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Home My WebLink AboutEver Vail Sales Tax Model 060910 DRAFT Sales Tax Analysis EverVail Fiscal Impact Analysis June 9, 2010 Economic & Planning Systems 1 of 10 June 9, 2010 DRAFT Table A Table of Contents Ever Vail Sales Tax Model Table Description Table 1 Project Expenditure Potential Table 2 Ever Vail Visitor Spending in Project Table 3 Ever Vail Visitor Spending Outside Project Table 4 Net New Retail Sales Estimate Table 5 Total Retail Spending and Sales Tax Table 6 Estimated Day Visitors Spending Table 7 Project Resident Total Income Table 8 Permanent Resident Retail Expenditures H:\20812 Ever Vail Fiscal Analysis\Models\[20812-EV Sales Tax Model 05-20-2010.xls]TOC Economic & Planning Systems 2 of 10 June 9, 2010 DRAFT Table 1 Project Expenditure Potential Description Retail Conv. F&B Total Retail Conv. F&B Total Hotel 47,300 $60 $10 $100 $170 $2,838,000 $473,000 $4,730,000 $8,041,000 Branded Residences in Rental Pool 15,100 $60 $30 $75 $165 $906,000 $453,000 $1,132,500 $2,491,500 Condos in Rental Pool 54,800 $60 $30 $40 $130 $3,288,000 $1,644,000 $2,192,000 $7,124,000 Second Home Condos 21,800 $30 $30 $20 $80 $654,000 $654,000 $436,000 $1,744,000 Residents [1] ---------------$21,000 $192,000 $86,000 $299,000 Parking Day Visitors [1] ---------------$2,082,000 $1,025,000 $1,537,500 $4,644,500 Totals 139,000 $9,789,000 $4,441,000 $10,114,000 $24,344,000 [1] See Tables 6 through 8 for further detail. Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-EV Sales Tax Model 05-20-2010.xls]1-Expend Pot Visitor $/Pers./Day Expenditure Potential Days Economic & Planning Systems 3 of 10 June 9, 2010 DRAFT Table 2 Ever Vail Visitor Spending in Project Description Retail Conv. F&B Total Retail Conv. F&B Retail Conv. F&B Total Hotel $2,838,000 $473,000 $4,730,000 $8,041,000 40% 75% 40% $1,135,200 $354,750 $1,892,000 $3,381,950 Branded Residences in Rental Pool $906,000 $453,000 $1,132,500 $2,491,500 40% 70% 40% $362,400 $317,100 $453,000 $1,132,500 Condos in Rental Pool $3,288,000 $1,644,000 $2,192,000 $7,124,000 40% 70% 40% $1,315,200 $1,150,800 $876,800 $3,342,800 Second Home Condos $654,000 $654,000 $436,000 $1,744,000 40% 65% 25% $261,600 $425,100 $109,000 $795,700 Residents $21,000 $192,000 $86,000 $299,000 15% 40% 40% $3,150 $76,640 $34,400 $114,190 Parking Day Visitors $2,082,000 $1,025,000 $1,537,500 $4,644,500 75% 100% 75% $1,561,500 $1,025,000 $1,153,125 $3,739,625 Totals $9,789,000 $4,441,000 $10,114,000 $24,344,000 $4,639,050 $3,349,390 $4,518,325 $12,506,765 Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-EV Sales Tax Model 05-20-2010.xls]2-EV Capture Expenditure Potential % Spent in Ever Vail $ Spent in Ever Vail Economic & Planning Systems 4 of 10 June 9, 2010 DRAFT Table 3 Ever Vail Visitor Spending Outside Project Description Retail Conv. F&B Retail Conv. F&B Total Retail Conv. F&B Retail Conv. F&B Total Hotel 40% 25% 35% $1,135,200 $118,250 $1,655,500 $2,908,950 20% 0% 25% $567,600 $0 $1,182,500 $1,750,100 Branded Residences in Rental Pool 40% 30% 35% $362,400 $135,900 $396,375 $894,675 20% 0% 25% $181,200 $0 $283,125 $464,325 Condos in Rental Pool 40% 30% 35% $1,315,200 $493,200 $767,200 $2,575,600 20% 0% 25% $657,600 $0 $548,000 $1,205,600 Second Home Condos 30% 25% 50% $196,200 $163,500 $218,000 $577,700 30% 10% 25% $196,200 $65,400 $109,000 $370,600 Residents [1] 43% 45% 45% $8,925 $86,400 $38,700 $134,025 42% 15% 15% $8,820 $28,800 $12,900 $50,520 Parking Day Visitors [1] 25% 0% 25% $520,500 $0 $384,375 $904,875 0% 0% 0% $0 $0 $0 $0 Totals $3,538,425 $997,250 $3,460,150 $7,995,825 $1,611,420 $94,200 $2,135,525 $3,841,145 [1] See Tables ____ through _____ for further detail. Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-EV Sales Tax Model 05-20-2010.xls]3-Spent Elsewhere % Spent Elsewhere in Vail $ Spent in Vail, Outside Project Leakage % Leakge $ Economic & Planning Systems 5 of 10 June 9, 2010 DRAFT Table 4 Net New Retail Sales Estimate Sales from Project Visitors, Residents, and Parking Plus Ever Vail Visitor, Parking, and Resident Spending, Other Vail Locations Plus Additional Inflow to Ever Vail (10% of Required Sales) [1] Total Net New Sales Total Sales Restaurant $4,518,325 $3,460,150 $1,200,000 $9,178,475 Retail $4,639,050 $3,538,425 $1,080,000 $9,257,475 Grocer/Conv. $3,349,390 $997,250 $390,000 $4,736,640 Total $12,506,765 $7,995,825 $2,670,000 $23,172,590 [1] Inflow from other Vail Valley locations. Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-EV Sales Tax Model 05-20-2010.xls]4-Sales Sources Economic & Planning Systems 6 of 10 June 9, 2010 DRAFT Table 5 Total Retail Spending and Sales Tax Store Type Total Net New Sales Net New Sales Restaurant $9,178,475 Retail $9,257,475 Grocer/Conv. $4,736,640 Total $23,172,590 4.0% Town Sales Tax General Fund (60%) $556,000 Capital Fund (40%) $371,000 1.0% County Sales Tax Sales Tax $232,000 15% to Town $34,800 Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-EV Sales Tax Model 05-20-2010.xls]5-Sale Economic & Planning Systems 7 of 10 June 9, 2010 DRAFT Table 6 Estimated Day Visitors Spending Description Calculation Public and Retail Parking Spaces 750 Avg. People per Vehicle 2.6 % Annual Utilization 45% Ski Season Days 365 Parking/Day Visitor Days 320,288 Retail $/Day/Person $13 F&B $/Day/Person $16 Total $29 F&B Spending -Convenience Goods 40% $2,050,000 F&B Spending -Bars/Restaurants 60% $3,075,000 Total F&B Spending 100% $5,125,000 Annual Retail Spending $4,164,000 Annual Convenience Goods Spending $2,050,000 Annual Bar/Restaurant Spending $3,075,000 Total Annual Spending $9,289,000 Net New Day Visitors Reduction Annual Retail Spending 50% $2,082,000 Annual Convenience Goods Spending 50% $1,025,000 Annual Bar/Restaurant Spending 50% $1,537,500 Total Net New Spending $4,644,500 Source: Town of Vail Parking Survey, 2009 (RRC Associates), Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-EV Sales Tax Model 05-20-2010.xls]6-Day Visit Spending Economic & Planning Systems 8 of 10 June 9, 2010 DRAFT Table 7 Project Resident Total Income Description Value Deed Restricted For-Sale Households 34 Household Income [1] $92,000 Total Personal Income (TPI) $3,128,000 Deed Restricted Rental Households [2] 14 Household Income $51,200 Total Personal Income (TPI) $716,800 Total Income $3,844,800 [1] Claritas, 2009 [2] 80% of AMI, 2 person household Source: Claritas; Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-EV Sales Tax Model 05-20-2010.xls]7-Res Economic & Planning Systems 9 of 10 June 9, 2010 DRAFT Table 8 Permanent Resident Retail Expenditures % of Expenditure Store Category TPI Potential % Expenditures % $ % $ TPI: $3,844,800 Convenience Goods Supermarkets and Specialty Grocery Stores 6.2% $239,000 40% $96,000 60% $143,400 75% $107,550 Convenience Stores, Health, Beer, Wine & Liquor 6.3% $241,000 40% $96,000 60% $144,600 75% $108,450 Total Convenience Goods 12.5% $481,000 40% $192,000 $288,000 $216,000 Apparel and Sporting Goods 3.6% $140,000 15% $21,000 85% $119,000 50% $59,500 Other General Merchandise and Shoppers Goods 15.4% $594,000 0% $0 100% $594,000 0% $0 Food and Beverage 5.6% $216,000 40% $86,000 60% $129,600 75% $97,200 Total Retail Expenditures/Sales 37.2% $1,431,000 21% $299,000 $1,130,600 $372,700 [1] Estimated by comparing expenditures to actual store sales and sales tax data. Source: US Census of Retail Trade; Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-EV Sales Tax Model 05-20-2010.xls]8-Res Capture Ever Vail Capture [1] Project Leakage Captured in Economic & Planning Systems 10 of 10 June 9, 2010