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HomeMy WebLinkAboutEver Vail Fiscal Model Low Scenario 101810 DRAFT Fiscal Impact Analysis EverVail Fiscal Impact Analysis Low Scenario Prepared by Economic & Planning Systems 1 of 4 October 18, 2010 DRAFT Table ES-1 Fiscal Impact Executive Summary Fund Phase I Phase II Phase I Phase II General Fund Revenues $889,809 $310,309 $889,809 $1,219,118 Expenses $379,186 $258,330 $379,186 $703,666 Net Fiscal Impact $510,623 $51,979 $510,623 $515,452 Capital Fund One-Time Use Tax $10,600,920 $5,983,120 ------Annual Sales Tax $519,000 $181,000 $519,000 $712,000 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) $294,000 $126,000 $294,000 $420,000 Urban Renewal Authority Property Tax Increment [1] $2,757,242 $1,197,772 $2,757,242 $3,955,014 [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_Low.xls]ES-1 By Phase -Standalone Cumulative Impact by Phase Prepared by Economic & Planning Systems 2 of 4 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 49 0 49 Condominiums 63 60 123 Deed Restricted Rental 0 0 0 Deed Restricted For-Sale 0 0 0 Total 215 60 274 Second Home Units Hotel 0 0 0 Branded Residences 27 0 27 Condominiums 79 75 154 Deed Restricted Rental 0 0 0 Deed Restricted For-Sale 0 0 0 Total 106 75 180 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_Low. xls]1-Dev Program Prepared by Economic & Planning Systems 3 of 4 October 18, 2010 DRAFT Table 2 Residential and Accommodations Assumptions -Occupancies Description Phase I Phase II % In Rental Pool Hotel 100% 100% Branded Residences 65% 65% Condominiums (Free Market) 40% 40% Deed Restricted Rental 0% 0% Deed Restricted For-Sale 0% 0% % Second Homes ("Cold Beds") Hotel 0% 0% Branded Residences 35% 35% Condominiums (Free Market) 50% 50% 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) 100% 100% Deed Restricted Rental 100% 100% Deed Restricted For-Sale 100% 100% Annual Occupancy Hotel 50% 50% Branded Residences 40% 40% Condominiums in Rental Pool 30% 30% 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 65% 65% Branded Residences 65% 65% Condominiums in Rental Pool 40% 40% 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_Low.xls]2-Dev Prog Occy Prepared by Economic & Planning Systems 4 of 4 October 18, 2010