HomeMy WebLinkAboutEver Vail Power Point from TC Hearing 020111
presented to
Town of Vail
presented by
Andy Knudtsen, Principal Economic & Planning Systems, Inc.
Brian Duffany, Vice President Economic & Planning Systems, Inc.
Ever Vail Fiscal Impact Analysis
February 1, 2011
Ever Vail Fiscal Impacts
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Outline
Visitation
Town of Vail Capacity
Ever Vail Impact
Net New Factors
Sensitivity Analysis
Skier Visits
Annual net new skier visits
Peak skiers from Ever Vail (SAOT)
Comparison to earlier Vail Resorts analysis
Market Conditions
Review of Key Findings
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Visitor Days Calculation
Rooms or Units in Rental Program
X Avg. Persons per Unit
X Annual Occupacy
X Percent Net New Guests
X 365 Days
Total Visitor Days
Visitor Days drive:
Retail spending and sales tax
Lodging tax (room nights sold)
Lift tax and skier visits
Other minor Town revenues and costs
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Town of Vail Context
Approximately 1.8 million annual visitor days generated from Vail lodging
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Visitor Days Calculation
From Fiscal Model, Table 5
Ever Vail Fiscal Impacts
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Ever Vail Compared to Town of Vail
Ever Vail Fiscal Impacts
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Net New Sensitivity Analysis
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Skier Visits and Lift Tax
Rooms or Units in Rental Program
X Avg. Persons per Unit
X Occupancy by Month During Ski Season
X Percent Net New Guests
X 365 Days
Total Visitor Days
X 70% Skier Participation
X 80% Days Skied (“rest day”)
Annual Skier Visits
X $1.91 in Lift Tax / Skier Visit
Town Lift Tax Revenue
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Total Ever Vail Portal Skiers
Total Skiers – No “Net New” Adjustment
“Back of the envelope” calculation
Ever Vail Lodging: 41,254 Annual Skiers
(24,611 new plus 16,643 existing)
Potential impact of day skier parking
11% of annual skier visits (1.56 million) would come through Ever Vail
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Skiers at One Time (Peak Skiers)
EPS estimates 607 SAOT
Earlier Vail Resorts analysis estimated 908 SAOT
Different assumptions, old development program
Fairly consistent with EPS
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Sensitivity Analysis – Other Funds
RETT, URA, and Capital Funds less sensitive to number of net new guests
Construction related revenues
One-Time Costs
Three transit buses, $1.8 million total (Capital Fund)
Police and Fire training/equipment $72,800
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Sensitivity Analysis – General Fund
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Key Considerations Moving Forward
Ever Vail development would expand the Town’s economic base by expanding visitation.
The hotel provides the most fiscal and economic benefit to the Town.
The Ever Vail Hotel could bring additional summer and shoulder season business by marketing to groups and events.
The Town and Vail Resorts should strive to provide a consistently high quality visitor experience.
The 35,000 square feet of office space will make a modest contribution to the Town’s economic diversity.
The fiscal and economic analysis indicates that cannibalization of existing retail and restaurant sales by Ever Vail businesses will be minimal.
The responsibility for the cost of three transit buses should be considered in ongoing discussions and negotiations.