HomeMy WebLinkAbout1987-07-28 Support Documentation Town Council Special Session . ~
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VAIL TOWN COUNCIL
SPECIAL MEETING
TUESDAY, JULY 28, 1987
2:00 p.m. AGENDA
1. Ordinance No. 28, Series of 1987, emergency reading, an emergency
ordinance amending Chapter 8.28 Air Pollution Control of the
Municipal Code of the Town of Vail providing for the installation of
solid fuel burners with certain specified controls in certain types
of buildings in specific zone districts within the Town of Vail, and
adding a section setting forth penalties for a violation of the
ordinance.
2. Vail Village Core Truck Loading Restrictions
3. Discussion of Proposed "Aurora" Sculpture for the Dobson Ice Arena
4. Second Quarter Financial Report
5. Semi-annual Investment Report
6. Discussion of Revision of Investment Policy and Discussion of
Ordinance No. 17
7. Planning and Environmental Commission Report
8. Information Update
9. Other
10. Executive Session - Land Acquisition Negotiations
VAIL TOWN COUNCIL
SPECIAL MEETING
TUESDAY, U'ULY 28, 1987
2:00 p.m.
EXPANDED AGENDA
2:00 1. Ordinance No. 28, Series of 1987, emergency reading,
Larry Eskwith amending the Air Pollution Control chapter of the Municipal
Dick Duran Code providing for the installation of solid fuel burners
Peter Patten and adding a section setting penalties for violations of the
ordinance
Action Requested of Council_: Approve/deny/modify Ordinance
No. 28, Series of 1987, on emergency reading. Consider
amendment to Ordinance No. 24, Series of 1983, to permit
solid fuel fire boxes to be installed in certain
accommodation units so that gas logs can be installed in
them.
Background Rationale: Bob Fritch has requested this
ordinance to allow him to utilize a certain type of gas
burning log in the Sitzmark redevelopment.
Staff Recommendation: None. The ordinance must be passed
by a unanimous vote of Council members present or by five
Council members, whichever is less.
2:30 2. Vail Village Core Truck Loading Restrictions
Stan Berryman 1.
Action Requested of Council: Receive report from the public
meeting (Stan Berryman, Hermann Staufer). Provide policy
direction:
1. Go ahead and impose restrictions effective 8/3.
2. Modify restrictions.
3. No restrictions - status quo.
Background Rationale: A public meeting was held 7/22 to
discuss the restrictions the Council approved on 5/5 (see
attachment). Significant opposition to the restrictions was
expressed by representatives from the delivery and
distribution firms. These firms would like to see the
restrictions modified to be less stringent.
2:50 3. Discussion of Proposed "Aurora" Sculpture for the Dobson Ice
Kristan Pritz Arena (Ms. Lisa Webster and Dr. Stanley Taub)
Action Requested of Council: Uphold/overturn the Public Art
Task Force's request that the Council allow the committee
adequate time to set up an appropriate review process which
will address gifts as well as the purchase of public art.
The final draft of the process is estimated to be finished
by early November.
Background Rationale: Recently, the staff was contacted by
Ms. Lisa Webster and Dr. Stanley Taub concerning a proposal
to locate a statue of Patricia Dodd, who at one time skated
with the John Curry group, at the Dobson Arena. The price
of the piece is $25,000. Ms. Webster has also indicated
that there may be the possibility of donating the piece to
the Town of Vail.
Staff Recommendation: Staff supports the Task Force
decision.
3:05 4. Second Quarter Financial Report
Steve Barwick
Charlie Wick Action Requested of Council: Receive and review the
report. Ask questions and make comments as desired.
3:15 5. Semi-annual Investment Report
Charlie Wick
Rich Parzonko Action Requested of Council: Review/discuss semi-annual
report.
3:30 6. Discussion of Revision of Investment Policy and Discussion
Charlie Wick of Ordinance No. 17
Rich Parzonko
Action Requested of Council: Review/discuss revisions to
the Town's investment policy.
Background Rationale: See enclosed memo.
Staff Recommendation: Approve revisions of the investment
policy with the ordinance readings in August.
3:45 7. Planning and Environmental Commission Report
Peter Patten
3:55 8. Information Update
Ron Phillips
4:00 9. Other
10. Executive Session - Land Acquisition Negotiations
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ORDINANCE N0. 28
Series of 1987
AN EMERGENCY ORDINANCE AMENDING CHAPTER 8.28 AIR
POLLUTION CONTROL OF THE MUNICIPAL CODE OF THE TOWN OF
VAIL PROVIDING FOR THE INSTALLATION OF SOLID FUEL
BURNERS WITH CERTAIN SPECIFIED CONTROLS IN CERTAIN
TYPES OF BUILDINGS IN SPECIFIC ZONE DISTRICTS WITHIN
THE TOWN OF UAIL, AND ADDING A SECTION SETTING FORTH
PENALTIES FOR A VIOLATION OF THE ORDINANCE.
WHEREAS, technology has been developed to allow certain types of gas burning
fireplace logs to be utilized in solid fuel burning devices; and
WHEREAS, the Town Council believes that the public health, safety and welfare will best be served by amending this Chapter to allow this new technology to be
utilized in certain kinds of buildings and certain zoning designations within the
Town of Vail; and
WHEREAS, the Town Council wishes to ensure that should such devices be
installed, they not be utilized for the burning of solid fuels.
NOW, THEREFORE, be it ordained by the Town Council of the Town of Vail,
Colorado, that:
1. Section 8.28.030 Solid Fuel Burning Devices of the Municipal Code of the
Town of Vail paragraph B. is hereby repealed and reenacted with amendments to read
as follows:
8.28.030 Solid Fuel Burning Devices
B. Gas Fireplaces
The restrictions of this Chapter shall not apply to a fireplace
fueled by natural gas, so long as said fireplace is designed and constructed so
that said fireplace cannot be used or modified to burn solid fuels.
Notwithstanding the foregoing, solid fuel burning devices may be installed in
properties classified under the Town of Vail Building Codes as R-1 and which are
also accommodation units pursuant to the definition of such contained in the Zoning
Code, may install equipment, flues, fireboxes and other features in accordance with
the applicable listings of U.L., A.G.A. or other recognized testing organizations
for the sole purpose of placing within such equipment artificial logs which burn
natural gas. Should such equipment be installed in accordance with this Section,
it must be done pursuant to a Town of Vail building permit and in accordance with
all pertinent building codes of the Town of Uail. Upon such installation, all such
equipment shall be subject to an annual inspection by the Town of Vail
Environmental Health Officer. The owner of any property containing such equipment
shall pay to the Town of Vail the amount of thirty dollars ($30) per year on the
first day of the year following the year in which said equipment was installed for
each such solid fuel burning device, and the first day of each year thereafter
during the time said equipment remains installed. The owner of any such device
shall allow the Town of Uail Health Inspector access into the area where such
device is located for the purposes of doing such an inspection. Such equipment
shall have fixed a means to prohibit access to the firebox by casual means and
unauthorized persons. Access to the firebox shall be for maintenance and repair,
testing or inspection only. The device utilized to prohibit access shall be
permanently closed by means of tamper resistant screws or other suitable means.
2. Chapter 8.28.030 Air Pollution Control of the Municipal Code of the Town
of Vail is hereby amended by the addition of Section 8.28.060 Penalties to read as
follows:
8.28.060 Penalties
It is unlawful for any person to violate any provision of this Chapter or
. to fail to comply with any of the requirements of this Chapter. Any person
performing any act prohibited or declared to be unlawful by this Chapter or failing
to perform an act required by or otherwise made mandatory by this Chapter shall be
punished by a fine of not more than four hundred ninety-nine dollars ($499). Any
such person shall be guilty of a separate offense for each and every day during any
portion of which a violation of any provision of this Chapter is committed,
continued, or permitted by such person and shall be punished accordingly. In
addition to penalties provided in this Section, any condition caused or permitted
to exist in violation of any provision of this Chapter shall be deemed a public
nuisance, and may be by this Town similarly abated as such, and each day that such
condition continues shall be regarded as a new and separate offense.
3. In order to enable development projects within the Town to install
technologically superior gas logs this current building season, the Town Council
determines that this Ordinance is necessary for the preservation of the public
property, health, welfare, peace and safety.
4. If any part, section, subsection, sentence, clause or phrase of this
Ordinance is for any reason held to be invalid, such decision shall not affect the
validity of the remaining portions of this Ordinance; and the Town Council hereby
declares it would have passed this Ordinance, and each part, section, subsection,
-2-
sentence, clause or phrase thereof, regardless of the fact that any one or more
parts, sections, subsections, sentences, clauses or phrases be declared invalid.
5. The Town Council hereby finds, determines and declares that this
Ordinance is necessary and proper for the health, safety and welfare of the Town of
Uail and the inhabitants thereof.
6. The repeal or the repeal and reenactment of any provision of the Uail
Municipal Code as provided in this Ordinance shall not affect any right which has
accrued, any duty imposed, any violation that occurred prior to the effective date
hereof, any prosecution commenced, nor any other action or proceedings as commenced
under or by virtue of the provision repealed or repealed and reenacted. The repeal
of any provision hereby shall not revive any provision or any ordinance previously
repealed or superseded unless expressly.stated herein.
INTRODUCED, READ AND APPROVED AS AN EMERGENCY ORDINANCE this day of
, 1987, in the Council Chambers of the Vail Municipal Building,
Vail, Colorado.
Ordered published in full this day of , 1987.
Kent R. Rose, Mayor Pro Tem
ATTEST:
Pamela A. Brandmeyer, Town Clerk
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;
lowo of voii ~
75 south irontage road department ot public works/transportation
vail, colorado 81657
(303) 476-7000
T0: VAIL VILLAGE MERCHANTS AND PROPERTY OWNERS
VAIL VILLAGE MERCHANDISE DELIVERY AND DISTRIBUTION FIRMS
FROM: STAN BERRYMAN, DIRECTOR, DEPARTMENT OF PUBLIC WORKS/TRANSPORTATION
DATE: JULY 13, 1987
On May 5, 1987, The Vail Town Council instructed the staff to impose restric-
tions on certain delivery vehicles operating in the Vail Village Core for an
experimental 30-day period.
The Town has received numerous complaints from guests and visitors regarding
the increasing number and size of delivery trucks in the core of Vail Village.
Large delivery trucks parked on Bridge Street, Gore Creek Drive, and other
Village streets impede pedestrian traffic and detract from the "pedestrian village"
concept in Town. The 1987 World Championships delegation visiting in Europe
from Vail noticed the attractiveness of villages in which vehicles are restricted.
As commercial density increases in the Village, more and larger delivery trucks
will be required to service the increasing retail space.
Therefore, the restrictions outlined on the following page will go into
effect Monday, August 3, 1987 and continue until Monday, August 31, 1987.
A public meeting is scheduled to discuss these restrictions on Wednesday,
July 22, 1987 at 1:30 P.M. in the Town of Vail Council Chambers, 75 South
Frontage Road.
Please contact me if you have any questions or desire additional information.
SB/njm
. ~
VAIL VILLAGE
DELIVERY TRUCK RESTRICTIONS
The following restrictions will go into effect at 8:30 A.M., Monday, August 3,
1987:
1. Trucks larger than 10,500 lbs. gross vehicle weight (GVW) will be
prohibited from parking on Bridge Street during the hours from
8:30 A.M. until 5:00 P.M.
2. Trucks larger than 10,500 lbs. G.V.W. will be prohibited from parking
on Gore Creek Drive during the hours from 9:30 A.M. until 5:00 P.M.
~ 3. After 9:30 A.M. until 12:00 Noon, trucks larger than 10,500 lbs. G.V.W.
will be required to park in one of two "staging areas" in the Village
Core and then use their own wheel costs to deliver goods into the
core. The following existing loading zones will be used for these
staging areas:
West - Willow Bridge Road
East - Gore Creek Drive (east of Mill Creek only)
4. After 12:00 Noon until 5:00 P.M., trucks larger than 10,500 lbs. G.V.W.
will be prohibited from parking anywhere in the Village Core except
in the Village Transportation Center Charter Bus Lot. Delivery
personnel will then be required to use their own wheel carts to
deliver goods into the core. The Town will continue to investigate
the feasibility of providing a smaller vehicle to assist with deliveries.
5. The above restrictions apply to vehicles larger than 10,500 lbs. G.V.W.
Delivery vehicles weighing 10,500 lbs. G.V.W. or less are not affected
by the restrictions. Taxis, service pick-up trucks (plumbers, electri-
cians, etc.) and personal cars are not affected by these restrictions,
and fall under the existing closure regulations outlined in #6 below.
6. The existing Village Core closure regulations will remain in effect:
No vehicles will be allowed entry to the Village Core
through Checkpoint Charlie between the hours of 11:00 A.M.
and 2:00 P.M., except for emergency vehicles and vehicles
with a specific destination excepted from the closure.
Exception permits must be obtained from the Vail Police
Department.
,
TO: Town Council
FROM: Community Development Department
DATE: July 28, 1987
SUBJECT: Proposed "Aurora sculpture" for the Dobson Ice Arena
Recently, the Town staff was contacted by Mrs. Lisa Webster and
Dr. Stanley Taub concerning a proposal to locate a statue
adjacent to the Dobson Ice Arena. Dr. Taub sculpted the piece
which is a life size sculpture of Patricia Dodd, who at one
time skated with the John Curry group in Vail. The price for
the sculpture is $25,000. Mrs. Webster has also indicated that
there may be the possibility of donating the piece to the Town
of Vail.
On July 17, 1987, the Town staff had a meeting with Mrs.
Webster to discuss the project. It was decided that it would
be reasonable to approach the Public Art Task Force to find out
if they would feel comfortable reviewing the project. At the
July 20th Public Art Task Force meeting, the group discussed
the possibility of setting up an ad hoc review process for this
specific project. Attached to this memo is a letter from the
Public Art Task Force stating their position on reviewing the
project. Also attached to the memo are various letters related
to the proposal as well as copies of photographs of the piece.
The Council is being asked to determine if it is reasonable to
hold off on reviewing the project until the Public Art Task
Force sets up a review process. It is estimated that the
review process will be presented to the Town Council in draft
form by early November.
441
tow75 south frontage road
vail, colorado 81657
(303) 476-7000 ofiice of community development
July 21, 1987
Honorable Paul R. Johnston
Mayor of Vail, Colorado
Council Members
75 South Frontage Road
Vail, Colorado 81657
Re: "Aurora Sculpture" for the Dobson Ice Arena
Dear Mayor and Council Members:
Recently, the Town staff was contacted by Ms. Lisa Webster and
Dr. Stanley Taub concerning a proposal to locate a statue
adjacent to the Dobson Ice Arena. The piece is a life size
sculpture of Patricia Dodd, who at one time skated with the
John Curry group in Vail. Ms. Webster saw the piece in New
York and felt that the statue would be a beautiful addition to
the surroundings at the Dobson Ice Arena. The price for the
sculpture is $25,000. Ms. Webster has also indicated that
there may be the possibility of donating the piece to the Town
of Vail.
The staff inet with Ms. Webster and decided that it would be
appropriate to discuss the proposal with the Public Arts
committee. At the July 20th Public Arts Task Force meeting, we
were asked by staff if we would be interested in reviewing the
piece.
At the Task Force meeting, members focussed on the issue of
whether or not an ad hoc review was appropriate for the
project. The Task Force did not want to get into the
discussion of the specific merits of the project. It was
decided by all members at the meeting that it would be more
appropriate to wait until the public art review process is
finalized before considering the project.
Over the past few months, the Task Force has been researching
various topics related to public art. A recurring statement
from speakers and general research has been that it is critical
to set up a good review process that reflects our community's
concerns before becoming involved with specific public art
projects. Our opinion is that to become sidetracked in
reviewing this specific proposal without an existing review
process has the potential to jeopardize the success of a future
Vail public art program.
The Task Force feels unprepared to take on the review of the
project at this time. We are requesting that the Council allow
the Task Force adequate time to set up an appropriate review
process which will address gifts as well as the purchase of
public art. We estimate that the final draft of the process
will be presented to the Town Council in early November.
As a Task Force, we wish to thank Ms. Webster and Dr. Taub for
their interest in contributing public art to the Dobson Arena.
The Task Force believes that the Dobson Arena has the potential
to be a fine location for an exciting public art project. We
feel that there is a future possibility of focusing on this
area for a project once the Arts Commission and review process
are established. Our concerns about the process are founded in
a strong belief that a well designed review process will
provide the community with a wide range of diverse and high
quality public art projects. In no way should our concern
about the review process be interpreted as a negative statement
on the efforts of the project sponsors. We appreciate the idea
of trying to place a piece adjacent to the Arena which would
emphasize the value our community places on the figure skating
programs held at the Dobson Arena.
We commend Ms. Webster's and Dr. Taub's efforts to bring this
sculpture to Vail. However, we do feel strongly that the
review process should be designed and a roved before projects
are considered.
Si ncerely, f
Arne Hansen Beverly Tro t
Pam. Hopkins Kathy Warren
:,Fittliugh c tt .
_
* Tom Briner and Helen Ginsberg were unable to attend the
July 20th Task Force meeting and therefore have not been
asked to sign this letter.
cc: Ms. Lisa Webster
Dr. Stanley Taub
Ms. Debbie Warner
4voi
, 75 south frontage road
vail, colorado 81657
(303) 476-7000 otilce oi communtty development
June 30, 1987
Dr. Stanley Taub
465 West Broadway
New York, New York 10012
Dear Dr. Taub:
I appreciate your interest in providing the Town of Vail with
the "Aurora Sculpture" for the Dobson Ice Arena. At this time,
I would prefer to work on setting up the public art review
. process before spending money on any public sculpture.
However, if you feel that you would prefer to go forward with
the project, you do have the option of discussing the proposal
with the Town Council. My reasons for wishing to wait until
the process is set up include the fact that $25,000 for a
sculpture is a great deal of money, and some priority setting
should occur before a purchase of this magnitude is made. I
believe that your proposal is worthwhile, however, I think it would be more prudent to wait until the review process is set
up.
If you wish to proceed to Town Council, you would need to
contact me or talk to the_Town Manager about presenting your
project to the Town Council. Our Town Manager is Mr. Ron
Phillips.
Thank you again for your interest in our community and desire
to provide public sculpture for Vail. If possible, I would
appreciate it if you would send me another photograph of the
sculpture. Apparently the photo has been misplaced, and I
would like to present a picture of the sculpture to our Arts
Task Force.
If I can be of any further assistance, please feel free to call
me at 303-476-7000, ext 111.
Sincerely,
Kristan Pritz
Town Planner
~
~G~;6/r.on~ • ~212J 62?6' -dW'u"
7cV j0m4
eur gloek, ./V.' 10021
aiad J~~eco~r6G~~cti~ro cfui~e~
March 27, 1987
Mrs. George tJebster
100 Vail Road
Vail, Colorado 81657
Dear Mrs. Webster:
It was a pleasure talking to you, and I would like to thank
you for your recommendation to contact Mr. Patrick Dodson
in Vail.
I am enclosing some photographs of the sculpture of Patricia
for your review and comments.
I have many fond memories of Vail and the uniquely balletic
John Curry Skating Company and have always felt that Patricia's
skating is the embodiment of all of those qualities. I
hope that I have conveyed that in this sculpture.
It would be a great dream of mine to see it displayed at
the Dobson Skating Arena, and I look forward to meeting
you in Vail.
Very truly yours,
~
Stanley Taub, M.D.
ST/el
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IDWRI ofi uai
75 south frontage road
vail, colorado 81657
(303) 476-7000
MEMORANDUM
TO: Ron Phillips
FROM: Steve Barwick,yCharlie WickU-)
DATE: July 23, 1987
RE: 1987 Second Quarter Financial Report
Please find attached the Town of Vail 1987 Second Quarter
Financial Report. The operating budget of the Town remains in
sound condition. Despite a planned transfer of $300,000 of
General Fund tax revenues to the Capital Projects Fund, total
General Fund revenues are expected to be under budget by only
$74,810. When combined with expected savings on the expenditure
side, the net decrease in the General Fund balance should be only
about $35,000.
Due to a recent $512,900 supplemental appropriation, the Capital
Projects Fund is being used to fund a number of additional
projects which were not originally anticipated. The net decrease
in the Capital Projects Fund balance is now expected to be reduced
to approximately $215,000 because of the transfer in of $300,000
from the General Fund.
The Real Estate Transfer Tax Fund is also expected to experience a
decrease in fund balance this year due to the addition of $379,100
in open space projects. At this time it is expected that the fund
balance will be approximately $2 million at year end.
SHB/ds
TOWN OF VAIL
FINANCIAL REPORT
SECOND QUARTER 1987
July 23, 1987
~orlvu~tiL Revised: 7/22/1987 -
STATEMENT OF PRC)JECTED CHANGES IN FOND BALANCE
1/1/87 - 12/31/87
REAL ESTATE SPEC. PARKING ; GENERAL CAPITAL TRANSFER ASSESSMENT
____________________FUND PROJECTS FUND TAX FUND FUND ; TOTAL ;
FUND BALANCE 1/1/87 1,651,918 469,991 2,440,576 167,811 ; 4,730,296 ;
Projected 1987 Revenue 9,879,200 4,429,000 1,237,000 52,000 ; 15,597,200 ;
Projected 1987 Expenditures 9,913,444 4,644,342 1,674,449 ( 16,000) ; 16,216,235 '
~
Gain/(Loss) ( 34,244) ( 215,342) ( 437,449) 68,000 619,035) ;
; ~
t-+ PROJECTED FUND BALANCE 12/31/87 1,617,674 254,649 2,003,127 235,811 ; 4,111,261 ;
I
~
..~<~~u.~ 1 nA
I
I '
I
TC)WN OF VAIL
SALES TAX ESTIMATION WORKSHEET
i
MONTH 1980 1981 1982 1983 1984 1985 1987 1987
986 ; BUDGET ACTUAL Variance
1---------------------------------
December 549,000 590,242 820,762 737,506 853,100 906,758 905,955-
January 626,448 514,102 675,186 696,752 742,262 881,304 890,585 ' 1,131,000 1,167,280 36,280-
February 624,040 594,292 687,792 751,856 824,650 918,154 946,552 ' 1,011,0C10 1,063,196 52,196
March 683,000 697,464 853,648 977,828 1,084,814 1,187,520 1,316,652 ~ 1,062,000 1,135,786 73,786
April 246,820 308,436 355,300 319,546 481,204 531,668 430,877 ' 1,310,000 1,378,782 68,782
May 89,180 135,774 147,378 156,588 166,200 162,912 244,987 ~ 539,000 425,961 (113,039)
' 224,000 212,127 ( 11,873)
____TOTAL 2,818,488 2,840,310 3,540,066 3,640,076 4,152,230 4,588,316 4,735,608 ; 5,277,000 5,383,132 106,132
June 176,044 245,204 ---247,326----257,744----262,696----280,828----361,627------------------------------------
61,000
July 281,846 339,418 349,116 407,474 406,462 447,815 479,507 ~ 3534,000
August 268,052 332,724 348,756 384,338 402,792 386,985 512,513 ! 518,000
September 176,090 285,918 268,598 324,670 384,864 340,102 374,060 ; 435,000
October 137,376 225,024 223,830 138,614 206,248 209,282 237,504 ; 266,000
November_____140,630 210,254 245,894 281,704 310,588 229,083 376,657 ; 366,000
~
N
I TOTAL 3,998,526 4,478,852 5,223,586 5,494,620 6,125,880 6,482,411 7,077,476 ; 7,757,000 5,383,132 106,132
!
' I
t1L' 11
Revised: 7/ 2/1987 TOWN OF VAIL
REAL ESTATE TRANSFER TAX
History and Budget
~ 1936
1980 1981 1982 1983 1384 1985 1986 ; 1987 1987 BUDGET
___MONTHACTUAL ACTUAL ACTOAL ACTUAL ACTUAL ACTUAL ACTUAL ; BUDGET ACTUAL VARIANCE
January 63,999 98,089 106,981 119,972 78,053 80,733 101,374
February 40,595 69,018 105,024 132,220 86,289 170,052 64,906 ! 81,801 143,980 47,040
March 69,886 126,935 109,533 137,820 62,693 63,831 92,557 ; 82,747 38,791 ( 43,956)
April 76,855 94,653 65,900 103,526 173,321 90,396 182,743 ; 96,338 95,554 784
May 42,738 84,324 54,663 90,599 96,006 228,673 98,651 ; 75,862 120,984 ( 45,122)
June 62,239 125,433 54,488 140,538 76,467 49,513 79,915
- ; 71,266 73,782 2,516
ubtotal 356,312 598,452 496,589 724,775 572,829 683,198 620,146 491,206 503,322 12,116
uly' 49,367 186,110 104,262 68,539 157,598 88,528 - 70,441 87,508 -
August 79,859 115,499 71,282 97,806 58,937 32,860 100,182 ; 72,969
September 59,800 113,992 49,332 96,746 64,671 48,516 108,167 ; 67,721
~ October 108,510 154,000 42,498 122,546 88,732 109,633 93,860 ; 93,572
November 102,623 107,768 81,698 91,385 105,109 74,909 89,047 ; 84,020
1 December142,662 133,867 110,911 56,533 81,890 333,139 106,695 ; 103,004
TAL 899,133 1,409,688 956,572 1,258,330 1,129,766 1,370,783 1,188,538 ; 11000,000 503,322 - 12,116
I
~
~
TOWN OF VAIL
1987 Financial Report
2nd Quarter
1987 ESTIMATE TO VARIANCE
GENERAL FtTND REVENtIE BtIDGET YEAR END OVER/ ( tINDER )
Taxes
Property & Ownership Taxes 1,507,000 1,506,000 (1,000)
Retail Sales Tax 4,544,000 4,573,000 29,000
Ski Lift Tax 588,000 580,000 (8,000)
Franchise Fees 340,000 340,000 0
Penalty & Interest 15,C1QC! 15,000 0
Trans to Cap. Projects Fund 0 (300,000) (300,000)
6,994,C)C1C? 6,714,000 (280,000)
Construction Fees 119,200 236,000 116,800
Licenses & Permits 94,400 98,000 3,600
Charges for Services 183,650 222,000 38,350
Transportation Centers 1,058,160 1,055,000 (3,160)
Dobson Ice Arena 285,000 351,000 66,000
Recreation Programs 262,200 262,200 0
Intergovernmental Revenue 581,000 554,000 (27,000)
Fines & Forfeitures 114,000 121,000 7,000
Other 262,400 266,000 3,600
- -
TOTAL GF REVENIIE 9, 954, C11C1 9, 879, 2C10 (74, 810)
REVISED
1987 ESTIMATE TQ VARIANCE
GENERAL FC1ND EXPENDITURES BLIDGET YEAR END OVER/ ( tINDER )
Legis., Manager & Judicial 413,477 407,000 (6,477)
Administrative Services 729,636 726,000 (3,636)
Community Development 488,090 488,090 0
Police 1,692,270 1,638,000 (54,270)
Fire 744,816 748,000 3,184
Public Works 1,409,054 1,409,054 p
Transit 1,233,654 1,233,654 0
Transportation Centers 769,960 769,960 0
Dobson Ice Arena 505,399 561,000 55,601
Recreation Programs 580,063 580,063 p
Library 434,923 434,923 p
Contributions & Events 404,310 417,400 13,090
Employee Benefits 65,700 70,000 4,300
Insurance 413,500 362,000 (51,500)
Contingency 68,300 68,300 0
TOTAL GF EXPENDITtIRES 9,953,152 9,913,444 (39,708)
S[TRPLUS/(SHORTFALL) -4 858 (34,244) (35,102)
1987 ESTIMATE TO VARIANCE
CAPITAL PROJECTS FI1ND REVENtIE BIIDGET YEAR END OVER/ ( LINDER )
Retail Sales Tax ---------------------3,213,000====3,234,000=======21,000
County Sales Tax . 131,000 131,000 0
Ski Lift Tax 588,000 580,000 (8,000)
Street Use Tax 58,000 45,000 (13,000)
Recreation Amenities Fees 16,(1C10 69,000 53,000
Earnings on Investments 93,000 70,000 (23,000)
Transfer from General Fund 0 300,000 300,000
TOTAL REVENUE 4, 099, ClC10 4,429,000 330,000
REVISED
1987 ESTIMATE TO VARIANCE
CAPITAL PROJECTS FUND EXP. BLIDGET_ YEAR END OVER/(t1NDER)
I-70 Interchange 235,000 235,000 0
Forest Road Bridge 78,000 78,000 0
Black Gore Bridge 25,000 25,000 0
Street Maintenance 570,000 570,000 p
Street Lights 38,000 38,000 0
RF 4-Way Stop Improvements 54,000 54,000 q
RF People Mover Study 24,000 24,000 p
RF Old Town Shop Improvements 33,600 33,600 0
RF Teen Center Remodel 2,500 2,500 0
RF Arena Mechanical Dampers 9100(1 9,000 0
Misc. Bldg. Maintenance 60,000 63,000 3,000
TRC Roof Repair 18,000 18,000 p
Parking Structures Projects 30,000 30,000 0
Communications Equipment 5C1,C1(10 50,000 p
TOV Shop Improvements 25,000 25,000 p
Slifer Square Fountain Repairs 25,000 25,000 p
Congress Hall Study 48,800 48,800 p
Recreational Paths Maintenance 60,000 60,000 p
Childrens' Fountain Repair 5,000 5,000 0
Ice Arena Walkway 3,000 3,000 0
Signage Project 120,000 120,000 p
Unallocated 18,558 0 (18,558)
Transfer to Computer Project 240,000 240,000 p
Transfer to Debt Service 2,839,442 2,887,442 48,000
TOTAL EXPENDITtIRES 4,611,900 4,644,342 32,442
SURPLt1S/(SHORTFALL) (512,900) (215,342) 297,558 --5-
1987 ESTIMATE T0VARIANCE
LOTTERY FC1ND BIIDGET YEAR END OVER/ ( tTNDER )
REVENLIE -----------------------------==81000 ========5,000=====_________
(3,000)
EXPENDITURES 81000 5,000 (3,000)
St]RPLtIS/ ( SHORTFALL ) 0 0 0
REVISED
1987 ESTIMATE TO VARIANCE
REAL_ESTATE_TRANS_TAX_FUND-_-_-_-LIIDGET---_ YEAR END OVER/(tTNDER)
REVENUE
RETT Taxes 1,002,000 1,002,000 p
Transfer from VMRD 70,000 70,000 0
Earnings on Investments 165,000 165,000 p
TOTAL RETT REVENCTE 1,237,000 1,237,000 p
EXPENDITURES
Purchase of Open Space 508,687 508,687 . p
Transfer to Debt Service Fund 786,662 786,662 p
Projects 379,100 379,100 p
TOTAL RETT EXPENDITURES 1,674,449 1,674,449 p
S[1RPL[1S/(SHORTFALL) (437,449) (437,449) p
1987 ESTIMATE TO VARIANCE
HEAVY EQLJIPMENT FLIND BCTDGETyEAR_END OVER/(ITNDER)
REVENCTE 1,033,800 1,033,800 p
EXPENDITURES 1,032,272 1,032,272 p
S[IRPLt1S/(SHORTFALL) 1,528 1,528 p
-6-
• ' MNTHF;PT fteviord: i; L'1i °7
TOWN OF VAIL
FISCAL YEAR-TO-DATE REVENt1E SUMMARY
As of June 30, 1987
(Operating Funds Only)
1986 1987
1986 JUNE YTD % 1987 JUNE YTD % OVER
FtIND JUNE YTD OF TOTAL JUNE YTD OF BUDGET (UNDER)
GENERAL FUND
Sales Tax (May) 2,647,556 66.9% 3,153,404 69.4% 2.5%
Property Taxes 1,097,487 75.21 1,079,550 75.3% .1%
Ski Lift Tax 392,256 65.8% 375,722 63.9% ( 1.9%)
Trans. Centers 694,007 67.6% 654,652 61.9% ( 5.8%)
Dobson Arena 101,919 33.6% 156,938 55.1%- 21.4%
Recreation 112,978 50.1% 102,610 39.1% ( 11.0%)
Other 879,366 39.6% 727,298 40.8% 1.2%
GENERAL FtIND TOTAL 5,925,569 60.5% 6,250,174 62.8% 2.3%
CAPITAL PROJECTS FUND
Sales Tax 2,088,052 66.9% 2,229,728 69.4% 2.5%
Ski Lift Tax 392,256 65.8% 375,722 63.9% ( 1.9%)
Street Use Tax 53,784 44.1% 81,917 141.2% 97.2%
Other 110,436 34.0% 155,437 77.3% 43.3%
CAPITAL PROJECTS TOTAL 2,644,528 63.5% 2,872,804 70.1% 6.6%
LOTTERY TOTAL 0 .Q% C? .p% .p%
GRAND TOTAL 8,570,097 61.4% 9,122,978 64.9% 3.5%
-7-
MNTHRPT Revised: 7/21/87
TOWN OF VAIL
FISCAL YEAR-TO-DATE EXPENDITCIRE SLTMMARY
As of June 30, 1987
(Operating Funds Only)
1986 1987
1986 JtINE YTD % 1987 JI1NE YTD % OVER
FUND JUNE YTD OF TOTAL JtINE YTD OF BI)DGET ( C)NDER )
GENERAL FLIND
Legis., Mgr & Judicial 202,523 49.7% 199,037 48.1% ( 1.5%)
Administrative Serv. 292,039 46.6% 329,717 _ 45.2%. ( 1.4%)
Community Development 166,134 41.9% 196,197 40.2% ( 1.7%)
Police 772,470 48.1% 735,951 43.5% ( 4.6%)
Fire 316,608 46.3% 341,717 45.9% ( .5%)
Public Works 633,394 46.4% 564,064 40.0% ( 6.4%)
Transit 499,442 45.4% 445,849 36.1% ( 9.2%)
Transportation Centers 364,799 49.7% 331,208 43.0% ( 6.7%)
Dobson Ice Arena 176,136 38.5% 123,442 24.4% ( 14.1%)
Recreation Programs 207,002 38.4% 303,775 52.4% 14.0%
Library 181,339 45.6% 196,093 45.1% ( .5%)
Contrib. & Events 171,218 52.4% 227,216 56.2% 3.8%
Employee Benefits 99,460 75.1% 8,305 12.6% ( 62.5%)
Insurance 18,144 6.9% 97,354 23.5% 16.7%
Contingency 0 .0% Q .0% .0%
GENERAL FL7ND TOTAL 4,100,708 45.4% 4,099,925 41.2% ( 4.2%)
CAPITAL PROJECTS
Capital Projects 662,908 61.1% 188,664 12.3% ( 48.8%)
Transfers p ,p% 0 .0% .0%
CAPITAL PROJECTS TOTAL 662,908 16.2% 188,664 4.1% ( 12.2%)
LOTTERY TOTAL 8,125 105.4% 0 .0% (105.4%)
GRAND TOTAL 4,771,741 36.3% 4,288,589 29.4% ( 6.9%)
NOTE: Heavy Equipment Fund charges are not yet being recorded on the new
computer system. These charges will add approximately $500,000 to
the June 1987 YTD total.
-8-
48~i
ow75 south frontage road
vail, colorado 81657
' (303) 476-7000
MEMORANDUM
TO: Town Council Members
FROM: Charlie Wick
Rich Parzonko
DATE: July 24, 1987
RE: Investment Policy Revision
Town financial staff is recommending revisions to Council Policy
Statement 86-1 which was the Town's first Investment Policy.
The purpose of the changes is to ensure compliance with
Governmental Accounting Standards Board (GASB) Statement #3 and to
minimize required audit costs by independent auditors. We also
need to adopt the Investment Policy by ordinance to enable the
Town, as a Home Rule municipality, to invest outside the State of
Colorado.
Deletions are slashed and additions are in bold on the Investment
Policy.
CRW/ds
.av
` I
MEMORANDUM
To: Ron Phillips
From: Charlie Wick, Rich Parzonko
Date: July 22, 1987
RE: Semi-Annual Investment Report
1987 Interest Earnings
The 1987 interest income budget for operating and capital
funds is $312,000. Actual interest income as of June 30, 1987
amounted to $189,000. The projected interest income for December
31, 1987 is $362,000 creating a$50,000 surplus of interest
benefiting the General, Capital Project and Real Estate Transfer
Tax Funds for the most part.
1987 Interest Rate Summary
Interest rates remained stable throughout the lst quarter.
The 2nd quarter brought an increase of 1/2% to 3/4% in short term
time deposit interest rates due to the 3/4% increase in the prime
rate. Town of Vail investments benefiting from this increase are time deposits (CDs) and government security purchases. Interest
rate projection for the remainder of the year is to maintain a
limited range near current levels.
Current Investment Position
Town of Vail investable funds amounted to $6.9 million as of
July 22, 1987. An investment report attached which details the
Town's current investments and compares established investment
policy guidelines to actual investment positions for compliance
purposes. This report is updated semi-monthly following the most
recent payroll period.
Escrow Reserve Interest Earnin s
The Town of Vail is currently maintaining two escrow reserve
accounts totaling $1,885,000. The G.O. Bond covenant escrow
requirement is $1,345,000 and the Transfer Tax covenant escrow
requirement is $540,000. The escrow earnings will amount to
$151,700 with the G.O. Bond escrow earning $117,000 and the
Tansfer Tax Escrow earning $34,700. Interest earnings from escrow
accounts are used for debt retirement and these escrow figures are
not included in the actual, budgeted or projected figures
presented in the above sections of this report.
TOWN OF VAIL PORTFOLIO 22-Ju1-87
CURRENT INVESTMENTS
MONEY MARKETS YIELD AMOUNT
1st Bank of Vail 5.826% $314,000
1st Bank Other Accounts 5.826% $237,000
Merrill Lynch 5.570% $145,000
MONEY MARKET SUB-TOTAL $696,000
GOVERNMENT POOLS
'
Colorado Trust 5.820% $632,000
POOLS SUB-TOTAL $632,000'
TIME DEPOSITS
Eagle County Institutions $1,400,000
Central Bank P.D.P.S. $800,000
Other Institutions $1,660,000
TIME DEPOSITS SUB-TOTAL $3,860,000
U.S. GOVERNMENT SECURITIES
T-BILL (8-13-87) 6.020% $250,000
T-BILL (10-1-87) 6.026% $250,000
T-NOTE (5-31-88) 6.163% $200,000
T-NOTE (5-31-88) 7.337% $260,000
T-NOTE (9-30-88) 6.694% $250,000
T-NOTE (2-15-96) 7.470% $230,000
GNMA's 8.900% $230,000
SAVINGS BONDS 7.500% $15,000
U.S.SECURITIES SUB-TOTAL $1,685,000-
TOTAL PORTFOLIO $6,873,000
TOWN OF VAIL PORTFOLIO 22-Ju1-87
C.D.'s BY MATURITY ORDER
INSTITUTION MATURITY RATE AMOUNT
Central Bank of Denver 31-Ju1-87 6.55% $300,000
Tri-State Bank of Boulder 19-Aug-87 6.25% $100 000
Tri-State Bank of Denver 19-Aug-87 6.25% $100,000
Alpine Bank 23-Aug-87 5.89% $100,000
First National Bank of Vail 30-Aug-87 6.80% $100 000
California Federal Savings & Loan 31-Aug-87 7.38% $90,000
Central Bank of Denver 31-Aug-87 6.65% $300,000
First Bank of Vail 04-Sep-87 5.75% $400,000
Alpine Federal Savings &Loan 28-Sep-87 6.50% $100,000
Pioneer Bank 28-Sep-87 6.40% $100,000
Central Bank of Denver 29-Sep-87 6.70% $300000.
Bank of Colorado 23-Oct-87 6.00% $100,000
Avon National 26-Oct-87 6.20% $100,000
Silverado Savings & Loan 20-Nov-87 6.50% $100,000
Dominion National Bank 01-Dec-87 6.00% $100,000
Bank of Lakewood 01-Dec-87 6.20% $100,000
1st Continental Bank of Rockrimmon 01-Dec-87 6.10% $100,000
Central Bank of Chapel Hills 01-Dec-87 6.250 $100,000
Empire Savings & Loan 31-Dec-87 6.20% $100,000
Vail National Bank 04-Jan-88 7.25% $500,000
Mera Bank 25-Apr-88 7.10% $90,000
Albuquerque Federal Savings & Loan 11-Ju1-88 7.26% $53,000
Resources Industrial Bank 12-Ju1-88 7.55% $100,000
Perpetual American Federal S.& L.. 05-Sep-88 7.20% $62,000
Pacific Federal Savings & Loan 12-Sep-88 7.400 $55,000
Perpetual American Federal S.& L. 12-Sep-88 7.20% $30,000
First Federal Savings & Loan 05-Oct-88 7.25% $90,000
Columbia Federal Savings & Loan 14-Dec-88 7.40% $90,000
TOTAL CD's $3,860,000
TOWN OF VAIL PORTFOLIO 22-Ju1-87
C.D.'s BY INSTITUTION
EAGLE COUNTY MATURITY YIELD AMOUNT
Alpine Bank 23-Aug-87 5.89% $100,000
First National Bank of Vail 30-Aug-87 6.80% $100,000
First Bank of Vail 04-Sep-87 5.75% $400,000
Alpine Federal Savings &Loan 28-Sep-87 6.50% $100,000
Avon National 26-Oct-87 6.20% $100,000
Empire Savings & Loan 31-Dec-87 6.20% $1001000
Vail National Bank 04-Jan-88 7.25% $500,000
EAGLE COUNTY TOTAL $11400,000
OTHER INSTITUTIONS
Central Bank of Denver 31-Ju1-87 6.55% $300,000
Central Bank of Denver 31-Aug-87 6.65% $300 000
California Federal Savings & Loan 31-Aug-87 7.38% $90,000
Central Bank of Denver 29-Sep-87 6.70% $300,000-
Silverado Savings & Loan 20-Nov-87 6.50% $100,000
Mera Bank 25-Apr-88 7.10% $90,000
Albuquerque Federal Savings & Loan 11-Ju1-88 7.26% $53,000
Resources Industrial Bank 12-Ju1-88 7.550 $100,000
Perpetual American Federal S.& L. 05-Sep-88 7.20% $62,000
Pacific Federal Savings & Loan 12-Sep-88 7.40% $55,000
Perpetual American Federal S.& L. 12-Sep-88 7.20% $30,000
First Federal Savings & Loan 05-Oct-88 7.25% $90,000
Columbia Federal Savings & Loan 14-Dec-88 7.40% $90,000
OTHER INSTITUTIONS TOTAL $1,660,000
CENTRAL BANK P.D.P.S. PROGRAM
Tri-State Bank of Boulder 19-Aug-87 6.25% $100,000
Tri-State Bank of Denver 19-Aug-87 6.25% $100,000
Pioneer Bank 28-Sep-87 6.40% $100 000
Bank of Colorado 23-Oct-87 6.00% $100,000
Dominion National Bank 01-Dec-87 6.00% $100,000
lst Continental Bank of Rockrimmon 01-Dec-87 6.10% $100,000
Central Bank of Chapel Hills 01-Dec-87 6.25% $100,000
Bank of Lakewood 01-Dec-87 6.20% $100,000
CENTRAL BANK P.D.P.S. TOTAL $800,000
• INVESTMENT POLICY CALCULATIONS 23-Ju1-87
(000's omitted) MATURITY SCHEDULE
30 Days 90 Days 270 Days 365 Days 730 Days
Maturity Schedule 22-Ju1-87 20-Sep-87 18-Mar-88 22-Jun-88 22-Jun-89
Amount Matured By 2078 3818 5118 5821 6398
Above Date
Required Portfolio 10% 25% 50% 75% 90%
Maturity
Current Portfolio 6873 6873 6873 6873 6873
Size
Dollar Value of Re- 687 1718 3437 5155 6186
quired Maturity
Amount Over(Under) Min 1391 2100 1682 666 212
imum Requirement
Long/Short Requirement LONG LONG LONG LONG LONG
Actual Portfolio Ma- 30% 56% 74% 85% 93%
turity by %
(000's omitted) INSTRUMENT CALC
Policy
Instrument Type Amount Limit Actual
MONEY MARKET 696 100% 10%
GOVERNMENT POOLS 632 35% 9%
TIME DEPOSITS 3860 100% 56%
U.S. SECURITIES 1685 1000 25%
6873 100%
VAIL TOWN COUNCIL
COUNCIL POLICY STATEMENT $6-1- 87-1
INVESTMENT POLICY
SECTION I. STATEMENT OF PURPOSE
The Investment Policy of the Vail Town Council for the Town of
Vail represents the financial boundaries within which its cash
management process will operate.
Areas covered by this policy include:
II. Scope of Financial Funds to be Invested
III. Investment Objectives
IV. Delegation of Authority for Investment Decisions
V. Investment Prudence VI. Investment Instruments in which the Town May
Invest, Diversification of the Investment
, Portfolio, and Minimum Maturity Portfolio
Schedules
VII. Financial Institutions in Which the Town May Invest
VIII. Establishment of an Investment Committee
E-g~ak3~~~~°rme~t-Qf -Fn~erna~ -eantraIs
-X-. IX. Provisions for Interim and Annual Reporting
Cash management goals shall be developed within the constraints of
this policy statement. Goals shall include:
A. A total percentage of cash to be invested. The Town
shall have X~ ~rr ~tt~r 1000 of Town funds invested as-a
s#at.ecl- -ga~~.
B. Percentage of Return (Yield). A target yield should be
stated as a goal.
C. Total Dollar Return Goal. Combines the goals of
percentage of cash available and the percentage of yield
to obtain a total dollar return goal.
SECTION II. SCOPE
This investment policy applies to all financial funds of the Town
of Vail (hereby referred to as the "Town"). These funds are
accounted for in the Towns comprehensive Annual Financial Report
and currently include the:
General Fund
Capital Projects Fund
Construction Funds
Special Revenue Funds:
Reereatien-Arae~~t-ies-Fee-~u-n-d
Real Estate Transfer Tax
Reereatien-Pregrans-~~nel
Parking Fee Fund
Conservation Trust Fund
Enterprise Funds:
Bebeen-lee-Rink-Fund
Internal Service - Fleet Maintenance Fund
Internal Service - Health Insurance
2
Debt Service Fund
Special Assessment Funds
-E-a-p~-a3- -Pr~rj-P_~ -i~
Monies held by the Colorado State Treasurer and Eagle County
Treasurer during tax collection periods shall be governed by State
of Colorado and Eagle County investment policies and are not
subject to the provisions of this policy.
SECTION III. INVESTMENT OBJECTIVES
The format objectives of the Town is to ensure the safety of
principal. Each investment transaction shall first seek to ensure
capital losses are avoided, whether they are from default of
securities or erosion of market value. The Town, as its second
major objective, seeks to attain market rates of return on its
investments. Market rate objectives must be consistent with
constraints imposed by the primary objective of the safety of
principal, internal cash flow considerations and any Eolorado
S-t-a7t~-__rtrat_L
+t-eaL Town of Vail ordinance, restricting the placement
of public monies ~t13~~1~ 7tta~-a~~~~-~e-a-I~ame-Rr~~e-munrcrpa~itp.
Speculative investments will not be allowed. Speculative
investments are those wit-h. -a-€or- -i4ugh -}n6reasQd _gain_but
attempting to gain market premium appreciation through short term
market volatility resulting in increased risk and loss exposure.
The Town will not purchase
a security for speculative purposes which cannot be held to
maturity. This does not mean an investment cannot be sold akead
of- prior to maturity.
3
SECTION IV. DELEGATION OF AUTHORITY
Management responsibility for the investment program is held by
the Administrat}ve-6erviees-9}reeteE7-whe-shall-establ4sh-+iiD--to
date-wFitteA-gFesedures-€er-the-eperatien-e€-the--investffte~-t
pFog~aiR,--eensistent-w}th-this-inveetyftent-pelley Town Manager and
appointed designees. The-fnvestment-eemyftittee-sha-11-ap-rove-t-he
Su~~-~~eee~~~es-s~a~~-~ne~~de-exp~~e~t-d~~egat3on-of-aut~ority-tn
No employee may engage in an investment
transaction except as provided under the terms of this policy and
any procedures which may be established by the A~mzin4strat4ve
~Qr-v!ees-B1reeter Town Manager. The
Birreetor Town Manager shall be-responszb±e-for-all-transactinns
r-e~l~t-e.-t-4e-ae~~v-~t-.ies-vf-subard2nate-off=c2ats approve
investments made through investment documentation.
It shall be the duty of the Controller to manage the day-to-day
operations of the portfolio, prepare-weektp-and-mantnlp-casn
-fio-~~a-~ and place actual purchase/sell orders with dealers
institutions. In the absence of the Controller, the
Administrative Services Director shall assume these duties.
The authority for the investment philosophy and selection of
investment managers for the Town of Vail Employee Pension Plan and
the Town of Vail Police and Fire Employees Pension Plan shall be
the responsibility of the Pension Plan Trustee as defined in the
pension plan document.
4
SECTION V. PRUDENCE
Investments shall be made with reasonable financial judgement and
care, under circumstances than prevailing, which persons of
prudence, discretion and intelligence exercise in the management
of their own affairs, not for speculation, but for investment,
considering the primary objective of safety of principal as well
as the secondary objective of the obtainment of market rates of
return.
Investment officers acting in accordance with written procedures
and exercising due prudence shall be relieved of personal
responsibility for an individual security's credit risk or market
price changes, provided deviations from expectation are reported
in an timely fashion, and appropriate action is taken to control
adverse developments.
SECTION VI. INVESTMENT INSTRUMENTS
As a unit of local government in the State of Colorado the Town of
Vail is restricting itself to the following type of securities:
l. Savings accounts, certificate of deposit and other time
accounts of commercial banks insured by the Federal
Deposit Insurance Corporation.
2. Securities of savings and loan associations' share or
investment certificate of which are insured by the
Federal Savings and Loan Insurance Corporation.
3. $eRds;-notes;-treasury-bllls Treasury Bills, Treasury
Notes, Treasury Bonds and Federal agencies securities
aRd-instruments which are guaranteed by the full faith
5
and credit of the United States of America. Other
securities, such as Fannie Maes, which are not backed by
the full faith and credit of the United States, may be
purchased on a full delivery vs payment basis where the
securities are used as collateral and are delivered at
the time the Town releases funds for their purchase.
4. Commercial paper issued by corporations organized in the
United States with assets exceeding $500,000,000.
5. Colorado Public Investment Pools. The Town may
participate in a Colorado Public Investment Pool, the
Colorado Local Government Liquid Asset Trust or other
similar local government pools organized in conformity
with Part 7 of Article 75 of Title 24, CRS, which
provides specific authority for pooling of local
government funds.
6. Money Market accounts investing in U.S. Agency
Securities guaranteed by the U.S. Government.
In addition, the Town may participate in repurchase agreements
provided the securities for the agreement are included in 1
through i5 6 above. As a matter of policy, the Town must take
delivery of the securities purchased through a repurchase
agreement or have required collateralized securities in a
restricted account located at the Federal Reserve Bank if the
terms of the agreement is greater than 14 days. Repurchase
agreements with terms less than 14 days shall be held in
safekeeping by a banker or broker in a designated trust
6'
department. Repurchase agreements involving non-deliverable
securities shall only be held by the Federal
Reserve Bank or by another commercial banking institution's trust
department which is not owed or controlled by the borrowing
institution. Pledged securities under repurchase agreements must
be based on market value, not face value. When entering a
repurchase agreement where delivery is not required, the Town
shall obtain a safekeeping receipt for the specific security(ies)
purchased. Repurchase agreements involving pooled collateral
shall be avoided. Repurchase agreements shall only be purchased
from banking institutions and or primary er-sesendary brokerage
firms. Seeendary Primary brokerage firms shall only be used on a
full delivery vs payment basis for repurchase agreements.
It is the general policy of the Town to concentrate its investment
efforts in, but not to be limited to, U.S. Treasury obligations,
and Certificates of Deposit and Super Now Accounts issued by
financial institutions located in the Town or Eagle County.
Investments will be selected on the following basis:
1. The institution offering the investment must meet all
the criteria as stated in the "Financial Institutions",
Section VII of this policy statement.
2. The duration of the investment must coincide with cash
requirements determined by the Controller of the Town to
meet short term or long term needs.
3. The rate of interest on the investment must be at least
equivalent to the average rate of return available in
the market place.
7
Certificate of Deposit Investments in excess of $100,000
shall be-plaeed-u9ing use an informal bidding procedure where
rates will be received from at least two institutions with the
investment placed with the highest bidder provided the institution
meets the Town's investment criteria as stated in Section V.
Certificate of Deposit investments in the amount of $100,000 or
less shall have a yield analysis performed in comparing the
selected investment to others similar in nature. The Town may
place an investment with a local institution that is not the
highest bidder, provided the bid is not more than 25 basis points
below the highest bidder. U.S. Agency and Corporate Commercial
Paper investments shall use a formal bidding procedure where rates
will be received from at least two institutions with the
investment placed with the highest yielding bidder provided the
institution meets the Town's investment criteria. Short Term (1
year or less) U.S. Treasury-bills or notes which do not exceed
$250,000 are not required to use the aforementioned bidding
process due to the limited variation of yields for such
instruments. However, bid comparisons are to be chosen randomly,
to ensure that quality pricing is being obtained by the Town on
~
instruments not requiring a bid process. It is the responsibility
of the Controller to demonstrate compliance with this section. A
local institution is defined as a bank or savings and loan
association doing business inside the corporate limits of the Town
of Vail and/or Eagle County.
8
All investments will be in the name of the Town of Vail and in
most cases it will be a general policy of the Town to ee-m-iRgle
pool all available operating cash into a eemmen Treasury Cash
Management investment portfolio. However, a specific investment
r-e,~tr,i-Gt.P-d-te purchased by a specific fund shall incur all
earnings and expenses to that particular instrument fund.
Interest earnings from pooled funds shall be allocated to all
participating funds in the following order:
A. Payment of interest earnings shall be allocated to
designated funds from its specific investments.
B. Payment to the General Fund of an amount equal to
monthly the total annual bank service charges as
incurred by the general fund for all operating funds as
included in the annual operating budget.
C. Payment to the General Fund of a management fee equal to
5% of the annual pooled cash fund investment earnings.
D. Payment to each fund of an amount based on the average
monthly cash balance included in the common portfolio
for the earning period.
All investment securities will be held in safekeeping at financial
institutions. Safekeeping account receipts will be held by the
Town's Finance Division.
9.
PORTFOLIO DIVERSIFICATION
The Town will diversify use of investment instruments to avoid
incurring unreasonable risks inherent in overinvesting in specific
instruments, individual financial institutions or investment
maturities.
Maximum Percent
Diversification by Instrument: of Portfolio
Money Market & Super Now Accounts
with Commercial Banks 100%
Money Markets of U.S. Government
Guaranteed Secuities 50%
U.S. Treasury Obligations
(Bills, Notes & Bonds) 100%
U.S. Government Agency Securities
and Instruments of Government
Sponsored Corporations 50%
Repurchase Agreements (Repos) 2-~a-50%
Certificate of Deposit (CDs)
Commercial Banks 100%
Certificate of Deposit (CDs)
Savings & Loan Association 1-0-3~ 15%
Local Government Investment Pool 3--5--°6- 50 0
Corporate Commercial Paper 20%
Diversification by Financial Institution:
Repurchase Agreements (Repos)
No more than 1-(3-°-~ 20 0 of the total investment portfolio
shall be secured in Repos with any one institution.
Certificates of Deposit (CDs) - Commercial Banks
No more than 33% of the total investment portfolio shall
be secured in any one commercial bank's CDs. The Colorado
Public Deposit Protection Act (P.D.P.A.) provides
collateralization of public monies accounts in excess of
10
$100,000 with U.S. Treasury, U.S. Agency, Colorado
Municipal Bond or 65% of Real Estate Mortgage face value
investments.
Certificates of Deposit (CDs) and Passbook Savings Accounts
-Savings & Loan Associations
No more than $100,000 in CDs shall be secured in any one
institution.
Local Government Investment-Pools Guaranteed Securities or
Money Market accounts backed by U.S. Government Securities
No more than $I,-698,-898 $2,000,000 shall be secured in a
local government investment pool.
Corporate Commercial Paper
No more than $500,000 may be secured in any one Triple A
(AAA) Corporate Security.
MATURITY SCHEDULING
Investment maturities for operating funds shall be scheduled to
coincide with projected cash flow needs, taking into account
large routine expenditures (payroll, bond payments) as well as
considering sizeable blocks of anticipated revenue (tax-tttrnever,
sales tax, property tax) . Maturities in
this category shall be timed to comply with the following
guidelines:
MATURITY SCHEDULE PORTFOLIO MINIMUMS
LJ-r4dar- -34 -da-y-s- 14%~
i4id&r- -94 -da-y~ 2-54
Under- -2-7-4. -days 5_4%m
Under 12 months 75%
Under 24 months 94s 85%
11
The average maturity of the portfolio shall never exceed 2 years.
SECTION VII. FINANCIAL INSTITUTIONS
As stated in Section V, it is the general policy of the Town to
purchase Money Market accounts, certificates of deposit and other
time accounts primarily from financial institutions located in the
Town of Vail and/or Eagle County. United States government
securities are to be purchased through the facilities of
commercial banks or a securities institution as designated by the
Securities Exchange Commission (S.E.C.).
Financial institutions will be required to meet the following
criteria in order to receive Town funds for investment:
1. Insurance Public Funds shall be deposited only in
financial institutions insured by the Federal Deposit
Insurance Corporation or Federal Savings & Loan
Insurance Corporation.
2. Collateral The amount of Town of Vail deposits or
investments not insured by agency of the federal
government shall be collateralized by securities or
mortgages in an amount equal to at-least the market
value of that amount of invested funds plus unpaid
interest earnings.
3. Size The amount of Town of Vail deposits or investments
not collateralized or insured by an agency of the
federal government shall not exceed 35% of the net worth
or capital stock and surplus of the institution.
12
4. Disclosure A) Each financial institution maintaining
invested funds in excess of $100,000 shall furnish
corporate authorities a copy of all statements of
resources and liabilities which it is required to
furnish to the State Commission of Banks and Trust
Companies or the Controller of Currency. B) Each
securities dealer
SECTION VIII. INVESTMENT COMMITTEE
There is hereby created an investment committee, consisting of the
Town Manager, Administrative Services Director, and the Finance
Controller. Members of the committee will meet at least quarterly
to determine general strategies and to monitor results. Minutes
of the decisions made by the investment committee shall be kept on
file in the Town Clerk's Office. The committee shall include in
its review and deliberations such topics as: potential risks,
authorized depositories, rate of return, maturity structure and
investment transactions. The committee's authority shall not
apply to investments of the Town of Vail Employee's Pension Fund.
gFET1-6N-TX.----- IIdTERIdAL-eBldg'R6LS
~-~t~~~a~-~er~~~e~s,--~ak}ek-w~}}-He-e~set~men~eel-~n-~vr~ting .---gi~e
i-nt-er-nal- -eentrols-mz}}-be-rev ieweel -by -tke-investment-ee~t~t~~~ee-a~d
wi-t-It -tl~fe-imdependent -aud}t-er .---The-eentrol-s-sha}}-be-eles-igned-te
reM-€f atI67 -empiepee-error,
13
SECTION IX. REPORTING-INTERIM AND ANNUAL
The Finance Controller will submit a quarterly investment report
which discloses all quarterly transactions. The report will be
reviewed in detail by the investment committee and the committee
shall expand or alter the contents of the report as deemed necessary. ghe-eemprehems-ive-annual-€inaneial-repo-rt-w44a-4-ne3~d-e
This
information will be included in the letter of transmittal written
by the Controller. A quarterly or semi-annual investment report
shall be given to the Town Council.
The effective date of this policy shall be the day of
, 19
Paul Johnston, Mayor
14
ORDINANCE N0. 17
Series of 1987
AN ORDINANCE ADOPTING AN INVESTMENT POLICY
FOR THE TOWN OF VAIL.
WHEREAS, the Town Council deems the investment policy of the Town of Vail a
matter of local concern; and
WHEREAS, the Town Council wishes to adopt an investment policy for the Town
which sets forth appropriate guidelines for the investment of Town of Vail funds.
NOW, THEREFORE, be it ordained by the Town Council of the Town of Vail,
Colorado, as follows:
1. The Town Council of the Town of Uail, Colorado hereby adopts Vail Town
Council Policy Statement 87-1 Investment Policy attached hereto and incorporated in
this Ordinance by reference.
2. If any part, section, subsection, sentence, clause or phrase of this
Ordinance is for any reason held to be invalid, such decision shall not affect the
validity of the remaining portions of this Ordinance; and the Town Council hereby
declares it would have passed this Ordinance, and each part, section, subsection,
sentence, clause or phrase thereof, regardless of the fact that any one or more
parts, sections, subsections, sentences, clauses or phrases be declared invalid.
3. The Town Council hereby finds, determines and declares that this Ordinance
is necessary and proper for the health, safety and welfare of the Town of ail and
the inhabitants thereof.
4. The repeal or the repeal and reenactment of any provision of the Vail
Municipal Code as provided in this Ordinance shall not affect any right which has
accrued, any duty imposed, any violation that occurred prior to the effective date
hereof, any prosecution commenced, nor any other action or proceedings as commenced
under or by virtue of the provision repealed or repealed and reenacted. The repeal
of any provision hereby shall not revive any provision or any ordinance previously
repealed or superseded unless expressly stated herein.
INTRODUCED, READ AND APPROVED ON FIRST READING THIS day of ,
1987, and a public hearing shall be held on this ordinance on the day of
, 1987, at 7:30 p.m. in the Council Chambers of the Vail Municipal
Building, Vail, Colorado.
Ordered published in full this day of , 1987.
Paul R. Johnston, Mayor
ATTEST:
Pamela A. Brandmeyer, Town Clerk
INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED
this day of , 1987.
Paul R. Johnston, Mayor
ATTEST:
Pamela A. Brandmeyer, Town Clerk
-2-
Planning and Environmental Commission
July 27, 1987
2:00 P.M. Site Visits
3:00 P.M. Public Hearing
1. Approval of minutes of 6/8, 6/22 and 7/13/87.
2. A request for an exterior alteration and a
density variance of the Gastof Gramshammer.
Applicant: Pepi Gramshammer
3. A request for a side setback variance in order
to construct an addition to a residence located
on Lot 4, Block 2, Vail Village llth.
Applicant: James Morter
4. A request for a setback variance to enclose a
deck on Lot 27, Vail Village Filing #2.
Applicant: Albert D. Weiss
5. A work session to review revised
Primary/Secondary and Duplex separation language
6. A work session on a special development district
and major subdivision of The Victorians.
~
Iy/y
lowo of voil ~
75 south frontage road • vail, colorado 81657 9 (303) 476-7000
office of the mayor
July 24, 1987
Mr. Robert Moston
District Engineer
Colorado Department of Highways
P. 0. Box 2107
Grand Junction, Colorado 81502-2107
RE: Specific Information and Business Signs
Dear Bob:
House Bill No. 1039 passed the Legislature this year allowing specific
information and business identification signs on the interstate highways
throughout the state in rural areas. The Vail Town Council was unaware of
this Bill until it was adopted and is very concerned about the effect
these signs may have on the general information signing process on the
interstate at the Vail interchanges.
Ron Phillips contacted Linda Waldman soon after the Governor signed the
Bill to see if there was anything that could be done to delay its
implementation in the Vail area until the Legislature has a chance to
amend the law in the next session to give municipalities a local option on
whether the signs should be allowed or not. It is my understanding that
Linda Waldman and Tom Einboden are both pursuing information as to whether
that can be delayed.
We are writing to let you know of our concern and to share with you
information about how we think these signs may affect traffic circulation
exiting the interstate in Vail. Our first concern is that we have a
Mr. Robert Moston
July 23, 1987
Page 2
continuing problem with getting adequate information to travelers desiring
to exit in Vail and letting them know where to park and how to clear the
main Vail interchange and the four way stop. We have had many discussions
with you and your staff concerning this problem and have now hired a
consulting firm to look at all the informational signage needs for the
Town, both on and off the interstate system. Representatives from your
office attended the first informational meeting with the consultants last
week. We feel there will be a definite need to work with you to install
additional informational signage at the interchanges.
We have heard from Mr. Dry that business identification signs have already
been applied for by at least four lodges in Lionshead and some businesses
at West Vail. We are concerned that approval and installation of such
signs both on the interstate and the off ramps will be conflicting with
necessary generic information signage that is present and may be approved
in the future.
Our second concern is that even though Vail does not meet the definition
of an urbanized area according to State statute, we have 56 lodges and 75
restaurants in this community, which is probably as many or more than most
of the smaller communities over 50,000 population in the state. In fact,
in peak winter months the Vail area population approaches 50,000 now.
We are not sure the interests of the limited number of businesses that can
be accommodated on these signs outweigh the interests of the total
community in expediting traffic exiting the interstate and getting through
the interchange congestion at all three Vail interchanges. The state, the
county and the town have spent a significant amount of dollars to study
how to better handle traffic in these areas and are anticipating spending
significantly more dollars to improve and construct fiacilities that will
further expedite that process.
It is our opinion that adding these business identification signs will
only have a negative effect on traffic congestion and increase it because
of the confusion of a large number of signs within a short distance as
people approach and exit the off ramp. We would appreciate any
suggestions or help you can give us in how to postpone approval of these
signs until we can explore all the ramifications of what the effect will
be on traffic in the Vail area. I am sure you understand our concern
because of the unusual nature of traffic patterns in this area compared to
other rura"I areas of the state.
Mr. Robert Moston
July 23, 1987 .
Page 3
We have instructed Ron Phillips to prepare testimony for the rule making
hearings in Denver on August 4, but feel the issue needs to be addressed
even prior to that because of the permit applications now under review by
the Highway Department. Thank you for your consideration and help in this
matter.
Sincerely,
Kent R. Rose
Mayor Pro Tem
KRR/RUP/bsc
cc: Linda Waldman
Tom Einboden
Stan Berryman
David Kanally, Vail Resort Association
. - a
• ~EC'D JUL 2 4107
NATURAL ENERGY RESOURCES COMPANY
~ - - - - ~ ~ e - - - - - - - - - -
July 15, 1981
Colonel Steven G. West
I'lanning Division
Qrriaha District, Corps of Engineers
Ornaha, Nebraska 68102-4978
Subject: Metro Denver Water Sudr,ly From The Gunnison Basin
J
Dear Colonel West: 4ttached for your consideration are excerpts from various Bureau nf Reclamation
studies conducted from the 1930's to 1950's that demonstrate the long range
transmountain water siapply ootential of the Gunnison Basin for the East Slope.
These studies are well known to the Colorado water community as the Gunnison
Arkan,sas Project (GUNARK), and they envision as much as 650,OOQ acre feet of
transmotantain water per ,year from the Gunnison.
A1qr) ?ttached is a well known 1972 Central Colorado Water Conservancy District
study of the Central Colorado Project that shows the potential for diverting uY
to 600,000 acre feet from the Gunnison to the South Platte River and Metro
Denver. Although these GUNARK and Central Colorado studies were premature of
i~~ed, they clearl.y demonstrate the Gunnison Basin has long been considered a
"iahle water source for the East Slope growth.
In adciition, Nafural Energy's (NECO) Union Park Water Supply Project and
Auror',.'s Colle9 ~ iate Range Pro,iect have be~n publicly known s~,..... ~^r~ lat° 1985 -rd
mici 1986 respectively. Both of these ongoing alternative projects plan to
divert surplus Gunnison water to P1etro Denver at an eccnomic and environmenta I
CnSt nT ti,,fN v iP i(i that ic rnncirinrahlv lnr-C ±han for the proposed Two Forks
Pro,iect. You already have Aurora's descrintion of Col legiate Range, which cou ld
be constrtactQci hefore the Two Forks 1995 completion date. .A description of
Union Park was initially sent to your office Aoril 22, 1986. You have also had
otir enqin«ring co!rioany's detailed Union Park Reconnaissance Evaluation Study
since October 1986. lJe have since updated this s*udy for your EIS evaluation to
Sh01y the SUbstantial arnnnmir and nn\iirnnmantal advantdc7e5 of the site-specific
Uri ion Park 3lterna±ivP over the proposed Two Forks Project. Two Forks further
denletPs the ;,a;,p Uoocr Coloradn River tributaries that are already being
seriously dewatered by Metro Denver. Il;flon Park could also be in use before
1995.
Since the Upper ;;unni;an Basin has ali,rays been a viable water source for Metro
Uenver, and sirice this supply was not considered in the EIS as a reasonable,
alternative as required by thP National Environmental Protection Act, NECO again
urgently recommends a Supplemental Draft FIS. As a minimum, this Supplemental
Dr?rL should directly compare the ei-oiiomic and environmental factors associated
Y,T,n Forks, Union Par4c, Collegiate Range, Thornton's Recycling Project, and
recent conversions of aqricultural water. ?his evaluation should also aAdress
the critical need for a balanced use of Colorado's natural water resources,
instead of an iannecessary dewatering of one basin.
P R~'t r(i? . Pahnpt 1 ~I;-, ( nlota:!n R(11't"f . (^.!1;?) 4$1 ?(?(13
If the known viable alternatives are not adequately ccnsidered in a Supplemental
Draft, Metro Denver's future water supply -,vill undoubtedly continue to be a
victiin of widesaread controversy, legal battles, and delay. On the other hand,
tho ';orps can provide a great service to Colorado and Denver by fairly
considering all reasonable alternatives. If this is done, the various interest
groups can then rally with confidence around the cpt.irnum s;liitio?;(;) available.
Wrien the best watAr sources and structiaral systems are clearly identified,
institutional matters such as permittinq, tvater rights, exchange agreements,
financing, etc. will quickly fall into place.
Si?icerely _
~
Allen D. (Oave) Miller
President
ADM/4m
rr, Governor Romer, Denver Water Cepartment, Metro WatP_r Providers, EPA, &
others.
Atrhs. 1. 30R Study Fxcerpts
2. Central Colorado Project Study
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NATURAL ENERGY RESOURCES COMPANY
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FRIDAY, JULY 17, 1987 - • GAZETTE TELEGRAPH
Deal to sell water an- e~~s Sumnilt Gaan'cy ~ ~--f~~f~~~ ~ ~ ~s. .
4=sociatet Pre!ss district's failure o":?t feedbac roioraj _ Eil: \ecditam, Grand Gountv's member on.
SILVERTIiOI:NE - Summit County governments first "~::s i~
"lexcusaUle.'~ ar.d tne river board, said the dist.rict plans to
o`iic:als and a Sierra Club representative i~ie setiTement cOuld cama,e su~•mm use much oi [he proceeds from the proposed ~
iiave lambasted the Colorado River Water recreation and t}ie cuunty economv hN• Bock Creek reservoir to help sol-e problems
Conse; vativn nistrict for giving water to ruining the Blue Rivcr. in Frascr i:iver Vallev, the area to be ~
.~ezwer und ending up with "30 pieces of She said the Green Mlountair Pur,;pbcicl: lIe sa;d the rivcr district probably .
ir t.heir Pockets." would load Dilloii iceservoir ivith some munev tu o:fset effects
recent uut.-; f-court settlement with the phosphorus and "totully eradicate tiie tilimiril: ( ;);.l,tv as we11.
Dt^.,%et Wate~ Loard, «-hich ~vill ailow summer economt•." ~
i~•t:•, c~r tc~ cii\ er; more «'estern Slope «•ater . Uilic~n derives r:t:ch c~f its summer Si'.i e:-[?1-~~ yrchibald said
P.:i'. j?I'O\':C.( f'); compensation for lL, i'eveP.ue frrni pc~~ip!. tt'tlo l:.¢P C'lE' 1.P,e, l'w1' Ilt1 11 ;ilve:'tlrig more water
_i:fllk• L1i.Jt'!, T.I't' 8! a rix•er dist-1CL board for sailins;, fishi'1~^. .?Ild. C'(r;fld Jt'Ss?Il -water flow'S
:ilt'II.IIIf. 11: S1h,'t,'ritiorne. "1: ]i S.8 g1'C'PI; IlIT1C' poll(i, :li(' 1;!lU_ Rix'°1' L}1C' dam. He also Tlie setclement has been controversial happen. It's nice you're rro:ng c~) ge; a!~ is t}i~• -uniiinfi through the
s;nce i; was r>ached last Uecember. money to put inr.o the kttr~•. hu; ~:t ~~:i~;:,~ c:•r,cci~ c: ~ii•~•e~,hurne «•ill ^reate asthetic
I
Milon Ma vor Flo Raitano said the river expense?" she asl;ed tlie bcard. Probicals.
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. > . ,
ARK YOUR CALENDAR. . . .
YOU WON'T
~ . . .
-0 .
WANT TO MISS THESE EXCITING EVENTS!
~ p o p a , , . .
~~5`_..'.; e . . . .
O ~p
March 5-13, 1988 will be the dates of this year's
a
American Ski Classic, featuring the world's
premier men ski racers in downhill and giant .
AMERICAN slalom action at Beaver Creek Resort, in addi-
SKI CLASSIC tion to the annual Legends of Skiing* and the _
VAIL S BEAVER CREEK -
- ~ . ~ • .
P~ud bv FOrd CUP :
AMERICAN EXPRESS . • . • . . ' ' . ~ ' .
_ f:ti: ' - ti.: • ~ • _ , : . ~ . . '
,A11d • • • .
'January 29 through February 12, 1989
as the World Alpine Ski Championships come
to Vail and Beaver Creek Resort. It is sure to be
the largest international ski racing event in this
- : country since the 1980 Olympic Winter Games
_ 1989woRLnA..rIrrE with 600 athletes from 50 nations competing.
SKICFAMPIONSHIPS ~
VAIL/BEAVERCREEK . . • .
- . _ ~
. . iJ: ? - - . . r . • . . . ' . ' ' ' .
REC'G JUL ~ 7 07
Gasthof
l ~ 6ramshammer, Inc. Telephone:303/476-5626
Pepi Gramshammer 231 East Gore Creek Drive
Sheika Gramshammer Vail, Colorado 81657
July 26, 1987
Vail Town Council
Vail, Co. 81657
Gentlemen:
I hereby would like to appeal and/or contest the decision of the
Vail Town Council to have Blu's patio moved onto public property,
since it interferes with the traffic pattern in Vail Village.
Sincerely
Pepi Gramshammer
TO: ~._RON PHILLIPS
.
FROM:( ~ PAT DODSON
~
DATE: JULY 17, 1987
SUBJECT: FREE CONCERTS
The Recreation Department through Ceil Folz and Rick Beverage,
(Asst. Program Coordinator), are setting up a series of three to
four free summer concerts at the amphitheater. It is an attempt
to bring locals together under a very relaxed and festive
occasion and show off the amphitheater.
The concert dates are tentatively set for Wednesdays 6:30 - 8:00
PM on August 5, 12, 19 and possibly the 26. The Eagle County Fair
committee has requested changing the August 12 concert to the 13
and combine the two events. Ceil is working with Karen Phillips
to achieve that goal and we think it will benefit both
organizations.
We have secured sponsorship through the following companies:
Budweiser - $2,500
Vail Daily and KVMT
Slifer Real Estate - $1,000
The potential acts or groups we will have under contract shortly
are as follows:
U-Guys (jazz group from Denver)
Saw Mill Creek (country band from Wyoming)
Mickie Poage (local Vail pianist)
We have secured the amphitheater for these dates through the Vail
Valley Foundation and Brad Quail. My understanding is we will
not be charged the $300 rental fee. All expenses incurred with
the concert will be met by the sponsorship dollars received . If
this is successful, we may try to do 1 or 2 others.
CC ~e1