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VEAC 03-13-18 Minutes FINALVail Economic Advisory Council March 13, 2018 - 8:00 AM – 10:00 AM MEETING MINUTES ______________________________________________________________ Packet Materials Link: http://bit.ly/2EF5QQG VEAC Members Present: Rayla Kundolf, Sarah Franke, Greg Moffet, Alison Wadey, Mark Gordon, Matt Ivy, Laurie Mullen, Phil Metz, Brian Nolan, Kim Newbury-Rediker, Mike Glass, Chris Romer, Matt Morgan, Bob Boselli Town of Vail Staff Present: Mia Vlaar, Economic Development Director, Laura Waniuk - Event Liaison Specialist, Kathleen Halloran – Finance Director, Greg Clifton – Town Manager, Ernest Saeger, Special Events Coordinator Others Present: Kristin Kenney-Williams - Vail Resorts, Mike Lange - Wyndham Destimetrics/Inntopia “Deep Dive”, Katie Barnes (20 minutes) Please see attached presentation for full details. • Review of winter occupancy and forward look to summer reservation numbers. • There are many things impacting current lodging economic situation for Vail, including snowfall as well as the announcement of the Ikon Pass. • Winter occupancy reported as down 12%; Rate (ADR) flat; Revpar down 12%. Compared to industry down 3% in Occupancy and up 3% in Rate. • Updates on Hotel Talisa and Double Tree hotels when they came online and how they impact occupancy reports. Talisa is included in the Destimetrics reports at this time. Preliminary look indicates that without Talisa’s room inventory, occupancy would have been flat (same number of room nights were booked YOY for the winter), but because the available rooms increased, the same amount of bookings appear to be a decrease of 12% from the prior year. • Metz suggested looking at total room nights as well as occupancy, which may be a better way to analyze the data for adding the Talisa. • Summer 2018 is trending positively. ADR is currently up 1%. RevPAR for summer is currently outpacing the industry at 8%. Town of Vail Financials, Kathleen Halloran (15 minutes) Revenue Highlights • Upon receipt of all sales tax returns, January collections are estimated to down 6.8% from last year and down 6.5% compared to budget. • RETT collections through February 28 total $514,918 down 29.6% from this time last year. The annual 2018 RETT budget totals $6.1 million. VEAC Minutes March 13, 2018 • Construction Use Tax collections through February 28 total $155,970 compared to $85,955 from this time last year. The annual budget totals $1,975,900. • Parking pass sales from November through February 28 total $1,186,365 up 24.1% from prior winter season. The significant increase in pass sales was largely due to the purchase of blue passes by Vail Health due to loss of parking during construction. • Daily sales from the parking structures from November through February 28 total approximately $2,338,504, down 13.5% from the prior winter season. • Discussion about a voluntary weekly gross revenue reporting from businesses and how it would be received. VEAC was supportive of collecting the data; Brian Nolan expressed interest in asking a number of businesses to provide weekly gross sales for a historical period such as 2 - 3 years back in order to have valid data for analysis sooner. STR program updates • There are about 360 short term rentals registered in the town system. • The new software is reporting that there are almost 3000 rentals currently in Vail. • Follow up with the outstanding properties will begin shortly. • Gordon stated that there is a little confusion in the community regarding the guidelines and steps to manage short term rentals. Ivy stated that the town’s website is very helpful for information. • Ivy asked what the plan is for enforcement, Halloran stated that it would go to court and come before the judge if licenses not in place for rentals. • Clifton added that another enforcement process surrounding complaints, which is an administrative process rather than in the court and can result in license revocation. Discuss 2018 Meeting Topics – VEAC members (15 minutes) • Follows an annual pattern about what we are reporting back on. • Parking • Please send an email to Mia with ideas Town Manager’s Report, Greg Clifton (15 minutes) • There are some things to be optimistic about, including the numbers in the summer months. Summers are lifting us up during challenging snow years. • Focus on a year round economy. • I70 Coalition meeting focused on state wide transportation funding. There will be a citizen initiated ballot; Colorado is losing ground in terms of transport. Effort to look at 4 different proposals, one will be picked for a statewide ballot measure. All of them are based on increasing sales tax revenue. • Parking for the summer will be a challenge as there will be reduced spaces due to Vail Health construction and elimination of their parking garage, construction at Red Sandstone Elementary, etc. VEAC Minutes March 13, 2018 • Moffet said that there may be an adverse customer service experience and that will need to be monitored. The overnight parking fee should free up some spaces. • Nolan suggested reaching out to the school district to see if there could be some kind of partnership with them. • Clifton asked for the board to attend the community meeting tonight 3/13 at 5pm at Donovan Pavilion. It will be a good event to get an overview of what’s going on in the town. Citizen Input (5 minutes) NA Other Business (5 minutes) • Mia provided instructions about the Vail.com Yelp Listings and how to get a business listed or updated. Please see instructions sheet in meeting packet. • Gordon discussed the Olympic meeting and how there are supporters and detractors for the event. Nolan added that the Olympic events held in our valley would be the equivalent to hosting a World Championship event. Gordon mentioned there may be opportunities to build funded infrastructure such as housing and transportation. Adjournment Next Meeting: Tuesday, April 10, Vail Town Council Chambers – 8:00am VEAC Minutes March 13, 2018