HomeMy WebLinkAboutEver Vail DIA Terms From TOV Final Version 101911
October 19, 2011
Mr. Alex Iskenderian, President
Val Resorts Development Company
P.O. Box 7
Vail, Colorado 81658
Re: Ever Vail Development Improvement Agreement Terms
Dear Alex,
The
purpose of my letter is to outline some of the initial terms for inclusion in a Ever Vail Development Improvement Agreement (the “DIA) that may be executed between the Town of Vail (the
“Town”) and Vail Resorts Development Company (“VRDC”). As you are aware, the Vail Town Council met on Tuesday, October 4th to finalize a list of initial terms to present to VRDC for
inclusion in the DIA. The DIA shall include the following terms:
Relocation of Required Parking Outside of Ever Vail Development Area:
The Town is agreeable to allowing up to 200 of
the 400 public parking spaces required by the Lionshead Redevelopment Master Plan to be located outside of the Ever Vail Development Area.
Extension of Subdivision Preliminary Plan
Approval:
Upon approval of the subdivision preliminary plan, VRDC shall immediately construct at least 200 surface public parking spaces within the Ever Vail development area. VRDC
shall have three (3) years from the date of the preliminary plan approval (the “required time period”) to start construction on at least 200 public parking spaces atop the Lionshead
Parking Structure. If construction is started within the required time period, an additional three-year extension to the subdivision preliminary plan approval shall be granted by the
Town of Vail.
Amended And Restated Parking Investment Agreement:
The terms of the Agreement shall be amended to require the immediate transfer of $4.3 million dollars to the Town to
be used for the construction of incremental or augmented public parking improvements.
Lionshead Parking Structure Deed Restriction:
The deed restriction presently recorded against the
Lionshead Parking Structure property limiting its uses shall be amended to state that 1,200 parking spaces shall be available for public use. No other restrictions on use shall apply.
Ever Vail Gondola Operation;
The future operations of an Ever Vail Gondola shall be reviewed by the Town of Vail Planning and Environmental Commission pursuant to the provisions of
the Vail Town Code. It is the Town’s intent to ensure that during the summer months of the year the future operations of the Ever Vail Gondola do not result in negative impacts to
the operation of the Eagle Bahn Gondola in Lionshead or the economic viability and continued success of the Lionshead commercial core area.
Ever Vail Hotel Construction:
A new hotel
shall be constructed in Ever Vail pursuant to the recommendations of the Lionshead Redevelopment Master Plan. A final certificate of occupancy shall be issued for the new hotel prior
to starting construction on any Phase II improvements (west side), with the exception of public parking improvements.
No Net Loss of Office Space:
There shall be no net loss of office
space in Ever Vail pursuant to the recommendations of the Lionshead Redevelopment Master Plan. Office space may be temporarily displaced to other locations within the Town of Vail,
subject to any required review process. VRDC shall submit a plan to the Town demonstrating compliance with the intent of this requirement prior to the demolition of any existing office
space square footage in the Ever Vail development area.
The Vail Town Council will meet next on Tuesday, December 6, 2011 to discuss an Ever Vail DIA. I plan to present an update on
the status of our progress on the 6th. To do so, you will need to prepare a written response to the initial terms of the DIA and submit it by no later than 3:00 pm, Thursday, December
1st.
I remain confident that the Town and VRDC can work cooperatively in the review of the Ever Vail development project. Please do not hesitate to call with any questions you may
have on the content of this letter.
Sincerely,
/
George Ruther, AICP
Director of Community Development
Town of Vail