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.