone district amendment is consistent with the purpose statement of the proposed zone district. 7.The extent to which the zone district amendment demonstrates how conditions have changed since the zoning designation of the subject property was adopted and is no longer appropriate. Staff finds the above criteria to be met. 149 Staff Recommendation Town of Vail | PEC25-0033 | vailgov.com Based upon the review of the criteria outlined in Section Vl of this memorandum and the evidence and testimony presented, the Community Development Department recommends the Planning and Environmental Commission forwards a recommendation of approval to the Vail Town Council The Planning and Environmental Commission recommends approval to the Vail Town Council for a for a recommendation to the Vail Town Council for a zone district boundary amendment, pursuant to Section 12-3-7, Amendment, Vail Town Code, to allow for the rezoning of 1000 S Frontage Rd Wfrom the SDD #4 Zone District to the Lionshead Mixed Use 2 (LMU-2) Zone District; 1031 and 953 S Frontage Rd W from the Arterial Business (ABD) Zone District to the LMU-2 Zone District; parcel legal descriptions noted on page 1 of the staff report.” (PEC25-0033) 150 Thank you 151 WEST LIONSHEAD ZONE DISTRICT AMENDMENT APPLICATION 11/18/2025 152 Overview 153 Introductions 3 154 Where is West Lionshead? 4 W e s t L i o n s h e a d Lionsh e a d Vail V i l l a g e Golden P e a k 155 Where is West Lionshead? 5 156 How does the rezone fit into the larger process? 6 157 How is the site currently zoned? 7 158 What are we hoping to accomplish? 8 159 Criteria for Rezoning 160 Criteria #1 •Criteria: The extent to which the zone district amendment is consistent with all applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the town. •Response: The Zone District Amendment is consistent with the adopted goals, objectives, and policies outlined in both the Vail Comprehensive Plan, the Lionshead Redevelopment Master Plan and the development objectives of the Town by laying the foundation for the site to accomplish goals outlined in the Vail Land Use Plan such as “... to grow in a controlled environment, maintaining a balance between residential, commercial and recreation uses to serve both the visitor and the permanent resident”. 10 161 Criteria #1 •Criteria: The extent to which the zone district amendment is consistent with all applicable elements of the adopted goals, objectives and policies outlined in the Vail Comprehensive Plan and is compatible with the development objectives of the town. •Response: The Zone District Amendment is consistent with the adopted goals, objectives, and policies outlined in both the Vail Comprehensive Plan, the Lionshead Redevelopment Master Plan and the development objectives of the Town by laying the foundation for the site to accomplish goals outlined in the Vail Land Use Plan such as “... to grow in a controlled environment, maintaining a balance between residential, commercial and recreation uses to serve both the visitor and the permanent resident”. 11 162 Criteria #2 •Criteria: The extent to which the zone district amendment is suitable with the existing and potential land uses on the site and existing and potential land uses as set out in the towns adopted planning documents. •Response: The Zone District Amendment is suitable with the existing land use on the three subject parcels as professional offices and eating and drinking establishments are listed as permitted uses within the Lionshead Mixed Use 2 zone district. Additionally, the anticipated uses, to be proposed with a subsequent land use applications to the Town’s Community Development department, within the West Lionshead concept plan are included as permitted and conditional uses within the Lionshead Mixed Use 2 zone district. 12 163 Criteria #3 •Criteria: The extent to which the zone district amendment presents a harmonious, convenient, workable relationship among land uses consistent with municipal development objectives. •Response: The Zone District amendment will present an even more harmonious, convenient, workable relationship among land uses that is consistent with the Town’s development objectives by bringing the three subject parcels into the same underlying zone district, Lionshead Mixed Use 2, that make up the balance of the West Lionshead area. 13 164 Criteria #4 •Criteria: The extent to which the zone district amendment provides for the growth of an orderly viable community and does not constitute spot zoning as the amendment serves the best interests of the community as a whole. •Response: The zone district does not constitute spot zoning as the Lionshead Mixed Use 2 zone district currently underlays Lionshead and the parcels immediately to the east of the subject properties. The proposed zone district amendment provides for the growth of an orderly viable community, serving the best interests of the Town as a whole by replacing the existing underlying Arterial Business District and Special Design District #4 zoning with Lionshead Mixed Use 2 zoning. 14 165 Criteria #5 •Criteria: The extent to which the zone district amendment results in adverse or beneficial impacts on the natural environment, including, but not limited to, water quality, air quality, noise, vegetation, riparian corridors, hillsides, and other desirable natural features. •Response: The zone district amendment will have no impact on the natural environment as there is no change to the existing use/design of the building brought forth by this application. 15 166 Criteria #6 •Criteria: The extent to which the zone district amendment is consistent with the purpose statement of the proposed zone district. •Response: The site is currently consistent with the Lionshead Mixed Use 2 zone district’s purpose statement as the subject parcels are a “mixture of …restaurants, offices, and commercial establishments in a clustered, unified development.” Additionally, this zone district amendment is consistent with the purpose statement of the Lionshead Mixed Use 2 as the code states, “This zone district is meant to encourage and provide incentives for redevelopment in accordance with the Lionshead Redevelopment Master Plan”. Said redevelopment, in accordance with the Lionshead Redevelopment Master Plan, is the ultimate goal of this application for a zone district amendment in tandem with forthcoming applications. 16 167 Criteria #7 •Criteria: The extent to which the zone district amendment demonstrates how conditions have changed since the zoning designation of the subject property was adopted and is no longer appropriate. •Response: The zoning designation of the subject properties, Arterial Business District and Special Design District #4, were imposed on the three subject parcels prior to the publishing of the Lionshead Redevelopment Master Plan and subsequent amendments. The Lionshead Redevelopment Master Plan calls for the West Lionshead area to be zoned as Lionshead Mixed Use 2, thus the existing zoning is no longer appropriate. 17 168 Criteria #8 •Criteria: Such other factors and criteria as the Commission and/or Council deem applicable to the proposed zoning. •Response: The Applicant is happy to furnish any additional materials the Commission requests in evaluating this application for a zone district amendment. 18 169 Q&A 170 THANK YOU 171 AGENDA ITEM NO. 6.3 Item Cover Page DATE:December 2, 2025 TIME:5 min. SUBMITTED BY:Carlie Smith, Finance ITEM TYPE:Public Hearings AGENDA SECTION:Public Hearings (6:30pm) SUBJECT:Ordinance No. 25, Series of 2025, Second Reading, An Ordinance Providing for the Levy Assessment and Collection of Town Ad Valorem Property Taxes Due for the 2025 Tax Year and Payable in the 2026 Fiscal Year (6:35pm) SUGGESTED ACTION:Approve, approve with amendments, or deny Ordinance No. 25, Series of 2025 upon Second reading. PRESENTER(S):Carlie Smith, Finance Director VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 26 Mill Levy 2nd.docx Mill Levy Ordinance 2026 2nd.doc 172 TO: Vail Town Council FROM: Finance Department DATE: December 2, 2025 SUBJECT: Mill Levy Ordinance I. SUMMARY Authorization for the collection of property taxes in 2026. II. DISCUSSION At the last Council meeting on November 18th, you were asked to approve the first reading of this ordinance. Since then, we have received the updated valuations from Eagle County and the second reading of this mill levy ordinance has been revised accordingly. Staff requests that Council approve this ordinance upon second reading on Tuesday evening. This ordinance authorizes the collection of property taxes in 2026 based upon 2025 assessed valuations of property within the town’s boundaries. Eagle County is responsible for assessing values and for collecting property taxes on our behalf. The town is required by Colorado state law to certify the mill levy by December 15 of each year. The certification has been submitted to the County. The attached ordinance has been updated to reflect revised assessed valuations from the county. The valuations decreased by 0.10% from earlier estimates or approximately $8,150 impact to the previous valuation. The property tax authorized by the attached ordinance will generate $7,901,376 in revenue in 2026, representing approximately 5.6% of the town’s total revenue. 173 Ordinance 25, Series of 2025 ORDINANCE NO. 25 Series of 2025 AN ORDINANCE PROVIDING FOR THE LEVY ASSESSMENT AND COLLECTION OF TOWN AD VALOREM PROPERTY TAXES DUE FOR THE 20 25 TAX YEAR AND PAYABLE IN THE 2026 FISCAL YEAR. WHEREAS, it is necessary for the Town Council to provide for the levy, assessment and collection of Town ad valorem property taxes due for the 2025 year and payable in the 2026 fiscal year. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: 1. For the purpose of defraying part of the operating and capital expenses of the Town of Vail, Colorado, during its 2026 fiscal year, the Town Council hereby levies a property tax of 4.722 mills upon each dollar of the total assessed valuation of $1,673,311,270 for the 2025 tax year of all taxable property within the Town, which will result in a gross tax levy of $7,901,376 calculated as follows: Base mill levy 4.690 $7,847,830 Abatement levy _.032 _ 53,546 Total mill levy 4.722 $7,901,376 Said assessment shall be duly made by the County of Eagle, State of Colorado, as directed by the Colorado Revised Statutes (1973 as amended), and as otherwise required by law. 2. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. 3. The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. 174 Ordinance 25, Series of 2025 4. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 5. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING, this 18th day of November, 2025. A public hearing shall be held hereon at 6:00 PM on the 2nd day of December 2025, at the regular meeting of the Town Council of the Town of Vail, Colorado, in the Council Chambers of the Municipal Building of the Town. ______________________________ , Mayor ATTEST: Stephanie Kauffman, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED IN FULL this 2nd day of December 2025. _____________________________ , Mayor ATTEST: Stephanie Kauffman, Town Clerk 175