HomeMy WebLinkAboutEver Vail Fiscal Model High Senario 101810
DRAFT Fiscal Impact Analysis EverVail Fiscal Impact Analysis High Scenario Prepared by Economic & Planning Systems 1 of 47 October 18, 2010
DRAFT Table A Table of Contents Ever Vail Fiscal Model Section/Table Description Table ES-1 Executive Summary Project Assumptions Table 1 Development Program Table 2 Market Value Assumptions
Table 3 Residential and Accommodations Assumptions -Occupancies Table 4 Commercial Development Program Table 5 Visitor Days Generated by Ever Vail Table 6 Project Peak Population (Population
plus Visitors plus 1/2 of Non-Resident Employees) Table 7 Project Commuting Employees Table 8 Derivation of Montly Occupancy Estimates Town Demographics Table 9 Town of Vail Peak Demographics
(Population plus Visitors plus 1/2 of Non-Resident Employees) Table 10 Vail Population, Households, and Estimated Second Homes Table 11 General Fund and Revenue Estimating Methods Table
12 General Fund Revenue Multipliers Table 13 General Fund Expenses and Estimating Methods Table 14 General Fund Cost Multipliers Table 15 Town of Vail Sales Tax Structure Revenue Analysis
Table 16 Market Value and Property Tax Summary Table 17 Affordable Rental Unit Pricing Table 18 Hotel Valuation Table 19 Commercial Market Value Table 20 Lodging Sales Tax Estimate Table
21 1.0% Real Estate Transfer Tax Revenue Table 22 Lift Tax Revenue Cost Analysis Table 23 Public Right-of-Way Maintenance Costs Table 24 Lionshead Single Family Equivalents for Estimating
Public Safety Call Volume Table 25 Project SFEs and Calls for Service Table 26 Estimated Cost of Police Service Table 27 Estimated Cost of Fire Service One Time Fees and Revenues Table
28 Construction Value Estimate Table 29 Building Permit and Plan Review Fees, and Construction Use Tax Estimate Table 30 Recreation Impact Fee Table 31 Traffic Mitigation Fee at Project
Buildout Results Tables Table 32 Estimated General Fund Revenues Table 33 Estimated General Fund Expenses Table 34 Net Fiscal Impact to General Fund (Annual) Table 35 General Fund One-Time
Revenues and Costs Table 36 Capital Fund Impact Table 37 Other Funds Impacts H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]TOC Prepared by Economic & Planning
Systems 2 of 47 October 18, 2010
DRAFT Table ES-1 Fiscal Impact Executive Summary Fund Phase I Phase II Phase I Phase II General Fund Revenues $1,026,273 $388,332 $1,026,273 $1,433,605 Expenses $398,025 $268,077 $398,025
$732,252 Net Fiscal Impact $628,248 $120,255 $628,248 $701,353 Capital Fund One-Time Use Tax $10,735,480 $5,983,120 ------Annual Sales Tax $601,000 $230,000 $601,000 $843,000 RETT One-Time
Developer Sales $5,472,067 $3,496,773 Annual Resales $225,180 $143,168 $225,180 $368,348 Vail Marketing District 1.4% Lodging Tax (Annual) $366,000 $168,000 $366,000 $534,000 Urban Renewal
Authority Property Tax Increment [1] $2,854,111 $1,197,772 $2,854,111 $4,051,883 [1] Reverts to General Fund after URA expires in 2030. Source: Economic & Planning Systems H:\20812 Ever
Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]ES-1 By Phase -Standalone Cumulative Impact by Phase Prepared by Economic & Planning Systems 3 of 47 October 18, 2010
DRAFT 1. Project Assumptions Prepared by Economic & Planning Systems 4 of 47 October 18, 2010
DRAFT Table 1 Development Program Description Phase I Phase II Total East West Development Program Hotel 102 0 102 Branded Residences 76 0 76 Condominiums 158 149 307 Deed Restricted
Rental 8 18 26 Deed Restricted For-Sale 12 7 19 Total Units 356 174 530 Occupant Type Estimates Rental Pool Units Hotel 102 0 102 Branded Residences 57 0 57 Condominiums 87 82 169 Deed
Restricted Rental 0 0 0 Deed Restricted For-Sale 0 0 0 Total 246 82 328 Second Home Units Hotel 0 0 0 Branded Residences 19 0 19 Condominiums 63 60 123 Deed Restricted Rental 0 0 0 Deed
Restricted For-Sale 0 0 0 Total 82 60 142 Permanent Resident Units Hotel 0 0 0 Branded Residences 0 0 0 Condominiums 16 15 31 Deed Restricted Rental 8 18 26 Deed Restricted For-Sale
12 7 19 Total 36 40 76 GRFA 468,067 315,273 783,340 Source: Vail Resorts Development Company, Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]
1-Dev Program Prepared by Economic & Planning Systems 5 of 47 October 18, 2010
DRAFT Table 2 Residential and Accommodations Assumptions -Occupancies Description Phase I Phase II % In Rental Pool Hotel 100% 100% Branded Residences 75% 75% Condominiums (Free Market)
55% 55% Deed Restricted Rental 0% 0% Deed Restricted For-Sale 0% 0% % Second Homes ("Cold Beds") Hotel 0% 0% Branded Residences 25% 25% Condominiums (Free Market) 40% 40% Deed Restricted
Rental 0% 0% Deed Restricted For-Sale 0% 0% % Permanent Residents Hotel 0% 0% Branded Residences 0% 0% Condominiums (Free Market) 10% 10% Deed Restricted Rental 100% 100% Deed Restricted
For-Sale 100% 100% Total (Adds to 100% by unit Type) Hotel 100% 100% Branded Residences 100% 100% Condominiums (Free Market) 105% 105% Deed Restricted Rental 100% 100% Deed Restricted
For-Sale 100% 100% Annual Occupancy Hotel 60% 60% Branded Residences 45% 45% Condominiums in Rental Pool 40% 40% Second Home Condominiums 20% 20% Peak Occupancy Hotel 90% 90% Branded
Residences 90% 90% Condominiums in Rental Pool 90% 90% Second Home Condominiums 50% 50% Persons Persons per Unit Hotel 2.0 2.0 Branded Residences 3.0 3.0 Condominiums in Rental Pool
3.5 3.5 Second Home Condominiums 2.5 2.5 Permanent Residents 2.09 2.09 % of Guests Net New Hotel 75% 75% Branded Residences 75% 75% Condominiums in Rental Pool 50% 50% Second Home Condominiums
100% 100% Second Home Branded Residences 100% 100% [1] Developed from discucssions with Vail Resorts Development Company Source: Vail Resorts, Economic & Planning Systems H:\20812 Ever
Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]2-Dev Prog Occy Prepared by Economic & Planning Systems 6 of 47 October 18, 2010
DRAFT Table 3 Market Value Assumptions Description Phase I Phase II Avg. Sq. Ft. Hotel ------Branded Residences 1,500 1,500 Condominiums 1,500 1,500 Deed Restricted Rental 1,200 1,200
Deed Restricted For-Sale 1,250 1,250 Market Value/Sq. Ft. Hotel ------Branded Residences $1,400 $1,400 Condominiums $1,400 $1,400 Deed Restricted Rental ------Deed Restricted For-Sale
$600 $600 Market Value/Unit Hotel $426,000 $426,000 Branded Residences $2,100,000 $2,100,000 Condominiums $2,100,000 $2,100,000 Deed Restricted Rental $102,000 $102,000 Deed Restricted
For-Sale $750,000 $750,000 Source: Vail Resorts Development Company, Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]3-MktAssumptions
Prepared by Economic & Planning Systems 7 of 47 October 18, 2010
DRAFT Table 4 Commercial Development Program Description Phase I Phase II Total East West Retail and F&B Restaurant 16,090 0 16,090 Nightclub 6,013 0 6,013 Sporting/Apparel 11,118 0
11,118 Spa and Other Leaseable Retail 5,881 0 5,881 Grocer 14,156 0 14,156 Subtotal 53,258 0 53,258 Other Commercial Space Skier Services-Ticketing 2,489 0 2,489 Children's Skier Services
0 12,114 12,114 Spa 9,870 0 9,870 Office 35,395 0 35,395 Meeting Spaces (incl. hotel) 9,663 0 9,663 Subtotal 57,417 12,114 69,531 Totals 110,675 12,114 122,789 Parking Public Spaces
200 200 400 General 825 239 1,064 Total Analyzed 1,025 439 1,464 Source: Vail Resorts & BBC Research, Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal
model-10-18-2010.xls]4-Commercial Dev Prog Prepared by Economic & Planning Systems 8 of 47 October 18, 2010
DRAFT Table 5 Visitor Days Generated by Ever Vail Description Annual Occupancy Persons per Unit Units % Net New Visitor Days Units % Net New Visitor Days Total Visitor Days 365 Days
365 Days By Phase Hotel 60% 2.0 102 75% 33,510 0 75% 0 33,510 Branded Residences in Rental Pool 45% 3.0 57 75% 21,070 0 75% 0 21,070 Condos in Rental Pool 40% 3.5 87 50% 22,200 82 50%
20,940 43,140 Second Home Condos 20% 2.5 82 100% 15,000 0 100% 0 15,000 Totals 328 91,780 82 20,940 112,720 Cumulative by Phase Hotel 102 33,510 102 33,510 33,510 Branded Residences
in Rental Pool 57 21,070 57 21,070 21,070 Condos in Rental Pool 87 22,200 169 43,140 43,140 Second Home Condos 82 15,000 82 15,000 15,000 Totals 328 91,780 410 112,720 112,720 Source:
Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]5-Project Visitor Days Phase I Phase II Prepared by Economic & Planning Systems
9 of 47 October 18, 2010
DRAFT Table 6 Project Peak Population (Population plus Visitors plus 1/2 of Non-Resident Employees) Description Phase I Phase II Phase I Phase II Phase I Phase II Phase I Phase II Phase
I Phase II Overnight Visitors Hotel 90% 90% 75% 75% 2.00 2.00 102 0 138 0 138 Branded Residences 90% 90% 75% 75% 3.00 3.00 57 0 115 0 115 Condominiums 90% 90% 50% 50% 3.50 3.50 87 82
137 129 266 Subtotal 390 129 519 Cumulative 390 519 Permanent Residents Condominiums 100% 100% 100% 100% 2.09 2.09 16 15 33 31 64 Deed Restricted Rental 100% 100% 100% 100% 2.09 2.09
8 18 17 38 54 Deed Restricted For-Sale 100% 100% 100% 100% 2.09 2.09 12 7 25 15 40 Subtotal 75 83 158 Cumulative 75 158 Public Parking Spaces 100% 100% 25% 25% 2.60 2.60 200 200 130
130 260 Cumulative 130 260 Plus 1/2 of Non-Resident Employees 101 7 Cumulative 101 109 109 Total Peak Population 696 350 Cumulative 696 1,046 1,046 Source: Economic & Planning Systems
H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]6-Project Peak Residents Total/Buildout Peak Occupancy Net New Visitors Persons per Unit Units Peak Population
Prepared by Economic & Planning Systems 10 of 47 October 18, 2010
DRAFT Table 7 Project Commuting Employees Description Employees/1,000 Sq. Ft. Phase I Phase II Phase I Phase II Totals Retail and F&B Restaurant 3.55 16,090 0 57 0 Nightclub 3.00 6,013
0 18 0 Sporting/Apparel 3.00 11,118 0 33 0 Spa and Other Leaseable Retail 3.00 5,881 0 18 0 Grocer 3.00 14,156 0 42 0 Subtotal 53,258 0 169 0 Cumulative 53,258 53,258 169 169 169 Other
Commercial Space Skier Services-Ticketing 3.55 2,489 0 9 0 Children's Skier Services 2.00 0 12,114 0 24 Spa 3.55 9,870 0 35 0 Office 3.55 35,395 0 126 0 Meeting Spaces (incl. hotel)
---9,663 0 ------Subtotal 57,417 12,114 170 24 Cumulative 57,417 69,531 170 194 194 Totals 110,675 12,114 338 24 Cumulative 110,675 122,789 338 362 362 Commuters % Commuting 60% 60%
Commuter Employees 203 15 Commuter employee impact % 50% 50% Non-resident employee impact 101 7 Cumulative 101 109 109 Note: Does not include maintenance facility employees which are
existing, not net new. Source: Vail Resorts & BBC Research, Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]7-Project Employment
Square Feet Jobs Generated Prepared by Economic & Planning Systems 11 of 47 October 18, 2010
DRAFT Table 8 Derivation of Montly Occupancy Estimates Month Days Hotel Branded Residences Condominiums Annual Occupancy 60% 45% 30% January 31 90% 68% 45% February 28 90% 68% 45% March
31 90% 68% 45% April 30 53% 40% 27% May 31 35% 26% 18% June 30 65% 49% 33% July 31 65% 49% 33% August 31 65% 49% 33% September 30 47% 35% 23% October 31 33% 25% 17% November 30 33% 25%
17% December 31 53% 40% 27% Annual Average 365 60% 45% 30% Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]8-Monthly
Occy Derivation Prepared by Economic & Planning Systems 12 of 47 October 18, 2010
DRAFT 2. Town Demographics Prepared by Economic & Planning Systems 13 of 47 October 18, 2010
DRAFT Table 9 Town of Vail Peak Demographics (Population plus Visitors plus 1/2 of Non-Resident Employees) Factor Calculation Jobs Private Employment [1] 7,900 Town Employment 290 Total
Jobs 8,190 Reduction: Multiple-Job Holdings 1.20 1,607 Total Employees 100% 6,293 Distribution of Workers [1] Resident Employees 40% 2,540 Non-Resident Employees (Commuters) 60% 3,750
Lodging [2] Lodging Inventory (MTRiP) 3,706 Persons per Unit 3.5 Peak Occupancy 73% Peak Overnight Visitors 9,400 Second Homes Second Home Units [3] 2,400 Persons per Unit 2.50 Peak
Occupancy 50% Peak Overnight Visitors 3,000 Parking Vail Village Structure Spaces 1,150 Lionshead Structure Spaces 1,250 Persons per Car 2.6 Peak Occupancy 98% Peak Day Visitors and
Non-Vail Lodged Guests 6,100 Peak Persons Served Residents 2.09 4,960 Second Homeowners 3,000 Overnight Visitors 9,400 Non-Resident Employees [3] 50% 1,875 Parking 6,100 Total Peak Persons
Served 25,335 [1] US Census Local Employment Dynamics [2] MTRiP [2] Estimated from an analysis of housing unit vacancy status (US Census and CO State Demographer) [3] Commuter employees
are assumed to have 50 percent of the impact of a permanent resident. H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]9-Peak Persons Served Prepared by Economic
& Planning Systems 14 of 47 October 18, 2010
DRAFT Table 10 Vail Population, Households, and Estimated Second Homes Description Calculation Household Population 4,960 Group Quarters 13 Total Population 4,973 Occupied Housing Units
(Households) 2,369 Vacant and/or Seasonal Housing Units A 4,572 Total Housing Units 6,941 Rental Pool Lodging Hotel Rooms 1,534 Condos B 2,094 Single family and townhome C 78 Total 3,706
Second Homes A -B -C 2,400 Source: MTRiP; CO State Demographer; Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]10-Housing Unit
Occupan Prepared by Economic & Planning Systems 15 of 47 October 18, 2010
DRAFT 3. Budget Analysis Prepared by Economic & Planning Systems 16 of 47 October 18, 2010
DRAFT Table 11 General Fund and Revenue Estimating Methods Revenue 2006 2007 2008 2009 2006-2008 Avg. Estimating Method One Time or Ongoing Revenue Gross Revenue Factor CAFR CAFR CAFR
Amended Budget (2006-2008 Avg.) Local Taxes: Sales Tax Split b/t Gen'l Fund & Capital Fund (%) 56/44 59/41 59/41 Sales Tax (Incl. Lodging Sales Tax) $9,345,660 $10,741,500 $11,640,000
$9,760,000 $10,575,720 Case Study Ongoing ---Property and Ownership 2,931,347 3,012,030 4,309,622 4,293,500 3,417,666 Case Study Ongoing ---Ski Lift Tax 2,975,097 3,039,619 3,277,703
3,115,000 3,097,473 Case Study Ongoing ---Franchise Fees, Penalties, and Other Taxes 884,328 877,634 1,075,209 1,049,935 945,724 Contractual Revenue -Not Analyzed ------Total -Local
Taxes 16,136,432 17,670,783 20,302,534 18,218,435 18,036,583 Licenses & Permits Construction Fees 3,481,989 4,992,752 3,799,444 ---4,091,395 Case Study One-Time ---Contractors' Licenses
30,993 34,398 42,061 ---35,817 Not Analyzed ------Other Permits and Licenses 48,774 55,867 61,521 ---55,387 Not Analyzed ------Total -Licenses and Permits 3,561,756 5,083,017 3,903,026
1,335,200 1,335,200 Intergovernmental Revenue County Sales Tax 570,445 603,364 625,674 ---599,828 Case Study Ongoing ---County Road and Bridge 488,095 497,974 733,673 ---573,247 Case
Study Ongoing ---Motor Vehicle Registration Fees 25,673 25,578 25,109 ---25,453 Not Analyzed ------Cigarette Tax 80,738 81,781 80,913 ---81,144 Per Peak Person Served Ongoing $81,100
Highway Users Tax 202,188 191,042 179,605 ---190,945 Not Analyzed ------State Health Inspection 11,748 18,822 11,768 ---14,113 Not Analyzed ------Other County Revenues 0 0 0 ---0 Not
Analyzed ------Other State Sources 400 30,936 49,455 ---26,930 Not Analyzed ------Federal Sources 97,983 59,542 0 ---52,508 Not Analyzed ------Total -Intergovernmental 1,477,270 1,509,039
1,706,197 1,581,680 1,581,680 Charges for Services Management Fees (Local Marketing District) 22,172 66,750 93,000 ---60,641 Not Analyzed ------Internal Service Charge 356,841 318,297
550,409 ---408,516 Not Analyzed ------Out of District Fire Response 40,535 57,393 97,526 ---65,151 Not Analyzed ------Alarm Monitoring Fees 49,188 36,953 37,853 ---41,331 Not Analyzed
------Parking Structures 3,451,912 3,592,596 3,905,299 5,459,744 3,649,936 Not Analyzed -Developer Revenue ------Parking Passes, Misc. Parking Revenue 555,422 921,796 800,686 ---759,301
Not Analzed ------Fines and Forfeitures 286,197 347,090 396,707 260,000 343,331 Per Peak Person Served Ongoing $343,300 Rents 827,280 897,958 949,961 906,382 891,733 Not Analyzed ------Other
Charges, Services, and Sales 291,027 357,755 332,467 686,788 327,083 Per Peak Person Served Ongoing $327,100 Total -Charges for Services 5,880,574 6,596,588 7,163,908 7,312,914 6,547,023
Other Revenues Interest on Investments 820,136 984,040 571,072 115,000 791,749 Not Analyzed ------Other 501,699 195,016 163,025 180,500 286,580 Not Analyzed ------Total, Other Revenues
1,321,835 1,179,056 734,097 295,500 1,078,329 Total Revenue $28,377,867 $32,038,483 $33,809,762 $28,743,729 $28,578,816 Source: Town of Vail; Economic & Planning Systems Note: Some revenues
are not analyzed because they are either a) do not have a nexus with new development or b) are minor revenue sources that will not significantly affect the fiscal impact of the project.
H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]11-General_Fund_Rev Prepared by Economic & Planning Systems 17 of 47 October 18, 2010
DRAFT Table 12 General Fund Revenue Multipliers Revenue Estimating Method Denominator Gross Multiplier % Variable Net Multipler Local Taxes: Sales Tax (Incl. Lodging Sales Tax) Case
Study ---------------Property and Ownership Case Study ---------------Ski Lift Tax Case Study ---------------Franchise Fees, Penalties, and Other Taxes Contractual Revenue -Not Analyzed
---------------Licenses & Permits Construction Fees Case Study ---------------Contractors' Licenses Not Analyzed ---------------Other Permits and Licenses Not Analyzed ---------------Intergovernmenta
l Revenue County Sales Tax Case Study ---------------County Road and Bridge Case Study ---------------Motor Vehicle Registration Fees Not Analyzed ---------------Cigarette Tax Per Peak
Person Served $81,100 25,335 $3.20 100% $3.20 Highway Users Tax Not Analyzed ---------------State Health Inspection Not Analyzed ---------------Other County Revenues Not Analyzed ---------------Other
State Sources Not Analyzed ---------------Federal Sources Not Analyzed Analyzed ---------------Charges for Services Management Fees (Local Marketing District) Not Analyzed ---------------Internal
Service Charge Not Analyzed ---------------Out of District Fire Response Not Analyzed ---------------Alarm Monitoring Fees Not Analyzed ---------------Parking Structures Not Analyzed
-Developer Revenue ---------------Parking Passes, Misc. Parking Revenue Not Analzed ---------------Fines and Forfeitures Per Peak Person Served $343,300 25,335 $13.55 100% $13.55 Rents
Not Analyzed ---------------Other Charges, Services, and Sales Per Peak Person Served $327,100 25,335 $12.91 100% $12.91 Other Revenues Interest on Investments Not Analyzed ---------------Other
Not Analyzed ---------------Source: Town of Vail; Economic & Planning Systems Note: Some revenues are not analyzed because they are either a) do not have a nexus with new development
or b) are minor revenue sources that will not significantly affect the fiscal impact of the project. H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]11-General_Fund_Rev
2006-2008 Avg. Revenue Revenue Factors Prepared by Economic & Planning Systems 18 of 47 October 18, 2010
DRAFT Table 13 General Fund Expenses and Estimating Methods Expenditures by Type 2006 2007 2008 2009 2006-2008 Avg. Avg. Cost Method Cost Numerator Estimating Method CAFR CAFR CAFR Amended
Budget (2006-2008 Avg.) Municipal Services: Town Officials $1,171,124 $1,245,517 $1,224,007 $1,261,297 $1,213,549 ---Not Analyzed -Fixed Cost Administrative 2,944,160 3,155,193 3,164,384
3,234,825 3,087,912 $3,087,900 Per Peak Person Served Community Development 2,481,703 3,329,590 3,327,400 2,405,353 3,046,231 $3,046,200 Per Peak Person Served Total -General Government
6,596,987 7,730,300 7,715,791 6,901,475 7,347,693 Public Safety Police 4,451,637 4,799,831 5,047,503 5,315,289 4,766,324 ---Case Study -# of Calls Fire 2,083,075 2,305,073 2,577,087
2,735,009 2,321,745 ---Case Study -# of Calls Total -Public Safety 6,534,712 7,104,904 7,624,590 8,050,298 7,088,069 Public Works and Transportation Highways and Streets 3,020,483 3,134,300
3,717,159 3,552,133 3,290,647 ---Case Study Transportation 3,176,855 3,390,419 3,853,826 3,853,826 4,629,449 3,473,700 ---Case Study Parking Operations 705,679 795,353 926,689 ---809,240
---Not Analyzed Facility Maintenance 2,722,637 3,045,019 3,281,389 3,723,070 3,016,348 $3,016,300 Per Peak Person Served Total -Public Works 9,625,654 10,365,091 11,779,063 11,904,652
10,589,936 Culture and Recreation Contributions and Special Events 986,792 1,293,767 1,541,498 1,524,634 1,274,019 ---Discretionary Expense -Not Analyzed Special Recreation Facilities
196,854 168,224 161,594 ---175,557 ---Fixed Cost -Not Analyzed Library 664,856 752,031 828,056 825,745 748,314 ---Fixed Cost -Not Analyzed Total -Culture and Recreation $1,848,502 $2,214,022
$2,531,148 $2,350,379 $2,197,891 Total Expenditures $24,605,855 $27,414,317 $29,650,592 $29,206,804 $27,223,588 Revenue Over or Under Expenditures $3,772,012 $4,624,166 $4,159,170 -$463,075
$1,355,228 Source: Town of Vail; Economic & Planning Systems Note: Some revenues are not analyzed because they are either a) do not have a nexus with new development or b) are are minor
revenue sources that will not significantly affect the fiscal impact of the project. H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]13-General_Fund_Expenses
Prepared by Economic & Planning Systems 19 of 47 October 18, 2010
DRAFT Table 14 General Fund Cost Multipliers Expenditures by Type Estimating Method Denominator Gross Multiplier % Variable Net Multipler Municipal Services: Administrative Per Peak
Person Served $3,087,900 25,335 $121.88 50% $60.94 Community Development Per Peak Person Served $3,046,200 25,335 $120.24 50% $60.12 Public Safety Police Case Study -# of Calls ---Fire
Case Study -# of Calls ---Public Works and Transportation Highways and Streets Case Study ---Transportation Case Study ---Parking Operations Not Analyzed ---------------Facility Maintenance
Per Peak Person Served $3,016,300 25,335 $119.06 50% $59.53 Source: Town of Vail; Economic & Planning Systems [1] Less $1.2 million in expenditures for the Town Day Care facility. H:\20812
Ever Vail Fiscal Analysis\Models\[20812-fiscal model.xls]3-General_Fund_Expenses See case study See case study Cost Factors 2006-2008 Avg. Expenses See case study See case study Prepared
by Economic & Planning Systems 20 of 47 October 18, 2010
DRAFT Table 15 Town of Vail Sales Tax Structure Tax Rate State of Colorado 2.9% Eagle County 1.0% Eagle County Transportation 0.5% Town of Vail 4.0% Total Sales Tax 8.4% Vail Local Marketing
District (Lodging) 1.4% Total Lodging Tax 9.8% Source: Town of Vail; Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]15-Sales
Tx Struct Prepared by Economic & Planning Systems 21 of 47 October 18, 2010
DRAFT 4. Revenue Analysis Prepared by Economic & Planning Systems 22 of 47 October 18, 2010
DRAFT Table 16 Market Value and Property Tax Summary Unit Type Factors Phase I Phase II Phase I Phase II Market Value Hotel $426,000 102 0 $43,452,000 $0 Branded Residences $2,100,000
76 0 $159,600,000 $0 Condominiums $2,100,000 158 149 $331,800,000 $312,900,000 Deed Restricted Rental $102,000 8 18 $816,000 $1,836,000 Deed Restricted For-Sale $750,000 12 7 $9,000,000
$5,250,000 Retail and Restaurant ---------$20,103,000 $0 Other Commercial ---------$12,246,000 $1,716,000 Total 356 174 $577,017,000 $321,702,000 Cumulative 356 530 $577,017,000 $898,719,000
Assessed Value Hotel 29.00% $12,601,080 $0 Residential 7.96% $39,896,794 $25,470,886 Commercial 29.00% $9,381,210 $497,640 Total $61,879,084 $25,968,526 Cumulative $61,879,084 $87,847,609
Property Tax by Phase Road and Bridge .8 per $1,000 $49,503 $20,775 URA Tax Increment (expires 2030, includes General Fund portion) 46.124 per $1,000 $2,854,111 $1,197,772 General Fund
Property Tax After 2030 4.690 per $1,000 $290,213 $121,792 Cumulative Property Tax Road and Bridge $49,503 $70,278 URA Tax Increment (expires 2030) $2,854,111 $4,051,883 General Fund
Property Tax After 2030 $290,213 $412,005 Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]16-AV Prop Tax Units Market
Value & Property Tax Prepared by Economic & Planning Systems 23 of 47 October 18, 2010
DRAFT Table 17 Affordable Rental Unit Pricing Description Calculation Median Family Income, 2.0 Person Household, 80% of AMI $51,200 Payment Capacity Monthly Payment [1] $1,200 Gross
Potential Income $14,400 Occupancy 85% Effective Gross Income $12,240 Operating Expenses 25% -$3,060 Net Operating Income (NOI) $9,180 Cap Rate 9.0% Market Value/Unit $102,000 [1] Estimated
from HUD fair market rent data for Eagle County. Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]17-Rental_MV Prepared
by Economic & Planning Systems 24 of 47 October 18, 2010
DRAFT Table 18 Hotel Valuation Description Phase I Phase II Average Daily Rate $350 $350 Rooms 102 0 Days 365 365 Potential Gross Income $13,030,500 $0 Occupancy 60% 60% Effective Gross
Income $7,818,300 $0 Operating Expenses 50% 50% Net Operating Income (NOI) $3,909,150 $0 Capitalization Rate 9.0% 9.0% Market Value $43,435,000 $0 Per Room $426,000 ---Source: Economic
& Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]18-Hotel Val Prepared by Economic & Planning Systems 25 of 47 October 18, 2010
DRAFT Table 19 Commercial Market Value Description Rent/Sq. Ft. Occupancy Capitalization Rate Phase I Phase II Phase I Phase II Total Per Sq. Ft. Retail and F&B Restaurant $50 85% 9.0%
16,090 0 $7,598,000 $0 $7,598,000 $472 Nightclub $20 85% 9.0% 6,013 0 1,136,000 0 1,136,000 $189 Sporting/Apparel $50 85% 9.0% 11,118 0 5,250,000 0 5,250,000 $472 Spa and Other Leaseable
Retail $50 85% 9.0% 5,881 0 2,777,000 0 2,777,000 $472 Grocer $25 85% 9.0% 14,156 0 3,342,000 0 3,342,000 $236 Subtotal 53,258 0 $20,103,000 $0 $20,103,000 Other Commercial Space Skier
Services-Ticketing $15 85% 9.0% 2,489 0 $353,000 $0 $353,000 $142 Children's Skier Services $15 85% 9.0% 0 12,114 0 1,716,000 1,716,000 $142 Spa $20 85% 9.0% 9,870 0 1,864,000 0 1,864,000
$189 Office $30 85% 9.0% 35,395 0 10,029,000 0 10,029,000 $283 Subtotal 57,417 12,114 $12,246,000 $1,716,000 $13,962,000 Totals 110,675 12,114 $32,349,000 $1,716,000 $34,065,000 $277
Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]19-Commercial Sq. Ft. Market Value Prepared by Economic & Planning Systems
26 of 47 October 18, 2010
DRAFT Table 20 Lodging Sales Tax Estimate Description Factors Phase I Phase II Room Nights (Units X Occ'y X 365 Nights) Hotel 22,300 0 Branded Residences 12,500 0 Condominiums 23,100
21,800 Total 57,900 21,800 Lodging Sales Avg. Daily Rate Hotel $350 $7,805,000 $0 Branded Residences $450 $5,625,000 $0 Condominiums $550 $12,705,000 $11,990,000 Total $26,135,000 $11,990,000
Cumulative $26,135,000 $38,125,000 4% Sales Tax by Phase General Fund 60% $627,000 $288,000 Capital Fund 40% $418,000 $192,000 Cumulative 4% Sales Tax General Fund 60% $627,000 $915,000
Capital Fund 40% $418,000 $610,000 1.4% Local Marketing District Tax By Phase $366,000 $168,000 Cumulative $366,000 $534,000 Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal
Analysis\Models\[20812-fiscal model-10-18-2010.xls]20-Loging Tax Prepared by Economic & Planning Systems 27 of 47 October 18, 2010
DRAFT Table 21 1.0% Real Estate Transfer Tax Revenue Total/Unit Type Factors Phase I Phase II Phase I Phase II Buildout Initial Developer Sales Mkt. Value Branded Residences $2,100,000
$159,600,000 $0 $1,596,000 $0 $1,596,000 Condominiums $2,100,000 331,800,000 312,900,000 3,318,000 3,129,000 6,447,000 Deed Restricted Rental ---------------0 Deed Restricted For-Sale
$750,000 9,000,000 5,250,000 90,000 52,500 142,500 Total $500,400,000 $318,150,000 $5,004,000 $3,181,500 $8,185,500 Cumulative $500,400,000 $818,550,000 $5,004,000 $8,185,500 Annual
Resales of Built Units Turnover Rate Branded Residences 4.5% $7,182,000 $0 $71,820 $0 $71,820 Condominiums 4.5% 14,931,000 14,080,500 149,310 140,805 290,115 Deed Restricted Rental ---------------0
Deed Restricted For-Sale 4.5% 405,000 236,250 4,050 2,363 6,413 Total $22,518,000 $14,316,750 $225,180 $143,168 $368,348 Cumulative $22,518,000 $36,834,750 $225,180 $368,348 Source:
Economic & Planning
Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]21-RETT Revenue Sales Volume 1.0% RETT Prepared by Economic & Planning Systems 28 of 47 October 18,
2010
DRAFT Table 22 Lift Tax Revenue Hotel Branded Residences Condominiums Hotel Branded Residences Condominiums Total Skier Participation Days Skied Lift Tax [1] 70% 80% $1.91/Skier Visit
Phase I 20-Nov 30-Nov 10 33% 25% 17% 510 321 253 1,084 759 607 $1,160 1-Dec 31-Dec 30 53% 40% 27% 2,448 1,539 1,217 5,204 3,643 2,914 5,566 1-Jan 31-Jan 30 90% 68% 45% 4,131 2,597 2,053
8,781 6,147 4,917 9,392 1-Feb 28-Feb 27 90% 68% 45% 3,718 2,337 1,848 7,903 5,532 4,426 8,453 1-Mar 31-Mar 30 90% 68% 45% 4,131 2,597 2,053 8,781 6,147 4,917 9,392 1-Apr 18-Apr 17 53%
40% 27% 1,387 872 689 2,949 2,064 1,651 3,154 Totals 144 16,325 10,263 8,113 34,702 24,291 19,433 $37,117 Phase II 20-Nov 30-Nov 10 33% 25% 17% 0 0 239 239 167 134 $256 1-Dec 31-Dec
30 53% 40% 27% 0 0 1,147 1,147 803 642 1,227 1-Jan 31-Jan 30 90% 68% 45% 0 0 1,936 1,936 1,355 1,084 2,071 1-Feb 28-Feb 27 90% 68% 45% 0 0 1,742 1,742 1,220 976 1,864 1-Mar 31-Mar 30
90% 68% 45% 0 0 1,936 1,936 1,355 1,084 2,071 1-Apr 18-Apr 17 53% 40% 27% 0 0 650 650 455 364 695 Totals 144 0 0 7,651 7,651 5,356 4,285 $8,184 Cumulative 16,325 10,263 15,764 42,353
29,647 23,717 $45,300 [1] Town of Vail analysis indicated an average of $1.91 in lift tax per skier visit. Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal
model-10-18-2010.xls]22-Ski Lift Tax Skier Visits Time Period Lodging Occupancy Ski Season Days Visitor Days Prepared by Economic & Planning Systems 29 of 47 October 18, 2010
DRAFT 5. Cost Analysis Prepared by Economic & Planning Systems 30 of 47 October 18, 2010
DRAFT Table 23 Public Right-of-Way Maintenance Costs Hours $/Hour Qty. Total Snow Removal, Hauling, Sweeping Loaders 2.0 $125 55 $13,750 Plow Truck 1.0 $110 55 $6,050 Loaders -Roundabouts
8.0 $125 14 $14,000 Loader and Blower -Roundabouts 8.00 $305 14 $34,160 End dump trailers 24.00 $110 14 $36,960 Summer Sweeping 2.00 $225 30 $13,500 Qty. Cost Total Magnesium Chloride
(gal.) 5,000 $0.90 $4,500 Cinders (ton) 100.00 $30 $3,000 Subtotal [1] $125,920 Landscaping/Grounds Ever Vail Roundabout $0.60/SF 38,430 Sq. Ft. $23,000 Total $148,920 [1] Costs include
0.5 FTEs Source: Town of Vail; Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]23-Streets Labor & Equipment Materials Prepared
by Economic & Planning Systems 31 of 47 October 18, 2010
DRAFT Table 24 Lionshead Single Family Equivalents for Estimating Public Safety Call Volume Total Police Fire Project SFEs Calls Calls Landmark 76 0 2 12,445 40 11 Lift House 45 0 0
13,357 54 1 Lionshead Centre 25 0 0 19,550 17 8 Lionshead Arcade 16 0 0 5,200 3 1 Lion Square Lodge 109 28 0 4,850 33 12 Arabelle 67 85 0 43,524 149 4 Totals 338 113 2 98,926 296 37
Single Family Equivalents (SFEs) Conversion Factor 1.00 0.35 1.00 3,000 SFEs 338 40 2 33 413 Calls per SFE 0.72 0.09 Lionshead Structure Parking Spaces 1,250 192 11 Calls per Parking
Space 0.154 0.009 Source: Town of Vail, Economic & Planning Systems Dwelling Units Accomm. Units Empl. Housing Comm. Sq. Ft. Prepared by Economic & Planning Systems 32 of 47 October
18, 2010
DRAFT Table 25 Project SFEs and Calls for Service Phase I Phase II Totals Ever Vail SFEs SFEs/Unit Hotel 0.35 35.7 0.0 35.7 Branded Residences 1.00 76.0 0.0 76.0 Condominiums 1.00 158.0
149.0 307.0 Deed Restricted Rental 1.00 8.0 18.0 26.0 Deed Restricted For-Sale 1.00 12.0 7.0 19.0 Commercial (Sq. Ft./SFE) 3,000 36.9 4.0 40.9 Total SFEs 326.6 178.0 504.6 Residential
and Comm. Calls Calls/SFE Police 0.72 234 128 362 Fire 0.09 29 16 45 Parking Calls Calls/Space Police 0.154 157 67 224 Fire 0.009 9.0 4.0 13.0 Total by Phase Police 391 195 586 Fire
38 20 58 Cumulative Police 391 586 586 Fire 38 58 58 Estimated from the number of calls and SFEs in the Arabelle project. Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal
Analysis\Models\[20812-fiscal model-10-18-2010.xls]25-Project Calls Single Family Equivalents Prepared by Economic & Planning Systems 33 of 47 October 18, 2010
DRAFT Table 26 Estimated Cost of Police Service Description Factor Phase I Phase II Totals Base Call Load Avg. Ann. Calls, 2005-2009 45,200 Avg. Staff Level, 2005-2009 54.4 Avg. Calls
per Staff 831 Project Impacts by Phase Project Calls 391 195 586 Total Police Calls (new calls plus base call load) 45,591 45,395 45,786 Total Staff 54.86 54.63 54.39 Additonal Staff
by Phase 54.4 0.46 0.23 0.68 Rounded to Whole Staff Person 0.00 0.00 1.00 Cumulative Staff Impact 0.46 0.69 Rounded to Whole Staff Person 0.00 1.00 1.00 Staff Cost by Phase Additional
Officers (rounded to whole staff) 0.00 0.00 0.00 Starting Salary w/Benefits (annual) $66,150 $0 $0 $0 One-Time Training & Equip. $65,000 $0 $0 $0 Cumulative Staff Cost (rounded to whole
staff) Additional Officers 0.00 1.00 1.00 Starting Salary w/Benefits (annual) $66,150 $0 $66,150 $66,150 One-Time Training & Equip. $65,000 $0 $65,000 $65,000 Source: Economic & Planning
Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]26-Police Cost Prepared by Economic & Planning Systems 34 of 47 October 18, 2010
DRAFT Table 27 Estimated Cost of Fire Service Description Factor Phase I Phase II Totals Base Call Load Avg. Ann. Calls, 2005-2009 1,800 Avg. Staff Level, 2005-2009 26.82 Avg. Calls
per Staff 67 Project Impacts by Phase Project Calls 38 20 0 Total Calls (new calls plus base call load) 1,838 1,820 1,800 Total Staff 67 27.43 27.16 26.87 Additonal Staff by Phase 0.61
0.34 0.05 Rounded to Whole Staff Person 1.00 0.00 0.00 Cumulative Staff Impact 0.61 0.96 Rounded to Whole Staff Person 1.00 1.00 1.00 Staff Cost by Phase Additional Officers (rounded
to whole staff) 1.00 0.00 1.00 Starting Salary w/Benefits (annual) $67,369 $67,369 $0 $67,369 One-Time Training & Equip. $7,800 $7,800 $0 $7,800 Cumulative Staff Cost Additional Officers
(rounded to whole staff) 1.00 1.00 1.00 Starting Salary w/Benefits (annual) $67,369 $67,369 $67,369 $67,369 One-Time Training & Equip. $7,800 $7,800 $7,800 $7,800 Source: Economic &
Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]27-Fire Cost Prepared by Economic & Planning Systems 35 of 47 October 18, 2010
DRAFT 6. One Time Fees and Other One Time Revenues Prepared by Economic & Planning Systems 36 of 47 October 18, 2010
DRAFT Table 28 Construction Value Estimate Unit Type Phase I Phase II Totals Market Value Hotel $43,452,000 $0 $43,452,000 Branded Residences 159,600,000 0 159,600,000 Condominiums 331,800,000
312,900,000 644,700,000 Deed Restricted Rental 816,000 1,836,000 2,652,000 Deed Restricted For-Sale 9,000,000 5,250,000 14,250,000 Retail and Restaurant 20,103,000 0 20,103,000 Other
Commercial 12,246,000 1,716,000 13,962,000 Total $577,017,000 $321,702,000 $898,719,000 Vertical Cost Land Cost % Profit % Hotel 20.0% 12% $30,590,000 $0 $30,590,000 Branded Residences
20.0% 12% 112,358,000 0 112,358,000 Condominiums 20.0% 12% 233,587,000 220,282,000 453,869,000 Deed Restricted Rental 20.0% 0% 653,000 1,469,000 2,122,000 Deed Restricted For-Sale 20.0%
6% 6,768,000 3,948,000 10,716,000 Retail and Restaurant 20.0% 12% 14,153,000 0 14,153,000 Other Commercial 20.0% 0% 9,797,000 1,373,000 11,170,000 Total $407,906,000 $227,072,000 $634,978,000
GRFA 468,067 315,273 783,340 Cost per GRFA $871 $720 $811 Materials Cost Materials % Hotel 34.0% $20,189,000 $0 $20,189,000 Branded Residences 34.0% 74,156,000 0 74,156,000 Condominiums
34.0% 154,167,000 145,386,000 299,553,000 Deed Restricted Rental 40.0% 392,000 881,000 1,273,000 Deed Restricted For-Sale 37.0% 4,264,000 2,487,000 6,751,000 Retail and Restaurant 34.0%
9,341,000 0 9,341,000 Other Commercial 40.0% 5,878,000 824,000 6,702,000 Total $268,387,000 $149,578,000 $417,965,000 Labor Cost Labor % Hotel 34% $20,189,000 $0 $20,189,000 Branded
Residences 34% 74,156,000 0 74,156,000 Condominiums 34% 154,167,000 145,386,000 299,553,000 Deed Restricted Rental 40% 392,000 881,000 1,273,000 Deed Restricted For-Sale 37% 4,264,000
2,487,000 6,751,000 Retail and Restaurant 34% 9,341,000 0 9,341,000 Other Commercial 40% 5,878,000 824,000 6,702,000 Totals $268,387,000 $149,578,000 $417,965,000 Construction Value
Hotel $40,378,000 $0 $40,378,000 Branded Residences 148,312,000 0 148,312,000 Condominiums 308,334,000 290,772,000 599,106,000 Deed Restricted Rental 784,000 1,762,000 2,546,000 Deed
Restricted For-Sale 8,528,000 4,974,000 13,502,000 Retail and Restaurant 18,682,000 0 18,682,000 Other Commercial 11,756,000 1,648,000 13,404,000 Total $536,774,000 $299,156,000 $835,930,000
Parking Cost/Space Public Parking Spaces 200 200 400 Construction Value $50,000 $10,000,000 $10,000,000 $20,000,000 Materials 50% $5,000,000 $5,000,000 $10,000,000 Source: Economic &
Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]28-Const Value Factors Prepared by Economic & Planning Systems 37 of 47 October 18, 2010
DRAFT Table 29 Building Permit and Plan Review Fees, and Construction Use Tax Estimate Phase I Phase II Totals Building Permit & Plan Review Fees [1] Permit Fee Hotel $160,559 $0 $160,559
Branded Residences 584,499 0 584,499 Condominiums 1,213,029 1,144,044 2,357,073 Deed Restricted Rental 4,937 8,660 13,597 Deed Restricted For-Sale 34,809 21,121 55,930 Retail and Restaurant
75,335 0 75,335 Other Commercial 46,657 8,222 54,879 Parking 38,459 38,459 76,918 Total Permit Fee $2,158,282 $1,220,506 $3,378,788 Plan Review Fee 65% $1,402,883 $793,329 $2,196,212
4% Construction Use Tax on Materials Hotel $807,560 $0 $807,560 Branded Residences 2,966,240 0 2,966,240 Condominiums 6,166,680 5,815,440 11,982,120 Deed Restricted Rental 15,680 35,240
50,920 Deed Restricted For-Sale 170,560 99,480 270,040 Retail and Restaurant 373,640 0 373,640 Other Commercial 235,120 32,960 268,080 Total $10,735,480 $5,983,120 $16,718,600 Parking
Structure Construction Fees Permit Fee $38,459 $38,459 Plan Review Fee 65% $24,998 $24,998 4% Use Tax $200,000 $200,000 [1] $5,608.75 for the first $1.0 million in construction value
plus $3.65 per $1,000 of additional value. Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]29-Permit Fee Prepared by
Economic & Planning Systems 38 of 47 October 18, 2010
DRAFT Table 30 Recreation Impact Fee Unit Type Factor Phase I Phase II Total Residential Square Feet 468,067 315,273 Recreation Impact Fee $1.00 $468,067 $315,273 $783,340 Source: Economic
& Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]30-Impact Fees Prepared by Economic & Planning Systems 39 of 47 October 18, 2010
DRAFT Table 31 Traffic Mitigation Fee at Project Buildout Description Calculation PM Peak Hour Trips at Buildout 385 Fee per PM Peak Hour Trip $6,500 Traffic Mitigation Fee $2,502,500
Source: Kimley Horn, Vail Resorts, Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]31-Traffic Fee Prepared by Economic & Planning
Systems 40 of 47 October 18, 2010
DRAFT 7. Fiscal Impacts Prepared by Economic & Planning Systems 41 of 47 October 18, 2010
DRAFT Table 32 Estimated General Fund Revenues Revenue Net Factor Method Phase I Phase II Phase I Phase II Local Taxes: Retail Sales Tax ---Case Study $275,000 $57,000 $275,000 $350,000
4.0% Lodging Sales Tax Case Study $627,000 $288,000 $627,000 $915,000 Property and Ownership ---Case Study ------------Ski Lift Tax ---Case Study $37,117 $8,184 $37,117 $45,300 Intergovernmental
Revenue County Sales Tax ---Case Study $17,000 $4,000 $17,000 $22,000 County Road and Bridge Prop. Tax ---Case Study $49,503 $20,775 $49,503 $70,278 Cigarette Tax $3.20 Per Peak Person
Served $2,229 $1,120 $2,229 $3,348 Charges for Services Fines and Forfeitures $13.55 Per Peak Person Served $9,435 $4,739 $9,435 $14,174 Other Charges, Services, and Sales $12.91 Per
Peak Person Served $8,989 $4,515 $8,989 $13,505 General Fund Revenue from Project $1,026,273 $388,332 $1,026,273 $1,433,605 General Fund Property Tax to URA $290,213 $121,792 $290,213
$412,005 Other Taxing Entities Tax Increment $2,563,898 $1,075,980 $2,563,898 $3,639,878 Total Property Tax Increment to URA [1] $2,854,111 $1,197,772 $2,854,111 $4,051,883 [1] The project
is within a URA, therefore property tax goes to the URA as tax increment, rather than to the General Fund until 2030. After 2030, property tax will be re-directed to the General Fund.
Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]11-General_Fund_Rev By Phase Cumulative Prepared by Economic & Planning
Systems 42 of 47 October 18, 2010
DRAFT Table 33 Estimated General Fund Expenses Expenditures by Type Net Multipler Estimating Method Phase I Phase II Phase I Phase II Municipal Services: Administrative $60.94 Per Peak
Person Served $42,431 $21,313 $42,431 $63,744 Community Development $60.12 Per Peak Person Served $41,858 $21,025 $41,858 $62,883 Public Safety Police ---Case Study -# of Calls $0 $0
$0 $66,150 Fire ---Case Study -# of Calls $67,369 $0 $67,369 $67,369 Public Works and Transportation Right-of-Way and Landscaping ---Case Study $148,920 $148,920 $148,920 $297,840 Transportation
Operations [1] ---Case Study $56,000 $56,000 $56,000 $112,000 Facility Maintenance $59.53 Per Peak Person Served $41,447 $20,819 $41,447 $62,266 Total Impact to General Fund $398,025
$268,077 $398,025 $732,252 [1] LSC Transportation Consultants July 23, 2010 Memorandum. EPS has assumed the impact is spread evenly across the three phases. Source: Economic & Planning
Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model.xls]3-General_Fund_Expenses By Phase Cumulative Prepared by Economic & Planning Systems 43 of 47 October 18, 2010
DRAFT Table 34 Net Fiscal Impact to General Fund (Annual) Description Phase I Phase II Phase I Phase II Revenue Local Taxes: 4.0% Retail Sales Tax $275,000 $57,000 $275,000 $350,000
4.0% Lodging Sales Tax $627,000 $288,000 $627,000 $915,000 Ski Lift Tax $37,117 $8,184 $37,117 $45,300 Intergovernmental Revenue County Sales Tax $17,000 $4,000 $17,000 $22,000 County
Road and Bridge Prop. Tax $49,503 $20,775 $49,503 $70,278 Cigarette Tax $2,229 $1,120 $2,229 $3,348 Charges for Services Fines and Forfeitures $9,435 $4,739 $9,435 $14,174 Other Charges,
Services, and Sales $8,989 $4,515 $8,989 $13,505 Total Revenue $1,026,273 $388,332 $1,026,273 $1,433,605 Expenses Municipal Services: Administrative $42,431 $21,313 $42,431 $63,744 Community
Development $41,858 $21,025 $41,858 $62,883 Public Safety Police $0 $0 $0 $66,150 Fire $67,369 $0 $67,369 $67,369 Public Works and Transportation Right-of-Way and Landscaping $148,920
$148,920 $148,920 $297,840 Transportation Operations [1] $56,000 $56,000 $56,000 $112,000 Facility Maintenance $41,447 $20,819 $41,447 $62,266 Total Expenses $398,025 $268,077 $398,025
$732,252 Net Fiscal Impact $628,248 $120,255 $628,248 $701,353 [1] LSC Transportation Consultants July 23, 2010 Memorandum. EPS has assumed the impact is spread evenly across the three
phases. Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model.xls]3-General_Fund_Expenses By Phase Cumulative Prepared by Economic & Planning
Systems 44 of 47 October 18, 2010
DRAFT Table 35 General Fund One-Time Revenues and Costs Revenue Phase I Phase II Totals/Buildout General Fund Building Permit Fee $2,158,282 $1,220,506 $3,378,788 Plan Review Fee $1,402,883
$793,329 $2,196,212 Traffic Mitigation Fee [1] $1,251,250 $1,251,250 $2,502,500 Total $4,812,415 $3,265,085 $8,077,500 [1] Assumed to be 1/2 of total project fee per phase. Source: Town
of Vail; Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]35-One Time Revenues Prepared by Economic & Planning Systems 45 of 47
October 18, 2010
DRAFT Table 36 Capital Fund Impact Costs and Revenues Phase I Phase II Totals/Buildout By Phase Construction Use Tax (One Time) $10,735,480 $5,983,120 $16,718,600 4.0% Sales Tax (Annual)
$183,000 $38,000 4.0% Lodging Sales Tax (Annual) $418,000 $192,000 Total Sales Taxes $601,000 $230,000 Cumulative Sales Tax 4.0% Sales Tax (Annual) $183,000 $233,000 $233,000 4.0% Lodging
Sales Tax (Annual) $418,000 $610,000 $610,000 Total Sales Taxes $601,000 $843,000 $843,000 Capital Fund Costs (3 Hybrid Buses @$600K ea.) $900,000 $900,000 $1,800,000 [1] Reverts to
General Fund after URA expires in 2030. Source: Economic & Planning Systems H:\20812 Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]36-Capital Fund Prepared by Economic
& Planning Systems 46 of 47 October 18, 2010
DRAFT Table 37 Other Funds Impacts Fund Phase I Phase II Totals/Buildout RETT Fund One Time Revenue RETT -Developer Sales $5,004,000 $3,181,500 $8,185,500 Recreation Impact Fee $468,067
$315,273 $783,340 Total One Time Revenue $5,472,067 $3,496,773 $8,968,840 RETT Fund Annual Revenue RETT on Resales $225,180 $143,168 $368,348 Vail Marketing District 1.4% Lodging Tax
(Annual) $366,000 $168,000 $534,000 Urban Renewal Authority Property Tax Town Mill Levy (4.69 Mills) (Annual) [1] $290,213 $121,792 $412,005 Other Taxing Entities (Annual) $2,563,898
$1,075,980 $3,639,878 Annual Property Tax Increment $2,854,111 $1,197,772 $4,051,883 [1] Reverts to General Fund after URA expires in 2030. Source: Economic & Planning Systems H:\20812
Ever Vail Fiscal Analysis\Models\[20812-fiscal model-10-18-2010.xls]37-Other Funds Prepared by Economic & Planning Systems 47 of 47 October 18, 2010