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Home My WebLink AboutVAIL LIONSHEAD FILING 1 BLOCK 1 LOT 3 VAIL 21 CONDOS 2001 EXPANSION LEGALMarch 19, 2001 Vail Town Council c/o Allison Ochs, Planner 75 South Frontage Rd. Vail, CO 81657 RE: Purchase of land beneath "Build - To" areas Yail2l Condominium F RITZLEN P I E RC E ARCHITECTS Council Members, On behalf of the Vail 21 Condominium Association, I request that you address the matter of the transfer of ownership of the land beneath the "Build - To" areas adjacent to the Vail 2l Condominium in Lionshead. It is important to state that the Vail 2l Condominium is still exploring the feasibility of redeveloping their property and this letter is not a commitment to purchase Town land. The Lionshead Master Plan indicated a number of locations where expansion of existing retail space that were deemed in the best interests of tJre community at large. One of those locations is east of the Yail2l Condominium. Attached is a diagram that indicates the approximate extent of the proposed retail space expansion. The retail expansion occurs both within the existing Vail 2l property and outside the existing Y all 2l property. The expansion beyond the existing property lines would be on land owned by the Town of Vail. At this time the Vail 2l Condominium Association is attempting to assess the feasibility of a significant redevelopment oftheir property. Conceptual Plans have been developed and initial Income and Expense Studies are nearly complete at this point. There are several Expenses that are unknown and are currently delaying the Association's efforts to solicit the approval of the Association Members in order to continue their efforts toward renovating their property. l. What is the cost of the land beneath the "Build - To" areas? In order to obtain financing for the Project it is preferable that all of the property beneath the Building be a "fee simple" ownership rather than a lease. Vail 2l would like to purchase the property beneath the Building, outside the current property line, from the Town. The area beneath the Building, outside the current property lines (on Town property) is about 4170 square feet. Yail2l feels that the most appropriate means of determining the value of the land is to use data from the Eagle County Assessor. This opinion is shared by Basil Katsaros, MAI, SRA, whose letter (dated March 14,2001) to that effect is attached. Also attached is a letter from John Nilsson, dated March 1 7, 2001 , relating to possible increases in land value since the Assessor's appraisal a year and a halfago (essentially there is not expected to be an increase in land values) K19874 - Vail21\land value.wpd PlanningoArchitectureolnteriors 1550 EastVail Valfey Drive Fallridge C-l . Vail,CO81657 r fps@colorado.net . fax (9701476-4901 . (97O) 476-6342 Based on the Property Record Card from the Eagle County Assessor for Parcel 210106403021, a Commercial Condominium in Vail 2l,the Land Value is $66.36 per square foot (copy attached, $58,130 / 876 sq. ft.). Based on the Property Record Card from the Eagle County Assessor for Parcel 210106403017, a Residential Condominium in Vail Zl,Ihe Land Value is $ 3 1 .49 per square foot (copy attache d, 839,770 / I 263 sq. ft.). Based on the above valuations established by the Assessor, and the limitations of the LMU-I Zone District, an acre of land in this area would be worth $6,320,120.00 ($66.36 (the value of land for commercial space) plus $78.73 (the value of land for residential spacewhichis2.5sq.ft.of GRFApersq.ft.of siteareatimes$3 1.49))times 43,560 sq.ft.(area of an acre). At this time we are certain that YaII2l would incorporate the land purchased from the Town into it's Association ouned property. The land purchased from the Town would be used for retail purposes at the approximate level of the Lionshead Mall. The Association does not require the entirety of the residential "Development Rights"associated with the 4170 square feet. Due to the Association's efforts to incorporate some adjacent privately held properfy into it's Site Area, it is not certain what amount of GRFA will be needed from tJre parcel purchased from the Town for the Association to accomplish it's goals for redevelopment of their property. 2. What other impact fees should the Vail 21 Condominium Association anticioate? We are aware that it will be Vail 2l's obligation to restore the pedestrian mall surface (including installation of snow melt piping beneath the pavers) to the midpoint of the proposed mall and have budgeted for those improvements. We need to know if there will be other Impact Fees imposed by the Town that will effect the Expenses that the Association should anticipate. Vail 21's Proposal Varl2l proposes to pay $66.36 per sqwue foot for the land purchased from the Town of Vail for commercial space. In addition, Vail 21 will pay $3 1 .49 per sqrnre foot of GRFA that is needed for redevelopment of Vail 2l and is not available based on the Site Area of the Yail2l Condominium. In the event that residential space is expanded in the future, that expansion is subject to reimbursement to the Town for the value of land for residential use established by the Eagle County Assessor. In no case will the total GRFA on the Vail 21 site exceed the allowable GRFA for the site (which includes the parcel purchased from the Town). Sincerely, William Pierce, Architect encl. CC: Bill Walker, yarl2l Condominium Association K:\9874 - Vai12l\land value.wpd F rn a\ rnz U a II I IHHlii i v I tltltl tl E Fi ! Ei q fi I F I u 6 E d N Irt 6 F d Izto e tilfilil(:ll m 'il|- il"il-n il5 ll o ll il ilaI'tz I il I rm rnF N T t I g ll I \ I i t ri Il I:l a H I ii t ii VAIL 21 CONDOMINIUMS 5fl B$r TEN'HE|D OrqE Lqrl.rloo(r.v IudrllH{ o Frrsr l|u{c v (@tot/rDo alttt ttoEcta 9aTa ' :"- : " - " h," i.*"*,,t fr , tI e'Yu' 02123t01 PO BgX d8{t VAIL co, 0r 658 vrluc By: COM\.I LANI) folalValur: Ergle Cgunty Ass€ssor 04:4?PM.Property Rocord card tor Account R010529 rr of 04/19/2000 version 20000419000 Company :Situr Addr€rt: f.x.Are: SC103 0005?1 LTONSHEAD CIR Acrrs; 0 ',/AlL LECAL OESCRIPTION (l,lry not be complete) I UNII. TYPE 7 MFR z> MICA CorrrlaleC CONOO: VAIL 2l CONOO UNIT:102 sE,130 J 1 t,400 t2t.3?0 IJNO DATA L N0 OgEunanct I 2112 MERCHANDISING.LANO LANOSIZE T400LIONSHEADCOMA4EBCIAI I'EIOHBORHOOD us E_coo E SUPER-NSHO ACTUAL EFFECTIVE <66.000 465.000 RATE 1?5,0 t BUILDINO OAIA Cgliltil Ossufr.rr€e I ?2 t 2 M g RCMN DtSl NG.IMFROv E r,,1 ACT-YEAR_BI-T ARCH-STYLE 9E9ROOMS 2?1200 MeHC-I{ANOSNG CON37 qUAL g-t4.- , ,{t,r,.,k,f ,l .1,..-,r,-1i.1.rt t B'lb P -04l, | -f ,. \?l Page; 1 / VALUE SUMMARY ABSTfiACT-COOE LANO-COOE UNII-TYPE ZONII'l€ LA o-lND GUBCODE LANO-S rOTAL RIA: ABSTRACT-COD€ AIRCONO BATUS sulLor0{G_wPE pEPo3 EXTIRK'R-WALLI FRAME HEITIiIG-IYPE NE IG}IBORHOOO ROOF-STRUgTURE SHAFEO ur{rts waLL_flr| SUBCODE UIILITY TOIAL AREA; Code Cl.frificrtlon2'112 MEFCHANOISING.U\NO2?12 MeHCilANDlSlNc.!frlPROtr Ioi,ri FL@Rz IO 8 VINYL EFF-Y€AN-6LT FIIN.,RES HEATING-FUEL INTER|qR-W LL'I 8ooF-covER . iooMs STORIES usc_cooE SUPER-XBI{O ACTUAL EFFECTIVE876.000 394.200<.ErdDUu'r 304.?co R-A"F- RAIE 65.38 145.28 CORRELATED ABSTRACT SUMMAFY Aa3a3rsd Value 16.800 47,340 e4J00 FLOORI 90 14 CARPET INV 465 lANDStZE 20253.0t vAtL t1 ?OOO COMMERCIAL ??00 VAIL CORE COIT1MERClAL XEATEO FOOTPflINT 1972 ACT-YEAR-BLT 82 RECREATION 0 8EoR(J()MS + AVERAGE 1972 EFF T'EAR..BLT :, Ftxit,REs 3 GAS 5 ORYY/ALL O CEOAR SHAK I ROOMS 1 $ToHrFs r.D ?OOO COMMERCLAL 22OO VAIL CORE COMMERCIAL HEATED FOOTPRINT 870.000 E70.000 RATE 65.3E VAIUE 59.130 1 NONE 1 BATHS 1972 YEAtt . 1972 r 5 coNc BLCicK J N4ASONRY 5 HT WTR A$B 20253,0r vAlL 21 ? SHED I N/A 1 UNITS O N/A vat_ug 57,?70 Aclull vrlu" ctr-r5d} 103,240 221,3f 0 Feb- 25-Ol Ot : ztgf,; - ' -'tL Q,, ''dilzsn't Let 'c;l? t\l I t P-05 {:.) Eagle Counly As3es!or Page:1 04:51PM Propeny Record Card for Accounl R01041 5 r! of 0l i 081200'l verslon 20010108000 GLORIA J, CURTIS REVOC TRUST Account: R010415 Parcrl: 210106i103017 1240 W 6oTH TgR KAN$AS CITY [io. 641't3 VALUE SUIIIUAFY V.luo 6y! tltcAcoNoo 348,6a0LANo 39,770xFoB ?,890 Tot{l VdF: 391.?80 Roccpt t Srla Ortt l?.JAN-1970 03-DEC-1e93 AEgT8ACi-COoE r-Alro_coDE U IT-TYPE ZOlillNG LAND-INO EUOCOOE LANO-S TOIAL AREA: ABSTRACT-CODE OEPOO N€tcHBQRl.rOOO u$E_cooE SUPER-NBI{O SUICOOE xFoB_uNt-rs IOIAL AREA: EXTRA FEATURE DATA XFOB Oserrr3nca 1 I?3OCONDOSIMPHOVEfuIENTS AUILDING-N(' BUILOING OATA COI{OO Occufi?nce I 1?30CON[X)S. \{PROVEMENTS ACI_YEAR_8LT 0 Nor.tE I SAIHS 123000 coNooMtNruM 1972 YEAR. 1491 't5 coNc BLocK I' HESILIENT 3 MASONRY 13 SASEBOARD 4195 VA|L 2l 2 SHEO 1 NrA I UNITS O N/A Comprny : T.r AraE: Acnat i scrc3 SALES DATA 3alePrice R.lio 54,100 :ta7,900 112.460 LAND DATA LAND Occ|'rrcncc I LAIID9EE NEIOHSORHOOO usE_coos SUPER- EHO Situr AddrrSs: 000521 E UONSHEAO CiR VAIL Ovartide n 0 0 Oord V/l GYU rvp? wt)WDIO 1 r i.0 cQNDo.r-AND 11308,1S VAIL 2l COIID 1 (,NIT TYPE 6 CONOO 2S VALUE 39.770 t 97? YEAR - r972 4195 VA|L 21 I ()OO RESIOENTIAL '1200 VAIL CORE CONDO VALUE e,690 LEGAL DESCRIPTION (Mry not be Gomplete) CONOO'VAIL 21 CONOO UNIT:505 BK-0a20 PG-0000 sK-0638 PG-036E OCO 04'25.94 R735700 QCO 07-2440 ACj $lr Ptice 0 347,900 Ratio r 1?.4$9 rimr AdJ Sol"Pricc F.tio Lr 347,900 112 469 FOOTPRINT 543 LANOSIZE 4195 VA|L 21 lOOO RESIOENTIAL f200 vAtL coFrE coNrn AESTRACI-CODE AIRCOND BA i3 BUILOING-TYPE DEP02 EXTERIOR-WAL!IFLOORT Zo FRANE ITEAIIN G-IYPE I{EIOHEORHOOD ROOF-SIRUCIURE SHAPFO UN]T3 WALL-FIN suEcooE SALCO|\IY MA N FLR AREA ACTUAL 543.000 t43.000 RATE 7 3.21 AG'UAL 1.000 1.000 RATE 2,090.00 ACTUAL 1{7.000 840.000 EFFECTIVE EFF-YEAR-8LT UNIT-PRICE xFog_cooE EfFECTIVE I{EATEO O g(JILDIM) NO.I972 EFi--YEAR-BLT 3180 UN|T_PR|CE .I1O FIREPL. A. 11EA'ED FOOTPRI}IT ARGH-STYtE BEDROOT'ISco tr_quAL EFF-YEAR-8LT FIXTURESFLOORz rO HEATINO-FUEL ITiTERIOR-WALLI ROOF.COVER BOOit9 STORIES us€_coDE SUPER-IIEHD EFFECTIVE 1972 AC]'-YEAR-BLT 26 CON00 2 BEDROOtTtS 4 AVEfIACE 197? FFF-YEAR SLT | 0 F|X-URES 14 CARPET INV 3 GAS 5 FRYWALL O CEDAR SHAK 5 Roc)Ms 1.5 t000 R€sr0ENnAL {200 vAtL coRe coNDo HEATED 840.000 FOOIPRINT €40.0001140.000 Fcb-25-Ol Ol:5OP :02{lt 0,r 04:3lPll IOIAL AiIA: Codc CLrtiloa[o.rtt30 co|toGuNor35o CO{00S-|MFRO!€MENTS?.r-r ._ o Proplrty P. 06/ .?./ o'\-"' Ptr:2 .- 1,116.000'... RA'S 3!?.!c OYrnirrf AlaradVal|' 3,i70 34.ar t!t-tlo 1€.000 IATE 3r2.3A , 3 /.\l f'rv-P7 E.gh Counlt Arte$ol R$ord Crrd lor Acaounl R0l0{l! rr ot0t0ll200t vrrbn ZO0|O|OOOOO t,116.0m RA'T 3 t2.3E ABSYRAGI SUt]f,ARY qtlrrntrAdr{Uhfr" A$rrdvrtgr Aclu|lv.luf/#IP .::tl8 .3?:ll3 -_ Nrr'2$. -.....-. -*---lf.Jlg - ... ... lcr-fl ns?,77o t'L63 r o ersVail-Lionshead Real Estate Brok Serving the Entire Vail Valley 531 East Lionshead Mall Vail, Colorado 81657 March 17.2001 Mr. Bill Walker Vail 2l Condominium Association Vail, CO VIA FACSIMILE Dear Bill: Please find enclosed a letter from Basil Katsaros' MAI' SRA covering his recommendation as to the method of valuation of the land associated with both the commercialandresidentialcomponentsoftheVail2lproperty. InotedthatBasilsuggestedthattheAssessor'snumbermightbesubjecttosome ..trending,, or applicable timl-adjusUnent due to the fact that the assessor's number was established last year. With this in mind, I contacted the Eagle County Assessor's office and spoke with Max s.hl"if;t irp), on" of the county Appraiserswho has been working on the new appraisals f* ift" 'tiii'fillage/Lionshe adiei- Max told me that he feels that the newly scheduled "ppt"i."f due out ii six months or so will show both commercial and land values at vail 2l to be flat since the last assessment. In fact, residential values may show a slight decreasr il. ;ih;ilnew policy of valuing residential land at 13% of total valuation instead of llvoof total valuation common in the past. MyimpressionfromthisdiscussionwasthatthenewcountyappraisalsofVail2l property will show little if any change. Sincerely, IONSHEAD REAL ESTATE ffiz-l'u'- ohn F. NilssonlCCItvt, CRS Broker Associate 970-476-7ffi0 800-677-VArL Denver 303-629-721.4 Fax: 970-476-01,02 E-Mai-l: vai-lco@vail.net Website: www.vail-lionshead.com .FRTT'1 :. UESTTERRR FAX NO. : 3438391431 O... Ls tu@L e4is4Pt1 P1 lfifest'Tilta A CorpotBllon March 14,2001 Mr. BiIl Walker Board of Dircoton{trilt cottaornioioto Association clo f"fi. Jofrn Uilsson, CRS,CCIM VAi-ii*.rc.a RDal Estale Brokers 228 Bridgc Street" 2nd Floor Vail, CO 81658 RE:Land Value Ind:ioations Vaii 21 Condominir'ms Lionshead, Cotorado Dear Mr. Walker: AtthercquestofMr.JohnNitssor'thefollowing'istoserveasadiscussiolfotthepoteutial establishment of value .;';;;'d-itnd,to-ue;;il; totn tt" ToY of Vail for cornmercial e4ansion "f ';"* ;;.trdon builling. ti;-i;iu* *t+.t}tt VaiI rnarket in eeneral; howwer, th" f"uJ"l;g;;;;[u **oita tt an 4praisal of the subiect proPerv' ihc scopc of this lefter i' iittrlvio erptain the *tu'oioiif,oit'suutitli"e tnarket vdue bv the CormrY hssessocs Officc' hiortoaborrtlgg3,indicatiousofvalucviatheassessor'sofsoeint}EStateofCo|'oradowerc nor vcry rcliablc. M-y h;;i;d*s were based "" ""t, ^Jrr* reassessment proccss had no consistcncy. Howevcr, thl#;;;;ft;manoatco-a re'*"*"ot every yo years based on rhe conccpt of market vdiel:iro-*"ioa"a utilizing i.ili*.*tt daa in tlre establisbment of market value ood **""J"oL'es' The rcas-sessNent;;i;;;;; shted to rnove to an arnual a-sscssrnent cvclc in 199?:;;;'b G-'idas p'ooiatiil;il; biarnual asse'slment continuc' I believe tbat this y"r, i' " '"i'"i'Lot yu* *io a"t" rili tttt r i tontU period prior to the date of valuc, SincetheVailcommerciallandmarkctissolimited,itapp-ears':3"*bf'hPilreasscssor's val'adons u'ould bc '"t;;;"'fi"?;;"''i "j;;'r"t.i'atit'-pup*dt"g on rhc d*c of valuation' some lrending may be necessary; the county tppt*t;Jtptto"i'-t shJuld ha"" dca to indicate any aPPlicable timc adjustmcnts ' ffrat Estat€ Analycta End ConEurtante' 650 GrBnt $rcet' Den!'€r' ColorBdo 8o?q3 303/839-1002 FROFI : UESTTERRA FRx in. : 3438391431 | t'lar. LS 2@L A4.sr',Pn P2 Mr. Bill Walker Maroh 15,2001 Pa4e2 Al independcnt 4praisal would bc tlrc nrost acourarc sstimate of valuc, Given certain constrainls of timo and expensc, thc Asscssor's estimate of rnarket valuo, timc adjusted, would be a reasonablc indicati on of valuc, I tnrstthc foregoiog firlfills your needs at tho present. Should you have any funber questions regarding rhis matar, please feel frec to call, Respcctftrlly submitto4 Wc stT ar a, a Corp or alion t34s b Basil S. tr(atsaros, I4AI, SRA President Ccrtificd Gcneral Appraiser CG#013133 I I \\Offi ce\data\reports\noncndmn\other\0 I 042. doc FRI]M : UESTTERRA FAX NO. : 343$91431 | Nar. LS 2OA1' A4:SSPM P4 QUALIFICATTONS OT BASIL S. KATSAROS WestTerra, e Corporation 650 Gram Strcet, Suite 200 Real Bsate Appraisct & Cosulhnt Deorrer, Colroraato E0Z)3 Stats ofColorado Cenificae Cc#0l3l33ll €03) 839-1002 DESIGNATIONST Americap brstitute of ReaI Esrats Appraisers* Meo.ber, Appraisal Insdnm (MAI) Sgebtv of Red E\ate Applaisers* Senior Red Propctty Apprdser (SRPA) Senior Residcntial Appraiser (SRA) * Now unified es Aooraisal Instiote OFTICES HEI^D: Societv of Resl Bstate Apprai$ers Gwernor, District 6 (1987.1990) (199G1993) Vice Gorrenror, District 6 0985-1980 Young Advisory Cotmil (1981-E2, Nadonal Cbairmrn 1983) Cbaprcr Offices (19$l9E3XPresi.dent 1982) Member, Board of Directorc On6-1979) Ou6tardiqg Sendce Award (1989) Aporaisel Inqtiurte Natiorul Board of Direcors Govcrmett Rclatious Commit@e 1990-199I Rcgioorl Menber - Rcview ud Counseliry l9m-1991 Nadolsl Chdr Srate Accrcdied AfEliates Cmmiit€e 19y2 National Nonimtirg Cmtmittee 1992 Chair Region II 1993-94 Natroml Chair Bilrics & g6utscling Commitec 1995-96 EDUCATION: Graduat€ of Uuiversity of Colorado, Boulder, Colorado Richrrd R. Reno Ftruodation - Courses in excbrrgrng real est4tr, Income Tax Related to Real Estrte Trar$actiors, and Client Counseliqg Graifuate of Jet'Frsotr High School, Bdgewater, Colorado Aopraisrl Qoqges & Seminnrs: AIREA Cour$es: Courses VI, VII, R4lc, Vari<ms seminars SREA Courscs: Courses l0l, 201, R41c, Variour scminars INSTRUCTOR: SREA Cow6e 101 - Inbodrrcdon ro Rcal Estate Appraising SREA Proftssional Practice Seminar Real EstaE Appraising (Emily Criffirh Opportrmity School) Appnisnl brstitute - St{.n.lards of Professioml Prrcticc Part A $(PERIENCE: Preseudy self+mployed 30 ye,/rs real eshrc apprsisfuB (1971-preseu) Associarcil wi& Donald F. Schrcllcr & A$sr)cfutes, [rc,, QCn-975) appnisrlg ptopcfties wifiin the meaopolit r area of Dewer awl speciqri"ing in mountain properties Trvo years rcal estete sales (f 97Glg72) EXPERT I'ITITNESS: U, S. Disuict Court, U.S. Eanlauprcy Court, Denver, Jefferson, Adans, Araprhoe, Boulder and l,arimer Cnunty Disfiict Courts FROI4 : UESTTERRA FAX N0. : 3438391431 CERNRCATION I ccrtify thal" to the best of my knowledge and beliof t The statqnents of fact conraiDed in this appraisal rcpo are tue and correct. o The rcportcd malyses, opinions, and conclusions are linritcd only by thc rrportod assumptions and limiting conditions, and are our personal, uubiased professional at,al,ysos, opini.ons, ond conclusions. o I havc no prcsont or contemplaod futurc intercst in the real estat€ that is the strbject of this appraisal repor! and I have no pcrsonal interest or bias with respect to the parties involved. o My mmpensation is not contingcnt upon the reporting of a predetermined value or direction in valuc thu Pavors the cause of the client" the amount of the value estimate, the attainmetrt of a stipulated result" or thc occurrence of a subseqtent event. o This appraisal was not based on a reguested nrinimum valuation, a specific valuation or the approval of a loan. o My analpes, qrinions od conclusions were developed, and r,his rspon has boen preparcd, in conformity with rhc Uniform Standards of Professional Appraisal Practice ofthe Appraisal lnstitutc. o I have made a personal inspcclion of thc propefy which is the srbiect of this report' o No onc provided significant professional assistance to the person signing ttris report. o Ths reported analyses, opinions and conclusions wcrc developed, and this rcport has been prepared, in conformity with the Code of Ethics and Unifomr Standards of Professional Appraisal Pracdce of the Appraisal Instinrtc. By virnre of the limited scope of tbe appraisal assignment, the appraisers are invoking the Depa^rture Provision. o The us€ ofthis report is subject to the requiroments ofthc Appraisal Institute relaing to the review by its duly authorizcd rcpresentdives. o As of ttro date of tbis repor! I, Basil S. Kdsaros, have completed the requircments under the continuing education prograrn of the Appraisal Instinrte. Xar. 15 zAgL O4"55P11 P3 /5-:! S /{/ BASIL S. KATSAROS, MAI, SRA Ccrti.ficd Oencrd Appraiscr CG#013 I 33 I I Robert Mclaurin Town Manager Town of Vail 75 S. Frontage Rd. Vail, CO 81657 RE: Vail 21 Condominium Redevelopment Planning 1650 East Vail Valley Drive Fallridge C-l .-\ r- 2s--o 1 FRITZLEN PIERCE Bob, I recently received a copy of the Appraisal for the purchase of the "Build-To" areas east of the Yail21 Condominium in Lionshead. The purchase of this property is required in that the Yail21 Condominium Association would like to comply with the desires expressed in the Lionshead Masterplan in terms of alignment of the retail storefronts. The portion of the area beneath the expansion is on public property. That is the area subjectto the Appraisal requested by the Town Council on April 27,2OO1. The Appraisal, by Valuation Consultants, dated )une 22,2001 , places the value the property to be purchased by the tusociation at $525,000.00. The area to be purchased is 2835 square fee! and that area complies with the footprint indicated in the Master Plan. A copy of a Summary of the Appraisal is attached. The fusociation would like to confirm the Town Council's commitment to transfer ownership for that amount as soon as possible in that the Association is continuing progress toward selecting a Developer to assist them in pursuit of redevelopment of it's property. At the April 27, 2OO1 , meeting of the Town Council, I also requested information regarding other Town fees that will affect the economic aspects of the proposed redevelopment. I had a meeting with Creg Hall on this matter and based on the information he provided it seems that the Development lmpact Fees will be $65,330 (based upon 8 new Dwelling Units). fu of this date I have not been able to confirm this amount with Creg and would appreciate your assistance with this matter. I have attached a copy of my correspondence to Creg. On behalf of the Vail 21 Condominium Association, I thank you for r assistance on these matters. Please let me know if I can be of further assistance. Pierce, Architect Cc: Creg Hall Allison Ochs Bill Walker, Association President Ceoff Wright, Manager of the Association K19874. VAIL 21\TOV CORRESPONDENCE\,{PPMISAL FOLLOW-UP.DOC ARCHITECTS PACE 1 of 2 o Architecture o Interiors . Vaif, CO 8.1657 o vailarchitects.com . fau< (97O\ 476-490'l . (97O) 476-6342 Appraisals, Survey and rite tnsute Project Management Owner Contingency Total Soft Costs Total Hard and Sofi Costs Financing Costs Loan Fee and Points Loan lnterest Total Total Prolect Gost Total Proiect P rcfiu(Lossl Less Developer Profit Total Project ProfiU(Loss) jgyo Total Benefrt to OwnerE ProflULoss of Proiect $ $ O ,u,ooo 125,000 $ 1,000,000 $ 2,987,900 $ 43.12 $ 14,132,902 143,000$ $ $ 743,000 $ 14,875,902 214.678 $ (3,883,401) 3,000,000.00 r6.883.401.061 --.r--r $ 5,555,750.72 ):_-- $ (,|,327,650) --f,tr1-r -Il-dt- varl2l conmomtrnnis vAtr,coLoRADO EANSCOMB TRO.|ECTNO. 86ilt142&0 PROGRAMESTIMAIE DECEMBERll,lno f,nITZLEN PIERCT ARCHIIECTS 1650 E Vail Valley Drive Failddge SuiteC-l Vail Colorado 81657 970476-6342 COST CONSIILTAI.IT EAI\TSCOMBINc. 7555 FastllrydmAvcouc Suite525 Denver, Colomdo 80231 (303) 750-7761 Pbme (303) 750-7716 Fax Mon Dec I l, 2000 Eff Date l2ll V2000 O PRorEcr o,or,.it[?l?I3o*DoMIN'MSO DENVER, COLORADO PROGMM ESTIMATE Timc 2:38 PM TITLE PAGE I VAIL 2I CONDOMIMT]II{S vArL,coLoRADO EAI\ISCOMB PROJECT NO. 863.I'1428.0 PROGRAM ESTIII{ATE DesignedBy: Estlneted By: Prepared By: Preparation Date: Effective Drtc of Pricing: Estimated ConsFuction Time: FRITZLEN PIERCE ARCEIIECTS EANSCOMB EANSCOMB Denver, Colorado L2mt2000 Lz^U2000 12 months Mon Dec 11,2000 Eff Date lzl U2000 o PROJECT HANSCOMB O I428.O- VAIL 2I CONDOMINIUMS DENVE& COLORADO PROGRAM ESTIMATE Time 2:38 PM TITLE PAGE 2 PTJRPOSE OF ESTIMATE This estimate has been prepared, pursuant to an agreement between Frietzen Pierce Architects and fl*.".t, i"t tft. purpo." oi estatmning a probable cost of constnrction at the program phase' PROJECT DESCRIPTION This estimate etrcompzrsses those costs related to the renovations and additions to the Vail 2l Condominiums in Vail ColoJo with approximately 69,294 gross square feet The renovations will include existing units with appro*imateiy 17,096 gross square feet, and commercial space with approximately 15,582 grcss rqrr; f".t tnl aaditions will include new units with approximately 10'410 gross square feet, and new co'mnercial space with approximately 8,619 square feet The project include adjacent site develoPment BASIS OT'ESTIMATE In general, this estimate was prepared from documrc_ntsprovided by Fritzlen Pierce Architects to Hanscomb ,fn""gh NovemberlO, 2000' The documents used for this estimatc include: r Cover Sheet A000, total I sheet, darcd November 01' 2000' r Existing BuUai"g ir"nitecntraf drawings AlglEX through A3O4EX, total of 12 shees, dated November 01' 2000. ooriginalArchitectmlandstrucnrraldrawings,datedJanuary24,|972.. . erciitectural and Stucturd drawings, dated June 6' 1980' o Archircctural drawings Al01 througb 4401, total of 13 shcets, dated November 01, 2000' r Vail 2l Condominiums Exterior ImprovemenB and Addition Opporhmities dated December 1998. Further information was obtaiaed via discussions, site visits, and E-mail with the design te'm architect and engrneers. ESTIMATEX'ORMAT The UNIFORMAT II cost classification fomrat was used for the preparation of this estimate' It classifies costs by building systerns rather than by construction Aade. Regardless of firnctional use or brye of constuction, building systerns remain reiatively consistent from building to building' UNIFORMAT II provides the necessary me"ns for cost panning' CONSTRUCTION SCHEDI]LE Costs, as included herein, are based upon a phased construction period of ryproximately 12 montls starting in September 200 1 ' ADy costs for excessiti' g this estimate. METHOD OF PROCUREMENT we undersend that this job will be publicly advertised and bids will be received in September 2001' The prime contractor will have all-inclusive bids for the work described herein. BID CONDITIONS This estimate has been based upon competitive bids being received from five pre-qualified general contr:rctorswithaminimumofthreebiddersforauircmsofsubcontractorswork Mon Dec I1,2000 Eff Date lul l/2000 O PRoJEct o,r*iXTll?ISo"DoMrNIUMsO DETWER COLORADO PROGRAM ESTIMATE Time 2:38 PM TITLE PAGE 3 BASIS TORQUANTITIES Wherever possible, this estimate is based upon the actual m€aswement of work items' For the remaining items, parametric measurernents *"r" ,rr"i in conjunction with reference from other projects similar in nanre. BASIS F'ORT]MTCOSTS Costs included herein are based on curent prices in the Vail, Colorado area' Subcontractor's overfiead and pafn *" included in each unit price. This overhead an,d qrofit covers each subcontractor's cost for labor bwden. field overhea4 hom" odice overhead, and profit. The general contactor's ovefhead and profit ar.e detailed in the Project Summary. SOT,JRCES FOR PRICING This estimate was prepared by a team of qualified cost consultants experienced in estinating construction costs at all stages oa design. These consultang used pricing data from Henscomb's database for new recreational cenLn, updated to reflect current conditions in the Vail' Colorado area. SUBCONTRACTOR MARK t'PS As stated earlier, subcontractor's mark ups are included in each unit price. Depending on the trade, these mark ups can range from 40% to 65% of the raw cost for that particular item of work. GENERAL CONTRACTOR MARK UPS Overhead (1'ob site general conditions) profit (inctuding home office overhead) and bond are shown in the project Snrrmary. ior this project, in our opinion, rates of l2Vo for overhead, 4.5Vo for profit and l7o for bond are appropriate. DESTGN CONTINGENCY An allowance of l0% for undeveloped design details is included. As the design of each system is begun and developed details historically ^increasing cost become apparent and must be incorporated into the estimate. Tbis allowance is htended to mver the cost of such detail' ESCALATION Unit costs included herein reflect curent costs, that is, escalation is already included to the midpoint of construction if the project were to bid today. We understand that bids will be received fq1 this project in September 2001. Therefore, using a per armum nte of 5.0o/o, we have included an escalation allowance of 5.0% for this project. Escalatiotr is carried in the Project Summary' CONSTRUCTION CONTINGENCY Prograrn budgets should include an allowance for change olders occurring-during. constnrction that histirically oaO to tnt cost. Typically 5.0% for new work should be allowed' This estimate includes this allowance in Project SummarY. ITEMS INCLT]DED IN TSE ESTIMATE Iterns detailed in this estimate include the following' but are not limited to: Mon Dec I l, 2000 Etr Darc lalvm00 DEI.WE& COIJORADO PROGRAM ESTIMATE TITLE PAGE 4 r Foundations, superstructure, exterior closure, roofrng, interior constnrction, staircases, interior finishes, conveying systems, mechanical, electrical, equipment, furnishings, and sitework as detailed on documents refered to herein' o Subcontractor and general contractor mark ups. . Constructioncontingency. o Design contingency. r Bond- ITEMS EXCL{JDED INTEE ESTIMATE Items not in this estimate include, but are not limited to: r Land acquisition and real estate fees. o Professional consulting and management fees. o Owner's field inspection and mtnagemettt costs. o Utiliry engineering.r Leasing, and financing expeurcs. r Computer and s$ling.. Development fees. r Equipment e;rcept as noted. r Audiovisual except as noted. o Paging sYstern. r F,.F & E and miscellaneous furnishings. . Sales taxes. ITEMS AFFECTING THE COST ESTIMATE Iterrs that may change the estimated constnrction cost include, but are not limited to: o Modifications to lhe soope of work included in this estimate. o Unforeseen hidden conditions.o Restrictive technical specifications or excessive contract conditions' r Any specified item of equipment, material, or product that cannot be obtained from al least tlree different sourc€s.. Any other non-competitive bid sinrations. r Bids delayed beyond the projecrcd schedule. o Changes in laws affccting the collection of sales ax. STATEMENT OF PROBABLE COST Hanscomb has no control over the cost of labor and materials, the general contractor's or afly subcontractor's method of determining prices, or competitive bidding and market conditions. This opinion of probable construction cost is based on the experience, qualification, and best judpent of a professioual consultant farriliar with the constnrction industy. Hansconb, however, cannot and does not guamntee proposals, bids, or actual consbuction costs will not vary from this or subsequent cost estimates. Hnnscomb does not administer the quality, completeness, itrtricacy, constuctability, or coordination of the design documents, nor over the amount of funds available for this project We, therefore, are not responsible for any design revision costs in the cvent this estimate is in excess of the budget. Hanscomb's staff of professional cost consultants prepared this estimate in accordance with generally accepted principles and practices. This staff is available to discuss its contents with any interested party. RECOMMENDATIONS FOR COST CONTROL O r*orrrrorza.Iilil?ISouooMrNruMs O rime2:38PM HANSCOMB Tine 2:38 PM TITLE PAGE 5 Mon Deo I l, 2000 Eff Date l2.rl l/2000 I rnorccr'';3ft$.fb?"?3T?"MINIUMS O PROGRAM ESTIMATE Hanscomb recommends the owner, Architect, and Engineers carefully rcvicw tbis entire document to ensure it reflects tn"o progruriJog ior.*. n qu"ro for modifications oi any apparent enon or omissions to this document snouu te maae to"uanscomb within ten days of reccipt of this estimate' Otherwise, it will be understood the contents are concurred with and accepted' If the project is over budget or there are unresolved budgeting issues, alternate systems/schemes should be evaluated before continuing with design. we suggest a dEtailed constnrction sohedulc be developed to confirm the assumed constuction period is a ,"".oo"bl" "[o*ancc for construction activities' VAIL21 PROGMM o Hansaomb Confidentlal Prcjoct lnfomdlon Pqe 1 VAIL21 PROGMM Page 1 Sector lD Sector Name First Unit Of Measure Second Unit Of Measure Descrlption Amount Description Amount A Core & Shell - Existing Units SQFT 17,096 B Added Area - Existing Units SQFT 10,410 New Units Complele SQFT 17,588 D Core & Shell - Commercial SOFT 15,581 E Added Area - Commercial SOFT 8,619 Sitework LS J Total SQFT 69,294 0 0 Hanscomb Confidential Sector Data VAIL21 PROGMM ut{tr cosT TOTAL Core & Shell - Existing Units Added Area - Existing Units New Units Complete Core & Shell - Commercial Added Area - Commercial Sitework 17,096 SQFT 10,410 SOFT 17,588 SQFT 15,58,I SQFT 8,619 SQFT 1 LSUM $0s.39 $199.90 $2U.31 $59.62 $157.74 $1,290,s38 $1,186,228 $2,080,974 $4,648,689 $928,e60 $1,35e,582 $1,290,538 Total:69,294 SOFT $165.89 911,1p,4972 Hrnrconrb Corfidar hl Executive Summary PaSe 1 o.GooE o toxul = =8>(tsoruoo-7.2 Fi <4):; iiE Feo< z lrJ =0.Ig g UIgIzoo NJ (\,t ;.:2zjc - 'tt oo6f '= au cloo clt Eo (L q)gggg$$$F"f $FggF$$ g"fgi€5-F$$' *$E.E"gs; j j s-eaae ' ,**-e eaa,ee e B ess; FsF.$$H$$-€$e gFFs F$5"f$f$g-$i$' ggs;;$g'5$$f$W ;B$s $fi€'fg$Ff-tm $$;" g$f"ggg$f-Fg* rl ?e-9Ct ;r!O.3src'=oi Io g $6sr E Fg FfJFgE$€$E Fr g gr I€EsE r t o l!: o3: St bE 55 €^ E;Eb F o(5 FN =F_(\ ooo o o€ c o€E ooo oI 536S FF.osFrS d,jt'd otddd,tlDdd a\qqa\q.:q!.:q -(tt.o<\lFst(\('('llr.t- .d4;ddc; o(o0 0.o ('r dt oo.]looa{OO('OF-fiqqcqqcqc?qqc?qo-<toorF ciatd.i<ict @octo oLl)oro@o t: cl,q o- r-.r- o-,.1 t- o-,-: c\t at d F-- .-- .i + O@tr)F-FclCr!oF()F .iRN- b:F <iF- Si <i.,i d.\i Fi rt .!t d..t d d o' 33RE'(\tdd€ .!9qcq 5R3to :<t<ici<in;---<ioi-ddcid.t ..fi..4,t,o<= EE5 B6Ahi* HEfr ot J c|llzIIo t aa €e Eg8t z E zoa { 2 o: A a o 6 Pee i ESAt a Fz UJ: EE EEs e ;gg*gF oa 6o EEu -Ee8 FgE$EF c o a- 9_E 6 €EEeE E F 5,'sg e 6 = o- z z F E zo ulc sssBEe&ftRser SeRRBgg rpREsBs € qeRSe ?(.i.'i + '.i <i !o <id d <i ci l- lri.a.ddddd; aioi a; di daid = SSSES P 33 7Zz* '.9 aEo ; 2y4 =ER--7zE3.NNE)t^s*>-iiQ5P; EE3 Fz lrJ =o-9t !uki= =Flll ll.1t2 PEz=oE(,c N J 4 8E i{()d ()d fiE I pN30 5 q (\r- obEe-'$g "s5isi a eed.ee r3E5E53EEEf53€ .t 3-3;..o Fs"jisgga aaaae E$;o E 3'p Eqeq388 b!9o .E; 5;.* pR30s EE.:.9 EE8:I8Eoooor€id- gEf;.E e-3E"gs53ga Faaae 8353333398$53: F8$- .t 3-:;o,o$5"gEsssa B.eaaa ll EttEttE tit gtt i?tt3t't stt EttP FIE tt5tt;IEIE lrgIEtatole-1 btgfet:l6lb{!IEI t''lgt9 t€'t: | .98I e'Et:pI da| {} | 55| ;rI -P; | €-b| 63I EF ; z I f I e .g E .9 .E :d Et ; F &888838 -ocicicidci EqqEEE3888E385oooooooooci.i('icidi 8888838Nooodcici 3835533333ft$35 Eg"Sssss6 6Aaaa pE "ssss 3d' aeaaa *s"ggE5id a&aae I llj IJJ ulc o E c 3 :z!9 EE IDGF 2o 2) g 6 I.8FE €;* ErZaz 6 TE . g f,F $ ggF,gffgFF*g VAIL21 PROGMM PAFAMETER / ]TEII OF WORK QUANTITY UNIT $ruNlT TOTAL A - Core & Shell . Existing Units 1.00 - FouNoATtoNs ( 17,096 SQFT ) 1.00 Subtotal 1.7A 3.00 Subtotal 0.50 8"800 4.00 Subtotal 0.29 5.00 Subtotal 0.29 V - lnl I gftl|\rnf rrlrNi, I llt l, I lv 6.10 - PARTTTIOIS A DOORS 6.10 Subtotal Hanscomb Confidential Sector A Page 1 o VAIL21 PROGMM PARAMETER / ITEI,I OF WORK QUANTIW UNIT $ruNIT ToTAL A - Core & Shell - Existing Units 6.21 .WALL & COLUMN FINISHES ( 17,096 SaFT ) 6.23 Subtotal 1.00 17, 6.30 Subtotal 0.50 - INTERIOR CONSTRUCTION . (Cont) 6.40 Subtotal Hanscomb Confldentlal Sector A Page2 VAIL21 PROGRAM PARATI'IETER / ITEil OF WORK QUAilTITY UNIT $/UNIT ToTAL A - Core & Shell - Existing Units 7.00. coNvEYtNG ( 17,096 SQFT ) ELEVATOR WORK 1 LS 25.000.00 25,000 0 0 7.00 Subtotal 1.4 25,000 8.OO - MECHANICAL 8.10 - PLUI{BING PLUMBING SYSTEMS 17,096 SF 8.30 141,897 0 0 0 0 8.'10 Subtotal 8.30 141,897 8.20. HVAC HVAC SYSTEMS 17,096 SF 6.12 104,628 0 0 0 0 8.20 Subtotal E.12 104,62E 8.26. CONTROLS CONTROLS 17,096 SF 0.35 5,984 0 0 0 0 8.26 Subtotal 0.35 5,984 8.30. FIRE PROTECI'ION FIRE PROTECTION SYSTEM 17,096 I SF 2.25 38,466 I 0 0 I .I 0-l 0 8.30 Subtotal 2.25 38,il6C 8.35. FIRE PUIIP 17,0e6 |SF 0.00 |0 0 E.35 Subtotal 0.00 0 Hanscomb Gonfidential Sector A Page 3 VAIL2l PROGRAM PARAMETER / ITEM OF WORK QUANTTTY UNIT SUNIT TOTALA. Core & Shell - Existing Units 17,096 SQFT )8.00 - MECHANICAL - (Conr.) E.lo . SPECI,AL SYSTEMS 9.31 - ALARM { DETECTTON / LIFE SAFEW SYSTEHS 9.32 - DATA / VOICE / COMMUNICATION SYSTEI'S 9.33 - EMERGENCY POVI'ER SYSTETIIS 9./O - TEMPORARY POWER & UGHTING 't{.00 Subtotal 0.00 Hanscomb Confldential Sector A Page 4 VAIL21 PROGMM PARAMETER / ITEM OF WORK OUANT]TY UN]T $ruNfi TOTAL B - Added Area - Existing Units ,I.OO - FOUNDATIONS ( 10,410 SQFT ) 3.00 Sub,total 30.05 4.00 Subiotal 46.83 , 5.00 Subtotal 0.32 Hanscomb Confidential Sector B Page 1 VAIL21 PROGMM PARAIIETER / ITEM OF WORK QUANTTTY UNIT $ruMT TOTAL B - Added Area - Existing Units 6.00 . INTERIOR CONSTRUCTION 6.10 - PARTTTTONS & DOORS (10,410 SQFT ) INTERIOR PARTITIONS AT EXPANDED SPACES 1,500 SF 7.50 't1.250 REWORK AT BLOCKED STAIRS 1 LS 10,000.00 10,000 INTERIOR DOORS 10,4't0 SF 0.35 3,U4 DOOR PAINTING 10,410 SF 0.15 1,562 0 0 6.10 Subtotal 2.9 26,155 6.21 . WALL & COLUMN FINISHES INTERIOR PAINTING RESTOMTION 10,410 SF 0.50 5,205 0 0 0 0 0 6.21 Subtotal 0.s0 5,205 6.22 - FLOORTNG RESTORE FLOORING 10,410 SF 1.25 13.013 0 0 0 6.22 Subtotal '1.25 {3,013 6.23 -CETLTNGS NEW CEILINGS 10,410 SF 4.50 46,845 PAINT CEILING 10,410 SF 0.95 9,890 0 0 6.23 Subtotal 5,.t5 56.735 6.30 . SPECALTIES MISCELANEOUS SPECIALTIES 10,410 |SF 0.50 I 5205 0 0 6.311 Subtotal 0.50 5,20s Hanscomb Gonfld€ntial Sedor B Page2 VAIL21 PROGMM PARATETER / ITEM OF WORK QUANTITY UNIT $/UI{IT TOTAL B - Added Area - Existing Units 6.00 .INTERIOR CONSTRUCTION . (Gont) 6.l|{l . INTERIOR DEMOLITION ( 10,410 SQFT ) MISCELANEOUS DEMOLITION 10,410 SF 2.00 20,820 0 0 0 6.rl(l Subtotal 2.00 20,820 7.00 - coNvEY-rNG NEW ELEVATOR EACH 20,000.00 20,000 0 0 0 0 0 7.00 Subbtal 1.92 20,000 8.00 - MEGHAT'IICAL E.10. PLUMBING PLUMBING SYSTEMS 't0,410 SF 8.rA 87,756 0 0 0 0 E.10 Subtotal 8.43 -----Em6- 8.20 - HVAC HVAC SYSTEMS '10,410 SF 6.O7 63,189 0 0 I 0 0 820 Subtotal 6.07 03,1@ 8.26 - CONTROLS CONTROLS lI,41o l --sF-T ----0-,u5.7 2,603 0 I 0 0 0 8.26 Subtotal 0:5 2,ffi3 E.3O - FIRE PROTECT]ON FIRE PROTECTION SYSTEM 10,410 |SF 2.251 23,423 0 0 0 0 8.30 Subtotal 2.25 23,123 8.35 - F|RE PUitP 10,410 |SF 0.00 I 0 0 08.35 Subtotal 0.00 Hanscomb Confidential Sector B Page 3 VAIL21 PROGRAM PARAIIETER / ]TEM OF WORK QUANT]TY UNIT I/UNIT TOTAL B - Added Area - Existing Units 8.00 - ilECHAI{ICAL -(Cont) E,/tO. SPECIAL SYSTEMS (10,410 SQFT ) 10,410 SF 0.00 0 0 0 0 0 8.rO Subtotal 0.00 0 9.00. ELECTRIGAL 9,IO - DISTRIBUTION DSERVICE AND DISTRIBUTION 10,410 SF 1.23 12,804 0 0 0 0 9,10 Subtotal 1.23 12,EOl 9.2O.LIGHTING&POWER LIGHTING DEVICES BMNCH 10,410 SF 5.45 56,735 0 0 0 0 9,20 Subtotal 5.i15 56,735 9.31 . ALARM / DETECTION / LIFE SAFEW SYSTEilS ALARM.DETECTION FIRE SAFETY 10,410 QT 0.55 5,726 0 0 0 o 9.31 Subtotal 0.55 5,726 9.32 - DATA / VO|CE / COtf,MUNtCATtON SySTEl,tS DATA,VOICE 10,410 |SF 0.65 |6,767I0 0 0 0 9.32 Subtotal 0.65 6,767 9.33 - EMERGENCY FOUYER SYSTEMS EMERGENCY POWER SYSTEMS 10,410 |SF 0.00 |0 0 0 0 0 9.3 Subtotal 0.00 0 9.,O - TEUPORARY POVYER & UGI|TING Temporary Polwer & Lighting 1l EACH I 10,305.90 I 10,306 0 0 0 0 0.99 10,3069.4{l Subtotal Hanscomb Gonfldendal Sector B Page 4 VAIL21 PROGRAI' PARATETER/qE|| oFrcRr( B - Added arealExlstingrunie ( 10,410 SOFT ) Hanccomb Conllden{al Sector B Page 5 VAIL21 PROGMM PARAMETER / ITEM OF WORK 17,588 SQFT ) Hanscomb Cordidanfiat Sector C Page 1 VAIL21 PROGMM IAMMETER / lrEM oF 0 . tilTERtOR CONSTRUCTTON 6.10 - PARTTTIONS & DOORS 6.N -WALL& COLUMN FINTSHES 6.10 Subtotaf - 1lj1 6.23 Subtrotal 7.6s Hanscomb Conf,dential Seclor C Page2 VAIL21 PROGRAM PARAMETER/ITEMOFWORK QUANT|TY UN|T $rul.tn- rOnl C - New Units Complete 17,s88 SQFT )6.00 - INTERIOR CONSTRUCTTON - (Cont) 8.10 Subtotal 16.56 8.35 Subtotal 0.00 Hanscomb Conlidential Sector C Page 3 VAIL21 PROGMM PARAIIETER / ITEM OF WORK QUANTITY UNTT $AJNIT TOTAL C - New Units Complete 17,588 SQFT ) 9.OO . ELECTRICAL 9.10 -D|STR|BUT|ON 9.31 . ALARM / DETECNON / LIFE SAFETY SYSTETS 9.32 - DATA / VOTCE / COilI|UN|CAT|ON SYSTEilS 9.33 . EMERGENGY POYVER SYSTEIIS 9./I,O . TEI'PORARY POWER & LIGHTING 9.4{l Subtotal 0..16 Hanscomb Gonfidential Sector C Page 4 VAIL21 PROGMM PAR.AMETER / ITEM OF WORK QUAilNW UNIT $/UNIT TOTAL D - Gore&Shell -Gommercial I.OO. FOUNDATIONS ( 1s,581 SAFT ) FOUNDATIONS IMPROVEMENTS a LS 10,000.00 10,000 0 o 1.00 Subtotal 0.64 10,000 2.OO - SUBSTRUCTURE SUBSTRUCTURE MODIFICATIONS 't5,581 SF 1.00 15,581 0 0 2.00 Subtotal '1.00 15,581 3.OO . SUPERSTRUCTURE UPGRADES 15,581 SF 2.00 31,'t62 0 0 3.00 Subtotal 2.oo 31,162 4.00. EXTERIOR CLOSURE RESTORE AFFECTED AREAS I LS 5,000.00 5,000 0 0 4.00 Subtotal 0.32 5,000 5.00. RooF 0 0 0 5.00 Subtotal 0.00 0 Hanscomb Confid€ntial Sec'tor D Page 1 VAIL21 PROGRAM PARAIIETER / ]TEIS OF WORK QUAT.INTY UilIT VUNIT TOTAL D - Core &Shell -Commercial 6.00 . INTERIOR CONSTRUCNON 6.10 - PARTTTTONS & DOORS (1s,581 SQFT ) MECHANICAL ROOM 1 LS 5,000.00 5,000 0 0 6.10 Subtotal 0.32 5,000 6.21 - WALL & COLUTN FINISHES FINISH RESTORATION 15,581 SF 1.00 15,581 o 0 0 6.21 Subtotal 1.00 15,581 6.22 - FLOORTNG FLOOR FINISH 15,581 SF 0.50 7.79'l 0 0 6.22 Subtotal 0.50 7,791 6.23 - CEIL|NGS NEW CEILINGS 15,581 SF 0.50 7,791 0 0 0 6.23 Subtotal 0.5{l 7,791 6.30 - SPECTALTTES 0 0 0 6.30 Subtotal 0.00 0 Hanscomb Co]|fidential Sector D Page2 VAIL21 PROGRAM PARAMETER / ITEM OF WORK QUANTIW UNIT $ruNfi TOTAL D - Core&Shell -Commercial 6.00 .INTERIOR CONSTRUCTION - (Gont) 6,40 . INTERIOR DEMOLITION ( 15,581 SQFT ) REMOVE EXISTING EXTERIOR WALL 100 LF 100.00 10,000 REMOVE STOREFRONT 252 LF 25.00 6,300 REMOVE INTERIOR WALLS 50 LT 12.OO 600 REMOVE DOORS 8 EACH 75.00 600 REMOVE SLAB.ON-GRADE 1,696 SF 2.25 3,816 0 0 0 6.40 Subtotal 1.37 21,316 7.00 - coNvEYtNG NEW ELEVATOR EACH 30,000.00 30,000 0 0 0 7.00 Subtotal 1.93 30,000 8.00 . ilEcl{ANtcAL 8.10 - PLUMBING PLUMBING SYSTEMS 15,581 SF 8.50 132.439 0 0 0 0 E.10 Subtotal E.50 132,439 8.20 - HVAC HVAC 15,581 SF 6.16 95,979 0 0 0 0 8,20 Subtotal 6.16 95,979 8.26. CONTROLS CONTROLS 15,581 SF o.25 3,895 0 0 0 0 8.26 Subtotal 0.25 3,895 8.3O - FIRE PROTECTIONSPRINKLERSYSTEM -I 15,581 |SF 2.25 35,057 0 0 0 0 8.30 Subtotal 2.25 35,057 8.3'. FIRE PUMP 15,581 |SF 0.00 |0 0 0.00 06,35 Subtotal Hanrcomb Conffdential Seclor D Page 3 VAILz1 PROGMM PARAMETER / ITEII OF WORK OUANTITY UNIT 3/UNN TOTAL D - Core & Shell -Commercial 8.00 - ilECHANIGAL - (Cont) 8.lo -SPECIALSYSTET{S (15,581 SQFT ) 15,581 SF 0.00 0 0 8.40 Subtotal 0.00 0 9.OO . ELECTRICAL 9.10 - DISTRIBUTION Service and Distribution EACH 26,643.51 26,W 0 0 9.10 Subtotal 1.71 2A,644 9.20 . LIGHTING & POUI'ER Lighting,Devices,Equipment Connections,Basic Materials 1 EACH 106,886.00 106,886 0 0 9.20 Subtotal 6.86 10E,EE6 9.31 - ALARM / DETECTION / LIFE SAFEW SYSTETS Alarm, Detection, Life Safety Systems 1 EACH 10,750.89 10,751 0 0 0 0 9.3'l Subtotal 0.69 10,751 9.32 - DATA / VOTCE / COmtUNtCAnON SYSTEI{S Data, Voice, Communication systems 1 EACH 5,141.73 5,142 0 0 0 0 9.32 Subtotal 0.33 5,142 9.33 . EMERGENCY POWER SYSTEMS Emergency Power systems 1 EACH 0.00 0 0 0 0 0 9.33 Subtotal 0.00 0 9.40 - TEMPORARY POUER & LIGHTING Temporary Power & Lighling 1l EACH I 4,362.68 |4,36iil .J T 0 0 9.4(l Subtotal 0.28 .f.363 11.00 - EQUIPTUENT Miscellaneous Equipment 1l EACH I 3,500.00 I 3,500 0 0 0.22 3,50011.00 Subtotal Hanscomb Confldential Sector D Page 4 VAIL21 PROGRAM PARAMETER / ]TEM OF WORK QUANTITY UNIT $/UNIT TOTAL E - Added Area - Commercial r.00. FouNoATtoNs ( 8,619 SQFT ) WALL FOUNDATIONS 350 LT 85.00 29,750 COLUMN FOUNDATIONS 15 EACH 350.00 5,250 UNOERPINNING I LS 5,000.00 5,000 SLAB-ON.GRADE LEVEL 1 1,696 SF 4.15 7,038 SLAB-ON-GRADE LEVEL 2 4,235 SF 4.15 17,575 0 0 1.00 Subtotal 7.50 fj4.614 2.OO - SUBSTRUCTURE FOUNDATION WALLS 1,300 SF 25.00 32,500 WATERPROOFING 1,300 SF 4.50 5,850 0 0 0 0 2.00 Subtotal 4.45 363m- 3.OO - SUPERSTRUCTURE STRUCTURAL SYSTEM 1,976 SF 12.55 24.799 ELEVATED SLAB 1,976 SF 8.50 16,796 ROOF SUPPORT STRUCTURE 4,2351 str_l -------6.-6d-l 33,880 NEW ROOF DECK 4,235 SF 3.50 14,823 FIREPROOFING 8,619 DT 1.50 12,929 0 0 0 0 3.00 Subtotal lr.es 1037t5- 4.OO - EXTERPR CLOSURE NEW EXTERIOR WALL CONSTRUCTION 't,200 sFl 25oo I 30,000 EXTERIOR STOREFRONT WCOPPER CLADDING 3,900 f s-T -- sr66-T 214.500 EXTERIOR STORE DOORS AIJGLASS 8 fEerT 2,500.00 |20.000 EXTERIOR FASCIA 200 SF 18.00 3,600 RAILINGS 100 LF 45.00 4,500 0 0 0 4.00 Subtotal 31.63 272,600 5.00. RooF NEW ROOF AT COMMERCIAL SPACE 4,235 SF 12.00 I 50,820 FLASHING AND TRIM a LS 2,500.00 |2,500 0 0 53,3205.00 Subtolal 6.19 Hanscomb Confidentlal Sector E Page '1 Hanscomb Confldental VAIL21 PROGMM PARAITIETER / lTEill OF WORK QUANilTY UNIT tljl{lT TOTAL E - Added Area - Commercial 6.00 . INTER]OR CONSTRUCTION 6.10 . PARTtTtOilS & DOORS (8,619 SOFT ) INTERIOR RESTORATION 1 LS 10,000.00 10.000 0 0 0 6.10 Subtotal t.t6 10,000 6.21 .WALL & COTUMN Ftl{tSHES WALL FINISH LS 5,000.@ 5,000 0 0 621 Subtotal 0.58 5,000 6.22 - FLOORTNG FLOORING 8,619 SF 0.25 2.155 0 0 622 Subtotal 0.25 2,t55 6.23 -CE|L|NGS CEILINGS 8,619 |SF s.so I 47,405 0 0 6.23 Subtotal 5.50 17,45 6.30 - SPECTALTTES MISCELANEOUS SPECIAI-TES 8,619 |SF 0.75 I 6,464 0 0 E.30 Subtotal 0.75 6,464 Sector E Page2 VAIL21 PROGMM PARAMETER / ITEM OF WORK QUANTITY UN]T $/UNIT TOTAL E - Added Area - Commercial 6.00 - INTERIOR CONSTRUCTION - (Cont.) 6.40 - INTERIOR DEMOLITION ( 8,61e SAFT ) 0 0 6.40 Subtotal 0.00 0 7.OO . CONVEYING 0 0 0 7.00 Subtotal 0.00 0 8.00. MECHANICAL 8.10. PLUTTiBING PLUMBING SYSTEMS 8,619 SF 8.19 70,590 0 U 0 0 E.10 Subtotal E.19 70,590 8.20 - HVAC HVAC 8,619 SF 6.33 54,558 0 0 8.20 Subrtotal 6.33 54,558 8.26 - COilTROLS coNTROtS 8,619 SF o.25 2.155 0 0 8.26 Subtotal 0.25 2,155 8,30. FIRE PROTECTION FIRE SPRINKLER SYSTEM 8,619 |EE 2.25 19,393 0 0 0 U 8.3f1 Subtotal 225 {9,393 8,35 . FIRE PUMP 8,619 |SF 0.00 |0 0 8.35 Subtotal 0.00 0 Hanscomb Confldential Sector E Page 3 PARATTIETER / ITET oF woRK 9.31 - ALARM / DETECTION / UFE SAFEW SYSTETS 9.32 - pATA / VOTCE / CottltuNtcATloN SYSIEilS 9.33 - ElrlERGEl'tCy POWER SySTEilS 9.40 - TEtipqRARy povlrER & L|GHTING VAIL21 PROGRAM Hanscomb Conftdential Seclor E Page 4 VAIL21 PROGRAM PARAMETER / ITEM OF WORK QUANTIW UNIT 3/UNIT TOTAL l- Sitework 12.10 - SITE PREPARATION REMOVE CURB AND GUTTER 400 LF 3.75 1,500 REMOVE SITE WALLS 300 LF 25.00 7,500 REMOVE PAVERS AT FRONT AREA 3,800 SF 3.50 13,300 REMOVE CONCRETE STAIRS 810 LF 20.oo 16,200 REMOVE PLAZA PAVING 1,800 SF 2.75 4,950 REMOVE MILING LS 1,500.00 1,500 REMOVE LANDSCAPING LS 2,500.00 2,500 MISCELANEOUS DEMOLITION 1 IQ 5,000.00 5,000 PROTECTION 1 LS 2,500.00 2,500 s4,950 12.20 - SITE IMPROVEMENTS EXCAVATE PLAZA LEVEL 5'0" AND DISPOSE OFF-SITE 610 CY 12.00 7,320 NEW PLAZA CONCRETE HEATED PAVERS 2,400 SF 14.75 35,400 CONCRETE STAIRS 1,050 LF 65.00 68,250 PIPE RAILING 100 LF 45.00 4,500 NEW CONCRETE HEATED PAVERS AT FRONT 1,000 SF 14.75 14,750 SITE FURNISHINGS 1 LS 2,500.00 2,500 LANDSCAPING LS 10,000.00 10,000 SITE SIGNAGE 1l LS 2,500.00 2,500 12.20 Subiotal 145,220 12.30 - S|TE UTIUT|ES RELOCATE EXISTING UTILITIES 165 |LF 255.00 |42,075 ADJUST UTILITIES 1 LS 5,000.00 |5,000 0 '12.30 Subtotal 47,07s 12.rO - OFFSITE WORKPLAZAIMPROVEMENTSW 1 LS 500,000.00 |500,000 ASBESTOS REMOVAL 1l LS 50,000.00 |50,000 0 12.40 Subtotal 550,000 Hanscomb Confidential Site Page 1 TO: FROM: DATE: SUBJECT: OOIIFIDENIIAII Fortudth,.Scrlon OnU MEMORANDUM Town Council Allison Ochs, Department of Community Development December 5, 2000 An executive session to discuss land negotiations in Lionshead, specifically regarding Vail 21. INTRODUCTION Vail 21 Condominium Association, represented by Fritzlen, Pierce Architects requested a Planning and Environmenlal Commission worksession on Novembet 27tn to begin preliminary discussions regarding their proposed major exterior alteration. The improvements include: r Additions to the existing commercial space to the "build-to lines" as identified in the Lionshead Redevelopment Master Plan.o Additions to the existing residential units.r Additions of new residential units.. Major exterior renovations and improvements. The Lionshead Redevelopmenl Master Plan identifies build-to lines, which do nol correspond to existing property lines. These build-to lines are a recommendation of the Lionshead Redevelopmenl Master Plan to create a continuous, well-defined retail experience in which all ground floor spaces directly address the pedestrian street. According to the Lionshead Redevelopment Master Plan: The ground floor retail space on the east face of the Vail 21 and the south and west faces of the Lionshead Arcade should be expanded to meet the buildlo lines shown on Map S. This will focus and define the pedestrian street by changing its spatial proportions and absorbing the existing grade changes that act as a barrier between the retail face and pedestrian traffic flow. ln addition, it will greatly enhance the visual quality retail appeal of the tirst floor level and may help fund other architectural enhancements However, the Lionshead Redevelopment Master Plan does not directly address the legal mechanism which would allow the placement of permanent improvements on Town property. Vail 21 is the first application the Community Development Department has received with this issue of build-to lines. However, a large portion of the properties in the core of Lionshead will be faced with this problem. Staff had identified two primary options to dealwilh the issue of build-to lines: 1. Lease the property to lhe owners.2. Sell the property lo the owners and resubdivide the property. il. Option 1: Lease the property This would be a similar process to deck leases, which are common throughout the Village. Generally, the Town has only allowed encroachments onlo right-of-way for non-permanent improvements, including decks, landscaping, entry leatures, retaining walls, etc. The Vista Bahn Building (formerly the Vail Village Club) and the Mountain Haus have encroachments into righl-of- way via encroachment agreements. However, it is important to note that in both cases, the encroachments are nol lor GRFA or commercial square footage. In addition, il is difficuh for private entities to get financing for projects where permanent improvements are not proposed within their own property. Pros: Town retains ownership of property. Town could benefil financially from lease agreemenl. As a lease may be more affordable to private property owners, may encourage redevelopment. Cons: Difficult for privale entities to get financing for improvements not on their own property Long-term staff involvement in lease administration Option 2: Sell the property and resubdivide The Town could sell the property, then the owner could do a minor subdivision which would create new property lines corresponding with the build-to lines as identified in the Lionshead Master Plan. In addilion, lhe owner would receive the additional development rights associaled with the property. Pros: Town could benefit financially from sale of property Short-term staff involvement in sale of property Encourages redevelopment with additional development rights Cons: Town does not retain ownership of property. The purpose of this discussion is for the Town Council to provide direclion to staff regarding which option to pursue or to discuss other possible options. For information purposes, the estimated value of land in Lionshead is approximately $350-$375 per sq. ft. Vail 21 is proposing approximately 2,835 sq. ft. of structure on Town land. Vail 21 is the first application the Community Development Department has received where the issue of build-to lines has been raised. The following summarizes lheir proposal. DESCRIPTION OF THE VAIL 2lREQUEST Vail 21 is a mixed-use developmenl, currently consisting of 21 residential dwelling units (total of 18,893 sq. ft. of GRFA) and approximately 15,581 sq. ft. of commercialsquare footage. The proposed remodel would add approximately 26,201 sq. ft. of GRFA and 8,619 sq. fl. of commercial area. Vail 21 is located at 521 E. Lionshead Cr. / Lot 3, Block 1, Vail Lionshead 1"' Filing. In 1999, the property was rezoned Lionshead Mixed Use 1 (LMU-I). The purpose of the LMU-1 District states: The Lionshead Mixed Use 1 District is intended to provide sites for a mixture of multiple- family dwellings, lodges, hotels, fractional fee clubs, time shares, lodge dwelling units, restaurants, offices, skier services, and commercial establishments in a clustered, unified ilt. development. Lionshead Mixed Use 1 District, in accordance with the Lionshead Redevelopment Master Plan, is intended to ensure adequate light, air, open space and other amenities appropriate to the permitted types of buildings and uses and to maintain the desirable qualities of the District by establishing appropriate slte development standards. This Distria is meant to encourage and provide incentives for redevelopment in accordance with the Lionshead Redevelopment Master Plan. This Zone District was specifically developed to provide incentives for properties to redevelop. The ultimate goal of these incentives rb to create an economically vibrant lodging, housing, and commercial core area. The incentives in this Zone District include increases in allowable gross residential floor area, building height, and density over the previously established zoning in the Lionshead Redevelopment Master Plan study area. The primary goal of the incentives is to create economic conditions favorable to inducing private redevelopment consistent with the Lionshead Redevelopment Master Plan. Additionally, the incentives are created to help finance public off-site improvements adjacentto redevelopment projects. With any development/redevelopment proposaltaking advantage of the incentives created herein, the following amenities will be evaluated: streetscape improvements, pedestriantbicycle access, public plaza redevelopment, public art, roadway improvements, and similar improvements. The proposal is considered a Major Exterior Alteration. The applicants have not submitted a formal application at this time. COMPATIBILITY WITH THE LIONSHEAD MIXED USE 1 (LMU.II ZONE DISTRICT AND LIONSHEAD REDEVELOPMENT MASTER PLAN (LRMP) According to the Official Town of Vail Zoning Map, the applicant's property is zoned LMU-I . The following is a comparison of the land use regulations prescribed by the LMU-1 Zone District and the vail 21 proposal: LMU-I Allowable Lot Area: min 10,000 sq. ft. buildble area Setbacks: 10 ft unless specified in LRMP Height: 82.5 ft. max 71 ft. avg. Density: 337" above existing or 27.9 du's GRFA:38,830 sq. ft. (250% of lot) Site Coverage: 70o/o or built-to lines Parking: in accordance with Chapter 12-10 Vail 21 Proposed 15,532 sq. ft. Build-to lines 82.5 ft. 75.6 ft. avg. undecided 45,094 sq. ft. Build-to lines in accordance with Chapter 12-1 0 (pay in lieu) Vail 21 is under the purview of the Lionshead Redevelopmenl Master Plan (LRMP). The LRMP slales: 5.7.1 Vail 21, Lionshead Arcade, Lifthouse Lodge, Lions Pride Cluster This group of adjacent structures is critical to the ability of the Lionshead nre to pull people into its core. Because these buildings constitute a significant portion of the existing retail frontage in Lionshead, they greatly influence the overall character and image of Lionshead, especially for those who enter the core from the east. All possible measures and incentives should be taken to upgrade these buildings. Heiqht: According to the Lionshead Redevelopment Master Plan, there are two primary height restrictions in Lionshead. First, maximum height is 82.5 ft. Second, average maximum height is 71 ft. According lo the Lionshead Master Plan: Maximum Heights Maximum height is defined as the distance from existing or finished grade-whichever is more restrictive - to the idge of the nearest primary roof form to that grade. With this in mind, the Average Maximum Height of any building shall not exceed 71 ft. Notwithstanding the notion of Average Maximum Height, the Absolute Maximum Height of any building shall not exceed 82.5 ft. Absolute Maximum Height shall be determined by interpolating existing or finished grade through the building footprint and measuring the vertical distance from the idge of the highest pfimary roof form to the imaginary plane created by the interwlated grades. Calculation of Average Maximum Height The intent of implementing an Average Maximum Height for buildings is to create movement and variety in the ridgelines and roof forms in Lionshead. Toward that end, the Average Maximum height of a building shall be calculated based upon the linear footage of ridgeline on primary roof forms. Any amount of primary roof form that exceeds 71 ft. must be offset by at least an equal amout of primary roof form ridgeline falling below 71 ft., with the distance below 71 ft. equivalent to or greater than the distance exceeding 71 ft. The average calculation shall be based on the aggregate linear footage of primary roof forms across an entire structure, not separate individual roof forms, Attached is a reduction of the site plan for the Vail 21 redevelopment. Staff has indicated which roof forms are considered "primary rool forms" as defined by the Lionshead Redevelopment Master Plan. While the Vail 21 redevelopment generally conforms to the maximum 82.5 ft. height limitation, staff does not believe that it meets the average maximum height of 71 ft. According to slaff's calculation, the average height is approximately 75.6 ft. (please refer to Attachment A) In addition, the Lionshead Redevelopmenl Master Plan also requires that the maximum height for 50% of a building face along a primary pedeslrian mall be 16 ft. Any other eave can have an initial height of 60 ft. (Please refer to Attachment B) Bulk/Mass: The Lionshead Redevelopment Master Plan indicates "Build-to Lines" to better define public spaces. According to the Lionshead Redevelopment Master Plan, "Design of new building edges within approved build-to lines should be carefully evaluated to make maximum use of the new retail space, and how the added buibing mass adds to the overall pedestrian experience." In general, staff believes that the proposal follows the build-to lines as described in the Lionshead Redevelopment Master Plan. The build-to lines for Vail 21 are indicated on Attachment C. Landscapinq and Streetscapinq: Because the build-to lines as indicated by the Lionshead A Redevelopment Master Plan show Vail 21 as expanding its commercial space beyond property lines, discussions with lhe Town council as lo the required improvements and how these will be completed has been scheduled. GRFA and Densitv: The preliminary proposal for Vail 21 does not currently indicate additional dwelling units. According to the LMU-1 zone district, Vail 21 is allowed 33% above the exisitng number of dwelling units. This would allow for 27 dwelling units. In addition, Vail 21 is allowed 33% above existing GRFA or 2507" of lot area. Currently, the proposal indicates 45,094 sq. ft. of GRFA, which is approximately 6,264 above allowable. Rlll'' < FHt-'\t4 =HL.e allQ ca dllli li e;!l5Er 9 EHI:I JIEJ!' u) zx ;, IM tB|Iql>t< tFltzI<lblIt Ir{It-tu)t<r> o ilN \--r-_ \,ll N lF- ,\S*ts -1,- {+s =BC..e! -> N) I$ .\ )\ \, 1( \,'. IffI,I I I I I I I I I d qiliiiffiEI rrtrtlOrI snnrunoonoc r rvl I E =ll<tl dt ef; HJ nil pilr @ .S \-? =.!P --=,+oSi i=g $ ooo@ *r €F I a I -\!-.i=.Fr):5E =FE +=t6 Enr tsrE, =ESESE--+- iiiffiH + -.,* q i ll !l r-a6.r!!rlr II li ll lar rla crttt fi t Er t rtt Illlll tl tD-!-nrrE Ililli ll snnNmooNos rz ]M^ | =5sE s& r€\trq$ ilztl<tl dl EF Hil alltu tlotl $ilr /T\qv a a o a a E+r\$. \O-F \o ERE-..*E -N-6\L FF $, F .i -es=tE €s a Attarhrnmk c. dira-h \,%"oprsR 5 orro,rro?oN Rnco'vsNDArroNS _t:..1 i €,^i'.4 IJONSHEADARCADE RETAIL EXPANSION .-..-.----+-nr T t I I I I t I IIII ItIt I \-* !-.'ri=-rrrri REDEVELOPED LIONSPRIDE BTJILDING REDEVELOPED PARKINC DECK RETAILEXPANSION Figne5-7-LionsheadArcade,Yail2I,LifihouseLodge'LiottspiileandRedevelopedParHngDeck I I PAGE 5-14 ReoPvEt-oPIvIENT MasteR PleN oo sloF(N q) -dssl NI LU \q) \slq C\]o!*$l E +-\(\ ul +-\($ Nltl s)s'- -i- t|)'x u_t zotr tuJtu F:)oo otuoo IL &L l| : tl+ ,' !l ,jllii!j {ilt iJii iiiliJ mffi Eil16H *i'+'j'+++qb zo tr{ tuJtu Fo{tu Atuoo 0_ p L IFd- I I $ I i t' ffiIirffiE t 6 5 $ 6 5 $ 6 5 + il **+'l 'l **Il t****.1 +t+ *'l 'l **t* ---a-.tMlIII-tIl-alrtI'---siltnrno(I{oc tz IYA I 5t 3 3 ,t","o AND ENVTR.NMENTAL "o",t ,o" MEETING RESULTS Monday, November 27, 2000 PROJECT ORIENTATION / - Community Development tlept. PUBLIC WELCOME 12:00 pm MEMBERS PRESENT Galen Aasland Chas Bemhardt Diane Golden John Schofield Brian Doyon Doug Cahill Site Visits : MEMBERS ABSENT Tom Weber f :00 pm 1. Red Sandstone Elementary School - 551 N. Frontage Road2. Ford Park - 540 S. Frontage Road Easl3. Vail 21 Condominiums -521 E. Lionshead Circle NOTE: lf the PEC hearing extends until 6:00 p.m-, the board may break for dinner from 6:00 - 6:30 p.m. Public Hearinq - Town Council Ghamberc 2:OO pm 1. A request for a conditional use permit, to allow for the installation of wireless telecommunicaiions facilities, located at 551 N. Frontage Rd., Red Sandstone Elementary School/Lot I, Vail Potato Patch Filing 1. Applicant AT&T Wireless Services, represented by Liberly WirestarPlanner: Ann Kjerulf MOTION: John Schofield SECOND: Brian Doyon APPROVED WITH 3 CONDITIONS: 1. That the applicant shall plant two six-foot tall coniferous trees prior to June 15, 2001 immediately to the east of the proposed lransformer, air-condilioning unit, and generator in order to provide adequate screening for this equipinent. The proposed location of the new trees shall be reviewed by staff prior to planting. 2. The applicant shall receive wrilten approval from lhe Town of Vail prior to beginning work upon Town-owned property. 3. That the applicant plants additional landscaping if any existing landscaping is disturbed or destroyed during construction. VOTE: 6-0 Driven George 2. A requesl for a work session to discuss the establishmenl of a Special Development District to allow for the construction of a new conference facility/hoiel and conditional use permils to allow for lhe construction of fractional fee units and Type lll employee housing uniis at 13 Vail Road / Lots A, B, C, Block 2, VailMllage Filing 2. Applicant: Doramar Hotels, represented by the Daymer CorporationPlanner: Brent Wilson WORKSESSIOT{ - NO VOTE 3. A request for a worksession to discuss a Major Exterior Alteration, to allow for the redevelopment of the Vail 21 Condominiums, located at 521 E. Lionshead Circle/Lot 3, Block 1, Vail Lionshead 1d Filing. Applicant Vail 21 Condominium AssociationPlanner; Allison Ochs WORKSESSION. NO VOTE 4. A request for a minor subdivision, to allow for the creation of two tracts of land, localed at 1778 Yail Valley Drive / a cunently unplatted tract of land within Section 9, Township 5 South, Range 80 West of the 6'n P.M. directly north of Lot 3, Sunburst Filing 3 within the Vail Golf Course. The subject property ("Vail Golf Course Clubhouse Subdivision") is specifically described as follows: That part of Seciion 9, Township 5 South, Range 80 West of the 6h Pdncipal Meddian, Town of Vail, Eagle County, Colorado, described as follotiYs: Beginning at the most northerly corner of Lot 3, Sunburst Filing No. 3, according to he final plat for SunbuFt Filing No. 3, recorded in Book 263 at Page 429, in the offce of the Eagle County, Colorado, Clerk and Recorder, said point also being on the northerly right-of-way line of Sunburst Drive, as shown on said final plat thence the following two courses along said northerly right-of-way line: (1) 1 19.32 feet along the arc of a curve to the lefi, having a radius of 135.00 feet, a central angle of 50038'21' and a chord that bear N72o59'221rV 115-47 leet, (2) S81o41'30aV 187.43; thence, departing said northedy right-of-way line, N08'18'301/V 266.90 feeq thence N7928'56'E 939.41 feet thence 51128'38'E 91.78leet thence S40o01'19n\/ 490.77 feet thence S77o00'32'VV 165.16 feet to the northerly line ofsaid Lot 3; thence, along said northerv line of Lot 3, 148.02 feet dong Ure arc of a curve to the let, ha\ring a radius of 189.10 feet a central angle of 44050'53' and a chord that bears N65o08'56VV 144.27 feet to the point of beginning, containing 6.47 acres, more or less. Applicant Vail Junior Hockey Associalion, Vail Recreation District, Town of VailPlanner: Brenl Wilson MOTION: John Schofield SECOND: Chas Bemhardt VOTE:6-0 APPROVED WITH 1 CONDITION: 1. That the applicanl records the approved and signed plat with the Eagle County Clerk and Recorde/s Office by no later than November 27,2OO1. 5. A request for a minor subdivision, to allow for the vacation of lot lines, located a|2475 Garmisch Lane/Lots 1-4, Block H, Vail das Schone Filing 2. Applicant Town of Vail, represented by Nina TimmPlanner: Allison Ochs MOTION: John Schofield SECOND: Brian Doyon VOTE: G0 APPROVED 6. A request for a final review of a conditional use permit, to allow for lhe conslruction of Phase I of Donovan Park improvements and a request for rezoning of a portion of Vail Village West Filing 1(including Lot 4, Vail Village West Filing 2 - 1774 Matterhom Circle) from "Residential Clusted' to "General Use", generally located southeast of ihe inierseclion of Matterhom Circle and the South Frontage Road. Applicant: Town of VailPlanner George Rulher MOTION: John Schofield SECOND: Doug Cahill VOTE:6-0 RECOMMENDATION OF APPROVAL (REZONTNG): MOTION: John Schofield SECOND: Brian Doyon VOTE: 6-0 APPROVEDWTTH 5 CONDTTTONS (COND|T|ONAL USE PERMTT): 1. That the applicant submits a final Development Plan to the Communily Development Department for review and approval by the Town of Vail Planning & Environmental Commission prior to ANY site work being completed on the property. The Development Plan, once approved, shall become the Approved Development Plan for the lower bench of Donovan Park and shall prescribe the developmenl standards for the property, pursuant to Section 12-9C-5 of the Vail Town Code. 2. That the applicant appears before the Vail Town Council for the review and approval of a request to rezone Lot 4, Vail Village West, Filing No. 2 from Residential Cluster zone district to the General Use zone district. 3. That the approval of this conditional use permil request is conditioned upon the rezoning of Lot 4, Vail Village West, Filing No. 2. 4. That this conditional approval shall become null and void should the applicant not receive final approval from the Town of Vail Planning & Environmental Commission for an Approved Development Plan. 5. That an additional provision be made for an intemal bus stoP in the park 7. A request for grading in the floodplain, in accordance with Title 14, Town Code, located at 540 S. Frontage Rd. EasU Ford Park, Unplatted. Applicant Vail Alpine Garden Foundation and Town of Vail, represented by Ry Southard and Todd Oppenheimer.Planner: Ann Kjerulf TABLED UNTIL DECEMBER 1I, 2OOO 8. A requesl for grading in the flood plain, in accordance with Title 14, Town of Vail Code, located at Slephens Park, generally located in the 2400 block of S. Frontage Rd. WesU Unplatted Vail Intermountain. Applicant: Town of Vail, represenied by Tom KassmelPlanner: Allison Ochs WITHDRAWN 9. A request for a final review of a minor subdivision, to allow for the reconfiguration and replatting of two existing lois and the rezoning of Lots 15 & 16 from Agriculture Open Space and Primary/Secondary Residential to Natural Area Preservation and Primary/Secondary Residenlial, located at 3886/3896 Lupine Drive/Lots 15 & 16, Bighom 2"'Addition. Applicant: Wilson Family Trust, represented by Jay Tschimer, First Land Development, LLCPlanner: George Ruther WITHDRAWN 10. A request for a sile coverage variance (Section '12-7A-S') and setback variance (12-7A-6), Vail Town Code, to allow for a new front entry to the Mountain Haus, located at292 E. Meadow Drive/Lot 5, Part of Tract B, Vail Village 1d Filing. Applicani: Mountain Haus, represented by Fritzlen Pierce ArchiiectsPlanner: Bill Gibson W|THDRAWN 11. Approval of November 13, 2000 minuies 12. Information Update The applications and informalion about the proposals are available for public inspection during regular office hours in the project planne/s office located at the Town of Vail Community Devefopmenl Department, 75 South Fronlage Road. Please call 47*2'138 for information. Sign language interpretation available upon request with 24 hour notification. Please call 479-2356, Telephone for the Hearing lmpaired, for information. Community Development Department o Ylt^oh n rll 4 mfrilaAil wn wrt4ff4 Wf ilNv**nr r,to,ottu {r-hrlmm't Yut n{t( SUBJECT; A request for a worksession to discuss a Major Exterior Alteration, to allow for the redevelopment of the Vail 2'l Condominiums, located at 521 E. Lionshead Circle/Lot 3, Block 1, Vail Lionshead 1"'Filing. Applicant: Vail 21 Condominium Association, represented by Fritzlen, Pierce ArchitectsPlanner: Allison Ochs I. INTRODUCTION The applicant, Vail 21 Condominium Association, represented by Fritzlen, Pierce Architects requested lhis worksession to begin preliminary discussions regarding their proposed major exterior alteration. The improvements include: r Additions to the existing commercial space to the "build{o lines" as identified in the Lionshead Redevelopment Masler Plan.. Additions to the existing residential unils.r Additions of new residential units. . Major exterior renovations and improvements. The purpose of the worksession meeting is to present the proposal to the Planning and Environmental Commission and the community, and give the applicant direction regarding issues such as bulk and mass, slreetscape improvements, density, compliance with the Lionshead Redevelopment Master Plan, etc. II. DESCRIPTION OF THE REQUEST Vail 21 is a mixed-use development, currently consisting of 21 residential dwelling units (total of 18,893 sq. ft. of GRFA) and approximately 15,581 sq. ft. of commercial square footage. The proposed remodel would add approximately 26,201 sq. ft. of GRFA and 8,619 sq. fl.,of commercial area. Vail 21 is located at 521 E. Lionshead Cr. / Lot 3, Block 1, Vail Lionshead '1"' Filing. In 1999, the propertywas rezoned Lionshead Mixed Use 1 (LMU-1). The purpose of the LMU-1 District states: The Lionshead Mixed IJse 1 District is intended to provide sites for a mixture of multiple' family dwettings, lodges, hotels, fnctional fee clubs, time shares, lodge dwelling units, restaurcnts, offtces, skier servrbes , and comrnercial establishments in a clustercd, unified development. Lionshead Mixed lJse 1 Distict, in accordance with the Lionshead Redevelopment Master Plan, is intended to ensure adequate light, air, open space and MEMORANDUM TO: Planning and Environmental Commission ' FROM: Department of Community Developmenl DATE: November27,2000 ilt. other amenities appropriate to the permitted types of buildings and uses and to maintain the desinble qualities of the Distict by establishing appropriafe sife development standads. This District is meant to encounge and provide incentives for redeveloprnent in accordance with the Lionshead Redevelopment Master Plan. This Zone Distict was specifically developed to provide incentives for prcperties to redevelop. The ultimate goal of these incentives is to create an economically vibnnt lodging, housing, and commercial core area. The incentives in this Zone Distict include rncreases in allowable gross resrdential floor arca, building height, and density over the prcviously established zoning in the Lionshead Redevelopment Master Plan study area. The pimary goal of the incentives is to crcate economic conditions favonble to inducing private rcdevelopment consistent with the Lionshead Redevelopment Master Plan. Additionally, the incentives arc created to help finance public off-site improvements adjacent to redevelopment prcjects. Wth any developmenUredevelopment prcposal taking advantage of the incentives crcated hercin, the following amenities will be evaluated: sfreefscape imprcvements, pedestriantbicycle accesg public plaza redevelopment, public art, roadway imprcvements, and similar improvements. The proposal is considered a Major Exterior Alieralion. The applicants have not submitled a formal application at this time. They would like to receive preliminary comments and retum to their owners for additional discussion prior to the submittal of a formal application. LIONSHEAD REDEVELOPMENT MASTER PLAN (LRMP) According to the Official Town of Vail Zoning Map, the applicant's property is zoned LMU-1. The following is a comparison of the land use regulations prescribed by the LMU-1 Zone Distriet and the Vail 21 proposal: LMU-1 Allowable Lot Area:min 10,000 sq. fl. buildble area Setbacks: 10 ft unless specified in LRMP Height: 82.5 ft. max 71 ft. avg. Vail 21 Proposed 15,532 sq. fl. Build-to lines 82.5 fl. 75.6 ft. avg. undecided 45,094 sq. fl. Build-to lines in accordance with Chapter 12-10 (pay in lieu) Densily: GRFA: 33% above exisling or 27.9 du's 38,830 sq. ft. (250olo of lot) Site Coverage: 7Oo/o ot built-to lines Parking:in accordance with Chapter 12-10 Yail 21 is under lhe purview of the Lionshead Redevelopment Master Plan (LRMP). The LRMP states: 5.7.1 Vail 21 , Lionshead Arcade, Lifthouse Lodge, Lions Pide Cluster 2 This group of adjacent structurcs is critical to the ability of the Lionshead core to pull people into its core. Because these buildings constitute a significant portion of the existing retail frontage in Lionshead, they greatly influence the ovenll chancter and image of Lionshead, especially for those who enter the core from the east. AII possible measurcs and incentives should be taken to uoorade these buildinas. Heiqht: According to the Lionshead Redevelopment Master Plan, there are two primary height restrictions in Lionshead. First, maximum height is 82.5 ft. Second, average maximum height is 71 ft. According to the Lionshead Master Plan: 1-i,: l- i! !'r)t'titttts o/ burltling area e_tceeriinq^| tuttst itt aJisrt hy Dattians uhich lall beiot - I ', ht, ctn etlutvoient ,iltottnt ol rtrea. Maximum Heights Maximum height is defined as the distance from existing orfinished gnde - whichever is more restictive - to the ridge of the nearcst primary roof form to that grade. With this in mind, the Avenge Maximum Height of any building shall not exceed 71 ft. Notwithstanding the notion of Average Maximum Height, the Absolute Maximum Height of any building shall not exceed 82.5 it. Absolute Maximum Height shall be determined by interpolating existing or finished grade through the building footpint and measuing the vertical distance frcm the ridge of the highest pimary roof form to the imaginary plane crcated by the interpolated grades. Calculation of Average Maximum Height The intent of implementing an Avenge Maximum Height for buildings is to crcate movement and vaiety in the ridgelines and roof forms in Lionshead. Toward that end, the Average Maximum height of a building shall be calculated based upon the linear footage of idgeline on pimary roof forms. Any amount of pimary roof form that exceeds 71 ft. must be ofbet by at least an equal amout of primary roof form ridgeline falling below 71 ft., with the disknce below 71 ft. equivalent to or grcater than the distance exceeding 71 ft. The average calculation shall be based on the aggregate linear footage of primary roof forms across an entire structurc. not separcte individual rcof forms. Attached is a reduction of the site plan for the Vail 21 redevelopment. Staff has indicated which roof forms are considered "primary roof forms' as defined by the Lionshead Redevelopment Master Plan. While the Yarl 21 redevelopment generally conforms to the maximum 82.5 ft. height limitation, staff does not believe that it meets the average maximum height of 71 ft. According to staff's calculation, the average height is approximately 75.6 ft. (please refer to Attachment A) vt. In addition, the Lionshead Redevelopment Master Plan also requires that the maximum height for 50o/o ol a building face along a primary pedestrian mall be 16 ft. Any other eave can have an initial height of 60 ft. (Please refer to Attachment B) BulUMass: The Lionshead Redevelopment Master Plan indicates "Build-to Lines" to betler deflne public spaces. According to the Lionshead Redevelopment Master Plan, "Design of new building edges within approved build-to lines should be carefully evaluaied to make maximum use of the new retail space, and how the added building mass adds to the overall pedestrian experience." In general, staff believes that the proposal follows the build-to lines as described in the Lionshead Redevelopment Master Plan. However, additional discussion on these build{o lines will occur with the Town Council. The build-to lines for Vail 21 are indicated on Attachmeni C. Landscapino and Streetscapinq: Because the build-to lines as indicated by the Lionshead Redevelopment Master Plan show Vail 21 as expanding ils commercial space beyond property lines, discussions with the Town council as to the required improvements and how these will be completed has been scheduled. GRFA and Densitv: The preliminary proposal for Vail 21 does not cunently indicate additional Owetting units. According io the LMU-1 zone district, Vail 21 is allowed 33% above the exisitng number of dwelling units. This would allow for 27 dwelling units. ln addition, Vail 2'l is allowed 33% above existing GRFA or 25Oo/o ol lot area. Cunently, the proposal indicates 45,094 sg. ft. of GRFA, which is approximately 6,264 above allowable. However, depending on how the Town Council chooses to deal with build-to lines in Lionshead, this may not be an issue. STAFF RECOMMENDATION As this is a worksession discussion, the Department of Community Development will not be fonrvarding a recommendation at this time. A formal recommendation will be provided at the iime of a final review. The specific purpose of this work session is to solicit clear, concise direction that the applicant and staff can use to direct the project's progress. Specifically, please provide direction regarding; . General bulk and mass, including height r Streetscapeimprovements . Compliance with the Lionshead Redevelopment Master Plan Additional informalion will be required with a formal submiltal for a major exterior alteration. 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I rtttll trial|t r|tl r snntMnocNoc ra TvA E9|il.,l;l[61lF;i \ l:.,61* t ----_ ' _ __-{C\ I I I 'Io oztuotuJ ri - ii ritl -1- @ T_i.--ii@@ I Io z{J IL vooJ IL FILoJ d) 7 t P II A $pI o I 9F 5 I T 3 I { 6 * t { frl I al * c R T iili tlll T N ffi I I r t --)---a.-'t----+------- | !ltt{l iil i!,iiiiifl: r!?il ii t: i: ;il il ii ii ii iliiitaaa+,)ae. iaa altttrtr qr .ta 1!tli-ltlraQl|rl!1IIt!!lin tlD aEGt!t |. sflflNmooNoc tz ltv^ zo F_{ tuJ[l IF3o rf) otu rt)o ILoil. 0_ 621281268L L3:OE 519-54 MIILAI.ID IT]LDI < FA)( TO ALLISON OCHS AND TOM MOOREHEAD Am still waiting for yonr reply to my question in my far of Feb. 23 rd-t but in the meantime- My job is just to get rs lccnrete ideg of costs es possiblel want these prices to reflect ag accunrtely as poscible the costs involved and then I will put them all together rnd submit them to the ownerrs for there decision- I need a tototl dollsr umounl the Tryn!,iil ask us/or if we fioceed with the olans von are ruicwinp-to plug into my accounting swnmary. So far this is what I have come up with if it helps you give mc one $ amountthat you thinkwill cover all erpenses to the Town- il, l.Parking -If we end up with eight units we qill rcquire 12 spaces at $fEr60O.0O each cmting in the eree of $jl23tilmD0-- 2.**Land oost-The value of our commercial hnd in Vsil2l ss pcr county assessment ofiice is $66.36 per foot-Therefor 41170 x $6636: s276,72t.00 SeeoapelAenclosed- 3.***Value of extra gr{a that comes with this purchase of 4rl70 sq. ft-- Seepages 5A and fAlounty ascearment of residential land value is $31.49 per sq. ft in the Vail 2l building-If we used alll0r429 tq. ft. of grfe the ertra 41170 sq. ft of purchaced town lend would allow us rthe value would be lOA25 sq. ft. x $31.4F $ 328p83.00 If we only are charged for grfa we propose to use of the allowable 101425 sq. ft. it would be 6r8ff cq. ft x $ 3f.49: $20%125.00 lVe strongly fcel that this this fee for grfe is covered in the ( lend costr' in #2 and thershould not be anv sdditionol rnoneg for this.< 4.Contribution to redwelopmcnt of bus circle--$ 0.00 5. Anything else????? 2-1595 o ].,IG LTD o PAGE AL 2. 4 tr ?r**tto,t yr ',Itt, A2/2al2aol l3zAg MIDLAND HTLDI *The Total of #2. And # 3. Would be $605'004,00 or $4t5'E46'00 **If we deser"ve a discount because we will build to the *build to line 6 and not to our present building line (refer to prcvious letter of feb 23 rd. ) bccause it is more fessible rnd w4cserye a discount, of say 21o/o-this would makc total $6051004.00 t JS = $453'753.00 or $485,846.00 r .75 = $:164'384.50 *f * there is also a vetT big question in my mind, as well as someof the other owners on thc commitcc, why wc are being cherged for the grfe value. Ifthe value ofthe land is assessed as ln actual value of S276J2L,OO then that should be the cost-If this was thc cose we might then bc eble to commit some funds to the bus circle rcdevelopment-Our total budget for Town commitment is $500'0{Xl.{X} ' ****-A comment was made at our last meeting that somconc on council referred to our cost estimates as not accurate or incomplete or sketchy'- -something to that cffect-These estimated coct us $12'000.00 and since this comment I askcd Rob Levine of thc Anilers project for his comments and he told me they wene'0right ont with his actutl costs-I em enclosing e sheet deccribing our estimatiq&gompany rnd feel free to aek them any.questions about any items you have a'problem with or ask me and I will get the answeru for you-- Again I apprrcciatc your help and am hoping for a total dollar amount you feel is accurste that the Townwill require our owners to come up with- This is the only figure that we nced to complete our rePort to the ownenr for there approval or dieapproval of this project- Bill Walker, Vail21 519-642-1 596 o I{3 LTD o PAGE A2 {-- MikEDrAod VantrgDpoid 508E. LionshcedCh. Vai[ CO. 8I657 h*YWdrff LiBholtc 555E.LtoMCh' Vail'@' t165? Kirwillims f.OnstcaC lma0e Cudo Asmiadon Bolr9 Vsil@. t165t il ,l Goof Wdgh(Wcsts,ine) 54EE.Um&cadCir. Vatl CO. tt657 O. ,r-r MAY AFFE.T "or* ,*o"*1, PUBLIC NOTICE NOTICE lS HEREBY GIVEN that the Planning and Environmental Commission of the Town of Vail will hold a public hearing in accordance with Section 12-3-6 of the Municipal Code of the TownofVail onNovember27,2OO0,at2:00P.M.intheTownofVail Municipal Building. In consideration of: A request for a minor subdivision, to allow for the creation of two tracts of land, located al 1778 Vail Valley Drive.i a cunenlly unplatted tract of land within Section 9, Township 5 South, Range 80 West of the 6'n P.M. directly north of Lot 3, Sunburst Filing 3 within the Vail Golf Course. The subject property ("Vail Golf Course Clubhouse Subdivision") is specifically described as follows: That part of Section 9, Township 5 South, Range 80 West of the 6th Principal Meridian, Town of Vail, Eagle County, Colorado, descnbed as follows: Beginning at the most northerly corner of Lot 3, Sunburst Filing No. 3, according to the final plat for Sunburst Filing No. 3, recorded in Book 263 at Page 429, in the offce of the Eagle County, Colorado, Clerk and Recorder, said point also being on the northerly right-of-way line of Sunburst Drive, as shown on said f nal plat; thence the following two courses along said northerly right-of-way line: (1) 119.32 feet along the arc of a curve to the left, having a radius of 1 35.00 feet, a central angle of 50038'21" and a chord that bears N72o59'221vl/ 115.47 feet; (2) S81041'301I|/ 187.43; thence, departing said northerly right-of-way line, N08"18'30'W 266.90 feet; thence N79o28'56"E 939.41 feet; thence S l 1o28'38'E 91.78 feet; thence S40o01'19"W 490.77 feet; thence S77o00'32'W 1 65.16 feet to the northerly line of said Lot 3; thence, along said northerly line of Lot3, 148.02 feet along the arc of acurvetotheleft, having a radius of 189.10feet, a central angle of 44o50'53" and a chord that bears N65"09'56V 144.27 feet to the point of beginning, containing 6.47 acres, more or less. Applicant: Vail Junior Hockey Associalion, Vail Recreation District, Town of VailPlanner: Brent Wilson A request for a work session to discuss the establishmenl of a Special Development District to allow for the @nstruction of a new conference facility/hotel and conditional use permits to allow for the construction of fractional fee units and Type lll employee housing units at 13 Vail Road / Lots A, B, C, Block 2, Vail Village Filing 2. Applicant: Planner: Doramar Hotels, represented by the Daymer Corporalion Brent Wilson A request for a final review of a conditional use permit, to allow for the construction of Phase I of Donovan Park improvements a request for rezoning of a portion of Vail Village West Filing 1(incfuding Lot 4, Vail Village West Filing 1 - 1774 Matterhorn Circle) from "Residential Cluste/' to "General Use", generally localed southeast of the intersection of Matterhom Circle and the Soulh Frontage Road. Applicant: Town of VailPlanner: George Ruther A request for grading in lhe flood plain, in accordance with Title 14, Town of Vail Code, located at Stephens Park, generally located in the 2400 block of S. Frontage Rd. WesU Unplatted Vail Intermounlain. Applicant: Town of Vail, represented by Tom Kassmel . )Plannen Allison Ochs l\,' A request for grading in tre tdptain, in accordance with fifte i+, fotcoO", tocateO ar S+O S. Frontage Rd. EasV Ford Park, Unplatted. Applicant: Vail Alpine Garden Foundation and Town of Vail, represented by Ry Southard and Todd Oppenheimer.Planner: Ann Kjerulf A request for a worksession to discuss a Major Exierior Alteration, to allow for the redevefopment of the Vail 21 Condominiums, located al 521 E. Lionshead Circle/Lot 3, Block 1, Vail Lionshead 1"' Filing. Applicant: Vail 21 Condominium AssociationPlanner: Allison Ochs A request for a conditional use permit, to allow for the insiallation of wireless telecommunications facilities, located at 551 N. Frontage Rd., Red Sandstone Elementary School/Lot 8, Vail Potato Patch Filing 1. Applicant: AT&T Wireless Services, represented by Liberty WirestarPlanner: Ann Kjerulf The applications and informalion about the proposals are available for public inspection during regular office hours in the project planne/s office, located al the Town of Vail Community Development Departmeni, 75 South Frontage Road. The public is invited to attend project orientation and the site visits that precede the public hearing in the Town of Vail Community Development Department. Pfease call 479-2138 for informalion. Sign language interpretation available upon request with 24 hour notification. Please call 479- 2356, Telephone for the Hearing lmpaired, for information. Communiiy Development Deparimenl Published November 10. 2000 in the Vail Trail. +++'i ** lt't**t'l|ti *+++**'ltt*+*'t+t t**!t****'t!* * *'t *'t't *** * +i rrt tf I f 't*** | 't*'r+,r* 't' {' +'t*t dititi+*tri tt ** f t,*'t TOWNOFVAIL, COLOMDO SbtEttlcNt**';*{t**t't't*****ta**f *t+**tt*+i*i+*+***:f t**+t*++i't+f +'t*rirt*ttt't'tt*f ****,t*{,t:},t,}l**,}***tt*ttttta't* Statement Number: R00000012G Amount: $5O0.Oo rO/30/2O}OOL:13 pM Payment Method: Check Init: aIAR Notation: 004356 Permit l{o: PEC00OO01 Tgre: GENERIC pBC APPIJICATTON Parcel No: 21010 G4O3 O0O Site Addrese: 521 E LIONSHEAD CR \IAIL Location: Total Fcess $500.00Ttris Payment, r $500.00 Total Al,trr ttnts: $5oo.OO Balance: 90.00 'f {t* *'}***'l:f **tr lt *'tr** t*t}'}*****:}* trt't't** *** tr** * *:tt,t,tr* * *{r**rt* * *+!t**r I ***,r{r* *,t*{!* it*,t* ||t,r** *rt,},t,t *rt * ACCOI.]NT ITEM LIST: Account Code Descri pti on Current ffis PV OO1OOOO3i125O() PEC APPLICATION FEES 500. 00 October 30. 2000 Town Of Vail Department of Community Development 75 S. Frontage Rd. Vail. CO 81657 attn: Allison Ochs RE: Redevelopment Proposal for Vail 2l Condominium FRITZLEN PIERCE SMITH ARCHITECTS Interiors . tax l970l 476-4901 . (97Or 4764342 Allison. Attached are Documents for initial "Work Session" review by the Planning Commission for the Proposed Redevelopment of the Vail 21 Condominium. The submittal is clearly incomplete in terms of the requirements for a formal review by the Planning Commission but it is our hope to initiate a communication process that will result in a Project that meets the needs of the Applicant and Town in a constructive manner. We have communicated with the adjacent Properry Owners and will inform them as to the date and place of the "Work Session" review. We hope to present our concept for redevelopment of the Project, which includes additions to the existing Commercial Uses (including development of Retail Space to the extent of the "Build-to Lines" established in the Master Plan), additions to the existing Residential Condominiums, and creation of new Residential Free Market Units, at the initial "Work Session"with the Planning Commission. We propose a thorough resurfacing of the existing exterior facades, and creation of additional massing, that comply with the intents of the Design Guidelines established in the Master Plan. Our goal for this initial meeting is to receive input from the Planning Commission and Staff in order to determine the feasibility of this proposed Redevelopment, particularly in terms of massing. In addition, we would like to receive a list of issues that the Planning Commission and Staff deem significant. It seems appropriate for us to meet with you and other Staff Members prior to the "Work Session" to address the obvious issues and prepare any additional documents that we can prior to the Meeting. We sincerely look forward to working with you on this significant Project. K:9874-vail2l\work session submiual.wpd Planning 1650 East Vail Valley Drive Fallridge C-1 o a Architecture o Vail, CO 81657 o fps@colorado.net so .t5$ q) ltll {|\fl(q ul \l AJ \qq+ CIr-l$- II tl I it I B 6 $inlffifl imili?t 'NiHrffi'N'$$ Ee $ $ 4 Irffiil'N['rJ 'Nriln,m'm !ilLi'A .tt till l t,l l,l,l.ll ll l l.ll I ll,lll ri i ,l t * T & x : I :l ir$iiiiiiiii iiiliiiiiiiti ''n'''' I:t a I : T i I I l ti,t $ll I l$:trl lN,tr$ |tt df f 8 N N $,N.i tr {. ,i 8 .!:t E ffidrI .:lr,t ,ili j i :l lr;j ::, .l :.1 I 1,r Ip R _i R { I' riIl Trl s !ls $II nill'r * iiiilfdl1il$$ ! $ $ !I{ !l d E rl 5r ! ll rfl I s3 5l ila {I o l s i s l!ir lF ll FT fiF t! 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I T ffi N t tl tl tl I F l I I I , t I I E dI E d I ffimI rrtr-rrr Il lf|rlI rrlr-lrarE-ritl I I :l tI %is- ll ll I ?9 e I_l | _____ r _t _ lttl 't:l--L-3l,;-4+-t oo I I i ?lijr- Kfl i !tl ? ?1- - -r$ --lt-l --rN T? t Io_- i __-__ rl- IoL --t--o--*f T L- rIttomz U @ ill I ill f; fr;[-n lt 5ilo Uroilafit- il) to I I ,lfI I TI E F t tf,t<|]|l l; Iu I I I:I tIt tt !tfrli If tl 5t N I d aI x II fttr|l ! il 3 !I I AAt ru 5t I:6 e :fl g II 5 I I I H N I tllltl tl il F t I ! 4 F I I I ! !t E T d N tl e- TF d I I 3 VAIL 21 CONDOMINIUMS|t|slttlraDal|,'rr ta itx,lCrpnti.'rn$\r|',aniol|lt ?aHffiiiiffi oo @ lilr t$ {! ro II *** t-m #r s\ lldt I I I il il i t I tg rt t I I 3t g *I il II rl I $X I I I I I I !t il .lt{x I II i I a s i alt I rntomz(t I ffi N I lltltltl tl $ I ! l ! I ! $ ei II E d N c 5 6 F d I vArL 21 CONDOil|N|UMS -rtutaDoru1or|l161irtrar[?i-tr|[|tt.ernllalllHHIIiE oo ? io-- i-----_ EHili I t I I t I F I II I I 3 II tl 'lI 3 I I I It II It II tI II II I I llll II tt II tI I a It I I t H N I tltllt tl $ I I I i E dI E il I I IVAL 21 CONOOilIiIIUMS atx!n-al/!tt l/ttr,lx!riltrlLx,rt!a!i-L- oo pll t H N I tl tl tl tl F I ! F ! I E dI I d I I I F s I I I I IIil I I I I I I I f tI tl 'lIIIII I mmrii[ffi @mI irtf lnrlI rrlr/-rrr.-rrl'rr, I I :l I| .+g- il |Il ? I i @--+I i I_ii ri- L- rnt Qlntz U $o VAIL 21 CONDOMINIUMStnatr-tt-rrorlt6|rtt[oEitllfqit.on 'FIF' F' lllrl-)r|-- ),--- a t-rn nlr tp t-o-n-t -nt-oon 1lr z I H N I tltltl tl $ F r I ! Il I I I !II F dI n 5t F d I I T I r 3t- TD 5 fi 'l il TII !fi 'ld T I |lI t I I IHEiii[ffi yf f *!*! f tr $ ii j $ I -0 dao(tl m U (tloct ntt-nt >{ oz vAtL 21 CONDOMtNil.n Srftttnf,t6l| rat I i.q I ta. i[F It i-,r[|t|l, YtL . o atrir]ta !lEHiiim ftffftf{|{'J'+ I iii il; IVAIL 21 CONDOMIMLn|S tltrnar|rotflrrntnfti-tltatliat.s-Drit rra ffrffffffffffffftf q II EII fftlffff $Ii VAI 2| GOilrOlIinilSlarr-Itllrttt,ailtri-,Inl' -tIIFGEffifiiH Lo{ 3, 3\t( \ U". t L?-!-.L-A\I I t I T T T I I I I I I T I T T I I VALUATION CONSULTA|ITS, rNC. Real Estate Appraisers - Consultants 48 East Beaver Crcek Boulevard. Suite 206 P.O. Box 361 Avon. Colorado 81620 (97 0t 949 4E9E lax (97 o) 949-537 6 Jvne22,20Ol Ms. Allison Ochs Town of Vail 75 SouthFrontageRoad Vail, CO 81657 RE: a 2,E35 sf. tract of Town of Vail lend lying between and alongside the Vail 21 Condominium project and East Lionsheed Circte as depicted on the proposed site plan submitted by you. Dear Ms. Ochs, Per your reques! I have inspected the above-referenced parcel and have considered cunent market conditions including but not limited to sales, rents, listings, contracts & other pertinent market data for the purpose of providing you with my estimate as to market value of the subject property. My opinions and conclusions relating to this assignment are summarized as follows: PROPERTY IDENNNCATION The subject property of this report is identified as follows: > I 2,835 sf. tract of Town of Vail land lying between and alongside the Vail ?1 Condominium project and East Lionshead Circlg as depicted on a proposed sitc plan prepared by X'riblen Pierce Architects which was submitted by you. i PURPOSEiSCOPE OFAPPRAISAL ,T.tupiiiJiose of this appraisal report is to estimate the current market value of the subject property, undei'deveral specific assumptions. A2,835 sf. addition to the strest-level commercial spaoe along the east aspect of the existing Val.l2l building has been proposed which would entail extending the building a correspondirg 2,835 sf onto what is currantly Town of Vail property. It is the understanding ofthe appraiser that a value is to be assigned to the subject tract that reflects its contributory value under this specific proposed expanded commercial use. Therefore, the appraisal is being made under the assumpion that approvals for the expansion have been or will be granted, with the proposal meeting all requisite Town regulations. The intended users of this r€porrare limited to officials of the Town of Vail for the above-stated purpose. The appraiser can not be responsible for use or reliance upon the report by unintended lrties. I T T I I I I t T I I T I I T I I I I 2 The assignment of a value estimate to the subject property includes a physical inspection of the subject premises and any comparable properties considered. Analysis includes an examination of market factors, transactions, trends, and other pertinent data that may have an influence on the property. Sales, cost data, income/expense figures, listings, known contractual activity and other information utilized are gathered from public record and other sources considered to be reliable, confirmed whenever possible with involved parties. Market factors and forces are weighed, their influences on the subject property determined, and their indications reconciled into a final value estimation. The appraisal was prepared in conformance with the requirements of the Uniform Standards of Professional Appraisal Practices (USPAP) EXTf,NT OF' APPRAISAL PROCESS This report is considered to be a Restricted Report of a Complete Appraisal which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (c) of the USPAP. As sucll it does not present complete discussions ofthe dat4 reasoning and analyses that were used in the appraisal process to develop the appraiser's opinion ofvalue. A1l data, information & analysis used in formingthe appraise/s opinion of value are contained in office files. The depth of discussion conkined inthis r€port is specific to the needs ofthe client for his intended use as stated above. The appraiser is not responsible for unauthorized use ofthis report. MARKET VALI]E DEFINTIION Market Value may be defined as: "The most probable price in terms of money which a property should bring in a competitive and open market wrder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not afued by undue stimulus. Implicit in this definition is the consummation of a sale at a specified date and passing oftitle from a seller to a buyer under conditions hereby: l) Buyer and seller are typically motivated. 2) Both parties are well informed or well advised and each acting at what he considers to be his own best interest. 3) A reasonable time is allowed for expozure on an open market. 4) Payrnent is made in cash or its equivalent. 5) Financing, if any, is on terms generally available in the community at the specified date and typical for the property type and its locale. 6) The price represerts a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs or credits incurred in this transaction." I Values reported in this appraisal are based on several assumptions and conclusions drawn by the appraiser. Title to the property is considered unencumbered and free of any liens other than general property taxes for the current year. The values reported are based on informatior! surveys and other descriptions as contained within official Eagle County and Town of Vail records, which are assumed I The Appraisal of Real Estate, lfth EditiorL Appraisal Institute 1992, pg.2l Vail2t Buitdingexpansion, vail VALUATION CONSULTANTS I t I I I I I I I I I I I I I I I I I 3 to be accurate. The property was last vizually insp€ctd on June 22,2001, which is the effective date ofvalue. RIGHTSAPPRAISED The property rights appraised for the subject property are those ofa fee simple estate. Fee simple estate may be defined as: "an absolute fee; a fee without limitations to any particular class of heirs or restrictions but subject to the limitations of eminent domarL escheat, police power, and taxation. An inheritable estate." 2 OWNERSHIP It is the appraiser's information & understanding that the subject property is currently owned by the Town of Vail. No sale or other transfer of the property is of public record since the original platting ofthe Lionshead portion of Town. TAXATION Being municipal property, the subject property is neither assessed nor taxed by Eagle County. 2 The Dictionary of Real Estate Appraisal , pg 137 Vail 21 Building expansion, Vail VALUATION CONSaLTANTS I T I I I I I t I I T I t t I T I T I AREA DESCRIPTION Regional: The subject property is located in area of Eagle County known generally as Edwards, which is situated about 115 miles west of Denver along Interstate 70. Eagle County is located in what is generally considered the Central Rocky Mountain Region ofthe State of Colorado, and extends from the 13,000 foot Gore Range on the east, west 50 miles to the area near the mouth of Glenwood Canyon at about 6,000 feet above sea level. A small area generally between Glenwood Springs and Aspen containing the Town of El Jebel is also included in Eagle County, but geographically and economically is distinct. Eagle County contains 1,068,431 acres of which 77% is under federal ownership, mostlyNational Forest lands. The county is bisected by Interstate 70 and U.S. Highway 6 on a generally east-to-west orientatiorq folowing the Gore Creek and Eagle River drainages. State Highway 131 extends from Wolcott northward to Routt County and the Steamboat Springs area. Air transportation into Eagle County is available at the Eagle County Regional Airport near Gypsum. Pttysically, Eagle County is characterized by heavily forested high atpine mountain, ridge and meadow State map showing subject location areas toward its eastern extent at the Gore Range, providtng outstanding scenic beauty as well. Combining with average annual snowfall amounts of 300 inches, this terrain also serves to provide ideal environment for skiing and other wintertime recreational activities. As one moves westward Vail 21 Building expawio4 Yail VALUATION CONSULTANTS | | .::le'ouq{ .PhlFpd.'g l .N".r., Hot suiFnui sor11q".-- Longmonl' .#ort Collins i. o9.I?trry. -. ,'l,l .Lrd ctflr i a8l Francls .* .--{_' .Or{Y9y" : -I€fier' -r - ' La Jurqr tl., *il-.. futrr. .* , II .Sprhcteld gatondd.o /l - C48fl8 Juncton lSubiect I .. -DBhA )B{rfi' Mtt' a -Honrros8 rgYtto1 i8allda +C9non Tetlurlder .ou;bk€ c: srfiertoa d. -- _DstNorb .Pagosa Sprlngs , san utis , .Conbjo6' !--- I t I I I T I t I T T I I I I I I I I ..,, through Eagle County, the topography becomes less severe, with many open valley areas. As elevations descend below 7,000 feet, tlre tenair! in places, takes on a semi-arid character, particularly along the southern-exposed slopes. Eagle County's modern development began in the 1890's with the establishment of several major mines in its higher south-eastern regioq producing mostly silver and gold. Railroads extended to these operations from the more populous Denver/front range locales, and eventually traversed the county on a more or less east to west direction, following the Eagle and Colorado River drainages. Both forestry and general agricultural development were soon to follow, creating an economy in firrnly based on natural resources. Raihoad corffnunities were established and grew at Minturq Bond and Basalt. Communities based on providing commercial support and trarnportation needs for surrounding agricultural meas developed at Gypsunq Eagle, Wolcott, Edwards, Avon, Burns and McCoy. Although declines in the importance of mining took place in subsequent years, this basic pattem ofeconomy and development endured from the tum ofthe century into the 1950's. In the early 1960's Eagle County began to undergo a rapid and major transformation, due almost entirely to the development of the Vail ski resort in 1961. An economic base and population level that had been relatively stable for numy years suddenly saw substantial growth due to influx and developnrnt corresponding to Vails enrergerlcc and the quickly advancing populanty of skiing. The following graph depicts population gains in Eagle County over the years: le County Population 1930 - present source: Eagle Cour y, US Census ct-oIL 50,00 40,0q) 30,000 20,0m '| 0,000 0 1930 1940 1960 1970 1980 Year I .rill I I I II It is reported by ttre US Census that from 1990 to 2000, Eagle County saw a population increase of 89olo, and was the state's 4ft fastest growrng county over this time period, and in the top ten fastest growing counties in the United States over this time period. Vail 21 Building expansio4 Yail VALAATION CONSALTANTS I T t I I t I T I I I I I I I I I I I b In the time since 1960 and essentially to the present, skiing and resort-related industries have dominated the local economy to the extent that 8tr/o of all employment and 88% of all retail sales now generated in Eagle County are attributable to skiing and resort-related businesses, with Eagle CountyNo. I in the state in skiing related employmart.3 Vail is, at present, the largest single ski area in the state at about 3,800 acres; together with Beaver Creek and adjoining Arrowhead, these Eagle County ski resorts claimed about l9/o of Colorado's 200G'2001 approximately I1,000,000 skier days. While the importance of skiing to Eagle Couty's growth & viability over the years would be difficult to over-state, the direct linkage of favorable real estate values & marketability with raw use numbers like skierdays is nowhere near as strong as is has been in the past. The Vail resort region marketplace has shown increasing indiference to skier numbers or snowfall amounts with respect to rate of developmenl absorption ofnew product or prices / values. The area's emergence as a year-round resort, individuals pwchasing for "lifestyle" choices and the continually growing permanent resident population are all contributing factors to this trend. As mentioned, increasingly important in the growth and viability of Eagle County is the popularity of golfing and other summer-time activities. Within the destination resort climate and accommodations infrastructure in place, mark*ing of and steady growth in golf is occurring. In 1980, only the Vail and Eagle-Vail courses were in operation, providing for about 40,000 rounds of play; presently there are nine championship-caliber l8-hole courses operating: Vail, Eagle-Vail, Beaver Creek, Arrowhead, Singletree at Berry Creek Ranch" the Cordillera Ranch coursg the Cordillera Valley coune, Eagle Springs and the Cotton Ranch. There is also a small par 3-type course adjoining Eagle-Vail, and a lo-hole par-3 course within the Divide section of Cordillera. Upcoming courses include 2 proposed 18 hole layouts to be developed by Vail Resorts south of Wolcotl another 18 hole course nearing completion at Cordillera" an 18 hole course approved for construction in Eagle at the Eagle RanclL and yet anotler proposed Cordillera-developed course to be located between Dotsero and Bond along the Colorado River. The zurnmertime golfing environment in Eagle County has come to represent a major component of the valley's real estate dwelopment, with many real estate brokers & agents reporting a marked increase recently in Eagle County buyers attracted solely by the summertime activities, particularly golf Sales in the golf-based communities of Arrowhead, Cordillera, Berry Creek Ranch and Cotton Ranch in Gypsum serve to support this observation. Corresponding to this growth and development, retail sales activity in Eagle County has also been observed to be exhibifing steady increases. Following is a depiction of retail sales in Eagle County since 1980: 3 Colorado Ski County USA "Contribution of Skiing to Colorado Economy" Vail 21 Building expansion, Vail VALUATION CONSULTANTS I I I I I t I I I t I I I T I I t I T Eagle County Retail Sales source: Colorado Dept. of Revenue, Eagle County Finance -!P .;c ==.H= t $1 ,600 $1 ,400 $1 ,200 $1,000 $800 $600 $400 $200 $0 19E0 1982 1984 1986 1988 1990 '1992 1994 1996 1998 1981 1983 1985 1987 1989 r991 '1993 1995 1997 Year _2 ,{t' ^..---a -''-.oeF- Durirg the larger period from 1970 to 1 990, Eagle County saw a compound rate of growth in retail sales of 87o, conrpared to a figure of j)st2.7o/o for the State of Colorado as a whole, according to the Colorado State Department of Revenue. The growth thar Colorado in general and Eagle County in particular has been experiencing in recent years is expected to slrow a continuation into the near-term future. There are three main components that have been and are expected to continue to be responsible for this area's gxowth: > The sustained and increasing year-round popularity of the above-referenced resort environrnent and the accompanying construction boom in second-homes and resort facilities has in turn created numerous new construction and service jobs resulting in a brngeoning permanent population. t Eagle County and other Colorado Western slope locations have been increasingly attracting numerous families, small businesses and tele-commuters seeking to get away from large metropolitan areas, anticipating an improved quality of life offering lower densities, lower crime, scenic beauty and increased recreational opportunities. t The local and regional area has been becoming more and more attractive to retirees as a first or second home location. And because Colorado currently has a disproportionately large share of its population in the baby-boomer age group, this growth factor is likely to become increasingly dominant over time. Vail 21 Building expansion, Yail VALAATION CONSALTANTS I I I I I I I I t I I t I I I I I t T 8 State of Colorado projections indicate that the State as a whole will continue a growth rate on the order of its current l.syo - z.Oyo, with Eagle County expected to continue to exceed 5Yoper year, placing continued demands onthe proximal area in tenns of real estate growth & dwelopment in all market segments. As is the case for most of Colorado, Eagle County's economic indicators remain neutral to positive at the current time. The state as a whole is the lOm year of strong economic and demographic growt[ and there are no major indications of an imminent recession or downturn. 2001 is expected to continue with strong retail sales and relatively high levels ofresidential construction & product absorptioq whioh should in tum be capable of furthering both residential and commercial growth locally. Vail 2l Building expansion, Vail VALAATION CONSALTANTS I t I t t I I I I I t I I I I I I I I 9 NEIGHBORHOOD: The subject property is located within the town of Vail. Vail is located about 100 miles west of Denver along Interstate 70, arnid a narrow alpine mountain valley situated against the Gore Range on the west side of Vail Pass. Development began n 1962, corresponding with the opening of the Vail ski area, with construction of the first lifts and support facilities on what was previously ranch lands. Vail has extribited rapid growth and great popularity over the past thirty years, influenced by a renowned mountain for skiing beautifirl scenery, relatively mild climatg and easy Interstate access from Denver and Colorado's populous front-range. Dwelopment in the region has steadily expanded to the east and west, creating an area of development thirty miles long that contains three ski areas, nine championship golf courses, and extensive commercial and residential development. Together, these amenities have transformed the area into a four season resort- which has allowed for national and international appeal. Vail Village Vail Vllage is configured into a large pedestrian core area, loosely modeled after European villages and contains extensive dining, entertainment and shopping facilities. Gore Creek runs through the uiflugg and views ofthe Gore Range are good to exceptional. Uses within the central village consist predominately ofresort commercial and condominiums, most dating to the 60's and 70's. Although effectively built-out, the Village locale has been seeing more and more examples of property renovations and remodeling with many examples of oldo product evolving into top-and, high qualrty property. Vail Village properties have typically exhibited high values and good marketability to afluent second and third home recreational buyers attracted to Vail's renowned recreation amenities. Lionsheed The zubject property is situated in the area of Vail known as Lionshead, which is about a mile west of the original Vail Village locale along Gore Creek. Lionshead underwent its first stages of development in 1972, providing a secondary ski area base, service and retail facilities serving the newly opened Lionshead section of Vail Mountain. Lionshead, in contrast to the overall low-rise, *Bavarian" architecture and style of Vail Village, was designed and constructed to be more modern and'lrbarL" with high-rise uses forming a perimeter to central pedestrian walkways and malls. Even though the Lionshead design has been problematic and considerably less well-received or zuccessful than tlre more intimate Village environment, Lionshead saw steady growth and popularity, with the draw ofthe Lionshead Gondola" and in 1980 a four level parking structure was completed. In 1984 a $2.6 million cosmetic renovation of public and pedestrian areas took place, and in 1992 an additional high speed quad chair lift was placed in Lionshead, enhancing uphill capacity. More recently, the gondola has been replaced with a new, higher speed facility which has further enhanced Lionshead's appeal, moving even more skiers uphill, and Vail Resorts has created "Adventure Ridgg" which is a night-use recreation park featuring sledding, snowboarding, ice skating, snowmobiling & other after-hours recreational activities accessed through Lionshead via the gondola. There have recently been plans being formulated for a major redevelopment of Lionshead that will include changes and additions to the area's access, transportation and circulatioq with a particular Vail 2l Building expansion, Vail VALAATION CONSULTANTS I I I I I T T I I I I I I I I t t I I 10 enphasis toward enharcing the pedestrian environment, although nothing has been finalized to date. Also, there are initial conceptual proposals for the possible construction of a multi-use convention /perfonning arts - t)"e center to be constructed in the areajust to the east ofthe Lionshead parking structure, which isjust to the east ofthe subject. Lionshead today is effectively buih-out, with most structures incorporating retail and commercial uses on ground levels, with residential condominium units situated above. The neighborhood extends from the parking structure onthe east to the Marriott Hotel on west, and is bounded by Gore Creek to the south and I-70 on the nortlr- Overall, Lionshead has exhibited adequate residential condo rnarket appeal, almost exclusively to second-home buyers / investors, similar to but less than the original central Vail Village locale to the east. Vail as a whole, including Lionshead, has in the recent past exhibited a sustained environment of increasing retail sales, urtilroughly 1995, when revenues began to show a greater irregularity, more or less flat to variably increasfu€. Following is a chart which depicts sales tax collections in the town over the past 20 years: Sales Tax Collections - Town of Vail ..-| - o .-t t'*' -../ - r-n $16 c $14 ; $12 tgsroo.9 E= E8 5$oFt1 n Source: Torm dVUl Finfie 1980 1982 198,+ 1986 1988 1S0 1S2 1994 19S 1998 2000 1981 1983 1985 1987 1989 r99r 1993 1S5 1997 1999 Ttrc following chart illushates the relationship oflionshead to Vail Village in terms of retail sales tax collections; evide,nt is the highly seasonal profile of the inconp strearrr, with distinct peaks during high skier-use periods, much lower in the oflpeak parts of the year. Vail 21 Building expansio4 Yail VALUATION CONSULTANTS 11 Sales Tax Gollections Lionshead mar apr may jun jul Month $200 € $lso9o I { stooJ5' EEj-I $50 $0 1995-+- 1996-+- 1997+ 1998 1999+ 2000--a- aug sep oct nov dec Vail 2l Building exparcion, Yail VALAATION CONSULTANTS I I I I I I I I I I I I I I I T T T t LZ Subj ect Property Description: The parcel comprising the subject property consists of an irregularly shaped tract that lies immediate east of, and adjoining the existing Vail 2l Building along East Lionshead Circle. Specified to contain 2,835 sf of area, the tract corresponds directly to the proposed plan to enlarge the street-level commercial uses in the Vail 2l building to the east. The subject tract is currently being used as a walkway with stair access, surfaced with brick pavers, along with an elongated elevated landscaping planter containing both trees and ornamental plantings. The tract has a mildly sloping topography. No adverse site conditions are reported or obvious, nor does the tract lie within any type of hazard ID. Vail 21 Building expansion, Vail VALUATION CONSULTANTS oo Depiction ofarea for proposed expansion l'ail 2l Building expansion, I arl VALUATION CONSULTANTS oo View of proposed expansion area looking south from the west steps of the Lionshead parking structure. View of area immediately adjoining the Vail 2l Building looking south, vail 21 Buitditqn\e llgir@ved with walkway and landscapin{/.ALaATION CONSaLTANTS View of proposed expansion area looking north. VALAATION CONSULTANTS I I I I t I T I t I I I I I I I t I I 16 ZONING The zubject prop€rty, being a municipal tract, is not presently zoned. The adjoining Vail 2l building, to which the zubject site is to be effectively addd lies in the Vail's Commercial Core 2 District. This designation is intended to allow for a wide variety of commercial and retail use in "street level" spaces, with residential uses on 2nd levels and above. Retail stores and establishments are limited, though, to under 8,000 square feet offloor area. Uses are also govemed by the "Vail Lionshead Utban Design Guide Plan " particularly with reference to heights, set-backs and densities. It would appear that, and it is assumed that the proposed expansion ofthe Vail 2l building onto the subject trast meets the requirements ofthe CC2 District. HIGHESTAND BEST USE Highest and best use may be described as that use which at the time of the appraisal most develops the site's potential and is the most likely and reasonable use to which the property may be put. It is "...the reasonably probable & legal use of land or an improved property which is physically possible, appropriately supported financially feasible and that results in the highest value." a Because this valuation is being made subject to a specific proposal, and subject to assignment of certain zoning & development rights by the Town of Vail, the highest & best use of the subject property "as proposed" will be examined: Highest and Best Use, as stated, incorporates the satisfaction of four criteria - the use must be l) physically possible; 2) legally permissible; 3) financially feasible; 4) maximally productive. Physicalty Possible: The subject tract contains 2,835 sfofarea, and is presently improved with a combination of walkway and landscaped areas. The subject tract appears to have the size & shape for the proposed commercial use. There are no known adverse soils conditions or other geo-technical abnormalities that would prevent development. Legally Pemissible: The zubject is cunently un-zoned, but it is assumed that suitable zoning & approvals will be granted for implernentation of the proposed commercial expansion. No deed restrictions or other legal limitations are known to apply. Financielly Feasible: Commercial space that exists in the proximal Lionshead locale has shown financial feasibility. There are effectively no vacant sites in the nearby CCZ zone area forthe introduction of additional commercial square footage to the neighborhood. Moreover, the prominent exposure of the subject tract to foot traffc generated by the neighboring parking structure is thought to provide enhanced feasibility to additional commercial space 4 The Appraisal of Real Estate, pg.275 Vail 2l Building expansion, Vail VALUATION CONSULTANTS I1 at that location. It is concluded that the development of 2,835 sf of additional commercial space will also show positive financial feasibility in the current marketplace. Msximally Pruductive: It is concluded that the highest & best use of the subject site would be as developed per the proposed submittal, assuming Town of Vail approvals. Vail 2l Building expansion, Vail VALUATION CONSULTANTS I I T I I I I I I I I I T I T I I t I 1B APPROACHES TO VALUE: There are tlree generally accepted and typically used approaches to value in the appraisal process. These are the Cost Approactq the Sales Comparison Approach and the Income Capitalization Approach. In appraisal practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality of information available. The approaches are described as follows. ' The cost approach is based upon the proposition that the informed purchaser would pay no more for the subject than the cost to produce a substitute property with equivalent utility. This approach is partictrlarly applicable when the property being appraised involves relatively new improvements which represent the highest and best use of the land or when relatively unique or qpecialized improvements are located on the site and for which there exist few sales or leases of comparable properties. ' The sales comparison approach is a process ofcomparing the subject property to sales of similar competing properties with adjustments being made for differences in size, location or other market recognized ditrerences. The method is based on the proposition that an informed purchaser would pay no more for a property than the cost of acquiring an existing one with the same utility. ' The inc,ome capitalization approach is based on the measurement of the present value of future benefits, via a process of capitalizing expected economic or actual contract rent into an indication of value using market derived rents and market derived rates. Cost Approach: Because the subject property is effectively vacant land, the cost approach lacks applicability in this analysis. Sales Comparison Approach: The ideat measure of value in an analysis like this would be the examination of sales of tracts similar or identical to the subject in terms of locatiorq sizg zoning & potential (or proposed) uses. Not surprisingly, no such sales were found to be ofrecord. In fact, no sales ofvacant Lionshead-area commercial parcels are known to have occurred for many years. Consequently, the sales comparison approach lacks the suitable data for meaningful direct applicability in this report. Income Capitalization Approach: The most viable indicator ofthe value ofthe subject parcel, in accordance with the use that has been proposed for it, involves the derivation of a contributory value by income capitalization approach. Because the proposed use for the parcel is a single story streetJevel commercial space, an approximation ofland value may be extracted by capitalizing income that the proposed space would be erpected to be capable of achieving, less approximate costs involved in the creation of the space. The remainder would be an indication of contributorv land value. Vail 2l Building expansion, Vail VALAATION CONSULTANTS I T I t I I t I I T t I t t T I T I I 1. Estimation of market rent: A recent examination of commercial rents in the proximal Lionshead locale suggests a range of rates from the mid $30's to the high $40/sf range, based on the typical net lease (where all costs of ownership are passed through to the tenant position), varying primarily with respect to size and quality of street level exposure. Properties surveyed include street level spaces in the Lionshead Center Building,Lazier Arcade, Lifthouse Lodge and Treetops Building, which are all close by the subject. Ofthese properties, only Treetops tends to share the proposed subject's favorable orientation toward Lionshead Circle and the Lionshead parking structure beyond. Rent rates have been observed to be generally stable most recently, which is more or less consistent with the flat profile of retail sales in the neighborhood. Gven this range ofrents reported, and in light ofthe subject proposal's favorable location and (to be) new conditiorq a market rent rate of M0 per sf of area is assigned, presuming a net lease under terms and conditions typical to the Lionshead retail market. 2. Estimation of costs to create improvements: Because the nearby Lionshead and Vail Village locales are for all practical purposes built-out, there are no ideal examples of recent commercial construction that would help portray projected costs for the 2,835 subject proposal. Considering data from other area commercial construction, including projects in Avon & Edwards to the west of the subject, together with data from alternative sonrces such as MarshalVSwift cost indexing, and also considering the unique nature of the proposed expansion in terms of integrating with the existing V arl 2l building, the a rate of $ 175 per sf of area is assigned, assuming a typical level of quality and typical retail "shell" finish. Following is a capitalization of expected income attributable to the proposed subject expansion, which results first in an estimated value of the proposed improvement. Estimated costs to construct are deducted, in tum resulting in a remaining value contribution to land. Land / tmprovement Size, sf 2,835 Estimated market rent $4O/sf Potential Gross Income $l13,400 Less Vacancy/Collection losses, @57o $5,670 Effective Gross Income s107,730 Net expenses, @5olo $5,387 Net Operating Income $r02,344 Capitalized at l$/o $ 1,023,435 Vail 2l Building expansion, Vail VALUATION CONSALTANTS Less cost to build @$175/sf $496,125 Net residual to Land $527,310 rounded to:$525,000 $/sf $185 20 Vail 2l Building expansion, Vail VALUATION CONSALTANTS I I I I T I I I I t I T T I I I I I I ZL RECONCILIATION AND FINAL ESTIMATE OF VALUE The cost approachto value, while considered, is not meaningf,rlly applicable in the valuation of vacant tracts in the local mmketplace. As a result, it is not directly utilized in this report. The sales corryarison approach, due to a lack of suitably comparable data, while considered, is also not directly utilized in this report. The income capitalization approach yields a value contnlbution to the land rounded to $527,500. The strengths of this type of analysis lie in that it most nearly portrays the rationale of a potential purchaser of the site in question....especially, how much value accrues to the land after the other agents in producrng the proposed improvements, including entrepreneurial incentive (developer profit) are satisfied. The weaknesses in this type of analysis lie in the requisite estimation of market rental & expense levels, assignment ofa capitalization rate appropriate for the perceived risks, and the accurate estimation of cost to construct improvements. While numerous assumptions and projections are nrade in this report, it is feh that they are sufficiently minimized, adequately supported & reasonable, and tend to adhere well to the observed behavior of the subject marketplace. The income approach is given primary weight and reliability in this report. Based then on the data and analysis contained in this report, along with information not specifically cited such as altemative asking prices, conversations with brokers specializing in area commercial properties, plarmers and other town officials, etc., it is my opinion that the subject property of this report has a market value, as defined herei4 and zubject to the Certification, Assumptions & Limiting Conditions contained herein, in fee simple estate, as ofJune 22,2001 of:. FTVI HUNDRED TWENTY-FIVE THOUSAND DOLLARS Please advise if I can be of further assistance in this matter. Vert truly yours, VALUATION CONSULTANTS. INC. Jeftey P. Maddoa SRA Colorado Cedified General Appraiser, CGOl3l37 52 Yail 2I Building expansion, Vail VALAATION CONSALTANTS I I I I I T I I t I I I I I T I I I t zz CERTIFICATION OF THE APPRAISER I certi$ that, to the best of my knowledge and belief, ... o The statements of fact contained in this report a.re true and correct. o the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my persorul, professional analyses, opinions, and conclusions. . I have no present or prospective interest in the property that is the subject ofthis report. . my compensation is not contingent on an aqtion or event resulting from the analyseg opinions, or conclusions in, or the use of, this report. o this appraisal assignment was not based on a requested minimum valuation, a specific valuatiorq orthe approval of a loan. . my analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice and to the Standards of Professional Ethics of the Appraisal Institute. o The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. . J have made a personal inspection ofthe property that is the subject ofthis report. o No one provided significant professional assistance to the person ngning this report. o as ofthe date of this report, Jeffrey P. Maddox, SRA, has completed the requirement ofthe continuing education program ofthe Appraisal Institute. €-zz-za / Jelfrey P. Maddox, SRA Certifi ed General Appraiser #cG01313752 Vail 2I Building expansion, Vail VALAATION CONSALTANTS I I I I I I t I T I t I I I T I t t I ZJ ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been made with the following general assumptions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information fumished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. Plot plans, maps, or illustrative material in this report are included only to assist the reader in visualizing the property. Except as specifically stated, data relative to size or area ofthe subject and comparable properties has been obtained from sources deemed accurate and reliable. None of the exhibits are to be removed, reproduced, or used apart from this report. 6. The forecasts or projections included in this report are used to assist in the valuation process and are based upon current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. Any forecasts or projections ofincome, expenses and economic conditions utilized in this report are not predictions of the future. Rather, they are estimates of current market expectations of future income and expenses. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may vary from the projections considered herein. The appraiser does not warrant these forecasts will occur. Projections may be affected by circumstances beyond the current realm ofknowledge ofthe appraiser or the expectations ofthe marketplace. Therefore, these forecasts are subject to changes in future conditions which carurot be accurately predicted by the appraisers and could affect the future income and/or value forecasts. Unless otherwise noted, all prospective value estimates, if any, in this appraisal, are based on the market conditions which exist at the date ofinspection combined with an informed forecast, based on current trends in supply and demand for the property type under appraisal, as to what such conditions may be at the future date of property completion and or stabilization. The appraiser cannot be held responsible for unforeseeable events, such as unexpected new construction, unanticipated changes in economic conditions, or any other such events which might occur and which would alter market conditions. 7. It is assumed that there are no hidden or unapparent conditions ofthe property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. Vail 2l Building expansion, Vail VALAATION CONSALTANTS I I I I I T I I I I T I T I I I I I I 24 8. It is assumed that there is full compliance with a[ applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report. 9. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined and considered in the appraisal report. 10. It is assumed that all required licenses, certificates ofoccupancy, consents, or other legislative or administrative authority from any local statg or national government or private entity or organization have been or can be obtained or renewed for anv use on which the value estimate contained in this report is based. 1 1 . It is assumed that the utilization of the land and improvements, if any, is within the boundaries or property lines ofthe property described and that there is no encroachment or trespass unless noted in the report. This appraisal report has been made with the following general limiting conditions: l. The distributiorL if any, of the total valuation in this report between land and improvements applies only under the stated program ofutilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid ifso used. 2. Possession ofthis report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written cons€nt of the appraiser, and in any event only with proper written qualification and only in its entirety. This study may not be duplicated in whole or in part without the specific written consent of the appraiser nor may this report or copies hereof be transmitted to third parties without said consent, which consent the appraiser reseryes the right to deny. The appraiser shall have no accountability or responsibility to any such third party. 3. The appraiser herein by reason ofthis appraisal is not required to give further consultation, testimony, orbe in attendance in court with reference to the property in question unless arrangements have been previously made. 4. Neither all nor any part ofthe contents ofthis report (especially any conclusions as to value, the identity ofthe appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising public relations, news, sales, or other media without the prior written consent and approval ofthe appraiser. 5. Unless otherwise stated in this report, the existence ofhazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The Vail 21 Building expansion, Vail VALAATION CONSULTANTS I I T I I I I I I I I I t I I I I T T ZJ appraiser has no knowledge ofthe existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test zuch zubstances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulatioq or other hazardous substances or environmental conditions, may affect tlre value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, not for any expertise or engineering knowledge required to discover them. 6. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine ifthe property is or is not in conformance with the requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements ofthe ADd could reveal that the property is not in compliance with one or more of the requirements ofthe ADA. If so, this fact could have a negative effect upon the value of the property. Since there we have no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in estimating tJre value ofthe property. 7. Opinions ofvalue contained in this report are estimates. There is no guarantee, written or implied, that the subject property will sell or lease for the indicated amounts. 8. The appraiser reserves the rigtrt to amend and/or alter statements, analyses, conclusions and value estimates if information pertinent to this assignment is made known after the completion of the report. 9. Valuation Consrltants, Inc., as well as any employee, agent or officer thereoe shall be completely indemnified against any and all losses, claims, damages, liabilities, costs or expenses to which the recipient and/or third party user may become subject, but only if neither Valuation Consultants, Inc. nor any other indemnified person shall have been grossly negligent or shall have taken or omitted to take any action in bad faith in connection with the preparation ofthis report. Vail 2l Building expansion, Vail VALUATION CONSALTANTS I T t I I T I I I I I t I I I I t I I zo Decen$erfiilHfst *** +** {t* l*+++* ** *t{ *{+ +l+ .ra't**+ *:f.} ** * *'l ** + P_:". **.s "r ry 1h:y.-bd3 lla'-b.rn dxty-rntrtfd-a shol,rr rbovc io thc S&lt,(f,iGctr'irt, rnCHftidrr iit{B)tltooth 2oo3 s p|o,.ltcd f- fy tlF ta,,o oC-Con A" frpi* O...rta, Urirty frrrt ItOOi' AtlEirld by Oe Dodd of Rlal En* Aptrrilcrs, S,TINESI by ry CERTIFIED CEIIERA|- APPRATSER JEFF P HAI'DOI 4A E BEAVER CREEK DLVD 206 PO BOX 36t AVr , CA €1620 brrod |nd ocficil !..1.1 Oantt: Cdq:do ti6 l:t dryoI \ranuaru;ru!__. Vai I 2l Building expansion, Vail VALAATION CONSULTANTS FAX COVER SHEET FRITZLEN PIERCE Date: June 12,2001 To: Creg Hall TOV Department of Public Works Fax: 479-2166 Re: Vail 21 Condominiums Sender: Thomas R Du Bois cc: Bill Pierce please call (97O) 475-6342 Ext2O C,reg, Thank you for your time yesterday regarding the Alpine Amoco and Vail 21 projects. With regard to Vail21, attached is the Trip Ceneration Rates used in the Lionshead MasterPlan. Based on our conversation yesterday, I am assuming we would use the worst- case scenario to determine the number of trips generated by our proposed redevelopment, i.e., 0.50 trips per additional dwelling unit (PM peak houd and 0.65 trips per 1,000 sf of additional commercial space (PM peak hour). At $5000/trip in deVelopment impact mitigation fees: 8 proposed new dwelling units: 8x.50=4 trips x $5000/trip - $20,000 9,066 sf of proposed new commercial area: 9,066/1O00-9.066 trips x $5000/trip - $45,330 Total Development lmpact Mitigation Fees: Please advise if this is correct. $65,330 Thanks. K:\9874 - VAIL 21\TOV CORRESPONDENCE\FAX-CREG HALt TRIP CENERATION RATES.DOT Planning Architecture lnteriors 1 650 East Vail Valley Drive Fallridge C-1 Vail, CO 81557 vailarchltects.com lax l97OJ 4764901 (97O) 476-6342 ARCHITECTS Itfl o Tnnspoftation Analysis| . ' Lionshead VillageI ! -- Town of Vail ! Tabte 7I frip Generation Rates II rabre 8 Trip Generation Estimates I I I I I I i i H n n fi I fl I : 1*P;,:' ,:',-';,:; : ",': ;, r;: : ': ., =!.: , .l.- i ::.:,.... I i::. . : ;'tJqit:',., jii:lii:ti ::i i l i.i IResidentialDUIo.o6 n 1Cl o.25 0.30 o.20 ( o.so Village Core Commercial/R€tail ksf o.11 o.07 o.18 o.28 o.37 o.65 Village West Commercial/Retail ksf o.14 o.36 o.56 o.74 :a-4 1.30 Community Center ksf 0.87 o.45 1.32 0.60 t,to 1.75 tahl::; i:i' li'i i:i'i,::l j l': r:: i :'l.:,,::..,..,.. ' . :, .: .:.. .,,tr, .,:.',;,t ,, ',:friP!'Generr Il:,l::ri;: . : i.:r ::,: li ' .'AflllPe--1rfuter, l;, Er oni, . '. '.. 11.,:r! lmrieat, ni , ,,r ;i ,. ,i ,, iatati Residential DUI 586 37 110 147 I lo 117 293 Village Core Commercial/ Retail ksf 54 6 4 10 tc 20 35 Village West Commercial/Retail ksf 39 I o 14 22 29 51 Community Center 'ksf 100 87 45 132 60 116 176 TOTAL rJo 16s 303 273 282 555 ' Dwellinq Units I r"ra ury Holt & uilevis Page 33 82/28/2AEL I3:,68 519-542-1695 Eaglo Gounty Arse:sor Grrd for Account R010415 ae MIDLAI.ID I.OLDII'IG LTD of 01 /0E/zool verrion 200101 0E000 PAGE g4|'/,) ar Page: 1tn',"loirirc0a?il0'l 04:51PM P,operty Record J. CURTIS 1240 W 6OTH TER KANSAS CITY MO, 6.U 13 VEluc By: CONDO l-AllD xFog Total Valuo: Rcccpt t AB$TRACT-CODE I.ANO_CODE UNIT-WPE zoltlli{G LAND-IND SUBCODE LANO-S IOTAL AREA: ABSTRACT-CODE DEPOO I{E(;HBORHOOD USEtrCODE suPE& BHo SUBCOOE xFcrg_uNrfs rOTAt' AREA: VALUESUilIMARY MICA 346,620 39,770 2.890 391.280 D€Ed V/l Typ. WDwDl Overlide 0 0 0 0 cuu o Adi Srl€ Prlc€ 0 347,900 Rttio 112.469 Company : Tlr Area: AcraG: R010415 sc103 SALES DATA EalcPric€ Rttio 5,1.100 34?.$0 112.469 |jND DATA LANO Occun€nco I LAt{9SlZE NEIGHBORHOOD tAlE_cq)E SUPER-IIBHD ACTUAL 543.000 543.000 RATE 73.24 EFFECT]VE EFF-YEAR-ALT UIIIT-PRICE xFroe_coD€ ACTUAL EFFECTIVE 1.000 1.000 RATE 2,890.00 AULDING DATA qONDo occuronc. I silus Addrese; 000521 € UoNSHEAD CIR VAIL LEGAL DEscRrrrtdh'lmaynot bo complote) CONDO: VAIL 21 CONDO UNIT:505 BK-0228 Pe0080 BK-0638 PG4388 QCD 0+25-S4 R735m0 QCO 07-24-00 Sile Dat6 12JA|+1S73 03.oEc.'t993 543 |,.ANDS|ZE .1195 VAIL 2t lOOO RESIDENTIAL 4200 vArL @RE coNDO HEATED Tlm. Adl seLPrice Rlio 0 347,900 112/|.69 FOOTPRII{T 1130 CONoo-LAND r 1308490 VA|L 2t COND 1 UNIT-TY?E 6 CONDO 2S VALUE 39.770 1972 YEAR - 1972 4t95 VA|L 21 'OOO RESIDENTIAL 4200 vArL coRE coNDO VALUE 2.890 4-.- EXTRA FEATURE DATA XFOB Occu|Yenc! 't 1230 co toos-tMpRovEuENTs But|-ol G_No 0 Butu)tNG_No 1972 EFF-YEAR-B LT 31AO UNIT-PRICE t 1O FIREPL A. AESTRACT-CODE AtRCOI{D EATHS BUILDING-TYFE OEPOz EXTERKIR-WALLTFLAORI 20 FRAME HEAN G-TYPE NEIGHAC'R'IOOO ROOF-STRUCTURE SHAPEO uNtTll WALL-FII{ SUBCO9E BALCOtry iiAIN FLR AREA O NONE 3 AATHS r23000 coNooMtNtuM 1972 YEAR - 1491 t5 coNc ELocK E RESILIENT 3 MASONRY 13 AASEBOARD 4195 VA|L 21 2 SHED.I N/A 1 UNITS O N/A ARCH-STYLE BEDRO(xIS CONST.OUAL EFF-YEAR-BLT Fo(TURESFLOOn2 80 HEATING-FUEL II'ITERIOR-WALLl ROOF-COVER 6ararr|E::^-i:^ {,- -5 | ltrltE! ugE_oqrE SUPEL BHO EFFECNVE FOOTPRINT FOOTPRINT 840.000 1230 CONOOS.IMPROVEMENTS ACT YEAR BLT HEATEO 1972 ASI-YEAR-BLT 26@NDO 2 BEDROO{V|S 4 AVERAGE 1S72 EFF-YEALBLT 1O FIXTURES 14 CARPET INV 3 GAS 5 ORYWALL 9 CEDAR SHAK 5 ROOMS 1.5 lOOO RESIDENTIAL 4200 VAIL CORE CONOO HEATED 840.000 ACTUAL 147.0(n 840.000 &&0.000 a2/28/ZAEL 13:64 m,2ilt1 0f:5lPf,l 519-542-1595 MIDLAND }flLDING LTD O ErehcountyArrc$s O P.opcrtt R$ord Grrd ior Aocount R0l04l I u ot Ol&t 2001 PAGE Ab/ 4) O'Li/PeIp:l vrrcbn 20O1010t00 TOTA|.ABEA: Codr chrdic{to|rtlg, @f{osLAtr{o12vt cot{ooaJiFRovEMENTs ---!drl-. l.116.(100 / r,1r4000RATE 2 RATEVALI'C &{8,620 WAESTRACT SI'HIIARY 312.38 Orrrd{b Acturl V.lucg,no 33'r.3103et-m 312-38 O!.ri.5 Arrrrrrd Yrlrr 3,6m 34rr0Jlflo- ArrrcredVrl|| 3.870 3'l.ztl0 os?, 77 o ..-------.t263 r ), of t"tv Fz /q 4LS e*t ,: g's?8t 2'85 4- 4-' Res',c{r*,z,lc # 3 1.+ t u *lo7t11- u4t-rt.Q Cu u+rr,rae ',nt#/d.jd x 4,t7a trt' '= /L)6,?2/ ----) flao5,004,6 6 ll-. AU28/2a61 LSiOA 519-642-1595o MIDLAND IIT]L.DI {.- - .. GRFAandNew Sq. Footage allowable Grfa of new units------- 20,090 sq. ft. ffa of additions to existing units 10y'10 sq- ft. #30t &#302 2300 sq. ft. GRFA of existing rurits 17,096 Total ---- 49,t96 su ft Arca of existing propcrty-**-- 15,532 sq. ft. Area ofuptown pad<ing lot ---- 1770 sq. ft. Total 17,302 This allows 17,302 x2.5 - 43,255 sq. ft of additiond grFa without Town land Area of additional Town land available to purclnse ---4,170 This allows aoother 10425 sq. ft. ofadditioEl'grfa Total possible grfa -JJrtt@=& We only require 6,r![41 u. ft. otgfa frorr towu land prchase abort half of what we could get -Maybc only expand into half the Toqm land?? a 4-.- NG LTD o PAGE A6 6