HomeMy WebLinkAbout1992-01-28 Support Documentation Town Council Work Session VAIt TOWN COUNCIL
WORK SESSION
TUESDAY, JANUARY 28, 1992
8:00 AM - 5:00 PM
REVISED AGENDA
THE REGULAR WORK SESSION YVILL 6E a COUNCIL RETREAT
TO BE HELD FROM 8:00 AM - 5:00 PM AT THE SONNENALP.
THE NEXT REGULAR TOWN COUNCIL
AFTERNOON WORK SESSION AND EVENING MEETING
WILL BE HELD ON TUESDAY, FEBRUARY 4, 1992.
VAIL TOWN COUNCIL
WORK SESSION
TUESDAY, JANUARY 28, 1992
AGENDA
THERE IS NO WORK SESSION ON TUESDAY, JANUARY 28, 1992.
THE NEXT REGULAR TOWN COUNCIL
AFTERNOON WORK SESSION AND EVENING MEETING
WILL BE HELD ON TUESDAY, FEBRUARY 4, 1992.
C:IAGENDA.WS
7
PLANNING AND ENVIRONMENTAL COMMISSION
January 27, 1992
AGENDA
1:00 P.M. Site Visits
2:00 P.M. Public Hearing
Site Visits PUBLIC HEARING
1. A request for a setback variance and conditional use permit to allow a
tow which will transport people and supplies from the garage to the
house at 2701 Davos Trail/Lot 15, Block B, Vail Ridge.
Applicant: Brian and Sonja Craythorne
Planner: Andy Knudtsen
2. An update on the status of the redevelopment proposal for the Golden
Peak House, 278 Hanson Ranch Road/Lots A and B, Block 2, Vail
Village First Filing.
Applicants: Golden Peak House Condominium AssociationNail
Associates, fnc./GPH Partners, Ltd./Margaritaville, inc.
Planner: Mike Mollica
3. A request to amend the Town of Vail zoning code regarding minor
exterior alteration procedures in Commercial Core I and Commercial
Core II, Section 18.24.065 Exterior Alterations or Modifications -
Procedure, and Section 18.26.045 Exterior Alterations or Modifications -
Procedure.
Applicant: Town of Vail
Planner: Jill Kammerer
4. A request to allow a change to an approved development plan, Tracts A
and B, a part of Parcel A, Lions Ridge Filing No. 2, commonly referred
to as The Valley, Phase II.
Applicant: Crossview at Vail Properties, Inc./Steve Gensler
Planners: Andy Knudtsen/Kristan Pritz
TABLED INDEFINITELY
5. Approval of PEC meeting minutes for January 13, 1992 meeting.
M.
MEMORANDUM
TO: Mayor Peggy Osterfoss
Town Council Members
Ron Phillips
FROM: Pam Brandmeyer~
DATE: January 10, 1992
RE: Listing of 1991 Council Priority Goals With Current Status
At a February 19, 1991, special meeting, Town Council established long-term goals and objectives for the calendar year 1991. A list of these
priorities, by vote count, is as follows:
1. Housing 8
2. Long-Range Strategic Plans 7
3. Police Building 6
4. Lionshead Master Plan 6
5. Marketing 5
6. Implementation of a Parking/T'ransportation Plan 4
7. Environment 4
8. Ten Year Tree Planning Program 4
What follows is a brief synopsis, giving a description of the long-term goal, as well as its current status. Council members should have in mind
her/his top five priorities to help expedite the 1992 goal setting process, to be held Tuesday, February 18, 1992. Priority goals for 1992 need
not come from this current listing. .
1
GOALS AUGUST 1991 STATUS CURRENT STATUS
HOUSING A Housing Authority was established for In November, 1991, the Housing Authority
the Town of Vail in February, 1991. completed its business plan and
Experts on housing issues have met with presented the document to the Town
the Authority for several months. The Council. The business plan sets forth the
group is meeting twice a week in order to Authority's mission statement, goals and
become familiar with various housing objectives, and five year housing
alternatives. Once the initial education production plan. Priority one projects
process is completed, the board intends to include a 75-unit rental development for
develop a road map of action or action year-round residents on four acres of the
plan for their efforts. Jill Kammerer has lower bench of Donovan Park and a 4-6
been assigned as the staff person for the unit for-sale project at the intersection of
board. The issue of a permanent staff Garmisch and Arosa in West Vail. The
position for the housing authority needs to first community meeting to discuss the
be addressed in the near future. business plan and the proposed priority
one projects was also held in November.
In addition to completing the business
plan, the Authority applied for two
separate Colorado Department of Local
Affairs (DOLA) administered grants
including a grant from the Energy Impact
Assistance Fund for $300,000. These
funds would be used for the construction
- of the 75-unit long-term rental
development referred to above. The Town
has recently received an
acknowledgement from Governor Romer
stating the entire $300,000 has been
awarded to Vail.
The second grant application in the
amount of $22,000 was made to the
Colorado Initiative's Program for Technical
Assistance with the design and creation of
anew revolving loan pool for affordable
housing. Through this program, long-term
mortgages would be provided to residents
of Colorado's highest-cost resort
communities for the purchase of
affordable condominiums, town homes,
and single family homes. Although the
2
. r
GOALS AUGUST 1991 STATUS CURRENT STATUS
Authority was not awarded funding under
the Colorado Initiatives Program, DOLA
believes the program has merit and has
encouraged the Authority to meet with
members of DOLA's staff to discuss
alternative funding sources.
Revisions to the zoning code to allow
density bonuses for individuals
constructing permanently restricted
employee housing units have been
provided by the PEC. An ordinance
setting forth these code modfications was
reviewed by Council on 9-17-91. fn July,
an analysis of commercial and residential
development employment generatian was
completed. In August of 1991, a joint
work session with members of the Town
Council, PEC, and Housing Authority was
held to discuss applying a formula for
generating employee housing based on
the type of commercial and/or residential
development within special development
districts. The Town staff is now in the
process of synthesizing these comments
and will present specific code modification
suggestions to the PEC and Town Council
in the upcoming months. Budgeted in
1992 is $3!0,000 for the Authority's day-to-
day administration.
The Council has just approved George K.
Baum (Kirchner Moore) to assist the Town
in refunding the Pitkin Creek Townhome
_ bonds. This will bring $800,000 -
$1,000,000 to the Town, a substarrtial
portion of which may be shared with the
Housing Authority for affordable housing
needs.
3
GOALS AUGUST 1991 STATUS CURRENT STATUS
LONG RANGE STRATEGIC PLAN Although the Vail Valley Foundation had The Vail Symposium has formed the
originally developed a scope for the Eagle Valley Community Forum which is
strategic planning process, by August, the initiating efforts to develop avalley-wide
WF had indicated it was no longer process to look at community issues.
appropriate for them to fill this role. Sherry Dorward is leading this effort.
Kristan Pritz, Ron Phillips, and several
Council members have been irnolved.
The Council has funded $5,000 toward
this effort in the 1992 budget.
POLICE BUILDING The Municipal Complex Task Force had Roth and Sheppard and
outlined a process as it related to the Snowden/Hopkins have been retained to
resolution of a space shortage issue program space needs, assist in site
involving the police department and other selection, and develop conceptual and
municipal government departments. preliminary plans.
Following community input at a public
meeting, it was decided to focus on the Following community input, it was decided
current municipal complex site and to the east parking lot of the current
concentrate on the police facility only. municipal complex would be most
appropriate for any new structure.
Several designs have been developed
and are now available for Council review.
This review will. be held in February, 1992.
Over 150 people toured the present police
facility during last August's open house, in
an effort to make the public aware of the
police department's operating problems.
Town Council member Rob Levine and
PEC member Ludwig Kurz are both
;members of the municipal complex task ~
force.
4
GOALS AUGUST 1991 STATUS CURRENT STATUS
LIONSHEAD MASTER PLAN Staff recommends this plan should be This planning effort will now be addressed
addressed in 1992. in the Community Development
Department's 1993 budget. The intent of
• the plan is to use a similar process as
was used in the streetscape plan, to .look
at potential for infill development,
landscape improvements, and other
alternatives to improve the attractiveness
of the Lionshead area. Eldon Beck and
Sherry Dorvvard have completed a
conceptual plan for Sun Dial Plaza, with
funding approved by the Lionshead
Merchants' Association. Construction is
scheduled to begin in spring of 1992.
Staff will scheduling a meeting with the
Lionshead Merchants',Association to
discuss opportunities for store front
improvements. Currently, staff and
Council are hoping to meet with the
Lionshead Merchants' Association at their
regular meeting on Tuesday, February 4,
1992.
MARKETING The Vail Valley Marketing Board, in its The WMB, in conjunction with Schenkein
third year of existence, is continuing to - advertising, has defined 12 target markets
research its markets, define its targets, throughout the nation and is focusing
and direct its summer message to those radio and print advertising, as well as
throughout the nation most likely to come public relations efforts, in those areas.
to Vail in the summer. Advertisements in USA Weekend, Travel
and Leisure, Vis a Vis, American Wav,
and Architectural Dioest generated over
23,000 inquiries. Additionally, it is
estimated that 1991 public relations efforts
produced approximately $600,000 of
publicity value, and reached over 50
million people. The defined target market
is individuals between the ages of 40 and
65, with incomes exceeding $75,000.
5
GOALS, AUGUST 1991 STATUS CURRENT STATUS
In 1991, WMB experienced increased
' local interest and support for its efforts as
reflected in the numerous private sector
contributions it received and the broad-
based attendance by individuals at weekly
WMB meetings.
The WMB was asked by the Town
Council to establish a process for its
funding of special events. The WMB, in
conjunction with numerous local event
oriented groups, has established such a
process and is establishing the Vail Valley
Special Events Commission to deal with
event-funding issues.
The WMB is required by ordinance to
appear before Council during the month of
March, 1992, to report to on the
effectiveness of the marketing and
promotional program financed by the
funds raised pursuant to our ordinance. '
Council will contribute $160,500 from the
General Fund and approximately
$330,000 from funds generated by the
business license fee in 1992.
IMPLEMENT PARKING/ While the formal adoption of this plan has Arnie Ullevig appeared before Council at
TRANSPORTATION PLAN not occurred, the concepts have been its regular work session on the 14th, then
presented to Council and there is again Wednesday morning, January 15,
consensus about the plan. Following for a public input session relating to the
Arnie Ullevig's presentation to Council in Village loading and delivery areas as
May, and taking into account certain proposed in the plan. The capital projects
budget implications, by early fall of 1991, as outlined in the August 1991 status,
this plan should have proceeded through appear in the 1992 budget and are all
the PEC/DRB process and should have listed as desirable. The Town of Vail has
received substantial public input. Some requested state funding which may be
" recommendations from the plan have available by 1997 or 1998 for both the
6
GOALS AUGUST 1991 STATUS CURRENT STATUS
already been implemented, i.e., new Simba Run and West Vail interchange
parking fees, restructured east and west projects. The Town should find out by
. Vail bus routes, expanded hours of August of 1992 whether this funding will
service for buses, and so on. Seen as be available. The funding from the state
desirable, and included in the proposed represents approximately 50% of the cost
1992 Capital Expenditures budgets are of the project. Council is aware of diverse
the following: ~ reactions from the community in regard to .
the overall master parking and
New Shuttle Buses $100,000 .transportation plan.
Christiania Village
Loading Facility
(Planning Documents) $150,000
Simba Run
. (Planning Documents) $140,000
ENVIRONMENTAL ISSUES Staff is underway on research fora A. Wood Burning Fireplaces
program to address existing wood burning
fireplaces within the Town of Vail. Susan Ordinance 21 of 1991 put in final form
Scanlan has worked to prepare research new controls over wood burning
for joint meetings with the PEC and the fireplaces. This ordinance will be
Vail Town Council. A discussion of the amended as new technology appears.
Town of Vail's road sanding practices was In further research provided regarding
scheduled in March for a PEC meeting gas logs, Ordinance 42 of 1991, set
and in all efforts initiated by the Town, a forth further controls and calls for
strong public education component has voluntary cornersion of existing wood
been included. Kristan Pritz is in the burning fireplaces to either gas or EPA
process of hiring an ernironmental phase II certified units at the time of
specialist for the Town of Vail, and the renovation or new construction.
Council has been notified the process has
gone into its third round of interviews. A B. Road Sanding
second and final reading of the fireplace
air pollution control ordinance is set for The Town of Vail is involved in
the August 6, 1991, meeting. ongoing discussion with CDOT.
Currently, samples of particulates from
both CDOT and the TOV have been
sent to a lab for examination of these
road sanding materials. An analysis
will be done in regard to suspension of
particulates and durability of material.
7
GOALS AUGUST 1991 STATUS CURRENT STATUS
C. Staffing
The post of ernironmental planner has
not met with a successful recruitment.
Kristan and Bob Mach will be
discussing this issue with Council on
2-4-92.
D. Recvcling
For the third year in a row, Council has
authorized use of the loading dock and
delivery area of the municipal annex
building and has also budgeted
$14,100 toward this effort. The County
funded "We Recycle" below their
request and said "no" to an increase in
land-fill fees. A fee to businesses
using the pick up service currently
provided by "We Recycle" has been
discussed.
E. Composting .
This project is now run solely by Upper
Eagle Valley Water and Sanitation and
was not on-line until late summer of
1991. UEVW&S will try again in 1992.
Park maintenance converted most of
its mowers to mulching mowers in
1991, reducing the quantity of
landscape waste generated. Other
landscape waste is composted at the
Town Shops facility. The Christmas
tree recycling program began in
January of 1991 and continues in
January of 1992. These mulched
trees are used in landscaped areas
throughout the Town.
8
GOALS AUGUST 1991 STATUS CURRENT STATUS
F. Water Quality
No action has been taken awaiting the
arrival of the senior environmental
policy planner. Deadlines for non-point
" source runoff occur in November of
1992. An EPA grant has been applied
for, and the Town should know by the
first part of 1992 whether in-kind
services in the amount of
approximately $7,500 through
Northwest Council of Governments will
be provided. The scope of the project
is still to be determined.
G. Clean Up Dav
For the third year, Clean Up Day was
a success, with $5,807.44 being the
total cost of this project and 5 1/2 tons
" of trash collected. 39 Eagle Courrty
non-profit groups participated in this
project.
H. Recycled Parer
The Town is currently purchasing
recycled paper at a cost of $1 per
ream more than the standard cost of
paper. This is for 8 1/2 x 11 inch
paper only; recycled 8 1/2 x 14 inch
paper is not currently available. All
mailings, including brochures,
newsletters, press releases, etc., are
of recycled paper: The next order of
letterhead will be on recycled paper,
as well.
9
GOALS, AUGUST 1991 STATUS CURRENT STATUS
I. Restaurant Compliance/Smokinq
Voluntary restaurant compliance has
been successful, with the majority of
the restaurants now requiring non-
smoking areas in their dining rooms.
J. Trash
In 1991, trash violations where action
was taken, numbered approximately
260, as opposed to 224 violations
during calendar year 1990. The code
enforcement officers have developed
some long-range plans to resolve the
problems, and these have been
initiated. As well as confronting
• individual complainants, code
enforcement and community
development are acting together to
identify neighborhoods which can be
improved through corrective activities.
The neighborhood development plan
includes the following phases:
1. Identify the neighborhood and its
existing problems.
2. Send general information letters to
act as an educational tool and as a
warning.
3. Specific violators in these
neighborhoods are given written ~
notice of the violations, along with a
reasonable period of time to correct
the problems.
4. A summons to court is issued to
the violators who do not respond to
the warnings.
10 .
GOALS AUGUST 1991 STATUS CURRENT STATUS
- K. Abandoned Vehicles
The number of identified and tagged
- abandoned vehicles stayed consistent
with 1990, 257 vehicles:
Tagged 164
Tagged and Claimed 20
Tagged/Processed/Sold 40
TOTAL NUMBER OF
VEHICLES 1991 224
Until some legal issues are resolved,
police irnolvement with "Private
Property Abandoned" is limited to
extreme cases.
L. Animal Control
175 dog tickets have been issued
since January 1, 1991. The animal
control position has been vacant since
September, when the ACO took over
the same position for Eagle County.
Until that position is filled, a contract
with Eagle County Animal Control will
give the Town coverage beginning
January 1, 1992.
TEN YEAR TREE PLANNING A volunteer tree planting project was
PROGRAM completed on I-70 right-of-way in October
1991, by the Vail/Eagle Valley Rotary
Club. The 1992 RETT project budget
includes $10,000 for tree planting projects.
Town staff is currently working with a
group of citizens, service organizations,
and the Colorado State Forest Service on
- 11
' ,
GOALS AUGUST 1991 STATUS CURRENT STATUS
a project for 1992. The interest is to plant
one mile of I-70 as a demonstration
project using a combination of volunteer
efforts, cash donations, and government
participation. The landscape
architect/parks superintendent has
discussed the Town receiving "tree city
USA" designation with the State Forest
Service.
The above information reflects a current progress report for the eight top areas of priority interest for Council members as stated in 1991. What
follows is a listing of other areas of interest expressed by Council members and their current status. They are not listed in any ranked order.
- 12
GOALS AUGUST 1991 STATUS CURRENT STATUS
LAND/OPEN SPACE PURCHASES Soraddle Creek and Golf Course Appraisals were $345,000 for Spraddle
Maintenance Parcel: These parcels are Creek, and $20,700 for the Golf Course
owned by the U.S. Forest Service and are Maintenance parcel. Appraisals were not
currently being appraised. approved by the regional office of the
U.S.F.S., and they have initiated their own
appraisals which came in considerably
higher. Larry and Ron are investigating
the Town's options at this time.
The two Upper Eagle Valley Water and
Sanitation District Parcels were delayed
by a joint agreement between the TOV
and UEVW&S.
Holy Cross Electric Contract was REA approval was not granted and the
approved to purchase the Holy Cross deal was abandoned. New discussions
Electric site. are being initiated by Ron.
Berry Creek 5th Filing purchased and then
sold to the Eagle County Recreation
Authority.
General Open Space Acquisition Proposals being developed now.
LANDSCAPING PROJECTS/GENERAL A. EAST VAIL INTERCHANGE: Staff is
discussing additional tree plantings,
construction of a parking area for
recreation path users, and construction
of a bus stop shelter with public phone
and information signs at the road to
Pitkin Creek Townhomes.
13
GOALS AUGUST 1991 STATUS CURRENT STATUS
B. MAIN VAIL INTERCHANGE: The
1992 RETT project budget includes
$158,850 for landscape design and
construction, in addition to $130,525
each for 1993 and 1994. This project
is the second phase implementation of
the 1989 Landscape Improvement
Master Plan.
C. I-70 LANDSCAPING PROJECTS:
Council may wish to discuss the
desired level of CDOT's involvement.
D. VILLAGE TRANSPORTATION
• CENTER: The landscaping contract
will be completed in the spring of
1992. The project is currently 90%
complete.
E. TOWN FLOWERBED PROGRAM:
This program will continue with
expanded selections of flower varieties
and use of perennials and ground
covers. The 1992 Public Works
operating budget includes $2,000 to
replace lost trees throughout the town.
F. PARKS, RECREATION PATHS. & ,
TRAILS: The 1991 rtt i r project
budget includes approximately $12,000
for development of the otd Ski
Museum site. This will be combined
with $10,000 from the Miscellaneous
Sidewalk Improvement Account to
complete the project. The cost of
demolishing the old Ski Museum
building was approximately $15,000.
14
GOALS AUGUST 1991 STATUS CURRENT STATUS
Phase I Stevens Park was started in
1991 and will be completed in the
spring of 1992. The Phase I contract
amount is approximately $105,000.
The remainder of the park construction
is budgeted in 1992 for $123,384 and
in 1993 for $135,500.
The 1992 RETT project budget
included $60,000 for parks, open
space, and the Mountain Trail
Recreation Plan. This funding will be
rolled over into 1992. The intent of
this funding is to begin the preliminary
work for a Park and Recreation
System Master Plan. This Master Plan
should set park system and facility
standards for the Town, identity needs
for park and recreation facilities, and
identifir land for potential acquisition
and development.
G. WEED ORDINANCE: The Town is
required by Colorado revised statutes
to adopt an undesirable plant
management plan to be effective
January 1, 1992. ~ The purpose of this
act is to ensure state-wide control of
undesirable weeds. There is a list of
mandatory weeds to be controlled
along with a provision for local
. jurisdictions to designate additional
plants. Council is required to appoint
an advisory committee to develop and
recommend an integrated control
program by the least environmentally
damaging means. The Act does not
allow local governments to raise
revenue spec'rfically for the
implementation of the Act.
15
GOALS AUGUST 1991 STATUS CURRENT STATUS
SNOW STORAGE Construction will commence during the
construction season (spring, summer, or
fall based on work load). All approvals
have been received and a lease signed
for a seven year period of time. The
environmental study was clean.
PEOPLE MOVER Grants to do studies have been received The recommendation is to pursue the bus
with $13,000 remaining for further study. purchase option and the People Mover is
A greater likelihood of redesigning buses out.
to make loading and unloading easier is
recommended. The estimated cost of the
People Mover to replace in-town shuttle
routes is $30 to $35 million. Estimated
cost to purchase redesigned buses and to
make necessary road improvements is
$7.5 million.
COUNTY-WIDE TRANSPORTATION A county-wide election to be conducted in
August of 1991 to raise sales tax for the
implementation of this plan was canceled. '
Council contributed $90,000 to limited
east end of County transportation for the
wirrter of 1991 and $110,000 for-the winter
of 1992.
SIGNS Ongoing. Scope of work being
considered with special emphasis being
concentrated on the 4-way.
CEMETERY The final report has been completed.
$20,500 has been allocated in 1992 with
those moneys to be spent on a
conceptual design for the cemetery and a
management structure. The site selected
is Donovan Park.
16
GOALS AUGUST 1991 STATUS CURRENT STATUS.
ZONING CODE REVIEW Tom Braun has been hired to conduct the
review and the changes have been
considered for the past calendar year.
The GRFA and site coverage
amendments have been completed. Pay-
in-lieu parking and SDD's will be
addressed during the winter and spring of
1992. An overall summary for proposed
zoning code amendments has been
' completed.
WEST MEADOW DRIVE DESIGN The project is now 70% complete and will
be incorporated into the streetscape plan
to allow for an overall conceptual design.
EAST VAIL BIKE PATH Complete.
BALD MOUNTAIN ROAD/BOOTH Complete.
CREEK STREET IMPROVEMENT
PROJECT
DOWD JUNCTION BICYCLE PATH The Town of Vail is continuing in its
efforts to apply for grant money to add to
the $235,000 budgeted for calendar year
1992.
UNDERGROUNDING UTILITIES IN EAST A public hearing was held January 7,
VAIL 1992, at which time numerous questions
were raised in regard to the assessment
formula. Staff will continue to research so
the district may move forward.
17
GOALS AUGUST 1991 STATUS CURRENT STATUS
TOWN COUNCIL PUBLIC RELATIONS Concern regarding the Town Council's
~ relationship with Vail residents was raised
on numerous occasions in 1991 by
Council members. Initiatives were taken
to help improve communication between
Council members and local residents,
merchants, organizations, and special
interest groups, through the following
methods:
A. A series of five Community Speak Up
meetings are to be held three times
s per year. The first series occurred
during November and December, the
second series. February-March, the
third series June-July of 1992.
B. A community newsletter covering
various town-related issues and
concerns, is to be sent three
times/year to all Vail boxholders, street
addresses, and business licensees.
C. Resident response cards, included in
each newsletter and available at Town
offices, will give individuals the
opportunity to comment on or ask
questions regarding government-
related issues.
D. Weekly telephone contact between
Town Council members and residents
will be initiated. Over 200 Vail
residents will be targeted and paired
with Town Council members/one
resident per Council member per
week. Each Council member will
proactively call the resident for
feedback on local issues.
18
. .
GOALS AUGUST 1991 STATUS CURRENT STATUS
E. Regular attendance at meetings of
local organizations by Council
members will be initiated. Council
members have agreed that regular
attendance at these meetings is
important and a six month calendar
has been produced. The goal is to
receive feedback and. become better
aware of the interests of these
organizations.
These efforts compliment the standard
TOV public relations efforts already in
place, including press releases, public
service announcements, weekly
columns in the VAIL TRAIL, Channel
37 -the TOV information station,
Channel 23 coverage, purchased.
advertising, and guest appearances on
local radio and television broadcasts.
CHILD CARE
Following receipt of the recommendations
and the report of the Eagle Valley Child
Care Task Force in September of 1990,
Council approved a $4,000 contribution for
1991 and a $2,500 contribution for 1992.
VAIL ASSOCIATES RELATIONSHIP 2% Fee 4% tax proposal tieing reviewed by VA "
and USFS.
19
~iG
w
TOWN OF VAIL MEMORANDUM
TO: Ron Phillips
Council Members
FROM: Steve Thompson
DATE: January 24, 1991
RE: Investment Report
Enclosed is the investment report with balances as of December 31,
1991.
In December we purchased $1 million FHLB discount notes with an
average yield of 4.36% and a maturity of 94 days. Currently the 90
day treasury is earning 3.75%.
The average yield on our total portfolio is 5.829%. The average
yield on the reserve fund assets is 6.606% and on the operating
fund assets is 5.45%. This has dropped significantly from last
month because all but one of the CD's matured.
The balance of the portfolio available for use in general
operations is the same as of December 31, 1990.
Please let me know if you have any questions.
cc: Steve Barwick
Torn of Yail, Colorado
lnrestrent Report
Suaaary of Accounts and Investaents
For the Month Ending Deceaber 31, 1991
Funds For Reserve Balances Percentage Percentage
Operating funds i1J31(91 of total Ailored
-
Money Market Accounts (see page 1)
Coraercial Banks (100,111 (316,881 (116,985 1.111 502
Honey Market funds (3,811,484 23,671,164 33.402 1002
Colorado lnrest~ent Pools (1,042,511 f1,042,511 9.002 1002
Total (1,141,696 (4,248,345 !5,(91,041 46.521
Conercial Savings d
Banks loans
Certificates of Deposit (see page 2)
Fagle County Institutions O.OOi
Other Colorado Institutions 0.00$
National Institutions 599,000 (99,000 299,000 0.85E
total (49,000 (99,000 (99,000 0.852 IOOi
Percentage of Portfolio in Savings d loans 0.852 252
U.S. 6orernaent Securities (see Dage 3j
Repurchase Agreeaents (2,430,869 (2,430,889 10.911 ]52
treasury Notes 8 6ilis (1,005,009 21,005,009 8.612 1002
6NMA's (150,313 (150,313 1.302 1002
U.S. Savings Bonds (11,616 (22,816 0.202 1001
Federal Agency Discount Notes d Bonds (2,490,110 (1,190,110 21.491 1002
Total f1,b64,019 (3,135,818 58,099,891 51.b3i
total Portfolio (3,606,115 (1,183,123 (11,589,938 100.002
Maturing Yithin 11 Months (2,900,511 (5,830,390 (6,130,961 75.331
Maturing Yithin 24 Months (500,000 SO 2500,000 4.312
Maturing After 14 Months 2106,141 51,951,833 (1,3!8,911 10.312
f3,806,715 f1, 183,213 (11,!69,938 99.992
Breakdorn of Aeserre Funds
0.0. Bond Reserve 55,213,133
Capital Projects Bond funds (1,182,629
Chuck Anderson Me~orial (10,991
Health Insurance Funds 2365,670
(1,783,223
1112/91 j 1D
inrsal2
9oney Market Accounts
as of Deceaber 31, 1491
--For the Month of Deceaber--
Institution Balances
Type of Accounts High Loy Average 12~31~91
CONMERCIAI BANK pCCOUNiS
First Bank of Yail -Operating
]nterest /.3151 4.0002. 1.2102
Balance (1,210,696 f1,698 (589,14/ (61,]83
first Bank of Yail -Insurance
]nterest 4.3151 4.0002 4.1102 (365,810
Balance
Central Bank of Denver
Interest 3.9051
General Operating Account
Balance (13,331 '
total Coaaercial Bank Accounts (114,965
LOCAL 60YERNMENT INYESiMENT POOL
Colorado Trust (Investaent Pool)
interest 1.3102
Baiance 31,012,512
MONEY MARKEI MUiUAE FUNDS
Federated Securities Corp. U. 5. treasury Trust Reserve Account
Interest 1.1202
Balance (380,966
Fidelity Inrestaent Goverment Money Market Accounts
Interest 1.6301
Bond Issue Reserve Account =r
Balance 21,302,815
Capital Projects Bond Account
Balance f2,181,629
Total Money Market Mutual Fund 23,821,182
Total all accounts !5,391,041
iiACCOUnt Subject to Arbitrage Rebate
1122192j1p .
invul2 Page 1
i
Certiticates of Deposit
as of Deceaber 31, 1991
Bank Naae, location Oays to
Rates Purchase Maturity Maturity Maturity
Ins Coupon Yield Date Date at Purchase Yalue
lyndonville Savings Bank t Trust, lyndonville, Yi, Reserved Funds
FDIC 9.1501 9.0561 1b-3u1-19 01-Jun-91 1041 f99,000
Arg Yield 9.0501 199,000
Oat's to Maturity 153
1/22/91j1p
invcdll Dage 1
6orernaent Securities
as of Deceaber 31. 1991
+++Treasury Notes 8 82115+++
Oat's
to Days
Interest Rate Durchase Maturity Maturity to Book Par
Type fund Coupon Yield Date Date at Purchase Maturity Yalue Yalue
lero Debt Service 1.8202 11-Jun-91 15-Nor-95 1608 1415 (513,683 f100,00G
Bill Debt Service 4.9002 4.9001 09-Oct-91 26-Sep-91 353 110 (481,316 5500,000
Arerage Years To Maturity 1.31 (1,005,009 (1,100,000
Arerage Yield 6.421
a?aRepurchase Agreeaentsasa
Purchase Maturity ~ Book
Institution Yield Date Date Yalue
Horgan Stanley + 1.8502 Ol-Dec-91 Ol-Jun-92 (2,430,869
+ Sinking Fund inrestaent to Retire 6.0. Bonds
+++6NMA ~ S+++
Years to Estiaated
Interest Rate Purchase Maturity Maturity Years to Drincipal
Dool Coupon Yield Date Date at Purchase Maturity Outstanding
5603 B.OOOi 6.1802 ]4-Nav-66 IS-Oct-05 19.10 16.00 (38,594
13003 B.000Y 9.5002 1l-Oct-86 15-Oct-04 10.10 17.00 fS0,031
1/659 8.0002 4.1002 21-Oct-86 15-Jan-01 11.10 18.00 (61,142
Avg Yieid 9.1151 f1S0,313
++~U.S. Sarinas Bonds+++
Years to
Issue Maturity Maturity Mears to Book Maturity
Series Yield Date Date at Purchase Maturity Yalue Yalue
EE T.170i O1-Oct-86 O1-Oct-96 10.00 1.7d 522,816 ~ (30,000
++v Federal Agency Discount Notes f Bonds+++
Days to
Interest Rate Purchase Maturity Maturity Days to Book Maturity
Agency fund Coupon Yield Date Date at Purchase Maturity Yalue Yalue
FFC Pooled 5.1891 !0-Oct-91 13-Jan-91 95.00 13.00 (499,158 5500,000
FHLB Dooled 4.3602 09-Dec-91 11-Mar-91 91.00 12.00 5991,612 (1,000,000
FHIB Pooled 7.0802 1,0802 15-Jun-91 1S-Jun-93 731.00 542.00 (500,000 (500,000
FNMA Pooled 1.1301 1.1301 15-Sep-91 21-Sep-98 1556.00 1459.00 f500,000 (500,000
52,190,110 (1,500,000
Average Yield 5.151
Arerage Days to Maturity 1014 total (4,099,891
1/11~Sijlp
. invtrll Dage 3
c c ~ Ca~~-e~-
K~+.v.~a.,w
REC'n JAN 1 3 1992
Bi hv~a ~e a~ated Bike a
th
~ ~ p
p
l~eetin het
The Regional Trail Committee through the Roaring Fork Forum has
requested that the Highway Department design Highway 82
improvements so that a separated bike path would be able to be
added as funds permit. We have been informed that this is not
possible. The Highway Department has agreed to meet with us and
explain. the problems they have with this proposal as well as to
hear our concerns.
Friday, January 31, at 2:00 p.m. has been set for a discussion
with Colorado Department of Transportation Bicycle Planner
Nancy Dutko, Region 3 District Engineer Bob Moston and
Region 3 Pre-Construction Engineer Rich Penske. In
addition, Bill Cleary, our State Highway Commissioner and
State Representative Scott McInnis (who has been a supporter
of a bikepath) have been invited to attend.
The meeting will be held at the Basalt Town Hall.
The purpose of this meeting is to hear from the Highway
Department where the exact problem areas are that prevent a
separated bike path from being planned with highway improvements.
We want to be as informed as possible on this issue because we
'are all aware of the real obstacles, we can think through some
alternatives to solving this problem.
We are asking that Pitkin, Garfield, and Eagle Counties and Aspen,
Sn.,w...ass Village, Basalt, Carbondale and Glenwood Springs send at least
one representative to this meeting. It would be most helpful to have as
many elected officials as possible attend. If you are a representative to a
city. t.. w or county please inform your elected officials about this meeting
and encourage them to attend.
sue: .di.,. m
}
~ z~ 'tea
n~~ ~y~-$~~ sad
~r. ~
~ ~ . N t
~ r:
r ~
~ , ar~:r,`.
By Adriei Bettelheim -
i' - Nj~y ~t1
Denver Post Business Wrier r, + .
GILL~iiE, Wyo: , Sunday, Januar} 26, 1992 ~ TI-lE DEtvvER PosT
ayor Edd Collins thinks ,
it all boils down to ~ • 1 , •
corporate giant not car-' ~ o~~~in town takes oncable-1 v lent
, ing about consumers..;~.;_
I" , "A big cable TV com:,;'',~.:
pony comes in as the
, mono 1 here and doesn't have to be re- + ; . ing a prolonged legal case against
P° y CABLE from Page ~H CABLE TIFF.: GILLETTE,' WYO. YS.TCI'
s. ~ sponsive to its customers," the usually a giant company with annual r~ve-
c~ mild-mannered public official fumes„ ` . tally switching customers to the Hues of more than $3 billion.
Gillette, Wyo., is battling Denver based Telecommunications Inc. Gillette
~ "No one likes to be treated like that. Yoa~ • more expensive package. The over a 33 percent rate increase that came after the company'.tlered' ,which had just one.
deserve respect, especially if you're the - company also started charging ex• the city's cable service.` : • paved road in the early 1970s,
one paying the bill.", . tra for converter boxes and cable WHAT IS TIERING: Packaging a group of popularchannelsand aharg• spent heavily to expand its infra-
- erne Darner Post i ~dde~ Bettennlm Collins and the other residents of this ~ guides. ing a higher price than the ~are•bones basic service. structure when the energy boom
Gillette City Administrator John Der= remote northeastern Wyoming city are- ; Within five months, residents CONCERNS: Consumer groups say tierng can be a way cable compa-" attracted workers to nearby coal
rington disconnected his cable aerviee - : going to battle with the nation's largest.. were paying $22.20 a month for Hies skirt federal,regulations that limlt.a company's rate.mcreases deposits, Legal fees in the case
after the rate boost. ; ~ ` cable-television operator, Denver•based; ; the same servicE; that cost $16.74 AT ISSUE How much control can a city have ovecthe price of cable now total $250,000, a heft sum for
Tele•Communications Inc., in what legal, ~ ~ - a 33 percent rate increase. In- service. a city that pays annual interest of
• experts say is a pivotal test of how much; , # tensed, city officials passed an or- CASE STATUS: A partial Judgement by U:S..District Court m Casper in 81.5 million on debt it issued to ex- .
control municipalities have over t~ , , dinance that rollsd back the price ~ November found that Gillette has the right tD regulate basic rates and pond that infrastructure.
a~ ys• _ price of cable service. tea' of bare•bones service to $12.80 and even roll.them back ifit udges•they are too high TCI is appealing the "Some of the colt will be picked
The David-and-Goliath .fight coup ; set expanded basic at $13.20. In an decision: Court hasn't determined whether Gillette can regulate the up by our insurance but we frankly
cause a big shakeout in the cable indastt~ added swipe, the city lowered ;;groups of tiered channels , ; wish some other city was charting
' ' and in the way it packages its most popu;. ~ ,those prices another dollar last the course," says City Administra•
~ lar channels. And Gillette's consumer t~° ` September after Tele•Communica- for John Darrington, who discon-
Y.~; , . volt may serve as a model for ottier° ' lions couldn't prove that at least work, one of the channels involved, simply redefining basic cable. Ca- netted his family's cable service.
small communities nationwide thaYua't~ : 30 percent of subscribers were- has raised the cumulative price of .ble operators counter that tiering after the rate boost.
• ~ ~ ;a~~'•; recently had little say in cable pricing;; : happy with the service. its programming more than 100 spreads programming costs more "I don't know of any case that
Gillette was drawn into the center ~ ~ "For many of us, TV is our only percent over the last five years. fairly among subscribers, Only deals with cable pricing and city
® ; . controversy largely because the 20,01}0; contact with the world," resident "We don't like cable price hikes makes who really want to watch a control on such a broad level," -
_ + residents of the geographically isolated;` . Ramona Martin wrote to the city but we're also not talking about a channel pay for the service. says Joseph Van Eaton, awash- .
` coal•mining city depend on ,cable to picck~-' council. "As a senior citizen on a large amount of money in absolute The Gillette case could decide ington, D.C., lawyer who repre-
up almost any TV signal. The neares>»'; fixed income, I ieel like I'm being terms," Thomson says., "It's .the whether cities can override the 5 sents cities in cable cases.
wyo. towri,protests broadcast signal originates 125 miles:; . ripped off." equivalent of two postage stamps percent rule and set rates they Van Eaton said a victory for
away in Casper, and appears only as ,a„ : Tale-Communications fought a day. That's still cheaper on tom- think are Fair, even ordering retro- Gillette could empower small cit•
TCI rate ncrease ~ ~
{ ~ ; fuzzy blur on most non-cable sets.:.. ; . ~ , back ;n U.S, District Court ;n Cas- petitive terms with other forms of active refunds; It also will deter- ies that only recently got expanded
• ~ The dispute began in December .1989;" per, saying Gillette acted illegally entertainment, like the movies. mine i here pat ages a c n- regulatory muscle under new FCC
when Tele-Communications took.. five: in rolling back the rates and order- Comparisons aside, the dispute eels come under regulation. rules. The rules allow cities with
popular channels out of .its basic service;: ~ . ing refunds for customers. The puts a new twist on the vagaries of So far, Gillette seems to be win- fewer than six broadcast stations
and created an expanded tier, automati;~ ; company also claimed its rights cable pricing. Under current Fed- Wing. In November, federal Judge to control basic rates. Previously,
were violated under the Cable eral Communications Commission Alan Johnson ruled the city had only the few communities with
Please'see CABLE on SFI Communications Policy Act of rules, cable operators in communi• .the right to regulate basic service less than three broadcast stations
1984, which deregulated cable TV ties like Gillette must limit rate and roll back rates. Now, Gillette could oversee rates.
in many communities. increases for basic cable to 5 per- is arguing that the expanded tier ~ "This would enable small ~om-
Robert Thomson, Tele-Comma- cent a year. The rule doesn't apply really isn't a separate service inanities that need cable just to
nications' senior vice president for to larger markets like Denver, from basic. Tale-Communications, get reception to set rates for basic '
policy planning, said the company where cable can have five or more meanwhile, is planning to appeal 'and expanded service at reason- '
bumped the five channels into a broadcast competitors. the judge's ruling. able levels for the future," Van
new tier to protect itself against Consumer advocates charge While the attention-getting re- Eaton predicts. "More and more
higher cable-programming costs. that cable operators use tiering to volt has emboldened city officials, cities are realizing cable rates are
For example, he said USA Net• get around the 5 percent rule by they worry about the cost of press- a problem that won't go away.
t~~ f~~~e ~ . .Y ~ _
ca~~~ ~sS~~ -w~~~~~ ''11''y~~~~~t°~~~,
.
J "•T~
Legislation laces senator ° r
p ~ ;
in awkward PR position ~ ~ r ~ ~
_ N By Robert Kowalski ,`r'~ ~ ~ r
~ Denver Post Washington Bureau -
~ WASHINGTOPi -With the Senate ~
F poised to consider new regulations for ca- 1 •
~ ble television this week, the industry's 1 ` - ~
~ "golden boy," U.S. Sen. Tim Wirth, is keep-
ing aloes profile. LAYING LOV11? U.S. Sen. Tim Wirth says
z Wirth, widely credited with having little about ro osed cable re ulations.
w helped deregulate the industry in 1984, at- P P 9
~ tracted much notice in 1990 when he low because while opposition to the bill
helped kill a bill that would have reined in would warm the hearts of cable execu-
the booming industry, whose largest com- fives, it could alienate Colorado consum- .
- pany, Tele-Communications Inc., is based ers.
- in Colorado. "Senator Wirth has served these (cable)
The Colorado Democrat was unabashed people well," said Jeff Chester, director of
in his defense of cable then, despite his the Teledemocracy project, a Washington,
thousands of dollars in campaign contribu- D.C.-based effort to stiffen cable regula-
F _ tion~ from the industry. Cable, he said, tion, sponsored by consumer advocate
. was an important constituent for him. Ralph Nader. - •
But Wirth, a prolific issuer of press an- "It's true that cable is an important con-
' nouncements, has said little in recent stituent (for him)," Chester said. "He has
months about the new, consumer-oriented shown his loyalty, unfortunately I think, at
. ~ cable legislation. the expense of the American consumer."
"There's been nothing to put out on ca- The legislation, described as a cable-vs.-
• ble because it's been changing," said Lisa broadcast bill, would authorize the Feder-
Caputo, Wirth's press secretary.
- ~ Others, however, suspect Wirth is laying Please see CABLE TV on 7C
i
~ 1
n cab a ssue
f nee o
ri es the e
it h d
t
CABLE Tv from I=age 1C PROPOSED LEGISLATION
al Communications Commission to `He (Wirth) has been
t set rates that cable companies cable's olden bo Key elements of cable television legislation that the Senate is to de-
charge. ~ y' bate this week:
It also would add restrictions on He is the reason why ¦ THE FEDERAL Communications Commission would set reasonable
how cable uses programs original- Cable W1S rates for basic service and determine what customer equipment
ly broadcast by the networks. Ca- ~ should be provided in markets without effective competition.
ble s stems would have to a for deregulated. ¦ THE FCC could limit the number of channels a cable programmer
Y P Y b .could have on a cable system, as well as limit the number of
popular programming they now Jeff Chester, subscribers a cable operator could reach nationwide.
fuse free, and they could be forced the Teledemocracy project ¦ THE FCC would establish service standards for cable seririce,, .
to use, at no cost, other broadcast though local authorities could enact stricter standards.
programming they wouldn't other- ~ BROADCASTERS, such as the three major television networks, .
wise want. Asked about Wirth's work on the ~ could charge cablE systems to cant' their programs or force the
"Ia many respects," Wirth said, issue, Peggy Laramie, aspokes- systems to carry less popular programming for no charge.
"I think it is punitive legislation." woman for the National Cable ¦ CABLE PROGRAMMERS would be prohibited from discriminating in
Television Association said: "I Price or other conditions of access to their systems in order to
He said he hopes to support an ~ thwart competition. Programmers also would be prohibited from
alternate bill that deals with cable can't characterize his involvement unreasonably refusing to deal with distributors.
rates and services but "does not in- in it.' : Q~,~ry '
elude provisions that would dam- Said Gene Kimmelman, legisla-
age akey industry that employs five director of the Consumer Fed- ~ son wh cable was dare fated." said Kimmelman. Cable service
thousands in Colorado. eration of America, My under- Y
Among other things, he doesn't standing is he's not taking the lead. ~ "Tim's part of the (cable) ball- rates have skyrocketed in recent
like the pending bill's provisions on My guess is because he's gotten ;team," said Robert Schmidt, presi- years. A General Accounting Of-
cable's use of broadcast program- such bad publicity for having been 'dent of the Wireless Cable Associa- fice study found that between De-
ming and giving competitors closely associated (with cable in tion Inc. Schmidt is a former camber 1989 and April 1991, the
F the ast president of the National Cable average monthly rate for the most
~ greater access to cable program- P Television Association but now is popular basic service increased 15
~ ming, a Wirth staff member said. Lower prOflle aSSU[tled fighting to increase competitors' percent, from E16.33 to 518.84.
Approval expected "He's been much lower profile," access to cable programming. At the same time, cable has
Some version of the bill, which agreed Lynn McReynolds, spokes- That Wirth has shirked the lime- grown dramatically:. When Con-
the Senate postponed considering woman for the National Associa- light is no surprise, said Dick Wad- grass deregulated cable in 1984,
last year, now is expected to win tion of Broadcasters, which sup- hams, who is managing former about 32 million households were
approval. ports the bill. state Republican Sen. Terry Consi- subscribers. In 1990, the count was
But efforts by Wirth and others Wirth's longtime association dive's campaign to unseat Wirth in 54 million.
to draft an alternative, though with the cable industry is well-es- the U.S. Senate. The NCTA defends cable rates,
closely watched by industry and tablished• "I would expect him to keep his saying charges before deregula-
consumer groups, have remained "He has been cable's golden head low," Wadhams said. "One tion were artificially low.
cryptic. boy," Chester said. "He is the rea- thing's for sure, cable television's Ostensibly, the new legislation is
becoming more and more part of designed to reduce what consum-
everybody's life.... I think they ers pay while increasing competi-
- know about rising cable rates." tion in the industry, its supporters
While Wirth has fought for ca- say.
ble, the industry has helped him as "I think it's very dangerous for a
well. congressman to oppose it," Kim-
Cable contributions melman said. "I have to believe
there are an awful lot of citizens of
In 1990, cable executives held a Colorado who ...feel like they're
fund-raiser that netted Wirth getting ripped off."
about ;80,000. Industry executives ~ ,
gave at least E14,000 to his cam- Kiss Ort the Cheek
paign in the first half of last year, Chester said the mild legislation
Federal Election Commission re- is a mere "kiss on the cheek from
cords show. Newer contributions Congress." But he said Wirth has
don't have to be reported yet. "been the mole" for cable interests
"Campaign contributions have rather than subscribers.
not.influenced my positions on ca- Wirth hopes voters see it other-
ble or any other legislation," Wirth wise. "I hope Colorado residents
said. "My position with respect to will recognize my efforts to help
cable television has been consis- ensure ...access to an increasing
tent since I was first elected to variety of television programming .
Congress in 1974." at reasonable rates," he said, "and
But the pending legislation could my support ffor an industry t~
put Wirth~n an awkward position, important to Colorado's aeon my.
i
DENVER POST 1/26/92
Clo ~ .
uds art but it ma be
too earl for Geo e Gillett to a
p~
~ ~
~ p
arlez-vows ski? Mill there be an George Gillett, who committed the taken steady, quiet steps toward keeping But the fact remains Vail/Beaver ,
apres bankruptcy party? simple blunder of loading too much debt ; up with Vail and Aspen. Its owners on Creek is about to undergo its second, big. _
The announcement of .a-plan on a business empire that was carefully Wednesday announced an expansion that shift since the mid-1980s - a shift from
that allows the investment arm of put together over mare than a decade, ~ will keep it in the big leagues, owner/management to absentee owner-
a French flnandal giant to rescue Gillett will continue to manage the properties, . ~E~R~ Breckenridge, bought by Victoria Sport ship. Black has yet to surface in these '
.Holdings Inc. from Chapter 11 proceed but his l00 percent ownership will be re• a
ings brings the parent of VaII/Beaver duced to about 13 percent, { ®VBR~~~ ~ in 1988, is a different story. Management p rts in any public way. His track record
-Creek out from under a cloud. is in upheaval; expansion plans are on at Drexel is as a deal•maker, not long-
Themeat-packing plants probably will ~ hold. With Summit County rivals like terra investor.
But, It does leave questions unan- go up for sale - maybe a TV station or Keystone beefing up their own plans, Credit Lyonnais is a very large, distIn-
swered. two also will go on the block. its long-term horizon is reached? Breckenridge is in serious danger of fall- guished financial organization. Recent
Under the arrangement, Altus, an affil- Altus and Black say Vail/Beaver In the past four years, three big Colors- ~g behind the competition. history shows that such financial argani-
fate of the French bank Credit Lyonnais Creek, the crown jewels of Colorado's re• do resorts have been sold to foreign own- Now for Vail, Altus and Leon Black: nations have an uncanny ability to lose . ~
-advised by former Drexel Burnham -and of the Gillett empire -will ers. There's no reason why foreigners Gillett himself has endorsed the Altus billions of dollars very quickly, They also
Lambert executive Leon Black -will be held and operated for the long term, shouldn't own ski resorts -and the For- proposal, and his 13 percent stake means are prone to abrupt changes in strategy. ~
wind up owning a controlling interest in Which brings us to the question of the est Service continues to grant permits to he'll have an interest in keeping For now, Vail/Beaver Creek resort re• ` 1
Gillett Holdings, including the ski resorts, day: How long does Altus think is long them. The question for Colorado is one of Vail/Beaver Creek No. l io North Ameri- sides in Gillett's hands with apredictable;- 1
ameat-packing operation and TV term? And what. guarantees are there performance. ca. It's even possible Altus will lend a tone and direction. We'll be watching its'...
stations...._ . ~ . 'that Gillett will remain in chargeswhen Under Kamori Kanko, Steamboat has hand in helping Vail lure Europeans. new owners as the years unfold.
~ w