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HomeMy WebLinkAbout1987-01-06 Support Documentation Town Council Work Session VAIL TOWN COUNCIL WORK SESSION TUESDAY, JANUARY 6, 1987 2:00 p.m. AGENDA 1. Semi-Annual Investment Report 2. Discussion of Proposed Vail das Schone, Vail Ridge, Vail Heights and Buffehr Creek Street Improvement District 3. Final Review of Children's Fountain Sculpture Exchange Proposal 4. Appointment of Northwest Colorado Council of Governments Representatives for 1987 5. Information Update 6. Other VAIL TOWN COUNCIL WORK SESSION TUESDAY. JANUARY 6, 1987 2:00 p.m. EXPANDED AGENDA 2:00 1. Semi-Annual Investment Report Charlie Wick Rich Parzonko Action Requested of Council: Receive report and make comments. Background Rationale: Staff has committed to Council to have at least two annual investment reports. This report will be the year end 1986 report and will be the second report for 1986 investments. 2:15 2. Discussion of Proposed Vail das Schone, Vail Ridge, Vail Larry Eskwith Heights and Buffehr Creek Street Improvement District Stan Berryman Action Requested of Council: Discuss the Resolution No. 1, Series of 1987, on the agenda for the Evening Meeting which is the first step in establishing the Street Improvement District for the north side of the Interstate in West Vail. Background Rationale: The process to establish this District began in 1985 and then was interrupted by the deannexation of West Vail. We now are proposing to begin the process again in order that the street improvements scheduled for West Vail can be done during the summer of 1987. A schedule of necessary action will be discussed with the Council leading up to May when construction may begin. 2:30 3. Final Review of Children's Fountain Sculpture Exchange Kristan Pritz Proposal Action Requested of Council: Approve/deny the final proposal for the Children's Fountain sculpture. Background Rationale: On December 23, the Council gave the applicant approval to proceed to Design Review Board for approval of the design concept for the Children's Fountain sculpture exchange. The applicant is returning to the Council for final approval of the project. Staff Recommendation: Approve the request. 2:45 4. Appointment of Northwest Colorado Council of Governments Ron Phillips Representatives for 1987 Action Requested of Council: Appoint a member to the NWCCOG Board for 1987 and an alternate member. Background Rationale: Kent Rose has served as the Vail Town Council representative to the COG Board for the last few years. In 1986, Dan Corcoran served as Kent's alternate until Dan resigned. Kent has stated he is willing to continue as the representative of Council to the COG Board. His appointment needs to be reaffirmed and an alternate needs to be chosen. 2:55 5. Information Update Ron Phillips 3:05 6. Other NO of Vail 75 south frontage road rail, Colorado 81657 (303) 476-7000 MEMORANDUM To: Ron Phillips From: Charlie Wick, Rich Parzonko Date: December 23, 1986 RE: Semi-Annual Investment Report 1986 Projected Earnings The Town's 1986 projected interest income for all operating and capital funds is $383,000, which exceeds the budgeted revenue figure of $310,000 by $73,000. Conservative revenue budgeting and enhanced treasury management have resulted in a significant earnings gain despite a continuous decline in 1986 interest rates. Real Estate Transfer Tax (RETT) actual and budgeted escrow interest earnings are included in the above figures. RETT escrow earnings amounted to $44,000 in 1986. Current Investment Position Investment funds available for the Town amounted to $3.8 million as of December 22, 1986. Reserve funds established for payment of debt service and RETT anticipation notes in the amount of $1.8 million are not included in the investable funds figure. A supplemental sheet titled 'Cash Investment Position' summarizes current cash investments in monetary value and as a percentage of portfolio by instrument classification. A short-term future goal position is also presented. Summary The Town's current cash position is at its lowest annual point of investable funds based on the Town's cyclical business nature and its approximate $2 million annual debt service payment paid on December 1. Therefore, a substantial deviation of portfolio percentage by investment classification may occur due to timing and may briefly distort the maturity schedule percentage set forth in investment policy guidelines. 12/22/86 CASH INVESTMENT POSITION (000's Omitted) Projected Policy Position Amount Limit Current% 02/20/87 Money Market 685 100% 18% 25% Government Pools 414 35% 11% 25% (Treasury Bills + Notes) $1M max Time Deposits 2,026. 100% 53% 35% U.S. Government Securities (Treasury's 100%) 707 50/100% 18% 15% Totals 3,832 100% 100% 12/22/86 CURRENT INVESTMENTS Money Markets Rate Amount 1st Bank of Vail 5.785 218,000 1st Bank Other Accounts 5.785 192,000 Merrill Lynch 5.390 275.000 Money Market Sub Total 6859000 Government Pools Colorado Trust 5.570 414,000 Pools Sub Total 414,000 Time Deposits Eagle County Institutions 900,000 Central Bank 300,000 Merrill Lynch 826,000 Time Deposits Sub Total 290269000 U.S. Government Securities U.S. T-Note 6.163 200,000 U.S. T-Note 8.875 250,000 G.N.M.A.'s 8.900 242,000 U.S. Savings Bonds 7.500 15,000 Government Securities Sub Total 707.000 Total Securities x.832.000 12/22/86 C.D.'s BY INSTITUTION Eagle County Institutions Maturity Amount Vail National Bank 06/01/87 500,000 Alpine Federal Savings & Loan 12/31/86 1000000 First National Bank of Vail 12/31/86 100,000 Empire Savings & Loan 04/06/87 100,000 Avon National Bank 10/26/87 100.000 900,000 Central Bank P.D.P.S.* Tri-State Bank of Denver 01/05/87 100,000 Boulder Valley National Bank 01/22/87 100,000 Bank of Colorado 10/23/87 100,000 300,000 Merrill Lvnch Des Moines National Bank 01/05/87 280000 Coast Federal Savings & Loan 01/07/87 30,000 Des Moines National Bank 01/12/87 23,000 Baltimore Federal Savings & Loan 02/25/87 25,000 First National Bank of Midland 03/23/87 71,000 Great Western Savings & Loan 05/18/87 89,000 California Federal Savings & Loan 08/31/87 90,000 Mere Bank 04/25/88 90,000 Albuquerque Federal Savings & Loan 7/11/88 53,000 Perpetual American Federal S & L 09/05/88 629000 Perpetual American Federal S & L 09/12/88 30,000 First Federal -Savings & Loan 10/05/88 90,000 Pacific Federal Savings & Loan 09/12/88 55,000 Columbia Federal Savings & Loan 12/14/88 90,000 826.000 Total C.D.'s 2,0126,000 *P.D.P.S.-Public Deposit Placement Service. 12/22/86 C.D.'s BY MATURITY ORDER Institution Amount Maturity Rate Alpine Federal Savings & Loan 100,000 12/31/86 6:.10 First National Bank of Vail 100,000 12/31/86 5.75 Tri-State Bank of Boulder 100,000 01/05/87 7.00 Des Moines National Bank 28,000 01/05/87 7.04 Coast Federal Savings & Loan 30,000 01/07/87 6.81 Des Moines National Bank 23,000 01/12/87 6.97 Boulder Valley National Bank 100,000 01/22/87 5.75 Baltimore Federal Savings 25,000 02/25/87 7.06 First National Bank of Midland 71,000 03/23/87 6.93 Empire Savings & Loan 100,000 04/06/87 6.05 Great Western 89,000 05/18/87 7.08 Vail National Bank 5009000 06/01/87 6.35 California Federal Savings & Loan 90,000 08/31/87 7.38 Bank of Colorado 100,000 10/23/87 6.00 Avon National 100,000 10/26/87 6.20 Mera Bank 901000 04/25/88 7.10 Albuquerque Federal Savings & Loan 539000 07/11/88 7.26 Perpetual American Federal S & L 62,000 09/05/88 7.20 Perpetual American Federal S & L 30,000 09/12/88 7.20 First Federal Savings & Loan 909000 10/05/88 7.25 Columbia Federal Savings & Loan 90,000 12/14/88 7.40 Pacific Federal Savings & Loan 55,000 12/14/88 7.40 a TO: Town Council FROM: Community Development Department DATE: January 6, 1987 SUBJECT: Children's Fountain Sculpture Exchange: Comments from the December 31, 1986 Design Review Board meeting On December 31, 1986, Mr. Deane Knox met with the Design Review Board to discuss his concept for placing individual children's sculptures on top of the wall enclosing the Children's Fountain. He is proposing to place seven sculptures each year. Six sculptures would be created by local students and the seventh sculpture would be from the New York City competition. It was decided that a total of 28 sculptures would be appropriate due to the circumference of the wall and the fact that the sculpture exchange is planned to continue for four years. The sculptures will be evenly spaced along the wall approximately 36 inches apart. The applicant proposed to attach the sculptures to the wall by either using pedestals that would be affixed to the stone or by attaching each sculpture to a bronze rope that would circle the top of the wall. The rope design is similar to what is used in New York City. Two plaques are proposed for the Fountain. First, the dedication plaque for the Fountain itself. Secondly, a plaque which will list the individual contributors each year in the sculpture exchange. The plaque would be designed so that participants would be added each year and new plaques would not be necessary. The Design Review Board was very supportive of the sculpture exchange concept. However, it is felt that work is needed on the design details of the project. The following comments were made by the board: 1. The children's sculptures should be integrated into the design concept of the existing sculptures. Placement of the individual children's sculptures should do justice to the existing sculptures as well as to each individual piece of children's work. 2. A final decision should be made by the Council as to whether or not the stone wall will remain. As was stated in a previous Town Council work session, the wall serves as a barrier to trash that blows into the Fountain. The Design Review Board wanted to make sure that the decision to keep the stone wall was a final decision so that if the children's sculptures are placed on the wall and the wall is removed in the future, it will not be an extra cost to relocate the sculptures. 3. No matter what placement system is used for the sculptures, seating areas should be maintained. 4. Some members do not like the concept of using the existing wall with the bronze rope. They feel that the rope is alien to the design of the Fountain and will actually compete with the existing sculptures. 5. In New York City, the center sculpture was formal and warranted a very formal placement of the children's sculptures. Vail's Fountain is much more informal and placement of the sculptures should reflect a compatibility with the existing Children's Fountain sculptures. 6. The Board recommended four alternative design concepts for the placement of the sculptures. a. Removal of existing wall and incorporation of the sculptures on boulders within the Fountain area. Most members preferred that the wall be removed if possible. b. Leave the existing wall and cap it with an-appropriate stone to define the existing stonework. The wall should also be lowered. This approach will simplify the appearance of the wall. C. Remove portions of the wall and replace these areas with boulders which could give the Fountain a more natural and open appearance, while at the same time addressing.the concern for trash blowing into the Fountain. d. If the wall remains, investigate the 'possibility of locating more boulders in the Fountain and placing the sculptures on the boulders. It was agreed that the applicant would investigate the four design concepts and meet with the Design Review Board again on February 18, 1986. The Design Review Board recommended that the project proceed so that the competition could actually begin. It was felt that there was plenty of time to work out the design details before the sculptures are actually placed at the Children's Fountain on Memorial Day. In general, the Board felt that the project was very positive and was interested in working further with the applicant to resolve the design issues.