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HomeMy WebLinkAbout1987-07-28 Support Documentation Town Council Special Session . ~ ~ 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 -2- 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 -3- ; 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 Encls. . ' ' sT~~ ` . _ " t1 . . . . , y'-. ~ . - . . . . c ~ • • _ ~ ~ . . ~ T + ' . - . . 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" ' . ~ s.~-" , ~ _ ~ `~`d° . _....aw'!'_ ~ . < 4 _ ,._.:,dV;~ ~ . ~ ~ 1 - _ ~ , . ~ . : ~r ;~''~,t_;~/' . ~ ~~.Y - f ~'r'. r ~ . _ _ ` ~ . _ ~.4't•l~~`iP' ? . • ~ ~ .relTfY~~` . .~I~'S, ~ . ?S _ . \ \ \ _ 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 r~eG~ ~ ~ ~ G~ erPs Q gn ' ~e/ S ~k L7/ ~90111V ~ NATURAL ENERGY RESOURCES COMPANY ~ (y 77 ~ f J~~~tlN/I'v~ U i?~' J id~ ~M,4-~,a, if/~ G?~~s-~4.'~ ~'J"/o z 'Pr'78 l ~e/4r J (e Vc-l , your h A,.: Fo o- 'I ~e 7''•k G ~ov A''u ~`4NY s-TA Fr vhA-~+,4 N F e, / ~%v q. l oC, hl1 ,`es S~ c~ w~' ~ yo vr o 6~'ccT 'vG 7-211 e- l/NiD.eJ r/` f1~ p v v.~ N i S O r? A~ %e~N~7;'ve_ Fvr /`1e7ro l~e,~wr. gss;.s ~ looK Foe?-w~~d ~o P4 Y . S~.JCeo-e ~Y ~ ~YY) f' 0 r,~~ r,t,•r t ; ~'•,'„r„{„ ;ttlt ^,1 .(^nZ} 9~11 ~11t1Z ~ . , , . . . . . , ; , , . ~ ~i~~i~9l~a¢Y'~ . if'•-~~ Yi~ fc'. ~z _ n f ,i~~ i -rnt~ `u ~ 'ei~ ~ . i . _ . . . . . . . . . . . . . _ . . . _ . , . . . . . - . . . . . . . . . C !TY ~ ~ - I . . , . ' . . . . • EW i , . ' . R EGION~ , . - - ~ . . . . STATE, . . . . . 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. ~i.? G t'G rKS ilal --i! e e r t4rA/Y1C ti IVECO tJ~~f .$00~/ S~iN ~ '(he, IGrAS ' CidcSr'S.p.;1.5 ~Mh Qer- `o(or-4c~o J- / ~ ~ 6G~o~fe. U~TA S~io ~ .c„ ~i4(`fCS ~r~(~uT~A~~~~?5 S~iou/ Soo.v ~ i•v c~ /l G w C/ OU / Q ~yiq~t~r I~DO AE-t T ~ - y Ty 7 beT...,ec.,~ l7e/ro e..~er C R~>C ~ i~U I P~ ~~A ~ G T,4 ~ S AN d D oS ~f .a~ eS U e~~ o rA c o+•~ nV nG.v/ h !o c,q ~ ,/'~C° C'o( d 5 s. ~1 '/'•v P/~- e ~~C3/u~ P'~,' ~e~- c~/~ ~ l° A w . > . , 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