HomeMy WebLinkAbout1991-07-02 Support Documentation Town Council Regular Session VAIL TOWN COUNCIL
REGULAR MEETING
TUESDAY, JULY 2, 1991
7:30 p.m.
AGENDA
1. CITIZEN PARTICIPATION
2. Ordinance No. 21, Series of 1991 (formerly Ordinance No. 42,
Series of 1990), second reading, an ordinance repealing and
reenacting Chapter 8.28 of the Municipal Code of the Town of
Vail to expand, strengthen, and clarify code provisions
relating to air pollution control
3. Ordinance No. 20, Series of 1991, first reading, an
ordinance repealing and reenacting Section 16.20.220 of the
Vail Municipal Code relating to window signs
4. Ordinance No. 19, Series of 1991, first reading, an
ordinance repealing and reenacting Ordinance No. 14, Series
of 1987 and Ordinance No. 24, Series of 1989; to provide for
the amendment of the approved development plan for SDD No.
6; adopting a revised development plan for a new phase IV-A
of SDD No. 6; and setting forth details in regard thereto
5. Monitoring of GHI bankruptcy proceedings
6. Proclamation declaring July National Recreation and Parks
Month and Anti-Boredom Month
7. Adjournment
C:\TCAGENDA
VAIL TOWN COUNCIL
REGULAR MEETING
TUESDAY, JULY 2, 1991
7:30 p.m.
EXPANDED AGENDA
7:30 p.m. 1. CITIZEN PARTICIPATION
7:35 p.m. 2. Ordinance No. 21, Series of 1991 (formerly
Susan Scanlan Ordinance No. 42, Series of 1990), second
reading, an ordinance repealing and
reenacting Chapter 8.28 of the Municipal Code
of the Town of Vail to expand, strengthen,
and clarify code provisions relating to air
pollution control.
Action Requested of Council: Approval of
Ordinance No. 21, Series of 1991, on second
reading.
Backaround Rationale: The staff has made the
changes suggested by Council during the first
reading of this ordinance on June 18, 1991,
and is bringing the ordinance back for a
second reading and final approval.
Staff Recommendation: Approve Ordinance No.
21, Series of 1991, on second reading.
7:50 p.m. 3. Ordinance No. 20, Series of 1991, first
Betsy Rosolack reading, an ordinance repealing and
reenacting Section 16.20.220 of the Vail
Municipal Code relating to window signs.
Action Requested of Council: Approve or deny
Ordinance No. 20, Series of 1991, on first
reading.
Backaround Rationale: There is a discrepancy
in the Town of Vail sign code. Section 16.04
defines a window sign as being 36" from the
interior surface of the window. However,
Section 16.20.220 Window Sign (E) Location
states that window signs must be within 6" of
the window.
Staff Recommendation: Approve Ordinance No.
20, Series of 1991, on first reading.
7:55 p.m. 4. Ordinance No. 19, Series of 1991, first
Mike Mollica reading, an ordinance repealing and
reenacting Ordinance No. 14, Series of 1987
and Ordinance No. 24, Series of 1989; to
provide for the amendment of the approved
development plan for SDD No. 6; adopting a
revised development plan for a new phase IV-A
of SDD No. 6; and setting forth details in
regard thereto. (Vail Village Inn, located
at 100 East Meadow Drive/Lot 0, Block 5-D,
Vail Village First Filing)
Action Requested of Council: Approve, deny,
or modify Ordinance No. 19, Series of 1991,
on first reading.
Backaround Rationale: Please see attached
memo.
Staff Recommendation: Approve Ordinance No.
19, Series of 1991, on first reading. (Note
that the ordinance carries thirteen (12)
conditions of approval.)
9:25 p.m. 5. Monitoring of GHI bankruptcy proceedings
Larry Eskwith
Action Requested of Council: Appoint an
attorney to monitor the bankruptcy
proceedings to protect the Town's interests.
Backaround Rationale: Because the Town's
economic viability is so closely related to
the economic health of Vail Associates, it
makes sense to keep the Town informed
concerning the progress of the Gillett
Holdings bankruptcy proceedings.
Staff Recommendation: Hire attorney to
monitor the proceedings.
9:55 p.m. 6. Proclamation declaring July National
Recreation and Parks Month and Anti-Boredom
Month.
Action Requested of Council: Mayor Rose's
signature declaring July National Recreation
and Parks Month.
Backaround Rationale: This is the first year
of the nationwide observance of National
Recreation and Parks Month. The reason for
the declaration is to encourage citizens'
participation in outdoor recreation by
visiting local parks and participating in
recreational programs.
Staff Recommendation: To sign the
proclamation and encourage participation by
working cooperatively.
10:00 p.m. 7. Adjournment
C:~TCEXPAND.FRM
ORDINANCE N0. 21
Series of 1991
AN ORDINANCE REPEALING AND REENACTING
CHAPTER 8.28 OF THE MUNICIPAL CODE
OF THE TOWN OF VAIL TO EXPAND,
STRENGTHEN, AND CLARIFY CODE PROVISIONS
RELATING TO AIR POLLUTION CONTROL.
WHEREAS, the setting of the Town of Vail in a valley between
two mountains restricts air movement through the valley;
WHEREAS, the movement of air through the Gore Valley is
further restricted in cold times of the year thereby causing the
increased buildup of pollutants in the air caused by solid fuel
burning devices;
WHEREAS, the Town Council finds that the pollution caused by
solid fuel burning devices is exacerbated by the altitude,
topography, climate and meteorology of the Town of Vail;
WHEREAS, the Town Council finds that these sources of air
pollution may be minimized by existing, practical and economical
technologies;
WHEREAS, the Town Council has determined that is necessary
to encourage environmentally beneficial technologies to prevent
further degradation of the air quality of the Vail Valley;
WHEREAS, the Town Council considers visually clean air to be
an irreplaceable asset enjoyed by guests and residents of Vail.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO, THAT;
Section 1. The Vail Municipal Code Chapter 8.28 "Air
Pollution Control" be repealed and reenacted to read as follows:
8.28.010 Purpose and Applicability
These regulations are enacted for the purpose of promoting the
health, safety and general welfare of the residents and visitors
in the Town of Vail. These regulations are intended to achieve
the following more specific purposes:
1
1) To protect the air quality in the Town of Vail;
2) To reverse the continuing trend toward
increased air degradation in the Town of Vail;
3) To provide heat sources that are efficient and
have a reduced polluting effect;
4) And to generally protect the air for the
purpose of the public's overall health, safety and welfare.
The provisions of this Chapter shall apply to all
areas of the Town of Vail.
8.28.020 Definitions
1) Solid Fuel Burning Device: shall mean any
fireplace, stove, firebox or device intended and/or used for the
purpose of burning wood, pulp, paper or other non-liquid or non-
gaseous fuel.
2) Certified Solid Fuel Burnina Device: shall mean
a solid fuel burning device which is certified by the
Environmental Protection Agency and by the Air Pollution Control
Division of the Colorado Department of Health to produce 7.5
grams of particulates per hour or less. This shall include both
catalytic and non-catalytic Phase II stoves as well as pellet
burners and any other technology which can be shown to meet these
emission criteria.
3) Wood Burnina Fireplace: shall mean an open
hearth or fire chamber or similar prepared place in which a fire
may be made and which is built in conjunction with a chimney.
4) Gas Appliance: shall mean a fully self-
contained, U.L. listed and A.G.A. "fireplace" unit which does not
require venting through a chimney and which does not permit the
use of solid fuel.
5) Gas Loa Fireplace: shall mean a fireplace as
previously defined equipped with an A.G.A. and U.L. listed
artificial log unit which is approved for the burning of natural
gas.
2
6) Dwelling unit: means any room or group of rooms
in a two-family or multiple-family building with kitchen
facilities designed for or used by one family as an independent
housekeeping unit.
7) Accommodation unit: means any room or group of
rooms without kitchen facilities designed for or adapted to
occupancy by guests and accessible from common corridors, walks,
or balconies without passing through another accommodation unit
or dwelling unit.
8) Refuse: means all solid wastes, garbage and
rubbish, whether combustible or noncombustible, including rubble.
9) Restricted Dwelling Unit: means any unit in a
primary/secondary duplex or single family zone district which
cannot be subdivided or sold separately.
8.28.030 Certified Solid Fuel Burning Devices/Gas Log
Fireplaces
(A) After the effective date of this ordiance one
certified solid fuel burning device per dwelling shall be
permitted to be installed within a building within the Town of
Vail, or in the alternative, a gas log fireplace or fireplaces
may be installed which comply with the following restrictions:
1) Each dwelling unit with the exception of
restricted units shall be entitled to no more than two (2) gas
log fireplaces.
2) Restricted units may contain no more than one
gas log fireplace.
. 3) Each accommodation unit may contain no more
than one gas log fireplace.
a) Any gas log fireplace constructed in
accommodation units within the Town of Vail, subsequent to August
1, 1987, shall be subject to periodic inspection by the Town of
Vail Environmental Health Officer. Prior to making any such
inspection, the Environmental Health Officer shall give
reasonable notice of such inspection to the owner of the property
being inspected.
3
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The owner of any commercial property containing
any gas log fireplace installed subsequent to August, 1, 1987,
shall pay to the Town of Vail the amount of thirty dollars
($30.00) per year on the first day of the year following the year
in which said equipment was installed for each such fireplace,
and the first day of each year thereafter during the time the gas
fireplace remains within the property. The owner of the property
shall allow the Town of Vail Environmental Health Officer
sufficient access to the property for the purposes of doing such
an inspection.
b) All gas log fireplaces in accommodation units
within the Town of Vail shall be constructed in such a manner
that access to the firebox is prohibited except for the purposes
of repair and maintenance. A sign shall be placed on the gas log
fireplace reading: "Caution - Gas Fireplace Only".
c) All gas log fireplaces in accommodation units
within the Town of Vail constructed after the effective date of
this ordinance shall be equipped with a timing device or a
thermostat which will cause an automatic shut-off of the fire for
safety and conservation purposes.
8.28.040 Gas Appliances
In addition to two (2) gas log fireplaces or one
certified solid fuel burning device permitted by Section 8.28.030
of this ordinance, gas appliances which comply with the following
restrictions may be permitted to be installed:
1) Each dwelling unit may contain no more than two
(2) gas appliances.
2) Restricted dwelling units may contain no more
than one (1) gas appliance.
3) Accommodation units may contain no more than
one gas appliance per unit.
a) All gas appliances in accommodation units shall
be provided with a sign reading: "Caution - Gas Fireplace Only."
b) All gas appliances in accommodation units
within the Town of Vail constructed after the effective date of
4
this ordinance shall be equipped with a timing device or
thermostat which will cause an automatic shut-off of the gas
appliance for safety and conservation purposes.
8.28.050 Modification, Alteration or Remodel
A) If one or more separate dwelling units are
combined to form one larger dwelling unit, regardless of the
number of solid fuel burning devices previously contained in each
separate dwelling unit, the newly formed unit shall:
1) Contain no more than one wood burning fireplace
or one certified solid fuel burning device. Any additional solid
fuel burning devices shall be removed or rendered permanently
inoperable; or
2) In the alternative to the one woodburning
fireplace or certified solid fuel burning device permitted in
paragraph (A)(1) of this section all wood burning fireplaces
shall be converted to gas by the installation of gas logs or gas
appliances in compliance with the terms, conditions, provisions
and restrictions of this ordinance.
B) If an existing fireplace is to be moved or
substantially altered, the unit must then comply with the
conditions, terms and provisions of this ordinance to become a
certified unit.
8.28.060 Reconstruction
Whenever any building is substantially destroyed,
whether by a natural disaster or intentional razing, if the
building is reconstructed it shall meet all the requirements of
this Chapter 8.28.
8.28.070 Coal Usacte Prohibited
The burning of coal within the Town of Vail is
prohibited.
8.28.080 Refuse Burning Prohibited
The burning of refuse in any solid fuel burning
device is prohibited within the Town of Vail.
5
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8.28.090 Permit Requirements
1) A building permit shall be required for the
installation of any gas log fireplace or gas appliance. To
encourage the conversion of wood burning and solid fuel devices
to gas log fireplaces and gas appliances, all applicable building
permit fees for such conversion shall be waived by the Town of
Vail.
2) The provisions of this ordinance shall not
apply to gas log fireplaces for which a completed Design Review
Board application which meets all the requirements of the
ordinances and regulations of the Town of Vail has been submitted
to the Community Development Department not later than July 15,
1991.
8.28.100 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.
Section 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
6
~ 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.
Section 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 Vail and inhabitants thereof.
Section 4.
The repeal or the repeal and reenactment of any
provisions 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
proceeding 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 PASSED ON FIRST READING THIS day of
1990, and a public hearing shall be held on this
Ordinance on the day of 1990 at 7:30 p.m.
in the Council Chambers of the Vail Municipal Building, Vail,
Colorado.
Ordered published in full this day of , 1991.
Kent R. Rose, Mayor
ATTEST:
Pamela A. Brandmeyer, Town Clerk
INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED
PUBLISHED this day of , 1991.
Kent R. Rose, Mayor
ATTEST:
Pamela A. Brandmeyer, Town Clerk
7
T0: Town Council
FROM: Community Development Department
DATE: July 2, 1991
SUBJ: A request to repeal and re-enact Section 16.20.220:
Window Signs (E) Location
Applicant: Town of Vail
It has come to the staff's attention that there are some
discrepancies in the Town of Vail sign code.
Ordinance No. 9 of 1973 established the definition of a window sign
as being within 6 inches of the glass surface.
Ordinance 4 of 1975 changed the definition of a window sign to a
sign within 36 inches of the glass surface and read as follows:
"Window signs - a sign affixed on or located within thirty-six
(36) inches of the interior surface of a window fronting a
public way...."
However, Section 16.20.220 Window Sign, E. location, states:
"Window signs must be affixed to a glass surface or a maximum
of 6 inches from the glass surface."
The staff feels that the intent was to have both sections of the
code refer to 36 inches and is proposing to change 16.20.220 Window
Sign, E. Location to:
"Window signs may be affixed to the interior of a glass
surface or be located a maximum of 36 inches from the glass
surface."
Thus both the definition and the location sections of the sign code
will match in intent.
The staff recommends repealing and re-enacting Section 16.20.220 as
stated above.
ORDINANCE NO. 20
Series of 1991
AN ORDINANCE REPEALING AND RE-ENACTING SECTION 16.20.220
OF THE VAIL MUNICIPAL CODE RELATING TO WINDOW SIGNS.
WHEREAS, the Community Development Department has reviewed Section 16.20.220 -
Window Signs, Subsection E -Location, and recommend changes to the Town Council; and
WHEREAS, these changes will clarify the location of window signs; and
WHEREAS, the Town Council is of the opinion that the following changes would be in the
public interest.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO THAT:
Section 1
Section 16.20.220(E) shall be repealed and re-enacted to read as follows:
16.20.220 -Window Signs
E. Location
Window signs may be affixed to the interior of a glass surface or be located a
maximum of 36 inches from the glass surface.
Section 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 effect 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.
Section 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 Vail and the inhabitants thereof.
Section 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 proceeding as commenced under of 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.
1
INTRODUCED, READ ON FIRST READING, APPROVED AND ORDERED PUBLISHED
ONCE IN FULL, this day of , 1991. A public hearing shall be held hereon
on the day of , 1991, at the regular meeting of the Town Council of the
Town of Vail, Colorado, in the Municipal Building of the Town.
Kent R. Rose, Mayor
ATTEST:
Pamela A. Brandmeyer, Town Clerk
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED
this day of , 1991.
Kent R. Rose, Mayor
ATTEST:
Pamela A. Brandmeyer, Town Clerk
2
WALL STREET JOURNAL
WEDNESDAY, JUNE 26, 1991
Gillett ~-Ioldings
asks Protection
Of Chapter 11
Denver Entrepreneur Plans
To Shift Control of Firm
To Leon Black's Group
By GEORGE ANDERS
SIQJ,f R2(JOTLeT O,f THE WALL STREET JOURNAL f
Denver entrepreneur George Gillett
sought Chapter 11 bankruptcy-law protec-
tion for his flagship company, proposing to
hand over majority ownership to creditors
led by New York financier Leon Black. In the latest debt restructuring plan,
The chapter 11 filing was made by Gil- Gillett Holdings' various lenders would
Lett Holdings Inc. in federal Bankruptcy scale back their 51.06 billion of claims
Court in Denver. It comes nearly a year against the company to about 5590 million.
after Gillett Holdings defaulted on some of In addition, Mr. Black and a fund that he
its high-yield, "junk" bonds. Advisers to controls. Apollo Investments, would invest
Gillett Holdings said the company has X1.06 afresh S40 million in Gillett Holdings, in
billion in debt outstanding. return for 52% to 55% ownership in the
With the Chapter 11 filing, Mr. Gillett company and several board seats. Mr:'
is effectively conceding that he over- Black and Apollo currently own about $150
reached in the 1980s, when he paid top dol- million of Gillett Holdings' junk bonds.
lac to build up a television broadcasting Mr. Black declined to comment about
empire. Analysts traced Mr. Gillett's trou- Gillett Holdings. But an adviser who has
bles in large part tQ his decision to pay worked with both Messrs. Black and Gillett
5385 million for a single television station, says they have been meeting periodically
WTVT, in Tampa., Fla., in 1981-a pur- since September in New York and Colo-
, chase financed chiefly by junk-bond bor- rado.
rowings. Overall, junk-bond holders would end up
The proposed restructuring, if com- with a further one-third ownership in Gil-
pleted, will. signal a remarkable return to Lett Holdings in return-for reducing their
power by Mr. Black, who had been a top claims against the company. Mr. Gillett is
takeover adviser at Drexel Burnham Lam- expected to be left with a 10% to 15% stake
bent Inc. before that firm collapsed in Feb- in the company. He may invest several
ruary 1990. Ironically, Drexel underwrote million dollars of fresh cash into the busi-
the junk bonds that allowed Mr. Gillett to ness, though terms haven't been worked
expand in the 1980s. out.
In the past 18 months, Gillett Holdings Advisers to Gillett Holdings say they ;
has been hurt by a downturn in two of its have obtained two-thirds approval for a
three main businesses: operating televi- new plan from all but one of the company's
Sion stations and meatpacking plants. five classes of creditors. Under federal
While the company has done well at its bankruptcy law, two-thirds approval by
third main business area, running the Vail, each creditor class is enough to enact a re-
Colo., ski resorts, that operation hasn't structuring plan.
posted nearly strong enough operating re- Holders of Gillett Holdings' 13'/e% sub- ~
suits to offset the company's huge debt ordinated bonds, however, haven't en-
burden. ~ dorsed the latest restructuring proposal.
Last year, Gillett Holdings, which is . Advisers to Gillett Holdings say the main
closely held by Mr. Gillett, had operating holdout is Carl Icahn, chairman of Trans
profit-or earnings before interest, taxes, World Airlines and an active investor in
depreciation and amortization-of $66.8 junk bonds of financially troubled compa- '
million. But interest expense of $125 mil- nies. Market estimates are that Mr. Icahn '
lion, as well as other charges, produce a owns $60 million face value of the 13'/s%
5128 million net loss. bonds, which currently trade at about 10
The restructuring plan that accom- cents on the dollar.
panies the bankruptcy filing comes after at Mr. Icahn didn't return phone calls but
least three efforts to restructure the com- has previously acknowledged being a ma-
pany's debts had collapsed amid disagree- jor owner of Gillett Holdings bonds. Mar-
ments among creditors. But advisers to the ket estimates are that he owns about 38%
- company say the new plan has advanced of the bond issue.
much farther than any prior attempt.
WALL STREET JOURNAL
WEDNESDAY. JUNE 26, 1991
Gillett Holdings
Asks Protection
Of Chapter 11
Denver Entrepreneur Plans
To Shift Control of Firm
To Leon Black's Group
By GEORGE A`DERs
$IUfJ RepOTtET OJ THE WALL STREET JOURNAL
Denver entrepreneur George Gillett
sought Chapter 11 bankruptcy-law protec-
tion for his flagship company, proposing to
hand over majority ownership to creditors
led by New York financier Leon Black. In the latest debt restructuring plan,
The chapter 11 filing was made by Gil- Gillett Holdings' various lenders would
left Holdings Inc. in federal Bankruptcy scale back their 51.06 billion of claims
Court in Denver. It comes nearly a year against the con;pany to about 5590 million.
alter Gillett Holdings defaulted on some of In addition, Mr. Black and a fund that he
its high-yield, "junk" bonds. Advisers to controls. Apollo Investments, would invest
Gillett Holdings said the company has 51.06 afresh S40 million in Gillett Holdings, in
billion in debt outstanding. return for 52~ ~ to 55°o ownership in the
With the Chapter 11 filing, Mr. Gillett company and several board seats. Mr.
is effectively conceding that he over- Black and Apollo currently own about 5150
reached in the 1980s, when he paid top dol- million of Gillett Holdings' junk bonds.
lar to build up a television broadcasting Mr. Black declined to comment about
empire. Analysts traced Mr. Gillett's trou- .Gillett Holdings. But an adviser who has
bles in large part t9 his decision to pay worked with both 14essrs. Black and Gillett
S385 million for a single television station, says they have been meeting periodically
WTVT, in Tampa., Fla., in 1981-a pur- since September in New York and Colo-
chase financed chiefly by junk-bond bor• rado.
' rowings. Overall, junk-bond holders would end up
The proposed restructuring, if com- with a further one-third ownership in Gi]-
pleted, will signal a remarkable return to Lett Holdings in return for reducing their
power by Mr. Black, who had been a top claims against the company. Mr. Gillett is
takeover adviser at Drexel Burnham Lam- expected to be left with a 10% to 15% stake
Bert Inc. before that firm collapsed in Feb- in the company. He may invest several
ruary 1990. Ironically, Drexel underwrote million dollars of fresh cash into the bus~~
the junk bonds that allowed Mr. Gillett to ness, though terms haven't been worked
expand in the 1980s. out.
In the past 18 months, Gillett Holdings Advisers to Gillett Holdings say they
has been hurt by a downturn in two of its have obtained two-thirds approval for a
three main businesses: operating televi- new plan from all but one of the company's
Sion stations and meatpacking plants. five classes of creditors. Under federal
While the company has done well at its bankruptcy law, two-thirds approval by
third main business area, running the Vail, each creditor class is enough to enact a re•
Colo., ski resorts, that operation hasn't structuring plan.
posted nearly strong enough operating re- Holders of Gillett Holdings' 13"e% sub-
sults to offset the company's huge debt ordinated bonds, however, haven't en-
burden. dorsed the latest restructuring proposal.
Last year, Gillett Holdings, which is Advisers to Gillett Holdings say the main
closely held by Mr. Gillett, had operating hold-out is Car] Icahn, chairman of Trans
profit-or earnings before interest, taxes, World Airlines and an active investor in
depreciation and amortisation-of 566.8 junk bonds of financially troubled compa-
million. But interest expense of 5125 mil- nies. Market estimates are that Mr. Icahn
lion, as well as other charges, produce a owns 560 million face value of the 137/8%
5128 million net loss. bonds, which currently trade at about 10
The restructuring plan that accom- cents on the dollar.
pantos the bankruptcy filing comes after at Mr. Icahn didn't return phone calls but
least three efforts to restructure the com- has previously acknowledged being a ma-
pany's debts had collapsed amid disagree- jor owner of Gillett Holdings bonds. Mar-
ments among creditors. But advisers to the ket estimates are that he owns about 38%
company say the new plan has advanced of the bond issue.
much farther than any prior attempt.
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JULY IS NATIONAL RECREATION AND PARKS MONTH
AND ANTI-BOREDOM MONTH x
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~ WHEREAS, the month of July is National Recreation and
y " Parks Month and Anti-Boredom month in the United States
of America, and;
Z~~ WHEREAS, the National Recreational and Parks
;4 Association, in conjunction with local park and ~
recreation agencies, is conducting a nationwide
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campaign encouraging citizens to participate in local
recreation programs and to enjoy local parks and open
} spaces, and; ~ Y 1
~ WHEREAS, a citizens' quality of life is enhanced by
participation in chosen leisure-time activities,
promotion of wellness as a way of life, and family
u ~
togetherness, and; t ,
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WHEREAS, July has been designated as National
Recreation and Parks Month as well as Anti-Boredom ;rte
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Month, in order to perpetuate this quality of life and
to discourage inactivity, and; ~
- WHEREAS, this year marks the first annual nationwide ,
observation of National Recreation and Parks Month and
z Anti-Boredom Month, designated officially by recreation.;
professionals across the United States of America, and;
~ WHEREAS, the Vail Recreation District and the Town of
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Vail collaterally urge all community residents and ? \
1
guests to participate in recreational activities this ~
summer and to get outside and enjoy our town parks;
NOW, THEREFORE, I, Mayor of the Town of Vail, do hereby y
proclaim the entire Month of July, 1991, as National
Recreation and Parks Month, and Anti-Boredom Month, and
• call upon all citizens, guests, schools, businesses,
clubs, and the news media to commemorate the role of
recreation and participation in our lives.
~
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Kent R. Rose, Mayor _
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A
~ Pamela A. Brandmeyer, Town Clerk
4
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WORK SESSION FOLLOW-UP Page 1 of 2
June 28, 1991
TOPIC _QUESTIONS FOLLOW-UP SOLUTIONS
8/8/89 WEST INTERMOUNTAIN LARRY: Proceeding w/legal requirements f r Council is mulling over next step.
ANNEXATION annexation.
(request: Lapin)
07/27 UNDERGROUND UTILITIES IN LARRY/GREG: Work with Holy Cross Electric Undergrounding may occur in fall of
EAST VAIL to establish special improvement district) ) '91 or '92 or spring of '92. Engineer
for underground utilities in East Vail. hired and design underway. Proceeding
with process.
09/20 LIONS RIDGE FILING 4 LARRY: Homeowners Assn. would like Town t Ron contacted Jim Fritze about abatement.
purchase common area for back taxes and The Town tax liability would be about
penalties. $5,500. County attorney says no tax
abatement is possible for a property such
as this. Ron to call Steve Lindstrom.
12/18 MILLRACE CONDO. ASSN. KRISTAN: Respond. Vail Ventures will respond in writing to
LETTER our letter. Shelly has written a second
follow-up request, which was included in
your 9/2 packet. -
1/11/91 SNOW DUMP RON/GREG: Work out site acquisition with A. Still negotiating lease with VA.
Complete design. Revised lease is back at VA now.
Reviewing.
02/05 CHUCK ANDERSON YOUTH RON/ROB: Let's be prepared to award this Final awards to be given at the 7-16-91
RECOGNITION (request: Rose) spring. evening meeting.
04/09 PUBLIC UTILITIES STEVE BARWICK: Reassess municipal CML has provided information for Steve. A
ACQUISITION involvement/ownership of public utilities. special session at CML on public utilities
Provide budget in 1992 for feasibility stu y. will be held. Information forthcoming.
WORK SESSION FOLLOW-UP Page 2 of 2
June 28; 1991
TOPIC QUESTIONS FOLLOW-UP SOLUTIONS
05/07 PARKING-IN-LIEU/CCII KRISTAN/STAFF: Establish time schedule fo Reschedule for 7-2-91 when all members
(request: Gibson) review of fees for this commercial area. will be present.
05/07 VA/2o SALES TAX COLLECTION LARRY/STEVE: Research remedies to change Research is underway. Larry to get any
(request: Gibson/Lapin) this to a mandatory TOV tax collection. legal information needed to Steve.
05/14 IMPROVEMENTS TO MULTI- KRISTAN: What incentives can the TOV Research underway.
FAMILY BUILDINGS provide to condominium/townhouse associa-
(request: Fritzlen/Lapin) tions to initiate/expedite this process?
Investigate what California and Hawaii -
have on their books.
05/14 VIEW CORRIDORS KRISTAN: Research additional corridors Long-term project to be brought to Council
to be legislated. within next 6 months.
06/09 EAST VAIL BIKE PATH GREG: What was the final resolution of th Greg Hall is working on this. Bill
(request: Steinberg) bike path at the far east end of Bighorn? Linfield to review with Greg.
North or south side access?
06/11 INFORNIAL GET-TOGETHER Council/PEC/DRB/Staff: Informal get-toget er
at Peg Osterfoss' home on Thursday, July 2 ,
5:00 p.m.