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1992-09-15 Support Documentation Town Council Work Session
VAIL TOWN COUNCIL WORK SESSION TUESDAY, SEPTEMBER 15, 1992 5:00 P.M. IN TOV COUNCIL CHAMBERS AGENDA 1. Update: Performance and Conference Center Design Team Selection Process. 2. Update: Vaii Valley Marketing Board. 3. Update: Vail Recreation District Progress Report on: * Proposed Booth Creek Par-3 Golf Course. * Athletic Field Restrooms. 4. Annual Update: Northwest Colorado Council of Governments. 5. Site Visit: Vail Village Inn, Phase I, Unit No. 30/100 East Meadow Drive. Applicant: BSC of Vail, Colorado, L.P./Frank Cicero. 6. Site Visit: The Byrne Residence, Lot 1, Block 7, Vail Village 1st Filing/1 Forest Rd. Applicant: Ron Byrne. 7, PEC Report. 8. Adjournment. 4444444444444444444444 THERE WILL BE A SPECIAL WORK SESSION OF THE VAIL TOWN COUNCIL ON THURSDAY, 9/17/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THIS SPECIAL WORK SESSION AGENDA CONCERNS TOV BUDGET REVIEW ONLY. THE NEXT REGULAR VAIL TOWN COUNCIL WORK SESSION W1LL BE ON TUESDAY, 9/22/92, BEGINNING AT 12:00 P.M. IN TOV COUNCIL CHAMBERS. 4444444444444444444444 C:WGE(JDA.WS VAIL TOWN COUNCIL WORK SESSION TUESDAY, SEPTEMBER 15, 1992 ~ 5:00 P.M. {N TOV COUNCIL CHAMBERS EXPANDED AGENDA 5:00 P.M. 1. Update on the design team selection process for the Performance Diana Donovan and Conference Center. 5:15 P.M. 2. Update: Vail Valley Marketing Board. Frank Johnson Backaround Rationale: VVMB will discuss redefining theirgoals and objectives, and address continued financing by TOV. 5:45 P.M. 3. Update: Vail Recreation District progress report on: Rob Robinson Proposed Booth Creek Par-3 Golf Course. * Athletic Field Restrooms. Background Rationale: The Par-3 Golf Course has been conceptually approved by the DRB. Final review is currently scheduled for DRB review on 9/16/92. 6:05 P.M. 4. Northwest Colorado Council of Governments annual update. Sandy Blaha 6:30 P.M. 5. Site Visit: Vail Village Inn, Phase I, Unit No. 30/100 East Meadow Mike Mollica Drive. Applicant: BSC of Vail, Colorado, L.P./Frank Cicero. Action Reauested of Council: Walk through Condominium No. 30, which will be the focus of the SDD Amendment (Ordinance No. 26, Series of 1992) to be reviewed at the evening meeting. 6:50 P.M. 6. Site Visit: The Byrne Residence, Lot 1, Block 7, Vail Village 1st Shelly Mello Filing/1 Forest Rd. Applicant: Ron Byrne. Action Reauested of Council: Observe the Byrne Residence landscape plan for discussion at evening meeting. Background Rationale: On 9/8/92, Council called up a DRB approval of the Byrne Residence landscape plan. Council was concerned with the existing site development encroachments onto U.S. Forest Service land. The DRB voted unanimously to approve the changes. 7:10 P.M. 7. PEC Report. 7:30 P.M. 8. Adjournment. 4444440044444444444444 THERE WILL BE A SPECIAL WORK SESSION OF THE VAIL TOWN COUNCIL ON THURSDAY, 9/17/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THIS SPECIAL WORK SESSION AGENDA CONCERNS TOV BUDGET REVIEW ONLY. THE NEXT REGULAR VAiL TOWN COUNCIL WORK SESSION WILL BE ON TUESDAY, 9/22!92, BEGINNING AT 12:00 P.M. IN TOV COUNCIL CHAMBERS. 0044400404444444444444 C:IAGEM1fDA.WSE SENT BY~EAGLE COUNTY ; 9-10-92 ; 925 3033287207-~ 3034?92157;# 1I 4 "iY h~ r +~`iy'{:"~•~' ~ - ~ F.ALiiE COUWfY BUILDING ~ r~:::.. ,ti • ~ : F'• 55 ( BROADWAY I dFFlCE OF IHE fi~•r~.. P.d. BOX 850 BOAR[) OF COAAMIS5I~VERS • ~ ~ ~ • • FAGi.E. CdLORAix7 S i 83 f '..~f~y. . ~303j 328•BBOy ; ; FAX: {303) 31$-7107 • ' t* • }'r , • . EAGLE C~~lNTY, CCIL~RAD~? I PLEASE NOTE: THE 2_t~ P.M. WAS MC1YEti FRUM SEPTEAvinxs>rc. 14 i AGEl~?TI~A B+~ARD CAF C~UN1'~ COMMIS~IUNERS • 1tEGULAR ME~Y LTG DA's' • 'T'EJ~SI)AY, Srr'~ EMBER 15, 199. 0:00 -10100 WUIti~ SESSIOlY - W xr.~,I' vY'~ATE ' rr. ~1'~~t~r..,,.rxf7~[ James R, Friltze , C©Unty MaaageY' 10100 -10:45 PENDING LITIGATI~}N ~ ~,ir..~ r>~s ~oo~Rlr ~viu Linds~, ~ouuty Attflrney X0:45 -11:00 ***$ItEAK*~* 1i:00 -11:30 'WURK SFSSI+ON ~ IIE: VAIL•BEA 1:~1?r.,r.K JET rW.r.~~l ~I'~t"$ Y,~I..~'4RARY FUEL FARM L(~?CATI~IIY lllZ~ds..~,,~,~ S1RtiOJE Dan ReynQla3, Airport ~V~Iller 11:30 -12:00 CC1NTiIACT,~~ rrrr.~i EAGLE C014~rr'~.ar.r+i SYS~rri~ AND EAGLE C4[~NTY, STATE t?I~" COLt~RAIICt rtirYt THE ASS~R'~ !4r'r~GE C~bMp'L ~ EQUIPMF,1wiT > ao.~.~.1 ~o~ar Cherlyn ~3aker, Assessor Allen S~rdn, l~i~ancc Director I2:00 - 01:30 ***ELE..Y>~ UFl?'I~CIALS LUN4u.~** 01:30 - 01:45 CC?h~ri+lT GALENpAR SA+~RE aovlvrr~+noAr iTFNS f?F ~ R.,. ~~.,:lE dt~ 1NOIJ-f.~NIIeOVEItSIdL NdNRB A1PS PLlQ.D ON 7glL CO1~NT C'R ~YlALGOW TID3 ~A1~F OF 67NlMT +UDNNIS9lON8RSTi7 SPIN fT~ 27ME,A1~ID F.1~RGYON,j[CiREIdIFiDET,IM'17SMS +f7Nd LSN'.:u:t AGE7~r1. ANY G~Gi?+ai,~y~MdYR$QLIE.S~'ZflAT~11VTl8M~lE' "REMG7VBb`FRQ~1l t!Y$A71~4F+IV1'CALF~1iDi18AA~t+iDN~D~ ~ARA7E6P. AAt! MSAiB~SR OF ~ PtlBIICA/AY'RSQU&4Y' AIVYIIHds 8S 7~B'iVOYBp•1~v 7FIS L"ClJV~4JVI'e1,rl. I. BILL 1"A?YING • Lindy Pa~uch, Accounting ~ terry Over, Co~ttroll+~r A~,,,'iDN•t Appraval subject to review by t>~ County Manager. . I SENT BY~EAGLE COUNTY ; 9-1Q-92 926 ; 30332872071 303479215?;# 2( 4 2. A11~NDMFdVT h un~~ SIB T+D CONTRACT DA',: ~ir~r t.~,l~ir,,rtc ~0, 19~ BY~;a"~~.~+ v ISBILL ASSOC,, INC. AND EAGLE COUNTY, COLORADO FQIt FNGFYEEIt1NG SERVIC$5 O~1'~ AIE~x PRl3JECT N(~. ~ 3-2t1-1b . ban iie3m~rkls, Airport Manager ACTION: Consider approval. 3. CHArIGE OR,.~r:~t NUhrr,~,?~ ON$ R THE L'~2 GUARDRAIL, P.R(?.YECT IN G Yr~R AMO'[TNT BY ~~,~M(10 FOR A TOTAL CONTRACT UNT OF $40,ti81.~.i Lang Mett~rnick, County Engin ACTION. Cider ~.~.~+,ral. d. PRC)I'OSAL SLTB1Vi~Y'x~ BY C~.+.~1 KEE SYS iY+~V INC. FOR TIItE SIRtEDDING AT EAGLE CO'[]NTY . I~NY)FILL p'OR A rr~, OF ~L04 P PASSI~TGER $1.2,~ FER TRUCK x'1RE; X1..50 PER S]~+Ii k,riE; A?ND $2.0U FOR Y ..,:x.~ LARGER TiItAN S ~ ~ Don Fester, Road atld Bridge $ ACTION: Consider approval. C011+~ Y x+.R MAj1V ~~+.+tANCE AG $r..~ r~ ~El1T RAIrIDUIVI ACCESS, INC. ANTI EAG COLINT'Y, STATE QF C!~I,ORAUO AT A CC3ST OF . AT~IlVUALLY Jack I~. I.c, Assistant County $r ACTIOPI: Cons approval. 6. BEQUEST FOR TRA~r~rr~ OF A+IIN PERMIT AND SUCCTs.SSIOlY OF Or ~..tA?'I'I7R5 iq'R+D I.II. DEI.A Y ~ TO EAGLE CC1[FNTY, EAGLE CO AITCPORT Dan tleynolds, Airport Manager Ak.:~,ON: Consider ory.~~~ira1. 7. LEA ~ ~ OF AGR~.~+ ?r~+ . RCS ~'r+v Y~ STATE OT+' COLA~ADO 5'OR j ~i M" DI~~I~?XON O YOiJTII ~?,~i.YICES AND TAGLE COIJNTY ~'OR PRO G INTAtKE/SCLtEGNII'~IG; Y~vIPOIIAIt HOLDING AND TRANSPORTATION SERVICES FUR COMh~~ YOU ~.x-~S AND Tl FAlvrrr rn':~ ~ BY DIY 'LSIQN I)?I+' Ya,.w ~Y.y[ .~r~Vh.a,~' REGIC~?N U~rYCE Kim A.;,~:. Co~mmuuity Affairs ACTION: Consider.~~.y.~,.ovai. GENT sY~EAGL.E CovNTY a-1a-92 ; 926 ; 6a332a72a7~ 3a347921s7;# 3/ 4 i I 8. CUNTRACT r„~Y rrr.~I EAGLE IUNTY, STATE C?iP' ~ COI.:ORADO AND ALAN RIC FLAIVNING . ~r.~VICF.S FtJ~R REYISIUN T+D EAULE COUNTY LAND u~s~ REGULA,t~~,~ri'S Keith Montag, E?i~r;, of C.om unity Develo~aent At..' l t~~ Consider approval. 9. LIQi1~OXi'. LICF.~iSE ]ttTLtis<,rr AL CATIC,IN' FOlt . BEAVER CRnn.ri: FOUR a~....VICE, C. d/Wa COVERETI BRZI7GE CAFE s*~t~ A HOTEL ITAt1RAN'Y" W rY~ I}r l~~tNAL ~ AND ~~'w~ICD HCIURS Kevin I,.iadahl, County AtfiQrney ACTIUNs Consider a~,~,~,~ W .gal. I0. I.IQUt~R LICiE RE1~n+WAL A CATKIN FCIR VAIL IF'OOII ~~nVICES, riYC. d/b/~ EAGi 'S NF~T I+Y?R A ' IItI x'~ ANA RTSTAURAI+IT r ~ era Y xONAL PRs.?+~IISE AND El~xr1,..+iDE~ HO1LTYt5 Kew: I,indahl, County Attorney ACTION: Consider a,~~L~~ ~a1. I1. LIQUUR LICENSE RiF~,~wt~AL AFF' CATItI1~T InOR VAIL FOUR 3~VICEES dlb/a MID VAIL TAI],RANT ~,IR A HOTEL AND RESTAURANT ~ r Y gyn. PTIONAL ~ ~~~.++IISE ANO EXY~+a~DED HIIURS Kevin Linda)a1, County Attorney A~..'.~'~t1N: C+Da3tdear ~Y~~,~~al. 12: LIQUOR, LICENSE REND rr AL A CA iYk,ri+~ FUR BEFlVI~ CREED FOOD SER.Vi,I;~, C. dlbin THE IlVN AT Bl~ r r+.cr: CRr.~ri. k'UR A H ANIi? RESTAURANT rr~.~t, r~'~'uddDlEA H I3ItS icevin I,indahl, County Attorney ACTION: Consider r,~I. ~ OY:di - 0:00 A. FINAL SETT T WITH ~cY,.~ ][RON CQRi'URATI4N ~ REGARDS TO H ULIlVU APPROXIMAY.rt,~.Y ESQ Tt}N'S UIa' O VEL TCa EAST LAKE CRS RC1AD AND SUL ~ b. RTY SUSDIV'ISION tTABLCD FROM err' ~~IBER I?) sdr~ '~eo~r Brad Higgins, Roast a~ad Bridge ' trict Coordinator A~..' a aaN: CanSscter approval. . s B. FINAL 5~i ~~.F.iH VT W,~~a. GMCU RP+pRAY~k++~i IlY REGARDS Tt? ~ 1992 FAGLE CU mar' SEAL PR(IGRAM {TA.RLEII FROM SEP~'~ 9j Brad Higgins Road and Bridge Di trict Coordinator ' ACTION: Consider approval. I SENT BY~EAGLE COUNTY ~ 9-10-92 ~ 927 30332$720-~ 3034792157# 4/ 4 1 i ~ t 0:00 - 02:3p P[TB~,IC YiEARING CONr..~~NING RMAT~GN QF ,.xta EAGLE VALLE3~`Lr..°:~+AR'!~ I},ui~ , 1 Q2:3Q - 0:35 LEASE AGRrr.~~.NT r,~~ GLE CgUNTY, . STA'T'E OF CQIARAD[) AND OF EAGLE ALCt1HOLICS ANONYMOUS,. A C RADC? N(~Nl"Rt~F.1~' CORPORATI+DN FDR FACE II~ ~ X983 "ELDER" MODS BUII.DIltitG A irr:u LADLE GtyUNTY FAIRGROU.twDS A'~' A? CQ T OF X34. PAYABLE ll1T EQUAL INSTALLMEI~ Yr~ EACH N ~..r~r. b,r ~,ora~ Y~i DAY OF EACH M(ylv,.tx saw i~oawr Tom EhYanb~rg, Bu11du?gs aacl ands A.CTTQN: C.vnsicles ar~.r.~vai. i 1:35 - Q2:40 PLAN 5IGNiNG FOR t,~~~Y C~[JLCH RANCH adc~sa ~ouow Tom A,1lender, P1~gner I TH~i NI3tCT l~r,yy?Wfi UF't`HS EJ1t3Lfi c7t1UNTY COIv>bS{$S{ONBR,4 WIIJ. B8 Iil{Ei7 ON!Sn+c ..ku[SBR 2{. 1492. T{i{S AGB]i1DA Lt PAti11+.r.a.1 J~ IIaF(IAMATLDHAL YU{LF~ES UNLX - ALL TIMES AItS THB BOA><D VYH{LBIN S$BSlOrI MAY i~..yw~~•w ~u~.r~w. iPEM4 Y7{AT ARB I;fIOU~,,HT SSE IT, PAGE ~F ~ ~ - ~ . ~ ~ ~ VAIN '~Y . ~ , . MEMO TO:-Vail, Town Council " FROM: Vail Valley Marketing Board ~ ~ " -DATE: September 10, 1992 - RE: Future Direction & Expectations z ~ Following uui: past two meetings with the council,.w~ feel that the. time has come to. discuss the future of community-wide marketing and the role the Town Council expects to play. The: current VVMB believes tYrat continuing the existing level of - ~ funding, while it has certainly enabled,us to begin to build a more balanced economy, .is simply not enough to show continued strong growth: Various surveys conducted over the last six months including ABCRA~ Members, VVT&CB Members, and your own straw poll of Vail business' License holders have clearly demonstrated that the business , r communities in the Valley have seen"the impact. of our efforts; 'and . recognize that `more, must be done. So, as we move into the next phase,... of marketing the Vail Valley we would like"fo discuss the following issues: 1, You provided the leadership to get the current funding scenax~io~together. Are you committed to leading the attempt to grow the fund in the future? The "timing" of our attempt to increase the .fund was the subject of much auestieri:~g. Ta'?~ut timing c.=oa3.d-;~~u support? 3. We would like to be on the ballot no later than November of '93 with a proposal to increaser marketing funding through a lodging tax of approximately 1.65$. How fan we qet your leadership championing this proposal? j i ' i ~ ~ ~ , . ~ r , ` ~ - - 1 ~ _ . ~ - 4. We feel that the. construction of a °Conv~ntio'n . • Center%Performing Arts Center ,is an important component of . - Vail's future growth. But funding market"ing,~Valley wide., though related., is a separate issue requirng,.a separate - ballot question. -Will you be committed to raising the' - necessary funds forfmarketing as well as to construct the- - center? 5. Current surveys clearly indicate that if additional funds- - are available, dollars should be directed toward impacting - "soft" periods including those in the winter. Are you - f supportive of ~~zas appr^a~h?° " 6." We believe that the Valley wide;. "umbrella" concept is~ viable and has worked well.. Are you committed to - continuing to work in this cooperative scenario and will you ,provide the leadership to keep Avon and VA in'the- - - process. • ~ 7. What is the status of. the renewal of the-business license fee in Vail? How would you see this being affected by the passage or failure of either the Convention Center funding • or increased Marketing funding? We appreciate-your taking the time to meet with us. While everyone on the Board feels committed to~continuing to administer the funds " available, we need some clarification of what your commitment is to future economic ,growth through marketing.. - - , ~ ~ - • " 1 w ~ . 0 r ,l , -rat ~r ~ E TOWN OF VAIL SUMMER MARKETING ATTITUDE SURVEY FALL 1992 Summary: Based on 225 surveys received to date and tabulated by the Town of Vail, there is overwhelming support from the Vail business community to not only continue but to expand summer marketing. As detailed below, the idea of combining forces to promote a single "Vail Valley" destination is favored eleven to one! Sixty-nine percent approve extending the business license fee. And 76~ back higher levels of spending. Background: For the last four years, the Town of Vail has spear- headed a valleywide summer marketing program aimed at increasing tourism during May-October to bring more economic balance to the community. The majority of funds for this effort come from a dedicated Town of Vail business license fee which generates some $360,000 annually. An additional $160,500 comes from the TOV general fund, $50,000 from Vail Associates/Beaver Creek Resort, and $90,000 from the Town of Avon. To date, Summer marketing has been judged a success: market share has improved, sales tax receipts are up significantly throughout the valley, and other indicators such as hotel occupancy, visitor booth visits, etc are steadily growing. In mid-June, the Vail Valley Marketing Board requested that the current business license fee ordinance which is set to expire December 31, 1992 be extended for another 3-4 years. While favorable to this proposal, the Town of Vail asked for a poll of the local business community before taking any final vote. The Poll: On August 17th, a short survey was mailed to all 628 current TOV business license holders. Respondents could mark from 1 ("Strongly Agree") to 5 ("Strongly Disagree") on four questions: a. Combined Vail Valley Summer marketing is a good idea. b. My summer business has improved over the past four years. c. The current business license fee and general fund contribution should be extended for another four years. d. If acceptable funding sources can be found, summer marketing should be expanded. There was space for additional comments. The business category was requested, but otherwise the survey was anonymous. 5 Page 2 Findings: The Town of Vail tabulations and the recaps attached show: 1. From the extraordinarily high survey return rate (over 36~ of the 628 mailed) representing a fair sample of every Vail business category, two conclusions are immediate. First, Summer Marketing is a topic of strong interest. Second and most important, the findings have a high degree of statistical accuracy and the community's attitudes revealed about "marketing" can be accepted with confidence. 2. Over 82~ of the Vail business community voted in favor of valley-wide marketing at a rate of 11 to 1. Only eleven people or less than 5~ strongly disagreed. 3. This impressive support for marketing comes though only about half (58~ on average) of the respondents report improved business levels over the past four years, and 13o claim things are much worse. (In fact, current sales tax receipt figures do show that the most significant percentage growth has occurred in Avon and Beaver Creek rather than in Vail, and there is higher intra-valley competition as more businesses open.) 4. About 71~ of Vail business owners clearly want the Town Council to continue to finance summer marketing, both with a business license fee and through the general fund: 43$ are strongly in favor and another 26~ are positive. 5. When it comes to the levels of investment desired by the community, 76~ support more spending financed through new sources and 5'I$ "strongly agree". 6. Of the numerous comments given, the most popular was for a new convention center. Others suggested: ° "Need more and bigger special events...jazz festivals... biking events with more advertising...co-op partners". ° "Buy locally for ad agency...fulfillment...and landscaping" ° "Nail's too busy...tourist's don't have time to shop" " "Everything's too expensive...hotels...golf...gondola" ° "Need a mascot like the Budweiser horses." ° "Concentrate on education...build a specialized college" ° "Look internationally...at the Front Range...nationally." ° "Focus on winter... better return...higher class tourists." ° "Do a better job packaging...for golf ...FIT travelers." ° "Get Minturn...Eagle Vai1...Edwards to pay fair share." ° "Good job...keep up good work...stop spending $...disband the marketing board..." ° "Lionshead gets too much...too little emphasis..." Page 3 TOWN OF VAIL MARKETING SURVEY R E S U L T S a. Combined Vail Valley Summer Marketing is a good idea. 1 2 3 4 5 Strongly Strongly , Agree Disagree # 138 48 23 6 11 % 61 % 21 % 1 0% 3 % 5% (Average score: 1.69 = 82% in favor!) b. My summer business has improved over the past four years. 1 2 3 4 5 Strongly Strongly Agree Disagree # 44 52 62 23 31 % 20% 23% 28% 10% 14% (.Average score 2.74 = 58% feel business is up over 1988) c. The current business license fee and general fund contribution to summer marketing should be extended another three years. 1 2 3 4 5 Strongly Strongly Agree Disagree # 96 58 31 13 24 43% 26% 14% 6% 11% (Average score 2.15 = 71% overall in favor!) d. If acceptable funding sources can be found, summer marketing should be expanded. 1 2 3 4 5 Strongly Strongly Agree Disagree # 114 52 30 5 22 % 5i% 23% 13% 2~ 10% (Average score 1.96 = 76% overall in favor!) Page 4. TOWN OF VAIL MARKET SURVEY RESPONDENTS BY CATEGORY CATEGORY # % Retail 70 31% Lodging/Hotel 39 17% Professional 38 17% Service 36 16% Food/Beverage 34 15% Real Estate 14 6% Property Management 10 4% Home Occupancy 11 3% Construction 5 2% Financial 5 2% Not marked 2 1% TOTAL 260 114% Note: Some respondents marke~ more than one category, so total # and % exceeds actual survey base numbers. September 12, 1992/JES NORTHWEST COLORADO COUNCIL OF GOVERNMENTS W ~ P.O. Box 739, Frisco, Colorado 80443 ~ N Q z ~ o F N ~ a a g LL m UI W J ~ a 0 C (303) 668-5445 w.i~e. r ROUTT JACxsoN ~ NORTHWEST COLORADO ~a COUNCIL OF GOVERNMENTS Vie rte. GRA1VDt,sW~ Kremmllq Ski P Cr~ 6r . Freer • Winter Perk • EAGLE Silmehorne ~ W E NTY Y EA RS Fri c° G,~ Y~ ' ' OF SERVICE SUMIVIIT B~~ T4 REGION XII g~~ Rl=er S~ovm~e V~Ige P11XU~1 F z REGION XII COUNTIES AND TOWNS o ~z ~ r ~ ~ a 0 Q~ The NWCCOGpublishesaquarterlynewsletterhighlightingtheactivitlesoftheorganizat[on.Thenewsletteralsofnforms V ~7 0 members of issues, publlcattons and conferences of Interest to local government. F. Ow co During the summer of 1992, NWCCOG will be updating Its bl-annual needs assessment. At its 1992 retreat, the ~ ° r membership will also be analyzing regional opportunities and reviewing and positioning the organization for the next five 3 0 years. = U ^ Today, there are many challenges and new oppartunities;for regional organizations. The NWCCOG Association relies h Z o S ontheactiveparticipationdfitsmembershiptodirectitspresentanddevelopitsfuture.Asacitizenonanadvisorycommittee, a ~ ~ elected official or client served b our ro rams, we thank ou for our artici ation and ur e our continued involvement. ~ ~ 0 Y P S Y Y P p g Y Z Ue;~ ~ ~ , f 1 1 f '.f f' f• 1 1 f 1 1 1 f f: 1 1 1 f Established 1n 1972 by Executive Order of the Governor, • f The Northwest Colorado Council of Governments Skyline Six AAA (SSAAA) provides services for senior The Community Development Program has adapted to The Northwest Loan Fund (NLF) is an economic develop- (NW000G)was established to address problems that are (60+) In the six county area. members needs over the past twenty years. Each year the merit loan fund for small businesses In the region. The NLF regional In nature and that are beyond the scope of any NWCCOG Board of Directors selects ro ects to receive has'an active loan portfolio of $1 million and $325,000 In' 'i single jurisdiction. The organization 1s structured as a Services Provided: technical assistance throw h a corn p tttive a licatlon new funds for 1992, voluntary assodation of 32 governments in North Central , g pe Pp Colorado, Inducting the towns and counties of Eagle, 'Senior Nutrition Sites (10 sites in the region) process, Grand, Jackson, Pltkin, Routt and Summit. Member gov- • Home DelNered Meals Services Provided: • Transportation Services Provided: • Loans to Young and Expanding Companies emments pay annual dues which totalled $135,000, in • ob Creatton and Retention 1992. These dues leverage an additional $520,000 in • Ouheach • Resource ]dentiftcatlon • Economic Dtversiftcatlon state and federal grant funds. • Infomtatlon and Referral • Marketing • In-Home Services • Grant Writing/Fedrnical Assistance The Fund is administered b anon roflt board which is Regional Governance modes are guided by the following • Legal Assistance • Research Y P • Ombudsman • Reference Library appointed by the NWCCOG Board of Directors, The NLF criteria: • Home Repair and Renovation • Spedal Community Development Projects service area includes the towns and counties In Region 12 • Elder Abuse Prevention • Member Networkin and in Garfield, Moffat and Rio Blanco Counties, • RepresentatNe Regional Decision-making g • Increased Opportunity for ]ntergovemmental • Dental Assistance • Regional Data Maintenance Cooperation • Non Profit Organization Assistance Funding: Community Development Block Grant [undsvia • Inueased Regional Influence in State and Federal SSAAA has a Regional Advisory Committee (RAC) that Is the Governor's Office of Business Development and inter- made up of representatives from each county, The RAC The Program's current areas of focus Include: Transports- est earned on the loan portfolio. Arenas monitors and oversees all services provided with the lion, Trails, Solid Waste, Economic Develo merit, Com- • Efftdent Provision of Regiona15erv1ces p " ~ 1 1 1 1 , , . 1 1 ,1 • Assistance with Development ]ssues, Balancing grant funds, coordinates the SSAAA programs with state munltyResearch, Businessand Leadership Development. , f ~ , Growth and Ernironmental Quality and local resources and develops the Annual Plan for f 1 ~ f Aging Services In Region Xll. Funding: Mineral Lease and Severance Tax funds with ' ~ matdr(n funds rovlded b NWCCOGdues. Funding: FederalOlderAmerican'sActfundswlthmatch- ~ Established in 1978, this program, commonly called NWCCOG is an organization that has adapted to the frig funds provided by NWCCOG dues and local conMbu- • ' f "QQ" was initiated Co protect the water interests of rions. 1 ~ f ~ Colorado headwater communities. QQ Is organized a5 a changing needs of its membership. NWCCOG's 1992 separate non profit organization with Its own dues struc- budget of $748,846 provides for the following core ~ ' f Malntalnin there lonal208 Water wall Mina ement Lure. Cf Q Is well known for its many successes 1n lever- servlces: • f ' • • f plan is the primary focus of the WatQer Quality Program. aging a few dollars for the maximum gain of Its member- 1 ~ • The 208 plan Is a mechaNsm to provide interjurisdidlonal ship. Most of the members of QQ are also members of The Energy Management Program provides a number of cooperation on water qua]ity Issues and a means of NWCCOG. The NWCCOG is managed by the Executive Director and home energy-saving Improvements to low income di- providing local input on state and federal water quality ents. decisions. Staffed b a water wolf en sneer this ro- Services Provided: Associate Executive Director. Together these two staff y q ty g p • Legis]ative Monitoring and Advocacy comprise one full time position. gram also undergoes an annual project solidtaHon, re- • protect 1041 Local Plannin Authors Services Provided: view and selection process. g ty Mar:aaernent Functions: • Caulking and Weather-Stripping ~ • Testimony at Water Regulatory Hearings • Fiscal Management and Budget Preparation • insu]adon Services Provided: • Colorado Supreme Court Victory In t 988 Uphold- , Storm Windows • [dents and Resolve Water wolf Problems. 9ng 1041 land Use Authority. • Membership Services fY Q ty • Technical Assistance • Staff Supervision and Development • Furnace Tune Ups and Safety Checks • Review of Development Projects for Water Qualify • Minor Home. Repairs Assodated with Weathed~ation impacts • Develop Statewide Water Resources Management • Issue Advocacy Strategy • Administration Direct Technical .Assistance These services are particularly useful to single parent • Regional Water Quality Planning • Transmountain Diversion CNersight • Communicatton heads of household, senior citizens on fixed Incomes, • Coordination on Interjurisdictlonal Water Quality Over the last several years the Directors have successfully disabled people, and resort area service industry employ- Issues In addition to providing a forum for discussion of regions] ees who may Hnd it difficult to INe in our high cost • Pollution Control Pro ects water issues, QQ has been developing a process for the advocated for: equitable funding formulas for long term 1 health care and childcare programs; affordable housing; communities. • Promote Regional Water Quality interests dtverse water interests on the upper Colorado River to • Plannin for Preventan of Water wolf Problems discuss managing water resources utilizing a collabora- reduced reporting and administrative requirements for g Q ty tNeconsensusbuildin a roach.KnownaStheColorado Older Americans Act programs; and funding for solid Funding: The Department of Energy and the Department g AP of Health and Human Services via the Colorado Division Fundln Summit Water uali Committee, rants from River Headwater forum, it began in t 991 and is gaining waste planning on the west slope. of Housing, Department of Local Affairs with matching EPA and Department ~ Health, NWCCOG and QQ momentum in 1992 Funding; NWCCOG Dues funds provided by NWCCOG dues, dues, and local matches on spedfic water quality projects. Funding: QQ Members dues contributions and various grant sources. VAIL NONPOINT SOURCE DATER GtUALITY STUDY June 8, 1992 WHAT IS IT?: A detailed study evaluating both existing stream water quality and potential sources of urban stormwater. WHY: 1. To determine if there are existing negative water quality impacts in Gore Creek which could be attributed to nonpoint sources of pollutants. 2. To evaluate potential sources of pollutants in order to gain information for developing effective pollution control stratesies. 3. To posture the-Town of Vail for likely stormwater dischar;~e permitting requirements. HOW: 1. Monitor for dry weather flews in the stormwater drainage system to identify loading from such sources as: infiltration, lawn watering, foundation drains, car washing, illegal connections, etc. - 2. Monitor flows in stormwater drains during storm events to determine the possibility of water quality problems from metals, oil and grease, sediment, or other human induced pollutants. 3. Monitor stream water quality during pesticide application at the golf course to determine if there are negative impacts to Gore Creek. 4. Evaluate existing ordinances to determine if Vail _ has sufficient legal authority to control discharges and enforce compliance. OUTCOME: A detailed management program which documents current and potential water quality problems and provides recommendations on management practices and regulatory controls to protect water quality form nonpoint sources of pollutants. t r~ MEMORANDUM TO: Planning and Environmental Commission FROM: Community Development Department DATE: August 24, 1992 SUBJECT: A request for a major amendment to SDD No. 6, to remove a previous condition of approval for Unit No. 30, Phase i, Vait Village inn/100 East Meadow DriveNail Village Plaza Condominiums. Applicant: BSC of Vail, Colorado, LPJFrank Cicero Planner: Mike Mollica - r:.>:>:.. r r. ..,..ivr <<.: v....::: - . ,.:..,r,~: ~ ,r : .aa t .i`, a+:~, f. ter.. alC..n ..nvs.~..y"".t,~..1. :•i"•r°"axt'k,,;~,~..w ' %•..'p..~i ."'~c :?i:-iii:.iiiii:;.}i: iiiiii?ii};:::.:: i;:+•irriiw::::+:.::...,v.; ti.. :•i::.ii: i~:.r......... m:r Wr: ? ~iix : •J?^N.•: ~ 4.. vv •r..v:,.......vMV}:n•:;µ:•.SS-0SX:hiiiv,?5{.....{..5..::. f... ! jiiii:.-0t...... •r' .:.v::...:.v.v::n.-.v:::.v::::.:;ii:SViii i::Ji:.ii::.iY.:>{u':iii:ni•'•S'•:.::ii:uxvy:.v:.Yyx:}:ii . rv::..vSr x,.. Dn. .n... J.:S ..........rvr. ':W"v"r: r~ •.Y v{s .yy+y,:;{i.:;}Yi:J:t4i:.vv :'y:.:u.i::: ~c ME..rfl.W. 4.,,.i.}Y.'i:' .any . J..y~{:.. /:'.lr...,.'... f cS::b'i;ti^. S. I. DESCRIPTION OF THE REQUEST The applicant, Frank CiceroBSC of Vail, Colorado, is requesting a major amendment to Special Development District No. 6 (Vail Village inn) in order to remove a previous condition of approval for Unit No. 30, located in Phase I. The applicant is requesting that Section 2, B of Ordinance No. 24, Series of 1989, be eliminated. This section of the Ordinance places certain rental restrictions upon condominium Unit No. 30 of the Vail Village Inn Plaza Condominiums. Specifically, Section 2 of the Ordinance reads as follows: "Condominium Unit 30 of the Vaii Village Plaza Condominiums shall be subject to the restrictions of Section 17.26.075 of the Town of Vaii Subdivision Regulations if utilized for residential purposes. 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." !I. BACKGROUND AND HISTORY The following outline reconstructs the planning process which occurred in 1989, allowing condominium Unit. No. 30 of the Vail Village inn Plaza Condominiums to be converted from commercial use to residential use. A copy of the pertinent staff memorandum, meeting minutes and the final Ordinance are attached to this memorandum. a. September 26, 1989 -The Planning and Environmental Commission recommended denial of the request to amend Special Development District No. 6 (Vail Village inn) to increase the Gross Residential Floor Area by 8,000 square feet. This amendment would allow the applicant to convert an existing i,. commercial space (Good's) to a residential unit. The PEC recommended denial x' of the request. by a vote of 4 to 3. finding that a foss of commercial space in the core was not appropriate. b. October 17, 1989 -Ordinance No. 24, Series of 1989 (First Reading) was reviewed and discussed by the Town Council. Subsequently, the Ordinance was tabled until the next evening meeting. c. November 7.1989 -Ordinance No. 24, Series of 1989 (First Reading) was again reviewed by the Town Council. After discussion, the Town Council approved the Ordinance unanimously, by a vote of 7 to 0. d. November 21,1989 -Ordinance No. 24, Series of 1989 (Second Reading) was unanimously approved by the Town Counal, by a vote of 7 to 0, on the consent agenda. III. SPECIAL DEVELOPMENT DISTRICT CRITERIA The criteria to be used to evaluate this proposal are the nine Special Development District (SDD) development standards set forth in the special development district chapter of the Zoning Code. The criteria are as follows: A. Design compatibility and sensitivity to the immediate environment, neighborhood and adjacent properties relative to architectural design, scale, bulk, building height, buffer zones, Identity, character, vtsuai Integrity and orientation. This request involves no physical changes to the existing building, architectural design, character, or any of the other review criteria stated above. The staff believes that this development standard is not applicable to the applicant's request. B. Uses, activity and density which provide a compatible, efficient and workable relationship with surrounding uses and activity. As indicated in the staff memorandum dated September 26, 1989, the staff continues to recognize the difficulty of supporting second and third floor retail uses within this part of the Viiiage. We also continue to support the goals of the Land Use Pian, as well as the Vai! Viiiage Master Pian, which indicate that one method of strengthening and continuing the existing Village Core vitality is to encourage both high-quality retail and ashort-term bed base. Additionally, because the applicant's original request was for an increase in density (i.e., GRFA) the staff continues to maintain that the proposed dwelling unit should be utilised primarily for tourist-oriented. accommodations and, thus. should be restricted according to Section 17.26.075 (Condominium Conversion) of the Town of Vail Subdivision Regulations. A copy of this Section of the Subdivision Regulations is attached to this memorandum. -2- ` C. Compliance with parking and loading requirements as outlined in Chapter ' 18.52. The Town's parking and loading standanis for residential use have been met with the conversion of condominium Unit No. 30 from retail commeraal to residential. O. Conformity with applicable elements of the Vali Comprehensive Plan, Town policies and Urban Design Plans. The following sections of the Town of Vaii Land Use Plan specifically relate to this proposal: Commercial 3.1 - The hotel bed base should be preserved and used more efficiently. . 3.3 - Hotels are important to the continued success of the Town of Vail, therefore conversion to condominiums should be discouraged. Villaae Core-Lionshead 4.2 - Increased density in the core areas is acceptable so long as the existing character of each area is preserved through implementation of the Urban Design Guide Plan and the Vail Village Master Plan. The following sections of the Vail Village Master Pian specifically relate to this proposal: 2 - Goal - to foster a strong tourist industry and promote year-round economic health and viability for the Village and for the community as a whole. 2.3 - Objective - Increase the number of residential units available for short-term ovemight accommodations. 2.3.1 - Policv -The development of short-term accommodation units is strongly encouraged. Residential units that are developed above existing density levels are required to be designed or managed in a manner that makes them available for short-temp overnight rental. -3- 1 t' E. Identification and mitigation of natural and/or geologic hazards that affect ~ + the property on which the special development district is proposed. No natural and/or geologic hazards are present or affect this property. F. Site plan, building design and location and open space provisions designed to produce a functional development responsive and sensitive to natural features, vegetation and overall aesthetic quality of the community. This development standard is not applicable to the applicant's request. G. A circulation system designed for both vehicles and pedestrians addressing on and off-site traffic ctrcutatton. This development standard is not applicable to the applicant's request. H. Functional and aes#hettc landscaping and open space In order to optimize and preserve natural features, recreation, views and functions. This development standard is not applicable to the applicant's request. I. Phasing plan or subdivision plan that will maintain a workable, functional and efficient relationship throughout the development of the special development district. This development standard is not applicable to the applicant's request. IV. STAFF RECOMMENDATION Upon detailed review of the applicant's request to eliminate a previous condition of approval for Unit No. 30, the staff recommendation is for denial. We believe that maintaining the rental restriction on the unit furthers the goals of the Land Use Plan, as well as the goals of the Vaii Village Master Plan, as indicated in Section III,D of this memorandum. We also believe that maintaining the rental restriction would be consistent with previous Town approvals, where applicants requested additional GRFA and were required to restrict residential units. Such projects were the Garden of the Gods, Tivoli Lodge, pamshom, Vail Village Inn (Phase V), and the Christiania. m.~+ws~wia2,sz -4- r~ T0: Planning and Environmental C......,.ies FROM: Community Development Department DATE: September 26, 1989 SUBJECT: A request to amend Special Devel~~r.~ent District No. 6 in order to amend the total gross residential floor area that is permitted to be constructed within the district. Applicant: BSC of Vail, Colorado, Incorporated I. PURPOSE OF THE REQUEST The applicant, BSC of Vail, Colorado, requests an amendment to Special Development District No. 6 in order to amend the total gross residential floor area that is permitted to be constructed in the district. SDD No. 6 currently allows the total GRFA of 120,600 square feet to be constructed within the district, all of which is either constructed or proposed to be constructed within future phases of the development. The applicant's request in this amendment is to allow an additional 5,714 square feet of GRFA to be added to SDD No. 6. This amendment would allow the applicant to convert existing commercial space, which is primarily second and third floor, to residential use. The applicant's reason .for the request is the questionable viability of second and third floor retail space. The subject space referred to is unit #30 of the Vail Village Plaza Condominiums. Unit #30 is comprised of two units previously numbered 30 and 32 and now combined into one unit. These units were previously designated within the condominium declaration as office or commercial use and the space is currently occupied by the Goods Retail Clothing Store. The owners of this space have received the necessary approvals from the other owners within the building to amend the declaration in order to allow the use of the space for dwelling and lodging purposes. If this proposed amendment is approved, the total GRFA permitted within SDD No. 6 would be 126,314 square feet. This proposal does not change the existing requirement that a minimum of 148 accommodation units .and 67,367 square feet of GRFA be devoted to accommodation units in Phase IV and Phase V of SDD No. 6. The 5,417 square feet that is being requested includes the existing square footage of condominium unit #30, as well as an allowance for square footage that could potentially be added in the condominium unit #30 space, without changing the exterior of the building. This space could be added by building lofts and infilling areas that are open to a two story space. II. COMPARISON OF THE AMENDMENT TO THE UNDERLYING ZONE DISTRICT For Special Development District No. 6, the Public Accommodation District is the underlying zone district. Public Accommodation zoning would allow approximately 120,000 square feet of GRFA on this site. f ~s III. SPECIAL DEVELOPMENT DISTRICT DESIGN CRITERIA _ It shall be the burden of the applicant to demonstrate that submittal material and the proposed development plan comply with each of the following standards or to demonstrate that one or more of them are not applicable or that a practical solution consistent with the public interest has been achieved. A. DESIGN COMPATIBILITY AND SENSITIVITY TO THE IMMEDIATE ENVIRONMENT, NEIGHBORHOOD AND ADJACENT PROPERTIES RELATIVE TO ARCHITECTURAL DESIGN, SCALE, BULK, BUILDING HEIGHT, BUFFER ZONES, IDENTITY, CHARACTER, VISUAL INTEGRITY AND ORIENTATION. There are very limited design issues related to this proposal. By changing the use of the existing Goods retail store to residential, there is virtually no elimination of first floor retail space. The staircase that accesses this space does contain a display window. The applicant has proposed to maintain this display window and allow it to be used by the adjacent retail space, now occupied by Vail Village Inn Sports. Although the entry may be changed as part of a future proposal to remodel the condominium space, it is assumed that any design issues can be reviewed and dealt with by the Design Review Board regarding changes to the street level. If this conversion were to utilize some of the GRFA that is proposed but unbuilt in SDD No. 6, it is possible that there would be a minor design impact on those future phases. Exactly what that impact would be and whether it would be positive or negative is impossible to determine through this proposal. B. USES, ACTIVITY AND DENSITY WHICH PROVIDE A COMPATIBLE, EFFICIENT AND WORKABLE RELATIONSHIP WITH SURROUNDING USES AND ACTIVITY. SDD No. 6 provides a mix of~uses which is efficient and workable with the surrounding area. SDD No. 6 contains retail stores, restaurants, condominium units, as well as short term accommodation units. It is a goal of the Department of Community Development and is stated in the Land Use Plan as well as the Vail Village Master Plan, that one way to strengthen and continue the existing Village Core is to encourage both high quality retail and a short term bed base. While we are somewhat disappointed to see this retail space eliminated, we understand the difficulties in supporting second and third floor retail within this part of the Village. We do feel that the proposed dwelling unit should be utilized primarily for tourist-oriented accommodations and, thus, should be restricted according to Section 17.26.075 of the Town of Vail Subdivision Regulations. t. C. COMPLIANCE WITH PARKING AND LOADING REQUTA:EMENTS AS OUTLINED IN SECTION 18.52. Parking and loading standards for residential use are significantly lower than for a retail store of this size. Parking for this retail space has been accommodated within the parking requirements for SDD No.6 and the staff sees no problem with the parking and loading requirements with the respect to this application. D. CONFORMITY WITH APPLICABLE ELEMENTS OF THE VAIL COMPREHENSIVE PLAN, TOWN POLICIES AND URBAN DESIGN PLANS. The following sections of the Town of Vail band Use Plan relate to this proposal: Commercial 3.1 The hotel bed base should be preserved and used more efficiently. Village Core,/Lionshead 4.2 Increased density in the Core areas is acceptable so long as the existing character of each area is preserved through implementation of the Urban Design Guide Plan and the Vail Village Master Plan. E. IDENTIFICATION AND MITIGATION OF NATURAL AND/OR GEOLOGIC HAZARDS THAT AFFECT THE PROPERTY UPON WHICH ~a~ SPECIAL DEVELOPMENT DISTRICT IS PROPOSED. No hazards are present or effect this property. F. SITE PLAN, BUILDING DESIGN AND LOCATION, AND OPEN SPACE PROVISIONS DESIGNED TO PRODUCE A FUNCTIONAL DEVELOPMENT RESPONSIVE AND SENSITIVE TO NATURAL FEATURES, VEGETATION AND OVERALL AESTHETIC QUALITY OF. THE COMMUNITY. The staffs opinion is that there is very little impact upon this proposal. There is very little physical change that would occur in a conversion of this space from retail to residential. G. A CIRCULATION SYSTEM DESIGNED FOR BOTH VEHICLES AND PEDESTRIANS ADDRESSING ON AND OFF SITE TRAFFIC CIRCULATION. The existing circulation system which accesses this particular condominium unit will remain essentially the same, although it is possible that a remodel may occur and will give this area a more residential feel. We believe any issues that may be raised by this future remodel may be addressed by the Design Review Board. }a H. FUNCTIONAL AND AESTHETIC LANDSCAPING AND OPEN SPACE IN ORDER TO OPTIMIZE AND IMPROVE NATURAL FEATURES, RECREATION, VIEWS ` AND FUNCTIONS. There is no landscaping or open space proposed for this development, nor does the staff feel that is appropriate to request any. I. PHASING PLAN OR SUBDIVISION PLAN THAT WILL MAINTAIN A WORKABLE, FUNCTIONAL AND EFFICIENT RELATIONSHIP THROUGHOUT THE DEVELOPMENT OF THE SPECIAL DEVELOPMENT DISTRICT. We do not feel that this criteria is applicable to this application. IV. ENVIRONMENTAL IMPACT REPORT The staff has waived the requirement for an environmental impact report on this proposal. V. STAFF RECOMMENDATION The staff recommendation for this request is for approval with the following two conditions: 1. That Special Development District No. 6 be amended by adding a total of 3,927 square feet to the existing allowance of 120,600 square feet. The 3,927 square foot figure is the existing square footage of condominium unit #30. The staff feels that the existing square footage is sufficient for a successful conversion from retail to residential and that the request for an additional 1,787 square feet which may be added to unit #30 in the future, is extraneous and above and beyond what is required for this conversion. 2. That this unit be use restricted, according to Section 17.26.075 of the Town of Vail Subdivision Regulations. Planning and Environmental C~.~...?ission September 26, 1989 Minutes Present Staff Present Jim Viele Peter Patten Kathy Warren Mike Mollica Diana Donovan Rick Pylman Sid Schultz Kristan Pritz Pam Hopkins Peggy Osterfoss Chuck Crist The Planning and Environmental Commission began at 9:40 a.m. Jim Viele began the meeting with Items No. 4 and 5. He asked for any public input. There was none. Craig Snowdon, architect for Item No. 5, Riva Ridge South Condominiums, discussed the staff recommendation for this item. The staff recommended approval of the front setback variance with the condition that the Riva Ridge South Condominium Association agree to not have any delivery or loading in fromt of the entrance along Willow Creek Circle. Craig, representing Riva Ridge South, agreed to the staff recommendation and condition of approval. Item No. 4 A request for a side setback variance for a roof overhang at the Willows condominiums, Lot 8,. Block 6. Vail Village First Filing. Applicant: Willows Condominium Association Item No. 5 A request for a front setback variance and a common area_ variance for a new entry and elevator at Riva Ridge South, on Lot 7, block 6, Vail Village First Filing. Applicant: Riva Ridge South Condominiums Chuck motioned to consent a~~rove Items No. 4 and No. 5. Kathy seconded the motion. Vote: 6-0-1, Pam abstaining. Item No. 6 A request for an exterior alteration at the Slifer Building. 230 Bridge Street. Applicant: Slifer Designs Item tabled until October 9, 1989. Item No. 1 A request t.c+,emend. Snec.i~al Development District No. 6 (WI ) to ~ a.nc:r. ease the ~ cross residential floor area by 6000 square feet. Applicant: RS(: of Colorado, Inc. Rick Pylman gave the staff presentation. He explained that the applicant was requesting an amendment to Special Development District No. 6 in order to allow the addition of 5,714 square feet of gross residential floor area. This amendment would allow the applicant to convert existing commercial space (currently occupied by GoODSj to a residential unit. Rick reviewed the design criteria and explained that there would be very little design impact from the conversion. The staff recommendation was for approval with the following two conditions: 1. Special Development District No. 6 be amended by adding a total of 3,927 square feet to the existing allowance. 2. The unit be use restricted according to Section 17.26.075 of the Town of Vail Subdivision Regulations. Peter Jamar, architect for the project, pointed out that the reason the owners were making this request was because the existing space was not viable as a retail space. He added that the reason the applicant wished to add a full 1,787 square feet to the existing space was to allow flexibility for possible future additions. Although the applicant could accept the staff's condition of additional square footage., the applicant did not agree with the staff's recommendation regarding the rental agreement. There was a lengthy discussion among the Board and applicant. The planning members had mixed opinions. The Board, in general, did not support the amount of additional space requested. Several suggestions and changes to the proposal were offered by the Board. Jim pointed out that he did not feel comfortable changing a proposal and then voting on something different than what was proposed. He felt that the Board should maintain procedure and vote on the proposal as presented. Pam motioned for approval of the request to amend SDD No. 6 as per the staff memo with the except'i'on that the whole unit not be restricted, but that a minimum of~~2~bedrooms each being at least 300 sware feet be restricted and that the increase of GRFA be 4,827 sctuare feet. Also it would be required that the area to the south be preserved as open as it exists, that the entrance be on the west, and that the existing display space qo to the ad-iac;pnt shop. The motion was based on the assumption that parkin4 spaces~~for the unit exist. Sid seconded the motion. Vote: 3-4. defeated. Pegg moved to recommend to the Town Council denial of the request as _ prey nted due to a lass of commerc3,a.l. space in the Core, and the _ r..~cement of a rete,.l s~~~P~ ~~iith condominium space that is not appropriate fir short~~term~~rent.~a1 ; K~t.hv sPC:nnded the motion. Vote: 4-3, denial. PETER JAMAR A550CIATES, INC. ' D ~ Z`~ , PLANNING. DEVELOPMENT ANALYSIS. RESEARCH _ C~/~~ p~~ ~ ~ ~ • . ~ ~o Cvc' ~ c~ ~ ~ • o ~ I~ s~ ~ F~ ~z7 S~~t ~~1~-b ~ ,-n~r~ v?~ ~ 1 2 ~P.~~S w 02 , g , o~ ~2''raJ~mJ~. P~ ~ ~~'tU~z~ ~ Y ~ ~-r ~ ~S~ CoNr~w,tn)>Jvv~ V~ _P~ , o.~ -~L v V ~ _ _ _ - - ' PrtO~ JND'rluiN~v~ P tr . 1 ~ ~ ..;mot-~ C~~~ ~ ~ ~ ~w g ~ f3~X ofd N~~ 7 ~ Suite 308. Vail National Banc Building 108 South Frontage Road West • Vail. Colorado 81657 • (303) 476-7154 /L%%'~~~ BSC OF VAIL, COLORADO c/o Frank Cicero, Jr.~ ,r. Kirkland & Ellis 1999 Broadway, Suite 4000 Denver, Colorado 80202 August 20, 1990 VIA TELEFAX Mr. Mike Mollica Town of Vail Department of Community Development 75 South Frontage Road Vail, Colorado 81657 Dear Mr. Mollica: This is to confirm our agreement that Vail Village Condominium Unit 30 will be subject to Section 17.26.075 of the Town of Vail Sub'Division Regulations; and that prior to receiving a Temporary Certificate of Occupancy, these restrictions shall be recorded as part of the Condominium Declaration with the Eagle County Clerk and Recorder. ~ Sincer yours, ank ~e , Jr. FC:jf SSC-103.fC R C SUBDIVISIONS C C. Plans and descriptions showing how the following will be performed: 1. All site work shall be brought up to current town standards unless a variance therefrom is granted to the applicant by the town council in accordance with the variance procedures of this Title 17. The town council may, if it deems necessary, require additional parking facilities to meet requirements of owners and guests of the condominium units, Z. Corrections of violations cited in the condominium conversion report by the building inspector, 3. Conde ~minium projects shall meet current Uniform Build- ing C:-~3e requirements for heat and fire detection devices and systems. (Ord. 29 (1983) § I: Ord. 2 (1983) § 1 (part).) 17.26.075 Ca~ndominium conversion. Any applicant seeking to conven any accommodation unit within the town shall comply with the requirements of this section. The requirements contained in this section shall not apply to structures or buildings which contain two units or less. A. The requirements and restrictions herein contained shall be included in the condominium declaration for the project, and filed of record with the Eagle County clerk and recorder. The condominium units created shall remain in the short term (v,;t 1 t-is-83} 298-4 ,R CONDOMINIUMS AND CONDOMINIUM CONVERSIONS rental market to be used as temporary accommodations available to the general public. I. An owner's. versonal use of his or her unit shall be restricted to twenty ei¢,ht davs duc'sne the seasonal penod of December 24th to January Ist and ~Februarv Ist to March 20th. This seasonal penod is hereinatier iet'erred to as "high season." "Owner's personal use" shall be defined as owner's occupancy of a unit or non-paying guest of the owner or taking the unit off o! the rental market during the seasonal • periods referred to herein for any reason other than for necessary repairs which cannot be postponed ar which may make the unit unrentable. Occupancy of a unit by a IodQe manae,er or staff employed by the . lie, however, shall not be restricted by this sec 2. A violation of the owner's use restriction by a unit owner ' shall subject the owner to a daily assessment rate by the condominium association of three times a rate considered to be a reasonable d ally rental rate for the unit at the time of the violation, which assessment when paid shall be common elements of the condominiums. All sums assessed against the owner .tor violation of the owner's personal use restriction and unpaid shall constitute a lien for the benefit of the condominium association on that owner's unit, which lien shall be evidenced by written notice placed of record in the office of the clerk and recorder of Eagle County, Colorado, and which may be collected by foreclosure, on an owner's condominium unit by the association in like manner as a mortgage or deed of trust on real property. The condominium associa- tion's failure to enforce the owner's .personal use restric- tionshall givcthe town the right to enforce the restriction by the assessment and the lien provided for hereunder. If the town enforces the restriction, the town shall receive the funds collected as a result of such enforcement. In the event litigation results from the enforcement of the restriction, as part of its reward to the prevailing party, • the court shall award such party its court costs together with reasonable attorney's fees incurred. . 298 S • SUBDIVISIONS ~ 3. The town shall have the right to require from the condominium association an annual report of owner's personal use during the high seasons for all converted condominium units. 4. The converted iod¢e units shall not be used as permanent residences. I~o the purposes of this section, a person shall be presumed to be a permanent resident if such person has resided in the unit for six consecutive months notwithstanding from time to time during such six month period the person may briefly dwell in other places. B. Any lodge located within the town which has converted accommodation units to condominiums shall continue to provide customary lodge facilities and services including a customary marketing program. . C. The converted condominium units shall remain available to the general tourist market. if unsold thirty days after recording of the condominium map, the unsold con- verted condominiums shall be required to be furnished and made available to the general tourist market within ninety days after the date o! recording of the condo- . minium map. This requirement may be met by inclusion of the units of the condominium project at comparable rates, in any local reservation system for the rental of lodge or condominium units in the town. D. The common areas of any lodge with converted units shall remain common areas and be maintained in a manner consistent with its previous character. Any changes, altera- tions or renovations made to common areas shall not diminish the size or quality of the common areas. E. Any accommodation units that wtre utilized to provide housing for employees at any time during the three years previous to the date of the application shall remain as employee units for such duration as may be required by the planning and environmental commission or the town council. F. Applicability. All conditions set forth within this section shall be made binding on t'?c applicant, the applicant's successors, heirs, personal repre5:ntatives and assigns and shall govern the property which is the subject of the application for the life 298-6~ f i d CONDOMINIUMS AND CONDOMINIUM CONVERSIONS _ ~ C ~ C O ~ C of the survivor of the present town council plus twenty-one C O ' _ - M years. Conversion of accommodation units located within a C O C lodge pursuant to this section. shall be modified only by the C' O : t written agreement of the town council and the owner or C O ~ C C owners of the units which have been converted into condo- C ~ ~ miniums.Thedocumenucreatingandgoverninganyaccommoda- C O lion unit which has been convened into a condominium shall `r be modified by the owners of such units only with the prior v?~rittcn approval of the town council. G. Procedure. The conversion of an accommodation unit in an existing lodge shall be accomplished pursuant to the sub- division review process. The applicant shall provide the following documentation to the town. at the time of the application to convert accommodation units located in a lodge to condominium units: I . Proof of ownership; 2. Site inventory for the property indicating in detail the actual location of any amenities serving the lodge; 3. Affidavit of services provided as is called for in sub- paragraph 2 above; 4. Designation and description of all employer units; S. Plan of improvements to be made to the propeny along with estimated costs therefor. (Ord. 2l(1987) 1-3: Ord. 2(1983) § 1 (part).) 17.26.080 Action on preliminary map. A. At the hearing on the preliminary map, the planning commis- sion shall consider whether the proposed conversion is consistent with the following housing goals of the town: I. To encourage continuation of social and economic - diversity in the town through a variety of housing types; 4 t? _ g 2. To expand the supply of decent housing for low and ~ ~ 0 - moderate income families; O t ~ ~ 3. To achieve greater economic balance for the town by C G ~ increasing the number of jobs and the supply of housing O t ' ~i for people who will hold them. t O ~ B. The commission may require that a reasonable percentage of _ the converted units be reserved for sale or rental to persons of • 0 t ~ ~ moderate income. • _ 298-7 (Vail 12-1-R7) , L. ~ ORDINANCE NO. 24 Series of 1989 AN ORDINANCE AMENDING SECTION 8 OF ORDINANCE NO. 14 SERIES OF 1987 TO PROVIDE FOR THE AMENDMENT OF DENSITY OF THE APPROVED DEVELOPMENT PLAN FOR SPECIAL DEVELOPMENT DISTRICT NO. 6 NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, AS FOLLOWS:. Section 1. Legislative Intent A. In 1976, the Vail Town Council passed Ordinance No. 7, Series of 1976, establishing Special Development District No. 6 to insure the unified and coordinated develpment of a critical site as a whole and in a manner suitable for the area in which it was situated. B. Special Development District No. 6 provided in Section 14 that the Town Council reserve the right to abrogate or modify Special Development District No. 6 for good cause through the enactment of an ordinance in conformity with the zoning code of the Town of Vail. C. In 1985, the Vail Town Council passed Ordinance No. 1, Series of 1985 providing certain amendments to the development plan for Special Development District No. 6. D. In 1987, the Vail Town Council passed Ordinance No. 14, Series of 1987 providing certain amendments to the development plan . for Special Development District No. 6. E. Application has been made to the Town of Vail to modify and amend Section 8 a~f Ordinance No. 14, Series of 1987 which relates to the allowed density of the development plan for Special Development District No. 6. r- ~ . F. The Planning and Environmental Commission of the Town of Vail has reviewed the changes. , G. The Vail Town Council considers that the amendments provide . r , a more unified and aesthetically pleasing development of a critical site within the Town and such amendments are of benefit to the health, safety, welfare of the inhabitants of the Town of Vail. Section 2. A. Section 18.50.130 Density is hereby amended to read as follows:. ~ ^ ~ . ~ , • i r The gross residential floor area~(GRFA)'of~all districts in the ' Special Development District shall not exceed 124,527 square feet. There shall be a minimum of 148 accommodation units and 67,367 square feet of GRFA devoted to accommodation units in Phase IV and Please V of Special Development District Nb. 6. 3,927 square feet of GRFA shall be allocated to unit 30 of the Vail Village Plaza Condominiums only. B. Section 11 of Ordinance 14, Series of 1987 is hereby amended by the addition of subsection 9 which shall read as follows: 9. Condominium unit 30 of the Vail Village Plaza Condominiums shall be subject to;-the restrictions of Section 17.26.075 of the Town of Vail Subdivision Regulations if utilized for residential purposes. 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 3. 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. Section 4. The repeal or the repeal and re-enactment 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 re- enacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. e . ~ INTRODUCED, BEAD AND PASSED ON FIRST READING THIS 7th day of November , 1989, end a public hearing shall be held on this ordinance on the 7th day of November 1989 at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in full this' 7th day of November , 1989. ~ ~ ~ , r~/t--- Kent R. Rose,`Mayor . ATTEST: Pamela A. Brandmeyer, Town Clerk . INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED vassed by title only this 21st day Of Novem~be~r , 1989. ~~~/~Y 1~CSL-Q Kent R. Rose, M~yob ATTEST: G~~~ . ~ Pamela A. BrandmeyeY, Town Clerk y. 'I • . . L. i" J _ !w . ..R- . w.v. ~ ~ • . • Y.. • .it •s•. } i. 'I • ~ ; "aR iris ~ f., yir.., . . i a.. .w TOWN OF VAIL 75 South Frontage Road Office of the Town Clerk Vail, Colorado 81657 303-479-2136 FAX 303-479-2157 CERTIFICATION STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing is a full, true, and correct transcription of Ordinance No. 24, Series of 1989, first reading, amending Special Development District No. 6, which is included in the final minutes of the Vail Town Council Meeting held on Tuesday, October 17, 1989. Date: Se-~fC~..P~en. 8r Igga- Time: 1a1~ 10 P. M. ~V~,E~t,~it.~.. O . /~.~L~,?.C.~,rn/ Martha S. Raecker, Town Clerk of the Town of Vail STATE OF COLORADO ) ss. COUNTY OF EAGLE ) Subscribed and sworn to before me appeared Martha S. Raecker, Town Clerk of the Town of Vail,_Colorado, this 4~~r`' day of .~*I'-tam h,~v , 19 y Z My commission expires : ~('~v. ~ I ~19 3 Notar~t' Address- ~~~w._;:;. ,R~~,fw::., TRANSCRIPT OF THE RECORDED PROCEEDINGS OF THE REGULAR EVENING MEETING OF THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO AGENDA ITEM #2: ORDINANCE N0.24, SERIES OF 1989 COUNCIL CHAMBERS VAIL MUNICIPAL BUILDING 75 SOUTH FRONTAGE ROAD VAIL, COLORADO (303) 479-2100 TUESDAY, OCTOBER 17, 1992 COUNCIL MEMBERS PRESENT: KENT ROSE, MAYOR JOHN SLEVIN, MAYOR PRO TEM MICHAEL CACIOPPO MERV LAPIN GAIL WAHRLICH-LOWENTHAL TOM STEINBERG TOWN OFFICIALS PRESENT: RON PHILLIPS, TOWN MANAGER LARRY ESKWITH, TOWN ATTORNEY PAM BRANDMEYER, TOWN CLERK CITIZENS PARTICIPATING: PEGGY OSTERFOSS, PEC PETER JAMAR, REPRESENTING APPLICANT - _ Transcription of t~~g recording ~f Town Council meeting, agenda ftem #2: October 17, 1989 Applicant's Rearesentative Council Members Town Staff PJ - Peter Jamar ML -Merv Lapin RP -Rick Pylman TS -Tom Steinberg PP -Peter Patten PEC Member KR -Kent Rose KP - Kristan Pritz Po -Peggy ostertoss Gw -Gail wahriich JS -John Slevin Town Attomev MC -Michael Cacioppo LE -Larry Eskwith KR - Next item on the agenda is Orciinance No. 24, Series of 1989, an ordinance amending Section 8 of Ordinance No. 14, Series of 1987, to provide for the amendment of density of the approved development plan for Special Development District No. 6. This is also first reading. Peter Patten . PP It is. Mr. Mayor and members of the council, what I'm going to do is go through the memorandum that the planning staff wrote to the Planning Commission as the presentation of the item. Then I'm going to talk about what happened at Planning Commission and then I'll talk about the ordinance at the end. The request to amend Special Development District 6, which is the Vail Village tnn Special Development District, to amend the total GRFA, the total residential floor area for the SDD to incxease 4,900 sq. ft. That's the way the ordinance reads. The original request was for more than that amount and the planning staff recommended for less than that amount. The proposal basically is to convert the goods retail space to a condominium, to residential use. Basically, what we're looking at is a conversion of use from commercial to residential, where the current "Goods" clothing store is located. So the applicant originally requested an additional 5,714 sq. ft. Now that takes that space that's up there and ft adds some loft space and it infills other area. There is currently approximately 3,900 sq. ft. of floor area in that space. The applicant has identified 1 the reason for the application as the location being an unviable, not a viable, retail space. He has received approval from the other condominium owners to proceed with the application for the conversion to residential. Currently, the total allowed square footage in the Special Development District for the remaining phases is 120,600 sq. ft. and that's of course attached to the major hotel redevelopment that we all hope someday we see in that site. So, this would increase that in the ordinance form to 125,500 sq. ft. In looking at the criteria then for a special development district, the first one has to do with design compatibility and sensitivity to the immediate environment, the neighbofiood and the adjacent properties relative to the design scale, bulk, building height, buffer zones, identity, character, and so on. Really, there aren't very many design issues related to this. It's taking an existing space and converting it from commercial to residential. We would anticipate if the project is approved and it goes forward, that the owner probably would want to make some minor design changes to the space itself, but at this time that is not being proposed and those changes would be dealt with by the Design Review Board. The existing display window down on the street level would remain and be used by Village Inn Sports. The second criteria then has to deal with the uses, activity and densities which provide compatible, efficient and workable relationships with the surrounding uses and activities. 1 think we're all aware that the Vail Village Inn Special Development District is a mixed-use project and has a variety of land uses in it now, as well as when it's redeveloped to its fullest extent. And, of course, those uses include commercial and residential in various locations, as weft as restaurants and short-term accommodation units, lodge rooms. One of our goals in the master land use plan, as well as the Vail Village Master Plan, is to maintain the mix of uses. We feel that's important to Commercial Core 1 and its surrounding area, which, of course, this is immediately adjacent to the core area. This is not affecting that mix of use. It's 2 . changing from one to the other, but ail of the uses are found in the immediate area, as well as the surrounding area. We do feel that we need to protect the short-term bed base. We feel that we have established a policy, as the Planning Commission and the Town Council have kn about the last three or four years, where additional residential units have been required to be available to the tourist market, and we do that through the restrictions contained in the subdivision regulations which requires an owner only to occupy a unit during the high season for a restricted number of weeks and it also requires the owner to list the unit on the short- term rental market when it's not in use. And we feel that those are appropriate in this instance, and we'll talk about those in the recommendations section. Next we deal with the parking and loading issues. Phases i and II of the VVI contain basically little to no parking. I wasn't around when those happened originally. I would imagine that there probably was some surface parking that may have been eaten up by future phases, but this is in the original phases of the VVI and what has been occurring is each phase is developed. Phase III and then the latest phase, well the latest phase really didn't add any parking, but especially in Phase III, we caught up a little bit on the deficit. I think there was over a 100 space deficit when Phase ill was built. They built the underground parking garage at that time. They caught up and they are somewhere around 50 spaces short. When the most recent building. was built, there was no additional parking provided for on site. The parking was to be provided in the underground parking structure. With this particular proposal then, there are no parking spaces that kind of are designated that go along with this space. Joe Staufer has arrangements with some of his tenants in his spaces that he will lease them spaces in the parking structure itself. Currently, we do not have a solid parking proposal for this particular conversion to residential. We feel that that's important and will require that to be documented and done before we issue a building permit. The space requirement would be 2-1/2 spaces rounded up to 3. So there would be a parking requirement of 3 spaces. Conforming with the applicable elements of the Vail Comprehensive Plan, I thing there is probably one in particular, that is policy 4.2 in the Master Land Use Plan, which talks about increased density in the core areas as acceptable so long as the existing character of each area is preserved through the implementation of the Urban Design Guide Plan and the Vail Village Master Plan. And I think that that policy is not in conflict with the proposal. There are some other criteria here that are really not too important or not applicable, I should say, in that our recommendation for this, and I'll speak to the.3,927 sq. ft. which is existing out there, the way this went through the Planning Commission as we were recommending approval for the conversion of the existing square footage, 3,927, to residential use, with the provision that the unit be use-restricted, in other words that it be available according to our restrictions in the Subdivision Regulations available to the tourist market in general. We feel that the existing square footage is sufficient for the successful conversion from retail to residential and that the extra originally 1,787 sq. ft. is really extraneous and not required, and not really a necessary, if you will, part of the proposal. The Planning Commission, so that's what went to Planning Commission, our recommendation. There was a long discussion at Planning Commission about this item and I was not present, so bear with me. Peter was present and he can correct me if I'm wrong. The bottom line is the Planning Commission denied the proposal 4 to 3, so the ordinance that comes to you tonight is not one that the Planning Commission has voted for. The Council sees ail amendments to special development districts, so this would have come to you no matter whether they had approved it or denied it. There originally was a motion to approve the proposal with the condition that only 50% of the unit be restricted. The Planning Commission's concern on this item is that they felt that this was too large a unit to be a viable rental unit and they were trying to . compromise with the applicant to come to a comfort level that this was going to be a unit that would be okay to create, but only if it was going to be a viable yenta! unit, and they talked about restricting only part of the unit or actually dividing the unit into two units. Those were not acceptable to the applicant, is my understanding, and in the end the Planning Commission voted 4 to 3 to deny the request. However, before they did that, they agreed on a compromise square footage of 5,000 sq. ft. is that correct? PJ - Yes. PP - Okay. So the Planning Commission and DRB ...excuse me, the Planning Commission and the applicant have come to an agreement that the size of the unit would be 5,000 sq. ft. maximum, which allows them to add about 1,100 sq. ft. of loft area and in-fill space. But the Planning Commission obviously still was not comfortable with the overall proposal, although it was a close vote. The ordinance then is in the format for you to approve. It adds, this ordinance would add 4,900 sq. ft. Is that your understanding of it, Rick, was there a 100 sq. ft. difference in here? RP - 4,900 PP - Okay. So the total amount allowed in SDD on the second page of your ordinance at the very top. What you'd be voting to do if you pass this ordinance would be to allow a total of 125,500 sq. ft. of GRFA in the Vail Village tnn Special Development District. That's an increase of 4,900 sq. ft and again this is what the Planning Commission compromised down to from a larger figure that the applicant had requested. Now, I would like and this does not change the other provisions of that SDD, which require a certain amount of accommodation units to be built and a certain amount of square feet devoted to lodge rooms. As some of you may recall, when we passed that orcinance, we required actually a minimum number amount of square footage devoted to lodge rooms only so that they couldn't 5 build all condos. At the end of that paragraph I would like to add a sentence that would say "4,900 sq. ft. of GRFA shall be allocated to Unit 30 of the Vail Village Plaza Condominiums only " And the reason for that is that we don't want to just add 4,900 sq. ft. and then have the applicant go ahead and put a retain store back in there anyway and all of the sudden we have just increased the size of the SDD. So, the 4,900 sq. ft. increase, ff you approve it, would be just for that space only and not just a carte blanche increase for whoever ends up developing, you know, the ultimate hotel on site. JS - So the number of units for Phase IV and V - is this in Phase III? PP - This is in Phase I. JS - So the number of units still stays the same. Joe can still do 128 units. PP - That's right. That approval is completely unaffected, really, by this whole thing. So that is the one thing I would like to add to the ordinance and we can, Larry and i can work on specific language toward that end between first and second reading. And with that, we wilt turn it over to Peter who is representing the applicant or questions, Merv. ML - 1 don't understand the logic of why you would allow greater density on a project over and above what's been approved that doesn't have parking, that is a conflict, 1 think it's going to increase the conflict that you have between residential and commercial, I mean, 1 don't understand, what's the logic of having zoning with the maximum if someone can come in and get 4900 more square feet? PP - The logic is that the space is there - ML - Weii, why not 50,000 square feet? PP - 1 can't argue the staff are not experts in retail feasibility one way or the other, the uses are all on the site, there is residential uses on the site and the surrounding area, we have adopted policies in the land use plan which encourage the mix of uses, in one sense it is an increase in density but in another, it's an increase in density gat has absolutely no effect of mass and bulk on the village. We have had ML - So, in other words. the house PP - Let me say one more thing. We have had a history in Commeraai Core 1 area especially. These types of changes and uses. The Village started out to have employee units on street level at the Lodge. They were converted to retail. There were slot of second floor apartments, residential units, in the core that got converted to commeraal space in the late 70's and early 80's. Some of those spaces have been even converter.: °k. In an area where you have the type of mixed use zoning that we have in not only the Commercial Core but in the surrounding areas and especially this is a mixed use project, you are constantly going to have changes of use between residental and commercial and even other uses on varying levels of al! mixed use projects. And I guess, I'm not here to tell you this is the greatest thing in the world, not at all, 1 don't think that we're strongly recommending approval, but what I'm here to tell you is that I think that the application itself is something that I don't feel is going to cxeate any negative impacts, I don't see anything thaYs going to be harmed, I don't see the Vail Village Inn project will be harmed by this, on the worst end scenario, the project would be harmed by empty retaU space if it is indeed not a viable space for retail or commercial of some sort. 1 don't buy that argument. I think there probably could be somebody that goes in there that makes a viable operation, but I'm reacting to an application that's come in to our department and we have to get on one side of the fence or the other and I think that this proposal is not going to create negative impacts and we will require the parking to be located in that underground parking structure and I think with that we're looking at something that just isn't going to be a negative impact. ML - Okay, you've answered the use question, but what you're doing is giving 7 someone the incentive to build a big volume building then come back later and fill it in by allowing this. Everyone that's got a building that can go with infill, whether it's a house or a commercial building can come back now under your logic and get greater density. KR - i don't think it's an infill though, is it? ML - Well, yea, he's adding 4900 square feet. You're not adding to the shell. You're saying that there's no addition to the outside of the building. They're infilling the floors on the inside. JS - Yes. Up in the loft So what's the big problem with that? ML - Well, what's going to stop everyone that has something that is more than 2 stories high, whether it's the glass house or whether it's the house on, the Chester house that's got a volume to it, coming back and saying, well let's infill the volume now? JS - Weli, I don't think we do GRFA the same way. He's comparing it to a residential zone district. ML - But, look, it's a residential use. JS - No, it's a SDD. PP - Yea, it's a special development district, it's not the same zoning as you know, what you're talking about and ML - But the SDD has a limit put on it of 120,000 square feet, now you're saying add 4000 square feet. PP - Merv, all properties in Vail have a limit on it,through zoning. One way or another, you come to a number -that's the maximum. The fact is that for the last 10 years we haven't been afraid of that maximum number to increase it and we have in probably 15 to 20 different instances over the last 10 years in this specific area and throughout the whole commercial core and the whole Vail Village area. We've done it, I don't need to go through 6 _ the names of the projects, but we have done it in many instances, changed that residential density allowed. ML - Yea, but when we originally set in a special development district the applicant was always for as much square footage as he could get and that was a quid pro quo, "You give us this - we give you that". Now they're coming in and they've got a certain volume. In this case I guess 2 stories, that they're infilling in order to get greater density. And greater density does have an effect, I mean, someone's going to be in the 4900 square feet, it's not going to be left empty. You're going to have more people using it. PP - I don't disagree with those statements. JS - Could we go through the thought process with one unit as opposed to two units? PP - I can't. Maybe Peggy can. KR - Peggy has a comment. (...inaudible) PO - I think first of all, the Planning Commission felt that it was unfortunate that in this SDD there was not afirst-come, first-serve for additional square footage. In other words, this individual wishes to add space to his condominium would not be taking any of the square footage away from the rest of the development. We felt a more desirable situation would have been if the rest of the development... the amount of square footage of this unit. But on the other hand, felt that is was unfair to this particular applicant that the SDD had not in fact been set up that way in the first place. I think subsequently we endeavored to focus on the outcome and we were reluctant to give up retail space but felt the second story space as retail Then the question became given our direction in the master plan, which would be that we would try to encourage retail space or short term rental space, but not space that is residential and not rented in the core area. We felt that we needed assurance that ff in fact this unit was converted from a retail to residential it would be rented. And I think many of us, myself included, were concerned with the fact that 5000 square foot rental unit was not viable. In other words, it's fine to say that it's on the rents! market, but no one rented it and then the fact is that we have lost retail and we have not replaced it with short term rental. And that was why we spent quite a bit of time and effort trying to reach some sort of compromises we felt would make this a unit. I think Merv's concerned with square footage infill ML - Then how do you, granted, when different SDD's, SDD 6 is different than let's say, we went up and looked at the glass house which is a three story thing. KR - Well, residential. ML - Which is residential. How do you say you can do this residential, but you can't do that residential because there's less effect up on that hill adding square footage because they've got the parking or, you know, in otherwords, they're not creating any more traffic, all they're doing is adding another couple of bedrooms. How do you add it at the Vail Village Inn and not allow someone to allow someone to add it in their other property? PO - One thing, Merv, I think we felt there would be less parking needed for the residential unit than for the commercial use that has been in place. ML - Unless iYs short term units. JS - Merv, there is one school of thought that disagrees with our GRFA ordinance for our residential that says if in fact you do have atwo-story house and you want to stick a basement underneath it, and you exceed GRFA rotes, you're really not adding anything to it, you might just be adding a family room but technically you can't do it, so there is a schoo{ of thought out there that would love to change GRFA provisions for residential also, because 10 that's a bulk and mass thing that is going to be talked about probably over the next year or so. PJ - We should probably hear from Peter here, he's representing the applicant. JS - I've got a question along this one unit vs. a bunch of units and maybe Peter, well, 1'll ask it now while its on my mind, if you do a one 5000 square foot unit, do you mind if they do one eight bedroom unit? Have you thought about eight lockoffs and you have a bed and breakfast small motel, or, 1 mean you could do that with 5000 square feet. PP - Well, actually you can only have one lodcoff. JS - You can only do one? PP _ Right. JS - Okay. So if you can only do one, then again it goes back to her comment that you end up with a huge living room and some bedrooms and only one, so you can rent it two different ways then, that's what you're saying. PP - If they want to go, you could just do one lockoff maximum in amulti-family dwelling unit. JS - So who wanted to do more than one unit, was that the Planing Commission or you? Who is recommending that they do more than one? PP - Planning Commission. JS - Planning Commission? Okay, go ahead Peter. PJ - Perhaps I can help shed a little light on this and some of the rationale for hey, why are we in asking for this and I am representing BSC of Vail which owns the unit. ML - Who is BSC of Vail? PJ - It's a partnership. 11 ML - Composed of? - PJ - One of the gentlemen is Frank Cicero. I don't know the other partners. ML - And they're the owners of the space? The reason I'm asking this is because it just went through foreclosure. The building did. is this part that is through foreclosure or is this separate? PJ - No, this is a separate condominium. ML - This is a separate condominium that wasn't involved, okay. PJ - Let me hit a couple of the high points. 1 think that the reason we got a little bit off track at the Planning Commission was because of the diversity of opinion as to how is this unit going to be short term rented and I and the applicant created some of that confusion because of the fact that that was sort of a last minute staff recommendation that they had been supporting this but then a day or two before the Planning Commission had said, but you'll have to go with these restrictions. So 1 needed to run that by my client, the owner of the unit, in a very short time period and not being knowledgeable of what that meant or how and also being an attorney, his initial reaction was no. we don't want to live with that kind of restriction, so I then proceeded to the Planning Commission, not agreeing with that condition. We have since had the time to sit down and discuss it with the staff and explain it to the owner and that's how we've now arrived at the issue as to, well, he's willing to go along with the restrictions, is this 5000 square foot unit a viable short term rental unit or not? I have contacted the Vail Resort Association. Their recommendation to me was that, heck, yes. a 5000 square foot unit in the Village core is probably one of the most desirable short term rental units in Vail. We have very few of those -those are the first units to rent and I would be happy to, if it comes down to that question and I'd be happy to table this item until we can all go ask the VRA ourselves whether that in fact is true. I'm convinced that it's true, the owner 12 _ is convinced that it's true, given the numbers of families and groups of people that like to come to Vail and all stay together and be in dose proximity and walking distance to the core where you do not need a vehicle. Even though we feel that the rental of that unit will not generate the need for the parking spaces, we are willing to go along with the condition that says that given the conversion of this unit over residential, we're willing to provide the 3 parking spaces that are necessary and there are spaces available through Joe Staufer at the Vail Village Inn for that purpose. Again, I think everyone, the Planning Commission, staff and myself agree that the parking requirement actually reduces from 76 spaces to 3 so that that's a net improvement. The owner's initial intent here is that they would love to keep the space commercial. They would be very happy and I think those involved with economics of real estate would agree that iYs in their best interest that that's viable commercial space to keep it commercial and over the long term that is a much better business decision. i think it's important to stress that it is second and third floor space, and I think the Planning Commission on their site visit sort of understood that the poor utilization of that space as commercial, we were willing to come to a compromise of adding half of the square footage that we had initially intended to add so that the PEC got fairly confused but we had the opportunity since there was some time between meetings to go back and get a clarification of some of those issues. So I guess, the bottom tine is we're now willing to restrict the use, we feel that a 5000 square foot unit which would probably be 5 bedrooms is a very highly desirable unit on the short term rental market. They still prefer to be able to try to use that space as commercial but they would like to have the fall back to be able to utilize this space as residential if it continues to look like it's not a viable commercial space. The use is not in question. The zoning allows the use as residential. What's in question is that the SDD is defined so tightly that it does not allow the flexibility to add any square footage in any unit anywhere. 13 ML - What is the reason why it was defined that tightly? PJ - I can't explain that, Merv. ML - It was part of negotiations that had to do with what the WI was giving to the Town. Doesn't that have to do with part of the park, doesn't that have to do with part of the condominium that, the space be{ow which is now the ski museum? PJ - I don't agree with that concept of SDDs, that I don't think they were ever set up KR - There was a big issue, I mean. it had to do with the underlying zoning that was on that entire parcel and what increases there were from that underlying zoning, if any, through the SDD process and park, that Merv talked about and the whole works. And it was tight because it was a long, involved, tough process. Gail and I remember that and some other people probably. PJ - I guess what I'm saying is that they would just like to see some flexibility in being able to use that use as the uses are defined within the SDD and again, I guess I would have to say I don't think there's any positive impact, I can't come up here and really sell to you that, hey, this is the greatest thing in the world that ever happened. i can't foresee any negative impacts given that they're willing to actually improve the parking situation. They do have approval of 100% of the condominium owners which own all the adjacent units. They have gone ahead and received that approval and revised the condominium declaration in order to use the unit as residential. They agree with all the conditions including keeping the exterior appearance on the first floor as retail use. So I think it makes some sense to grant that flexibility. I do believe that the Planning Commission was pretty much split 50 - 50 as to whether this was appropriate or not and the confusion really came in terms of the size of the unit. I think Jim Viele, the Chairman of the Planning Commission, put it best, that it's one of 14 - . those continual fine tuning of an SDD that I guess whether we tike it or not, it's a fact of life that these types of amendments and the flexibility has to be there in order to end up with land use situations that work. 1 think that Vail is not in terms of the density, a finely tuned machine. I think we see give and take, additions, deletions of different types of uses and it really is a constant process. I don't think there is one set top number that we have a system that we transfer development rights. i mean, we have gas stations that evolved into mixed use retail and commercial and residential uses and individual members may agree or not agree with that, but that's a fact of the way land use decisions evolve and I think, you know, the intent here is not necessarily to do anything positive or negative as far as alot of these issues that could conceivably set a precedent are, they're to try to continue to make that a viable, livable space and I think we're meeting some of the goals of the Town in temps of we are adding a unit that will be on the short term rental market during high seasons that according th the VRA is very desirable and we need more of, so I think there are some positive things here. t'd be happy to answer any questions. TS - What happens to the 13 parking spaces that are assigned to this unit which allegedly they don't need any more? PP - They don't exist. ML - Yea, they're 50 short now. PP - They didn't build parking for the first couple of phases. There is not 13 spaces you can go point to in any where on the site for this particular space. TS - Would they be required in the future for that whole Vail Village complex then? PP - Yes. You mean the next phase that's unbuilt? TS - Next phase, or whatever phase there PP - Yes, the next phase will really make up the whole parking deficit. 15 ~ _ TS - So the non-condominium owner is going to benefit to the tune of 13 long term - built out spaces by the #act that he doesn't have to supply this i3 for this condo unit in the total buildout now. The long term buildout he is required to meet the parking requirements. Now, if we allow this conversion, he needs 13 less spaces. Now the condo owner, is he selling those spaces back to Joe Staufer so he doesn't have to build them, or is he giving them back to him and Joe is going to make $130,000. because he doesn't have to put them in. What's happening here? JS - How does this affect the rest of the purchase. PP _ You have to understand this is not the developer, the entire SDD or the holder of that pool of GRFA or parking so that this owner is not required to at any point put in those 13 spaces. TS - No, I understand that, but Vail Village lnn, Inc. or whoever is doing it is ultimately required to build those 13 spaces if we leave it the way it is. PP - That's not really not at ail the way the whole thing worked out at all. We did not... My recollection, Tom, is that the ultimate buildout of the site will not contain 100% of what the parking requirement would be for everything on the site. I can't go back and tell you what percentage of the overall parking requirement will be built, you know, under the approved SDD, but it just wasn't that dean a connection. f think that there was a certain amount of kind of what's there now is there now and let's plan the hotel, the eventual hotel that's not built, and get the parking that's going to be adequate for the commercial and residential that's going to be built and live with the existing situation. JS - Peter, where does 13 parking spaces come from? PP - The 13 parking spaces comes from if they propose to build this big a retail space you divide the total square footage by 300 and you'd get 13. 16 JS - Peter, the point is, if they're allowed to, that does not affect the number of parking spaces that Joe has to deal with his hotel does it? PP - No. JS - It shouldn't affect the SDD requirement for Joe's parking. PP - No, I don't think it would. PJ - 1 think you could make a statement in the ordinance that it doesn't. JS - Yea, we want to make sure it doesn't because we know he's going to be short anyway. 1 remember from those days that there really isn't an overabundance of spaces and we were valet parking and all sorts of things to get TS - Well, either that or he doesn't get to build as much. Which is where we should be coming from. JS - Right, but I think the point needs to be brought out that if they get to convert, that does not change any requirements for Joe's parking. KR - Peggy, another comment? PO - i just wanted to make a couple of other comments, one concern expressed was that 10 parking spaces are in fact non-existent when people renting the unit need to be taking things like groceries to it and they wilt probably expect a parking spot and presumedly they were aAowed to drive to that restricted area Another item that I think we included as a condition on this approval that if in fact this conversion occurs we thought that the double doors that are facing to the south should be closed and turned into a display and then the access should be from the west, there's also a doorway coming from the west so that if you were walking along Meadow Drive you would see a display window rather than a door. JS - A display window for another retail space or something like that, is that what you're saying? I mean for the one next door maybe? 17 i PO - Yes. PJ - And we're in agreement with that. JS - But you're not sure you're going to change the space, is that what you're saying? PJ - No, I think they'd like to have the flexibility to keep it, their desire is to keep it as commercial if that's viable. The sense is that it's not viable. They have no tenants running forward to get into that space, it's historically been a problem. I think at least half the Planning Commission agreed that the changeover in that space has been significant over time and that they would rather see some viable use of that space rather than boarded up. And whether that space is ever going to be boarded up or not is purely speculation. ML - Are they the original owners of the space? PJ - I don't know, Merv, how long they've owned the space. ML - Okay, I think the answer to that is no, so they bought the space knowing what they were getting. 1 mean, they got a price on it based on the knowledge that they now have that it doesn't work as commercial. PJ - Weil, but the use of this space is allowed as commercial or residential. ML - I don't have a problem because there's already residential there. I think in general because of my experience at Crossroads, doing one building mixed and one building not, that the mixed building doesn't work. and it creates problems. The least of which is not the fact of what happens when you want, when the building gets too old and you got to rip it down. There's a real problem between commercial and residential. The problem I've got is adding the square footage. If they want to change from commercial to residential i don't have a problem with it. Adding 1 square foot more of space to that building I don't agree with and will vote against because the negotiations that went on when we did this for 120,000 we got 18 several things out of the developer and now to go back and come in and want to add 5000 square feet to me is not a reasonable request. Besides the problems of parking. KR - Peter, i need to ask a question or two. The ordinal request was for 5700 square feet and now the final request is for 3900 square feet? PP - The original was for 5700, the staff recommended the conversion of 3900 which was the existing square footage and then the Planning Commission compromised with the 5000 square foot figure which actually comes down to 4900. KR - Okay, so tonight then we are at an addition of 4900 square feet of GRFA. PP - Correct. KR - Out of the 4900 square feet, how much of that is new space? How much of it was retail space, how much of it is new space? PP - Ail of it. Alf of it. No, I'm sorry, no, that's 3900 hundred and some. PJ - The 3927 is existing. KR - 3927 square feet is existing. 4900 square feet of additional GRFA then really means an additional 1000 square feet to the building. 1000 square feet is the infill. PJ - And they really only want to add 900, 1 think it was just rounded off to a 1000 so that we didn't get into a KR - Ali right, I'm square on that. Now, when SDD 6 was originally approved and revised and everything else, I seem to remember that there were limits on GRFA, there were .limits on commeraal space and there limits on the total square footage of the entire project. Why then, if we want to allow this to happen, why then are we not reducing what's allowed through the 5 phases in the entire project by the same amount that we're increasing this. In other words, if we're increasing GRFA by a certain number of feet, why aren't we taking a certain number of square footage out of their total GRFA that they're allowed or the total retail 19 that they're allowed? PP - Good question, and the basic answer to that is that the owners of that unbuiit square footage wouldn't agree to reduce their number for this application. PJ - That's never been a point of discussion and there is no where in the SDD that commercial space is set as a top limit. PP - No, then I didn't understand your question. I thought your question was was why aren't we leaving it at 120,600 and reducing it by 5000. KR - I thought we had a max on what t;ould be built through the 5 phases, period. PP - GRFA. KR - No commeraal? PP - Okay, then I did misunderstand the question. KR - Weil, I know we had a limit on GRFA. Did we have a limit on commercial space? PP - Yes, there was a limit on the commercial space for the unbuilt portions of whatever they proposed. We accepted the development plan, counted up the square footage and said that's the commercal that will be allowed and the number is about $1.6.000 additional. As far as the total that's out there existing, I don't believe there is a total commercial maximum that's out there in the SDD 6. JS - 1've got one additional quick question. If they were to come in for additional .commercial square footage because they wanted to add some lofts to this space, what would we tell them? Are they allowed to come in and add commercial? PP - I think they would have to come through the same process. I believe they would have to come through the same process. JS - But you're not sure what that SDD says regarding 20 PP _ You guys are asking some tough questions! SDD 6 is not the leanest, simplest ordinance that we have in our zoning code. In fact, it took on a creative approach in about 1973 and we've been trying to deal with ~ ever since. It's just not that dean. It's not written so that you know because you've done SDDs how you get a proposal, you get comfortable with it at one point or another and you adopt the development plan. And that's got x amount of square footage for residential and commerdai and locations and uses and this and that. This SDD is not that clean. There is not an overall one maximum number of commercial that can be built on the entire site. JS - Do we have any SDDs that we've increased GRFA or commercial square footage space? PP - Oh, all sorts of them. JS - We have? PP - Sure. JS - Like the Westin we did, we increased it on that, didn't we? MC - How did Garton's Saloon get transferred into condominiums -under what process? PP - They redeveloped the building and condominiumized it -each space. MC - There's nothing similar here to that? PJ - Could i make a suggestion here Kent. I think there's a fair amount of confusion that I'd like to request that we table this for a few weeks and try to understand all the - I'd like to before we do that just get some kind of a reading of what maybe the questions or additional information are but I'm in total disagreement that there's a cap of commercial on the SDD and so I'm not meaning to save that argument, I think Peter and I need to sit down and go through the ordinance 21 JS - 1 think my question regarding Kent have we added on GRFA in commercial space to other SDDs I think is, I'm sitting here wondering ten years from now, fifteen years from now whoever owns that whole building is going to come to you and say we need to do a redo -anew SDD -totally redo the building and in order to do ~ and we've seen this recently with a number of buildings in the silage where it may have to pop out some dom~ers and come out with the commeraal out to the street and make it a better fill in and on and on. And that will probably be proved at some point in time. ML - And we'll probably pay you as much as $3000 for that $10,000 parking space. JS - I'm not talking about parking. I'm talking about redevelopment in town and people taking a bad space and making it good and I think that's what this fellow's trying to do. I don't know. I mean, it's up to him if he thinks residential is better commercial. Sounds like he hasn't even decided yet. ML - Weil, he's got something to sell. He's got an infill and ail of a sudden he got a 5000 square foot unit that you can sell as a residential unit versus something you probably can't sell too easily as a commeraal unit. JS - So do you penalize him or do you squeeze him for what ML - No, what's best for the Town PJ - But Merv, how does that relate back to ML - It's a give and take situation. He's asking for something. It's a negotiation. PJ - Yea, but how does that relate back to the health, safety and welfare of the community? Whether a guy can sell his unit or not? ML - It will be a healthier town and a safer town if we got the money to pay for those fees. PJ - Well, I would like to table this. 22 - . GW - One thing that I would be interested is, is the viability of the leasing of the 5000 square feet so when you come back JS - My only comment Is going to be and somebody recently held a open house for brokers above the River House Condominiums, there's a penthouse up there that the fellow owns and he was short term renting it and t can tell you there are only a handful of penthouses in all of Vail Village and that's the only one that I know, maybe there might be one other, that will short term rent GW - How large was that? JS - It was 4000 square feet. Vail Athletic Club might have one, bu# you have a few others. If you can think of all of the buildings in town and which might have a penthouse on it, most are owner-occupied. Well, it's a penthouse in the sense that iYs a top floor 5000 square foot ML - With a good view of the Sonnenalp redevelopment. PJ - i do think that's a valid question and we can do some more research on that and the staff can do some more research on that. JS - I think you're right. I think the VRA reservationists were at that unit for that open house and that was the reason for the open house and they were exerted about having a big unit available. ML - You answered his question different that I read this document. In SDD 6 what is the total number of square feet in that building now? Both residential and commercial. What's the total number of square feet? PP - No idea. ML - But, I mean, is like 120,000 plus the commercial? Let's say 100,000. PP - You're talking about this one building? 23 ML - This SDD 6. The next question is, under his proposal, how many square feet will it, square feet - I don't care GRFA, 1 don't care commercial, how many square feet. will the square feet not increase by how much? PP - Say that again? ML - What will be the difference in the number of square feet before and after this proposal? PP - 1000. ML - 1787? PP - No, 1000 and it could be 900. ML - But the original request was for 5714. PP - Yes, it has been knocked down. ML - And now it's been knocked down to 1000. Additional square feet. PP - 3900 exists today. They want another 1000 to infill lofts and add 1000 square feet. PJ - I guess our reasoning there is that we don't want to take a bad commercial unit and make it a bad residential unit and we need to do a site visit and get into the space and look at it so that everybody understands what we're talking about, but the whole idea in adding the space is I think when you walk in there you'll see that if you are to go along with the idea that it could be utilized as a residential unit, there be no, I don't think, logical reason to restrict not at least adding enough square footage to make it a good unit of some kind and make it a good residential unit. JS - Peter, what happens when the owners of the rest of the top floor, commercial in the building's common site, we have the same problem. We want to build residential. PP - 1 hope they don't! 24 ML - Why do you hope they don't? TS - What does your study of commercial uses show. We did a study what 3 or 4 years ago. What do we say in that study that should be done? Are we going counter to that study? PP - To which one? TS - The one we did on needs of new commeraal spaces in the villages? We did a study several years ago. PP - 1 don't think it's necessarily so, that that study did show that we could handle more commercial space but it didn't get into the specifics of what's viable commercial space and what isn't in terms of specifically where it's located. I don't think that this is really going against the retail market analysis, the one we're referring to. PJ - Weil, and to answer the land use plan shows that we have a deficit of 70,000 square feet of retail which I know some people tend to disagree with. i agree with. 1'll be the last one to be in favor of reducing the amount of commercial square feet in town where it's viable space, where it's ground level space or it's in a good location, but I think there's a real concern here for second and third floor space, that is difficult to get people into that are into ski boots or whatever. ~ s - Now is there presently third floor in this space or is there only a third floor if we allow the extra 1000 square feet? PJ - There's presently a third floor. ML - lt's a loft retail space. This is where the old Poio Shop used to be. PJ - So again, I guess, is there any consensus? is there any direction if we table this to TS - My consensus is 1 will vote no. 25 PJ - Okay, Gail? GW - The biggest problem t think is the increase in the GRFA and I guess the question is, if you switch it from 3900 commercial to 3900 residential, would you be getting ail this static. And then the second question for that, and that's why its viability is, is this 5000 square foot residential unit hugely better as it relates to the rental market which creates life and vitality within the core, because we want to, we need better hotel rooms. So that's , 1 guess, what I'm struggling with. PJ - 1 know where you're coming from. ML - To get one more square inch in that building which was negotiated, you'd have to give me something to make it worthwhile and I would suggest the $7500 a year of the ski museum's condominium fees. KR - I don't know how viable it is in the first place, Merv, I mean after you buy it and remodel it for that kind of a use, you know, a lot of dollars in it, that's not our concern however. I guess what confuses me about this issue is we have granted some additions to SDDs before but I don't know if we've done it on a piecemeal basis. 1 guess the last one we looked at was the Westin, or whatever name that SDD is, and we looked at parking, we looked at commeraal retail, we looked at the spaces that haven't been built, both in the area of the ruins down there it's called and the infill space where the tent is on the lawn and where the rockpile is and we understood that whole thing. What I don't have tonight is a full understanding of this SDD. We're piecemealing it and I don't know what's to keep the next guy from coming in next week and biting off another piece and that's the part of the process that I don't like, so for that reason i would be reluctant to vote for it tonight. If I understood more about the ramifications of the entire SDD 1'd be more willing to look at it favorably. JS - One of the problems is that you have this condominiumized SDD now. Your 26 ' owner has to get everybody else's approval before he can change his part of the SDD and how do you change an SDD when you're just one of many condominium owners. I guess we're saying tonight we could. I don't see. quite frankly, why he needs more than 3900 square feet to make one unit. I mean. that would be probably one of the five largest units in Vail Village. There are very few that are over 3000 square feet so to go above 3900 to do one unit - it will be a 5 bedroom unit with the biggest living room in Vail Village and still have room leftover. ML - He's going to sell it to an Iran prince. JS - If we were saying he's going to do 5 units and you want them to be 900 square feet each or something like that, but when you do that then you add more parking. Then obviously you have a lot more parking requirements everytime you add another unit, there's supposedly another family to be there. I think 3900 square feet is plenty big. ML - You can probably get Kent's approval by saying that they'd take it with a dog. MC - I just stepped out for a minute, are you asking how I would vote tonight, is that what your question is? PJ - I have requested that we table it and I was just going to try to get a general.. MC - !don't think I could support it tonight. PJ - a consensus as to where we're headed, and I think 1 have a pretty good idea. Now it does bring up a good question as to who owns the square footage within a zone district and the rights to use it, because, and a for instance. For instance, I live at Coldstream. That project has a total of 65,000 square feet of GRFA. That is a pool of GRFA out there which the project was maybe built to 60,000, so there are 5000 additional. So as people want to add on they can come in. And they don't go to the developer of Cascade Village or Coldstream to purchase that square footage. 27 r ML - tt's probably called common area. ` PJ - No, there's excess GRFA. And all I'm saying is that !think he didn't have any problem with us going to Joe Staufer and saying, sell us some of the GRFA, so it's kind of interesting in the different SDDs ,that square footage is actually owned by individuals and not available to the entire property. And in some instances it's not, it's an interesting point that ought to be considered, I think, in future SDDs because I think you do need to build in at least enough flexibility. 1 mean, I p'~ty the guy who has to Dome in here that does own a residential unit in Vail Village Inn Phase 1 and wants to add a 2500 foot loft and to have to go through this, that he would have to go through this process. So 1 think we have to be careful about pinning SDDs down to the exact square footage without leaving some sort of a bit of a flexible amount for fine tuning. You know, I see this as a fine tuning and i guess I'm in the minority and that's okay. But, I think it's been a good discussion. TS - It emphasizes the point that we likely shouldn't have SDDs in the first place. We're getting into a bag of worms here that's going to get worse as these buildings get older and you have to redo them, they're almost impossible. JS - Peter , if you have a duplex lot and there's a duplex on it, and there's 1000 square feet of extra GRFA available to that lot and one of the sides comes to you and says 1 want to take the 1000, do you say you have to get the permission of the other side or what do you do? PP - Go for it. JS - You just let them take the 1000? KP - We don't require the approval of the other side. KR - First come, first serve. JS - Really?? 28 MC _ it's a race for the footage. ML - We should talk about that. JS - That's a problem that somebody can do that and take ail of the lot's GRFA. ML - Maybe we should have GRFA die after a certain number of years. PJ - Kent, 1'd like to request anyway that we table this I guess indefinitely. PP - Yea, I'd tike to table it to a specific date though. PJ - Yea, let's table it to November 13. MC - So moved. PP - Whatever you're comfortable with. KR - Is there a second? JS - Second. KR - Moved by Mike Cacioppo and second by John Slevin to table Ordinance #24 on first reading for two weeks. is there any discussion? It's actually 3 weeks, next regular meeting. KR - All in favor of the motion signify by saying "yes". ALL - "Yes" KR - Opposed? (pause) KR - Mayor votes yes. Passes unanimously. 29 . VAIL TOWN COUNCIL MEETING NOVEMBER 7, 1989 . 7:30 P.M.- g lar meeting of the Vail Town Council was held on Tuesday, November 7, 1989, at 7:30 p.m., in the Council Chambers of the Uail Municipal Building. MEMBERS PRESENT: Kent Rose, Mayor John Slevin, Mayor Pro 7em Eric Affeldt Michael Cacioppo Merv Lapin Gail Wahrlich-Lowenthal Tom Steinberg MEMBERS ABSENT: None • t . TOWN OFFICIALS~'PRESENT: Ron Phillips, Town Manager Pam Brandmeyer, Town Cierk The first order of business was a Ten Year Employment Anniversary Award to Mike Rose. Ron Phillips gave background information on Mike, the Superintendent of Par4:~ng with the Town of Vail, and this was followed by comments from Stan Berryman. Mike thanked everyone, and Kent Rose stated the Council appreciated Mike's hard work over the years. The second item of business on the agenda was a consent agenda of the following items: A. Approval of the October 3 and 17, 1989 Meeting Minutes B. Appointment of Steve Simonett as a Local Licensing Authority Board Member After a brief discussion regarding the minutes, Merv Lapin made a motion to approve the consent agenda, which John Slevin seconded. A vote was taken and the motion passed unanimously 7-0. The next item was Ordinance No. 23,~Series of 1989, second reading, adopting a 1990 budget and financial plan. Mayor Rose read the full title. Steve Barwick noted the changes made for second reading. Tom Steinberg questioned the surveyor position and the possibility of a better way to handle it; Mayor Rose agreed he also had questions regarding that and felt it should be put on a future Work Session agenda for discussion. Eric Affeldt commended staff on their reporting and information gathering for Council. He felt the Town was in the best financial position ever, but was disappointed the public was not that interested. He noted he was not in favor of as large an increase in the marketing budget as what was approved at first reading. Mike Cacioppo agreed with Eric regarding the marketing budget, and that was one reason why he voted against the ordinance at first reading. John Slevin briefly explained why he thought it was increased to the final amount. After some discussion, Mayor Rose stated the amount should be left as it was at this point, to be determined later, depending on Town of Avon, Eagle County, and Vail Associates' contributions. Merv Lapin made a motion to approve the ordinance on second reading with a reduction in the marketing fund to X117,000 instead of the X163,000, and Eric Affeldt se~~anded. Rob Levine commented why he felt the X163,000 should be left in. A vote was oaken and the motion failed 3-4, with Tom Steinberg, Kent Rose, John Slevin, and Gail Wahrlich-Lowenthal opposing. Eric Affeldt then made a motion to approve the ordinance on second reading with the marketing fund amount of X163,000. Tom Steinberg seconded the motion. Mike Cacioppo remarked he would vote against the ordinance because he did not believe the Community Development Department needed an increase in staff (it should be getting sma]ler, not larger), he was disappointed there was no West Vail fire station included in the budget, did not agree with a five percent increase for the Town Manager's position, did not agree with the large increase for the Marketing Board budget, or the X35,000 funding to Bravo! Colorado. Mayor Rose remarked there was a five percent increase in the budget, but no actual increase had been approved yet, so the money was not guaranteed to be spent. A vote was taken and the motion passed 6-1, with Mike Cacioppo opposing. ? 't `V The fourth order of business was Ordinance No. 29, Series of 1989, first reading, regarding sales tax revenue bonds for the parking structure expansion and ' renovation. The full title was read by Mayor Rose. Charlie Wick introduced Steve ' Jeffers, of Kirchner Moore, and Dee Wisor, of Sherman & Howard. Steve distributed revised copies of the ordinance with changes made earlier today. He reviewed the changes and explained the reasoning for them. Steve then answered questions of ~ Council. Merv Lapin made a motion to approve the ordinance, and Tom Steinberg seconded. A vote was taken and the motion passed unanimously 7-0. The next issue was Ordinance No. 30, Series of 1989, first reading, establishing a i program of investments to provide for the payment of the Town's outstanding bonds. Mayor Rose read the full title. Steve Jeffers noted two minor changes in the ordinance, and explained what the ordinance would do. He and Dee Wisor then answered questions of Council. After some discussion by Council, Merv Lapin made a motion to approve the ordinance. The motion was seconded by Mike Cacioppo. A vote was then taken .and the motion passed unanimously 7-0. Next was Ordinance No. 24, Series of 1989, first reading, amending Special i Development District No. 6 converting condominium unit no. 30 from commercial to residential. The full title of the ordinance was read by Mayor Rose. Peter Patten commented this item had been tabled at the last Evening Meeting, and the request was to convert the Goods retail condominium unit in the Vail Village Inn into residential space. !ie noted there had been some revisions to the proposal since the last meeting; he explained what the changes were. Peter then gave background information regarding Phases I and II of~the condominiums in the Vail Village Inn, and added staff continued their recommendation for approval of the conversion. There was then some discussian between Council, Peter Jamar, and Peggy Osterfoss regarding the Planning and Environmental Commission's decision and reasoning for denying the request by a vote of 4-3. A motion to approve the ordinance was then made by Merv Lapin and seconded by Gail Wahrlich-Lowenthal. After more discussion between Council and Peter Jamar, a vote was taken and the motion passed unanimously 7-0. Ordinance No. 25, Series of 1989, first reading, amending Title 17 to provide a definition for single family subdivisions was next on the agenda. Mayor Rose read the full title. Mike Mollica briefly explained the ordinance, and then answered questions of Council. After a short discussion, Eric Affeldt made a motion to approve the ordinance, which Mike Cacioppo seconded. A vote was taken and the motion passed 6-1, with Merv Lapin opposing. The eighth order of business was Ordinance No. 26, Series of 1989, first reading, amending Section 18.24.020 by adding "Cortanercial Ski Storage." The full title was read by Mayor Rose. There was no discussion by Council ar the public. Merv Lapin made a motion to approve the ordinance, and John Slevin seconded. A vote was taken and the motion passed unanimously 7-0. The next item was Ordinance No. 27, Series of 1989, first reading, amending Chapter 2.20 by adding an application fee for temporary liquor licenses. Mayor Rose read ~1 the complete title. Pam Srandmeyer explained the reasoning for the ordinance, and answered questions of Council. A motion to approve the ordinance on first reading was made by Merv Lapin and seconded by John Slevin. A vote was taken and the motion passed unanimously 7-0. The tenth item on the agenda was Ordinance No.~28, Series of 1989, first reading, amending Chapter 16.22 regulating signs in the Arterial Business District and Commercial Core III zone district. Mayor Rose read the title. Mike Mollica gave background information on the ordinance, and commented the Planning and Environmental Commission unanimously recommended approval. Merv Lapin made a motion to approve, with John Slevin seconding. A vote was taken and the motion passed unanimously 7-0. The last item on the agenda was a Gart Brothers sign variance request, Kristan Pritz reviewed the requests for variances of size, height, and number of signs, and reviewed criteria used for the requests. She then explained why staff recommended approval. Kristan commented the Design Review Board had approved the requests by a 5-0 vote for the variance, and a 4-1 vote for the design; one did not like the black and white striped barber pole. After some discussion by Council, Gail Wahrlich-Lowenthal made a motion to approve the three variance requests in accordance with the findings in the staff memorandum dated October 18, 1989. John Slevin seconded the motion. A vote was taken and the motion passed 4-3, with Tom Steinberg, Eric Affeldt, and Merv Lapin opposing. Gail Wahrlich-Lowenthal and John Slevin explained to staff that Council should be informed of something like this 1 r . J + MINUTES VAIL TOWN COUNCIL MEETING OCTOBER 17, 1989 . 7:30 P.M. ' A regular meeting of the Vail Town Council was held on Tuesday, October 17, 1989, at 7:30 p.m., in the Council Chambers of the Vail Municipal Building. MEMBERS PRESENT: Kent Rose, Mayor John Slevin, Mayor Pro Tem Michael Cacioppo Merv Lapin Gail Wahrlich-Lowenthal Tom Steinberg MEMBERS ABSENT: Eric Affeldt TOWN OFFICIALS PRESENT: Ron Phillips, Town Manager ' Larry Eskwith, Town Attorney Pam Brandmeyer, Town Clerk The firs;: order of business was Ordinance No. 23, Series of 1989, first reading, adopting a 1990 budget and financial plan. Mayor Rose read the full title. Steve Barwick noted the changes Council had made at the work session that day, then briefly explained what the new budget would include, gave background information on fund balances, and what the figures would cover. Mayor Rose stated -~~=3 budget was the result of a series of budget work sessions over the last couple months. There were no comments from the public. Mike Cacioppo remarked he w~4.„=~ vote against the ordinance because he did not believe the Community Development Department needed an increase in staff (it should be getting smaller, not larger), he was disappointed there was no West Vail fire station or television translators included in the budget, did not agree with a five percent increase for the Town Manager`s position, did not agree with the large increase for the Marketing Guard budget, or. the $35,000 funding to Bravo! Colorado. Merv Lapin had some questions regard the actual projected and the proposed budgets, to which Steve Barwick responded. Merv Lapin stated he was not happy regarding the insurance coverage premium, but that everything was a compromise situation with a X20 million budget. Tom Steinberg commented the number of employees had remained relatively static the last four years while services had been expanded and upgraded. He believed the Town should hire more employees and take care of them, or the Town would pay. Ron Phillips gave additional information on insurance costs. Merv Lapin made a motion to approve the ordinance as amended, with Tom Steinberg seconding. A vote was taken and the motion passed 5-1, with Mike Cacioppo opposing. John Slevin thanked the staff for their time and effort on this major project. The second item was Ordinance No. 24, Series of 1989, first reading, amending Special Development District No. 6. The full title of the ordinance was read by Mayor Rose. Peter Patten reviewed the staff memo to the ~'lanning and Environmental dated September 26, 1989, and explained the request. He gave background and reviewed the SDD design criteria. Peter then stated the staff approval with two conditions: Traat SDD No. 6 be amended by adding a total of 3,927 square feet to the existing allowance of 120,600 square feet. The 3,927 square foot firs}ire is the existing square footage of condominium unit #30. The staff feels that the existing square footage is sufficient for a successful conversion from retail to residential and that the request for an additional 1,787 square feet which may be added to unit #30 in the future, is extraneous and above and beyond what is required for this conversion. 2. That this unit be use restricted, according to Section 17.26.075 of the Town of Vail Subdivision Regulations. Peter stated the PEC denied the request by a 4-3 vote, so the ordinance was coming to the Council without a PEC recommendation. He also had additional language he requested be added. Merv Lapin questioned the logic behind the recommendation, to which Peter responded. Peggy Osterfoss, of the PEC, gave further information ~ regarding the request and the PEC's evolvement to the denial decision. After some discussion by Council, Peter Jamar, representing the applicant, BSC of Vaii, . ~J Colorado, Inc., explained why the applicant was making the request and why they were asking the Council for approval of the ordinance. There was then some discussion by Council regarding parking spaces for the condominium, and total build-out for the Vail Village plaza. It was decided that if the space was converted, it would not change any requirements for the Vail Village Plaza. Merv Lapin stated he was against increased GRFA over the limit; there was much discussion by Council regarding GRFA. Peter Jamar requested the item be tabled for a few weeks so he and Peter Patten could do some more research, the Council could go on a site visit to the area, and they could discuss at a work session. Councilmembers then explained questions and problems they had with the request. Mike Cacioppo made a motion to table the ordinance for three weeks to the next evening meeting, and John Slevin seconded. A vote was taken and the motion passed unanimously 6-O. The next item was Resolution No. 61, Series of 1989, endorsing and supporting My Choice Drug Free Colorado red ribbon campaign. Marks Moser thanked the Council for the support they had provided already. She then briefly reviewed the planned events for the next week, October 22-29, 1989. A motion to approve the resolution was made by Merv .Lapin and seconded by John Slevin. Merv Lapin and Mayor Rose then thanked Marks for caking this project as far as she had. A vote was taken and the motion passed unanimously 6-O. The fourth order of business was the appeal of a Design Review Board. decision denying a sign for Nick's, 228 Bridge Street. Kristan Pritz stated that on September 16, 1989, the DRB had a tie vote on this item, which results in recommending denial. She passed around a photograph of the proposed location, then reviewed a summary of the DRB's comments. There was discussion by Council regarding no prohibition of neon signs, and others located in town. Peggy Osterfoss commented if Council did not want neon in the Village, they need to instruct staff to head t-~- that way; she was empathetic, but the decision was up to the Council. Michael Staughton, the applicant, gave additional information regarding the proposed sign. After more discussion by Council, Michael gave further reasons why he felt they should approve the sign, why it was appropriate, and should be granted. Jo Brown questioned how the Town had kept most neon out of the Village up to now, to whicfi Cvuncilmembers responded, "design guidelines." Michael Staughton requested the item be tabled until the next evening meeting, so he could bring more pictures and information to Council. The Council asked that Michael present information on neon at a work session before the sign was reviewed for approval. John Slevin then made a motion to table the item until the next evening meeting, and Gail Wahrlich- Lowenthal seconded. A vote was taken and the motion passed 5-0-1, with Tom Steinberg abstaining. The next item was the appointment of five regular municipal election judges for the November 21, 1989 election. There was no discussion by Council or the public. Merv Lapin made a motion to approve the five proposed judges, which Tom Steinberg seconded. A vote was taken and the motion passed unanimously 6-O. There was no Citizen Participation. Mike Cacioppo announced the results of an October 11, 1989 Health Department memorandum air monitor results at the Minturn Middle School. He remarked the report scared him. Larry Eskwith gave a brief attorney's report to Council. He stated he had received notice the Tenth Court of Appeals supported the Town of Vail in the Defalco vs. Town of Vail case. He noted this case had been handled by tfie Town's insurance attorneys. He then gave background information on the Williams vs. the Town and Chester and Chester vs. the Town lawsuits, and chronologically reviewed what had happened to date. There being no further business, the meeting was adjourned at 9:40 p.m. Respectfully submitted, ~ Kent`R. Rose, Mayor 'ATTEST: luttJ~. ~°~~~i~1ttU~L~. J Pamela A. Brandmeyer,'7own Clerk Minutes taken by Brenda Chesman -9- C ; MINUTES , . ~ . VAIL TOWN COUNCIL MEETING . NOVEMBER 21, 1989 7:30 P.M. 4' ~ ~ A regular meeting of the Vail Town Council was held on Tuesday, November 21, 1989, at 7:30 p.m., in the Council Chambers of the Vail Municipal Building. MEMBERS PRESENT: Kent Rose, Mayor . John Slevin, Mayor .Pro Tem Eric Affeldt Michael Cacioppo Merv Lapin Gail Wahrlich-Lowenthal Tom Steinberg MEMBERS ABSENT: None ~ '~~WN OFFICIALS~PRESENT: Ron Phillips, Town Manager • ~ Larry Eskwith, Town Attorney Pam Brandmeyer, Town Clerk Mike Cacioppo was not present at the time the meeting began. The first order of business was Resolution No. 62, Series of 1989, recognizing and congratulating Red Sandstone Elementary School for winning the 1989 State Champion physical fitness award. Ann Sanders and Firooz Zadeh accepted the resolution on behalf of the children, and thanked the Council for recognizing the students. Mike Cacioppo arrived. A motion was made by Gail Wahrlich-Lowenthal to approve the resolution.• The motion was seconded by Tom Steinberg. A vote was taken and the motion passed unanimously 7-0. The next item was Ordinance No. 29, Series of 1989, second reading, regarding sales tax revenue bonds for the parking structure expansion and renovation. The full title was read by Mayor Rose. Joe Barrows (representing Steve Jeffers), of Kirchner Moore, and Dee Wisor, of Sherman & Howard, remarked on a few changes made in the ordinance since first reading, and why. They distributed revised copies of the ordinance with the noted changes. They also commented on the bond ratings and a rate change, and then answered questions of Council. Eric Affeldt made a motion to approve the ordinance with the changes presented by Dee Wisor. John Slevin seconded. A vote was taken and the motion passed unanimously 7-0. C Item three was Ordinance No. 30, Series of 1989, second reading, establishing a program of investments to provide for the payment of the Town's outstanding bonds. Mayor Rose read the full title. Dee Wisor distributed updated copies of the ordinance with the exact amounts filled in. Joe Barrows and Dee then answered questions of Council. After some discussion, Eric Affeldt made a motion to approve the ordinance with the changes as presented by Dee Wisor. The motion was seconded by Merv Lapin. A vote was then taken and the motion passed unanimously 7-0. The next order of business was a Consent Agenda of the following items: A. Ordinance No. 24, Series of 1989, second reading, amending Special Development District No. 6 converting condominium unit no. 30 from commercial to residential. B. Ordinance No. 25, Series of 1989, second reading, amending Title 17 to provide a definition for single family subdivisions. C. Ordinance No. 26, Series of 1989, second reading, amending Section 18.24.020 by adding "Commercial Ski Storage."• ~ . D. Ordinance No. 27, Series of 1989, second reading, amending Chapter 2.20 by ` adding an application fee for temporary liquor licenses. C• . 'r . . ~ r•,.+~ r I ~ E. Ordinance No. 28, Series of 1989, second reading, amending Chapter 16.22 regulating signs in the Arterial Business District and Commercial Care III zone district. Mayor Rose read the full title of each. Joe Macy, of Vail Associates, Inc., stated he had a problem with Ordinance Mo. 28, and asked Council to have this item withdrawn from the Consent Agenda and tabled to a later date. Merv Lapin had a question regarding Ordinance No. 25, and asked to have it withdrawn from the Consent Agenda, also. Merv Lapin then made a motion to approve Ordinances,24, 26, and 27 on the Consent Agenda. The motion was seconded by John Slevin. A vote was taken and the motion passed unanimously 7-0. Ordinance No. 25, Series of 1989, second reading, was then discussed. Merv Lapin asked to have the ordinance clarified. Peter Patten. tried to clarify the subdivision issue and explained just what the ordinance would do. Mayor Rose interrupted the meeting at this point to announce the outcome of the municipal election: He stated that Peggy Osterfoss, Rob Levine, and Jim Gibson were elected for four year terms, and Lynn Fritz.len was elected for a two year term. A ten minute break followed. Discussion regarding Ordinance No. 25 continued. Larry Eskwith gave further clarification. Merv Lapin then made a motion to approve the ordinance on second reading, and Tom Steinberg seconded. A vote was taken and the motion passed unanimously 7-0. Ordinance No. 28, Series of 1989, second reading, was next. Joe Macy read the paragraph he objected to - page 3, Section 4. He gave a hypothetical case of a potential problem as he saw it. He felt it was unfair that a new business technically would not be allowed a sign if the building did not have an approved sign program. Larry Eskwith explained the same language was used as was used far signage in the Commercial Core III sign code. Bruce Allen remarked the problem Joe was talking about was not hypothetical, but a real problem which existed currently. Kristan Pritz explained the reasoning for the paragraph's inclusion in the ordinance. She stated that sign programs were required in CC3 to try and develop a comprehensive approach to signage for the large "shopping mall" type buildings in West Vail. Merv Lapin discussed tabling the ordinance for two weeks so the staff could work on rewording. There was some discussion regarding the problems. Eric Affeldt made a motion to table the ordinance until the next Evening Meeting December 5, which Mike Cacioppo seconded. Eric commented he agreed with Merv, that if something was in the Code we did not enforce, either enforce it or get rid of it; there was no reason to leave something on the books if we were not going to enforce it. Bruce was told to contact Kristan with his concerns. A vote was taken and the motion passed unanimously 7-0. The fourth item on the agenda was the sign variance request for the Finishing Touch Furniture Showroom located in the Inn at Vail (Applicant:• Jim~Wilson). Larry Eskwith gave chronological background information up to the current date. Ne stated that the applicant had never appealed the Design Review Board decision on the design of the awning, so there was no basis for the applicant to be before the Council tonight. Mayor Rose asked how things got to this point, to which Larry replied he had just looked at the staff memorandum for the first time today. Peter Patten added that they had found the error today at 5:00 p.m. Peter then reviewed the Design Review Board's actions up to this point. After some discussion regarding problems and options, Tom Steinberg made a motion to table the item until the project was reviewed by the ORB and the applicant appeals the DRB decision on the design of the signage. Eric Affeldt seconded. A vote was taken and the motion passed unanimously Z-0. Under Citizen Participation, Mike Cacioppo requested to continue receiving check registers. He stated he would pay for the copies, and submit a check on a monthly basis. Tom Steinberg asked if the problem regarding the Villa Cortina was being addressed. Ron Phillips stated it would be. Peter Patten remarked it was an old problem. Mayor Rose asked that if all business was concluded, he would like the Council to move into an Executive Session at this time to discuss a continuing land negotiation. C ~~~~~~r~< ~ PETER JAMAR ASSOCIATES, INC. PLANNING. DEVELOPMENT ANALYSIS. RESEARCH September 21, 1989 Frank Cicero Kirkland and Ellis 1999 Broadway Denver, CO 80202 Dear Frank: The Town of Vail Department of Community Development is recommending approval of the amendment to Special Development District #6 to allow the conversion of Unit #30 (previously Unit Numbers 30 and 32) to residential use. However, certain conditions are being suggested: 1. That the use of the Unit be restricted in accordance with Vail's "Condominium Conversion" regulations {copy attached). 2. That only the existing amount of square footage in the unit (3927 sq.ft.) be permitted as residential. We had requested that you be able to add 1787 square feet to the unit in order to extend loft areas. The requirements of the Condominium Conversion regulations require that condominiums converted from other uses be available for short term rental and used as follows: "An owner's personal use of his or her unit shall be d,,,,rl restricted to 28 days during the seasonal period of December ~^'G 24th to January 1st and February 1st to March 20th. This seasonal period is hereinafter referred to as "high season". "Owner's personal use" shall be defined as owner's occupancy of a unit or non-paying quest of the owner or taking the unit off of the rental market during the seasonal periods referred to herein for any reason other than for necessary repairs which cannot be postponed or which may make the unit unrentable. Occupancy of a unit by a lodge manager or staff employed by the lodge, however, shall not be restricted by this section." Suite 308. Vail National Bank Building 108 South Frontage Road West Vall. Colorado 81657 . (303) 476-7i54 Frank Cicero Kirkland and Ellis September 21, 1989 Page 2 This requirement is similar to what has been required for other projects in Vail when residential condominium units have been created from other uses. Please review this information and let me have your thoughts regarding these conditions. I have attached the Town of Vail memorandum for your review. The Planning Commission hearing is scheduled for next Tuesday morning. e Y, t a AICP PJ:ne ~ 1 1 / ' f ` N 1 . ORDINANCE N0.2 Series of 1992 AN ORDINANCE REPEALING AND RE-ENACTING ORDINANCE NO. 19, SERIES OF 1991; TO PROVIDE FOR THE AMENDMENT OF THE APPROVED DEVELOPMENT PLAN FOR SPECIAL DEVELOPMENT DISTRICT NO. 6; ADOPTING A REVISED DEVELOPMENT PLAN FOR PHASE IV-A OF SPECIAL DEVELOPMENT DISTRICT NO. 6, VAIL VILLAGE INN; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, Chapter 18.40 of the Vail Municipal Code authorizes Special Development Districts within the Town in order to encourage flexibility in the development of land; and WHEREAS, an application has been made for the amendment of Special Development District (SDD) No. 6 for a certain .parcel of property within the Town, legally described as Lot 0, Block 5-D, Vail Village First Filing, and commonly referred to as the Vail Village Inn Special Development District; and WHEREAS, in accordance with Section 18.66.140, the Planning and Environmental Commission, on January 13, 1992, held a public hearing on the amended SDD, and has submitted its recommendation to the Town Council; and WHEREAS, all notices as required by Section 18.66.080 have been sent to the appropriate parties; and WHEREAS, the Town Council has held a public hearing as required by Chapter 18.66 of the Municipal Code of the Town of Vail. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: Section 1 The Town Council finds that all the procedures set forth for Special Development Districts in Chapter 18.40 of the Municipal Code of the Town of Vail have been fully satisfied. Section 2 Legislative Intent A. In 1976, the Town Council of the T^~~~n of ~iai! gassed Ordinance No. 7, Series of 1976, establishing Special Development District No. 6 to insure the unified and coordinated development of a critical site as a whole and in a manner suitable for the area in which it was situated. 1 ~ B. Special Development District No. 6 provided in Section 14 that the Town Council reserved the right to abrogate or modify Special Development District No. 6 for good cause through the enactment of an ordinance in conformity with the zoning code of the Town of Vail. C. In 1985, the Town Council of the Town of Vail passed Ordinance No. 1, Series of 1985, providing certain amendments to the development plan for SDD No. 6. D. In 1989, the Vail Town Council passed Ordinance No. 24, Series of 1989, providing certain amendments to the development plan for Special Development District No. 6. Such amendments modified and amended Section 8 of Ordinance No. 14, Series of 1987, which relates to the allowed density of the development plan for SDD No. 6. E. In 1991, the Vail Town Council passed Ordinance No.19, Series of 1991, providing certain amendments to the development plan for Special Development District No. 6 which relate to Phase IV. F. Application has been made to the Town of Vail to modify and amend certain sections of Special Development District No. 6 which relate to Phase IV and which make certain changes in the development plan for Special Development District No. 6 as they relate to Phase lv. G. The Planning and Environmental Commission of the Town of Vail has reviewed the changes submitted by the applicant and has recommended that SDD No. 6 be so amended. H. The Vail Town Council considers that the amendments provide a more unified and aesthetically pleasing development of a critical site within the Town and such amendments are of benefit to the health, safety, and welfare of the inhabitants of the Town of Vail. Section 3 Purpose A Special Development District is established to assure comprehensive development and use of an area in a manner that would be harmonious with the general character of the Town, provide adequate open space and recreation amenities, and promote the objectives of the Zoning Ordinance of the Town. Section 4 Development Plan The proposed development plan shall include: 2 1 • ~ * y~ ~ A. The development plan for Phases 1, II and ill shall consist of the plans prepared and submitted by Royston, Hanamoto, Beck and Abey on February 12, 1976. B. The development plan for Phases IV and V shall consist of the plans and environmental impact report prepared and submitted by Gordon R. Pierce Architect, dated February 19, 1987, and revised on April 14, and April 22, 1987. C. The development plan for Phase IV-A shall consist of the following plans provided by the Intratect Design Group/Fritzlen Pierce Griner. Sheet No. 1, dated June 6, 1991, and revised September 23, 1991 (site plan) Sheet No. 2, dated June 6, 1991 (1st and 2nd floor plans) Sheet No. 4, dated January 8, 1992 {3rd floor plan) Sheet No. 5, dated June 6, 1991 and revised June 18, 1991 (West Elevation) Sheet No. 5, dated January 8, 1992 (4th floor plan) Sheet No. 7, dated June 6, 1991 and revised June 18, 1991 (East Elevation) Sheet No. 8, dated January 8, 1992 (North Elevation) Sheet No. 9, dated January 8, 1992 (South Elevation) Section 5 Permitted Uses The permitted uses in Phases I, I1, III, IV, IV-A and V of Special Development District No. 6 shall be as set forth in the development plans referenced in Section 4 of this ordinance. Section 6 Conditional Uses Conditional Uses for Phases I, II, III, IV, IV-A and V of Special Development District No. 6 shall be as set forth in Section 18.22.030 of the Town of Vail Municipal Code with the addition of the following conditional uses: A. An outside popcorn vending wagon that conforms in appearance with those existing in Commercial Core I and Commercial Core 11. B. No office uses, except those clearly accessory to a principal use will be allowed on the Plaza level of Phases IV, IV-A and V. 3 v Sectic. ~ 7 Height A. For Phases I, 11 and III, the allowable heights shall be as found on the development plan, specifically the site plan and height plan dated March 12, 1976, provided by Royston, Hanamoto, Beck and Abey. B. For Phases IV and V, the maximum building height shall be as set forth in the approved development plan by Gordon R. Pierce, Architect (dated February 19, 1987, revised April 14 and April 22, 1987). C. For Phase IV-A, the maximum building height shall be as set forth on the approved development plan, submitted by the Intratect Design Group/Fritzlen Pierce Griner, as set forth in Section 4 above. Section 8 Density A. The gross residential floor area (GRFA) for the entire Special Development District No. 6 shall not exceed 124,527 square feet. There shall be a minimum of 148 accommodation units and 64,267 square feet of GRFA allocated to accommodation units in Phase IV and Phase V of Special Development District No. 6. 3,927 square feet of GRFA shall be allocated specifically to Unit No. 30 of the Vail Village Plaza Condominiums. 3,100 square feet of GRFA shall be specifically allocated to one dwelling unit, to be located on the fourth floor of the Phase IV-A Lobby Building; and B. Condominium Unit No. 30 of the Vail Village Plaza Condominiums shall be subject to the restrictions set forth in Section 17.26.075 of the Town of Vail Subdivision Regulations if utilized for residential purposes. C. In addition to the allowable GRFA set forth in Section 8A above, Phase IV-A shall be allocated 500 sq. ft. of additional GRFA (250 sq. ft. per unit), which shall be specifically allocated to two on-site, permanently restricted employee dwelling units. Section 9 Parking and Loading A. Any application for any amendment to Phase IV of SDD No. 6, subsequent to the effective date of this ordinance, shall include not less than 12 surface parking spaces, 324 4 . ~ J underground pa, icing spaces, and 37 underground valet spaces for Special Development District No. 6 as indicated on the development plan submitted by Gordon R. Pierce, Architect, dated February 19, 1987, as defined in Exhibit A. B. The parking requirements for Phase IV-A shall be as set forth on the drawings submitted by the Intratect Design Group, dated June 6, 1991, and revised September 23, 1991, sheet number 1, and as defined in Exhibit A. Section 10 The applicant or his successors in interest agrees to perform the following: 1. Make a minimum of 65 parking spaces in the parking structure, located in the Phase III building available for short-term parking use by the general public and/or hotel guests of the Vail Village Inn. These 65 spaces shall not be leased to any party. Provide a sign(s), subject to Design Review Board approval, indicating the availability of the public parking, located in the Phase 111 parking structure. 2. Prior to the issuance of any Town of Vail building permits for the construction of Phase IV-A of SDD Na. 6., the applicant or his successors in interest shall provide written evidence to the Town of Vail Director of Community Development that a Colorado Department Of Highways access permit has been obtained for access from the South Frontage Road 3. The applicant or his successors in interest agree to permanently restrict two on-site dwelling units for use by employees of the Upper Eagle Valley (employee housing units) in the following manner: A. The employee housing units shall be provided with full kitchens (refrigerator, stove, sink, oven/microwave} and shall not be (eased or rented for any period less than 30 consecutive days and shall be rented only to tenants who are full time employees in the Upper Eagle Valley. B. The Upper Eagle Valley shall be deemed to include the Gore Valley, Minturn, Red Cliff, Eagle-Vail and Avon and their surrounding areas. C. A full-time employee is a person who works an average of thirty hours per week. D. The applicant or his successors in interest shaft fife a declaration of covenants and restrictions with the Clerk and Recorder of Eagle County in a form approved by 5 • ~ : _ . the Town Attorney for the benefit of the Town to insure the restrictions set forth herein shall run with the land. Said declaration shall not be amended or terminated without the written approval of the Town of Vail. Subsequent to the effective date of this ordinance, no building permit shall be issued far Phase IV-A of Special Development District No. 6 until said declaration of covenants and restrictions are executed and filed with the Eagle County Clerk and Recorder. 4. The developer is presently the owner of Unit 7-L, Pitkin Creek Park Condominiums, located in the Town of Vail. The developer agrees to permanently restrict the use of this unit, in the following manner (employee housing restrictions): A. The employee housing unit shall be provided with a full kitchen (refrigerator, stove, sink, oven/microwave) and shall not be leased or rented for any period less than 30 consecutive days and shall be rented only to tenants who are full time employees in the Upper Eagle Valley. B. The Upper Eagle Valley shall be deemed to include the Gore Valley, Minturn, Red Cliff, Eagle-Vail and Avon and their surrounding areas. C. A full-time employee is a person who works an average of thirty hours per week. D. The applicant or his successors in interest shall file a declaration of covenants and restrictions with the Clerk and Recorder of Eagle County in a form approved by the Town Attorney for the benefit of the Town to insure the restrictions set forth herein shaft run with the land. Said declaration shall not be amended or terminated without the written approval of the Town of Vail. Subsequent to the effective date of this ordinance, no building permit shall be issued for Phase IV-A of Special Development District No. 6 until said declaration of covenants and restrictions are executed and filed with the Eagle County Clerk and Recorder. 5. The applicant or his successors in interest of Phases 1V, iV-A and V shall participate in, and shall not protestor remonstrate against, any improvement district(s) which may be established by the Town of Vail for the purpose of constructing improvements as set forth in any officially adopted Town of Vail Streetscape Master Plan, if and when an improvement district is formed. 6. The applicant or his successors in interest of Phases IV, IV-A and V shall participate in, and shah not protest or remonstrate against, establishing a pedestrian linkage 6 ~ ' between Phases Iti', IV-A and V of the Vait Village lnn, to a future commercial expansion at the Sonnenalp Bavaria Haus site if, and when said commercial expansion is developed. 7. The applicant or his successors in interest of Phases IV and IV-A agree to transfer by general warranty deed to the Town of Vail, free and clear of all liens and encumbrances, a condominium unit of approximately 3,986 sq. ft. in size. Said unit shall be located as indicated on the plans and specifications submitted with the 1987 application. There shall be no provisions placed on the condominium unit restricting said unit to Town of Vail's use of the unit or the subsequent subdivision andlor sale of the unit. 8. No grading permit, building permit or demolition permit, relating to any Phase of Special Development District No. 6, shall be issued until such time as reasonable evidence is provided to the Town of Vail that construction financing has been obtained for the improvements to be constructed. 9. Any units in Phases 1V, 1V-A or V which may be condominiumized, except for the Phase iV-A, fourth floor dwelling unit, shall be restricted as set #orth in Section '17.26.075 (Condominium Conversion) of the Vail Munk.~al Code and thereafter amended. 10. The applicant or his successors in interest of Phases IV, IV-A and V shall reimburse the Town of Vail in the amount of $75,000 for expenses incurred in relocating the ski museum. Of said $75,000 relocation expenses, the amount of $27,500 shall be paid prior to the issuance of a building permit for the construction of Phase IV-A of SDD #6. The balance of $47,500 shall become due and payable to the Town of Vail at the date of closing of the Phase !V-A, fourth floor dwelling unit, or at a date not to exceed two years from the Town's issuance of any temporary certificates of occupancy for the Phase IV-A accommodation units, whichever occurs earlier in time. 11. Any remodel or redevelopment of any of the remaining portions of SDD#6, shall include an overall parking analysis as set forth in Section 9 of this ordinance. 12. The applicant or his successors in interest of Phases IV, IV-A and V shall provide a pedestrian easement, along the western boundary of the VVI (the east side of Vail Road) of sufficient width (as determined by the Town) to accommodate an 8-foot wide sidewalk with integral landscaping. Said easement shall begin at the northwest corner of the Vail Village lnn property (said corner is also the southwest comer of the Vail Gateway Plaza property), and extend along the westerly line of the Vail Village Inn property south to East Meadow Drive. Said easement shall expire at such time that a building permit for the construction of Phase IV of SDD 7 - No. 6 is issued. Pric: to the Town's issuance of a building permit for Phase IV, the Town shall reevaluate the need for pedestrian access along Vail Road and if in the Town's sole opinion, some manner of pedestrian access is still required, the applicant or his successors in interest shad provide for such pedestrian access. 13. Provide additional landscaping along the northern property line of the Vail Village Inn, as discussed in Section IV(H) of the January 13, 1992 Community Development staff memorandum to the Planning and Environmental Commission. Said add'stional landscaping shat{ consist of, at a minimum, three to four clusters of large aspen (2-inch to 3-inch caliper) and spruce (8, 10, and 12-foot tall trees). 14. Provide screening of the existing trash compactor located immediately to the north of the Pancake House Building. Said screening shall be subject to the review and approval of the Design Review Board. Section 11 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 12 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 13 The repeal or the repeal and reenactment of any provision of the Vail Municipal Code as provided in this ord'+nance shalt 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 r ordinance previously repealed or superseded unless expressly stated herein. 8 . ~ • ` ~ , INTRODUCED, :iEAD ON FIRST READING, APPROVED AND ORDERED PUBLISHED ONCE IN FULL, this 4th day of February , 1992. A public hearing shall be held hereon on the 18th day of February , 1992, at the regular meeting of the Town Council of the Town of Vail, Colorado, in the Municipal Building of the Town. Q _ r ~1 Marga t A. Osterfoss, Mayor v ATTEST: t Pamela A. Brandmeyer, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED in full thlS 18th day of February ~ 1992. a~~~ Margar A. Osterfoss, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk 9 . • • , C (~ti Exhibit A February, 1992 SDD No. 6 -Vail Village inn Parkins Summary I. Required Parking (Per Code) Parking Saaces Reauired Phase I 38.12 Phase II _ 17.98 ~ Phase III 84.45 Phase IV 63.97 4 Phase IV-A' 16.50 Phase V 39.46 Total = 260.48 - 13.02 (5% multiple use credit) Grand Totaf = 247.46 or 248 Phase IV-A is not currently constructed i i II. Approved Parking Plan The Phase IV-A approval will provide the following parking scheme: 44 - structured spaces -deeded to WI owners 65 - structured spaces -available to the general public 30 - surface spaces -adjacent to the Food 8 Deli. One space will be reserved for ~ the Food & Deli manager and afl others will be available for short-term public parking. 10 - surface spaces -east of the Gateway 4 - valet surface spaces -north of the Pancake House 24 - surface spaces -north of the Pancake HouselLobby Building ~ 77 - Total spaces to be provided III. The VVI is obligated to provide the following parking, if and when the final Phase IV Is constructed: 12 -surface spaces _ 324 -structured spaces 37 -structured valet spaces 373 -Total . ~ IY,~,• . ~ T" y . l ~ ~rLL,ulArrc~ No. 9 l~ Series of 1988 3 AN ORDIl11fNC~ REZONING A PART OF IOT N AND A ,turuiON OF It7r O, BLOCK 5D, VAIL VILLAGE r~t• FTT T?1G rx~~i HEAVY arccJICE DZS'I'RIGT 2b C~'A~ae.ec~1•ps, wrc~ I AND ~~ir~BI,IS~~1l.' SPECIAL DEVIIIJPfgI~T DISitu.CT NUrusr,tc 21 FOR A PART OF IO?r N, AND A rvxli0N OF LOT O, BLOCK 5D VAIL VIIZAGE rltt~r FTL'II1G IN A~.wiu~NCE WI'I'fi CHAt•irrt 18.40 OF ZIP VAIL MUNICIPAL wu~ AND .7L;1111'ils ruxlrI uC~IE~II,.S IN xr~RD Th~ttt;ty. [~rrcr.r~.S, C2•~apter 18.40 of the Vail Municipal code authorizes Special Deve1~..4~L Di.~l~icts within the Town in order to ~..r...irage flexibility in the devel~.~.L of larxi; and WFsr~AS, application has been made for St,~,ial Development District ayy~.+Jal for certain parcels of r,~•~~Grty within the Town known as a part of IAt N, and a t..r~ lion of Lot O, Block 5D, Vail Village First Filing to be knasan as Special Devel.~,«~..'.. District No. 21, ....~.~.~1y refeL~Grl to as the Vail Gateway; and Wfsricr~S, application has further L~.:j. made to rezone a part of Lot N, and a Lion of Lot O, Block 5D, Vail Village First Fi 1i ~~.AU Heavy Service District to C....~..:.rcial Core I Di.~l.i.ict in order to allow for the range of uses and activities rL~~1 for SDD No. 2I; and WF~S, in a~~uance with Section 18.66.140, the Plarutirx~ and Fhviswwzntal C....,~~~ission had a public hearing on the r,~~~~ed zoning amerrlnent and the r,..~t,~,~ed SDD, and has suk~nitted its ,.G~,~~,~ndation to the Town Council; and WHEREAS, all notices as required 27y Section 18.66.080 have been sent to the arr,.~rriate parties; and WhrncAS, the Town Council has held a public hearing as required by QzaptE~:. 18.66 of the Municipal Code of the Town of Vail. NOW, ~~rr uxE, BE IT OR1]AIlQID BY ~ T~7WN C10UNCTL OF ~ ZC1WN OF VAIL, C10LDRADO, THAT: Section 1. 'Ihe Town Co~uicil finds that the r~s for a zoning amendment as set forth 3n Chapter 18.66 of the Municipal Oode of the Town of Vail have been fully satisfied, arxi all other requi~G~~~ents of the Municipal Code of the Town relating to zoning am~:.,.1«ents have been fully satisfied. Section 2. Zhe Town Ciouncil hereby rezones the r~~!'~,L Ly IINLG particularly described i.Il ~chibit A, attached hereto, ;.L".,? Heavy Service District to C~„u~~tcial Gore I. Section 3. The Zbwn Council finds that all the ~~~+cedtues set forth for Special Devel.~.,~t Districts in Chapter 18.40 of the Municipal Code of the Zbam of Vail have Lam.. fully satisfied. Section 4. Zhe Zbwn Council finds that the devel~r.,,~,.t plan for Special Devel.~«••L District No. 21 meets each of the standards set forth in Section 18.40.080 of the Municipal Code of the Zbwn of Vail or d~~w„strat~es that either one or ,~ti,.~ of them is not applicable, or that a practical solution consistent with the public interest has Lam. achieved. In a•••~tiGance with Section 18.40.040, the development plan for Special DeveloFanent District No. 21 i.s a~,~~ved and Sper'~ at Development Di~l~ict No. 21 is hereby a~,~~~e3 for the r~,~.~~y described in Ddiibit A. Zhe development plan is ....a,~~ised with those plans subanitted by Buff Arnold, Ned C~aathmey, Architect, PC, and .~,a~ists of the following dots: 1. Site plan, dated March 28, 1988 2. Floor Plans dated March 28, 1988 3. Elevations dated March 28, 1988 4. landscape Plan dated March 28, 1988 5. Special Devel~~„ant District Application and Envi~~,u~~ental Fact RCru~l as Prepared by Peter Jamar Associates, Inc., dated January 1988, and rev~~~ March 9, 1988 Section 5. Zhe devel~r,~.~.it standards for Sr~.~.ial Development District No. 21 are arr~~~ed by the Zbwn Cr~mcil as a part of the arr~..~ed development plan as follows: A. Setbacks Setbacks shall be as indicated on the site plan set forth in Section 4 of this Otdinance. B. Heic~t Building heic~ts shall be as indicated on the elevations an3 ~.,.,f plan set forth in Section 4 of this Ordinance. C. Coverage Site coverage shall be as indicated on the site plan set forth in Section 4 of this Ordinance. -2- R... Lan aping ~ l The area of the site to be landscaped shall be as generally indicated on the preliminary landscape plan set forth in Section 4 of this Ordinance. A detailed landscape plan shall be submitted to the Design Review Board for final approval. E. Parking Parking demands of this development shall be met in accordance with the developer's proposal to provide 95 parking spaces. F. Density The density allowed in S.D.D. N0. 21 shall be 12 dwelling units consisting of not more than a total of 13,000 square feet of GRFA. Section 6. Uses as proposed on the development plan as per Section 4 of this ordinance are hereby approved. The uses of Special Development District No. 21 are uses permitted by right, conditional uses or accessory uses in the Commercial Core I zone district. The permitted uses in the special development district shall be the same as those uses permitted in the Commercial Core I zone district, conditional uses in the special development district shall be the same as the conditional uses listed in the Commercial Core I zone district, and accessory uses in the special development district shall be the same as the accessory uses listed in the Commercial Core I zone district. Section 7. Following are conditions of approval for Special Development District 21: 1. The applicant shall secure permission of the property owner of the Standard Oil property to complete construction of the landscape improvements as shown in the approved development plan for S.D.D. 21 prior to receiving a final certificate of occupancy. 2. ~Prior~~to-receiving-a~building permit; the-applicant must provide evidence which is satisfactory to~the Town Council and Town Attorney that demonstrates the financial ability to complete the construction - of the project as planned. a 3. Construction must commence before July 1st and the project must be enclosed by November 13th of whatever year construction commences. The approval shall be valid for three years. 4. The applicant shall construct a sidewalk from the southern property line of Special Development District No. 21 to the north side of the existing Vail Village Inn access off of Vail Road. -3- • r Section 8. Amts to the approved development plan which do not charge its substance may be approved by the P1anrLir~g and IIiviL~.u~~ental Commission at a ~~yalarlY scheduled public hearing in accordance with the provisions of Section 18.66.060. Amendments which do chaix~e the substance of the development plan shall be approved in accordance with Sections 18.66.110 thr~otu,~h 18.66.160. TYie C..,.,,.~nity Development Dep~artrnent shall be solely responsible for detenlinitx,~ what constitutes a change in the substance of the development plan. An application for a am~,.l~ent to this Special Development District which changes the substance of the development plan shall .~~~,ly with the l~,u~~.~~nts of Section 18.40.030 except that the C~,.~~,.,.uzity Devel~~~nt LbFa?:trnent shall determine which property in the 5~...ial Develo~snent District is being directly affected b'Y such ame<.,.~,~~:nt and the consent of only those vwneis of said p,.,~sty shall be ~~,iired to be included in the application. Section 9. If any part, section, subsec.~tion, sent~enoe, clause of phzase of this ozd~rsance • is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this orc~r~ance; and the Town Council hereby declares it would have this ordinance, and each part, section, subsection, senteix~,e, clause or pht~ase thereof, }=y~c7less of the fact that any one or more parts, sections, subsections, sentences, clauses or phzases be declared invalid. Section 10. The Tbwn Cc~.u~cil hereby finds, detennu~es and declares that this Ordinance is n~=sazy and rl~r~ for the health, safety arxi welfare of the Zvi of Vail and the inhabitants thereof. Section il. The ~ gal or the ~ ~t.~:al arr3 reenactment of any r.... visions of Vail 2fiuLicipal Oode as provided in this ord.u~anve shall not affect any right which has a.a....sed, any duty is,~~ed, any violation that ~ - - ~G.1 prior to the effective date hereof, any r~,~ecution ~~~~~enced, nor any other action or r~~.,=adi,ng as ..~..,~~znced under or by virtue of the r~~~ision ~~~=algid or ~~r-~~ed and reenacted. Zhe ~~real of any r~~~ision hereby shall not revive any r~~~ision or any ordinance r~~viously ~~i~ale3 or superseded unless e.~,l~ssly stated herein. -4- F c - r / ' IlYitcuWCF.D, ItFAD AND PASSID ON r u~i~ READ~IG ZHIS 5th day of Av r i 1 1988, and a public hearing shall be held on this ordis~at~ced on the 5th day of April , 1988 at 7:30 p.m. in the Council C ambeh b rs of the Vail Municipa]. Building, Vail, Colorado. Ordered published in full this 5th day of April , 1988. t~~? G''~1/L--- Kent R. Rose, Mayor pla'11.J 1': . i ~ ' ?aax:? a A.. 3ra,.,:.,~yer, Tc~an Clerk IIv~uQJ®, READ AND Arrta~JED ON SE03ND READI2TG AND unurcvu F~fJBLISF~D in full this 19th day of April , 1988. ~i''r~' G7' r~ .~„uuirl+l~~~~, + ~ Kent R. Rose, Mayor ~ • . ; . }~:L"1'LJ1': ~ ~ ~ i ~ S ~ ~ i .~ts,L~~~~~ : ~t(1.c,l~,u...1 ,.:i Fasr~:l.~,` ~?~i~,+~Hra...~..~yer, Tc~,hz Clerk . 1 ) ~f LS1r Y~v r i ' 1. K[RKLAND 8. ELLIS A PARTNERSHIP INCLUOINC PROFESSIONAL CORPORATIONS 19J9 aroadway Denvel Cobrado 80202 Frank Cicero, Jr. To Call Writer Direct: 303 291.3000 Facsimile: 303 29! -3376 303 February 25, 1992 Lawrence Eskwith, Esq. Town Attorney 75 South Frontage Road West Vail, Colorado 81657 Dear Larry: I appreciated the opportunity to meet with you and Kristen last month, and thank you for your time. As you know, I am very disturbed by the continuing disadvantage we have been .placed in as owners of Unit 30 of the Vail Village Plaza Condominium because our unit was made subject to the rental restrictions of Section 17.26.075 of the Town of Vail Subdivision Regulation when other condominiums which the Town has permitted to be built have not been made subject to that regulation. At the time the permits were sought to convert Unit 30 to allow residential as well as .commercial use, I was informed that the Town. was requiring the rental restriction on all new permitted condominium uses. I have recently learned that has not been the case, but that the Town has treated other condominium units more favorably by allowing them to be permitted and built without the restriction. Just last week, for example, I understand that the Town Council permitted amendments and conversion of the Vail Village Inn to allow a new condominium to be built on top of the Village Inn Pancake House without the rental restriction. I have also learned that by Ordinance No. 9, series of 1988, the Town permitted the Vail Gateway project to go ahead by converting the . property from Heavy Service District zoning to Commercial Core 1 District in order to allow for a range of uses proposed for Special Development District 21 which was approved by the same Ordinance. That Special Development District provided for Z2 residential condominiums without the rental restriction. The Vail Gateway condominiums were close neighbors to our condominium and were sales competitors. The newly permitted Village Inn Pancake House condominium will be a direct marketing competitor of our condominium. Additionally, as I told you, we lost the sale of Unit 30 last December when the prospective purchaser, who had made an offer on the property, examined the rental restriction with his attorney, withdrew his offer, and instead purchased the Chicago Los Mgeles New York Washington D.C. l KIRKLAND 8, ELLIS Lawrence Eskwith, Esq. February 25, 1992 Page 2 Red Lion condominium which had been permitted by the Town without a rental restriction. The Red Lion condominium was another direct competitor which was permitted on the market to our disadvantage. The discriminatory treatment by the Town of our Unit in comparison to these others which I have cited, and perhaps others of which I do not know, in my judgment renders the Ordinance as applied to us invalid. Additionally, as you know, the Condominium Conversion Ordinance also provides for enforcement of the Ordinance by a private entity, the condominium Association in which the condo- minium is located. This is a provision which I was not made aware of in 1989 and, from discussing this with members of your planning staff, apparently they were not aware of this either. In my judgment, this provision is an unconstitutional delegation of power under Article 5, Section 35 of the Colorado Constitution and cases construing that section. I would be interested in your views on this matter after considering the facts I have set forth here. There is one additional matter. The Condominium Conversion Ordinance requires the condominium units to "remain in the short term rental market." As I understand Colorado law, the Town of Vail does not have the authority to regulate the nightly rental rate at which a condominium owner might choose to put his unit into the market. In other words, an owner could put the unit into the market and ask any amount he chooses for a night's rental and the Town does not have the authority to regulate this. When we met in your office last month, you agreed that the Town did not have the authority to regulate rental rates and impose any condition on the amount which an owner might ask for rental. I would appreciate your confirmation of this opinion as well. I look forward to hearing from Si erelAy yours, F nk Ci.Cero, Jr. FC:jf W-L16.FC bcc: Ken Wilson ~ ~.1~~ TOWN OF PAIL 75 South Frontage Road O}JSce of the Town Attorney Yail, Colorado 81657 303-479-2107/FAX 303-479-2157 March 23, 1992 Mr. Frank Cisero, Jr., Attorney at Law Kirkland & Ellis 1999 Broadway Denver, Colorado 80202 Dear Mr. Cisero, After reviewing your letter to me of February 25, 1992, I researched the ordinance which amended the Vail Village Inn Special Development District (VVI SDD) permitting the condominium you presently own to be converted from a commercial condominium unit to a residential unit. My research has indicated to me that Ordinance No. 24, Series of 1989, which amended the WI SDD, was actively and a~~~~ssively pursued by you. There was never any effort on the part of the Town of Vail to impose the amendment upon you. The restriction you complain of in your letter which requires that your unit be restricted to 28 days of personal use from December 24 to January 1 and February 1 to March 20 was voluntarily agreed to by you, and was included in a third amendment to the condominium declaration for the Vail Village Plaza Condominiums and signed by you as well as the other developers and lenders involved with the VVI SDD. It is my opinion the ordinance which amended the VVI SDD to permit you to utilize what was previously a retail unit as a residential unit and the conditions which were included in the ordinance and the third amendment to the condominium declaration for the Vail Village Plaza Condominiums are valid and enforceable. Alfhntlgh T npt think thP, nnPCtinnS y~tJ raiRP~l rPlatirg to Ce~;nn 17_~g Q7~ nftl'~o ~/fun;r;rWl l~C~° of the Town of Vail are relevant to the conditions which were imposed in Ordinance No. 24, Series of 1989, amending the VVI SDD, it is my opinion that Section of the Code is not an unconstitutional delegation of power under Article 5, Section 35 of the Colorado Constitution, nor do I believe you were illegally discriminated against by the Town of Vail. If you have any additional questions regarding this matter, please do not hesitate to call. Very t y yours, Lawren A. Eskwith, Town Attorney LAE/dd ~ / ~ KIRKLAND 8. ELLIS A PARTNERSHIP INCLUDING PROrESSIONAI CORPORATIONS 200 East Randolph Drive Chicago, Illinois 60601 Frank Gcero To Call Writer Direct: 312 861-2000 Facsimile: 312 861-2216 312 861-2200 April 11, 1992 . Lawrence A. Eskwith, Esq. Town Attorney Town of Vail 75 South Frontage Road Vail, Colorado 81657 Dear Larry: Your letter of March 23, 1992, discusses several of the matters I raised in my letter to you dated February 25, 1992. However, there is one additional, key matter which I raised in my letter. Vail's condominium conversion ordinance requires condominium units .subject to the ordinance to "remain in the short-term rental market." My understanding of Colorado law is that the Town of Vail does not have the authority to regulate the nightly rental rate at which a condominium owner might choose to put his unit on the market. An owner putting a unit into the market could ask any amount he chooses for a nightly rental and the Town does not have the authority to regulate this. When we met in your office in January, we discussed this matter specifically and you agreed that the Town did not have the authority to regulate rental rates and impose any condition on the amount which an owner might ask for rental. I would appreciate your confirmation of that view. Sincerel yours, i~ Fra Cicero, Jr. FC:jf Denver Los Angeles New York Washington D.C. 1 r PLANNING AND ENVIRONMENTAL COMMISSION SEPTEMBER 14, 1992 AGENDA 9:00 A.M Site Visits 1:00 P.M. Work Session 3:00 P.M. .Public Hearing Site Visits: 9:00 A.M. East Vail Tower Small Esrey Gold Peak Base Area Village Center 44 Willow Rd. Lionshead lJfts Ackerman Waterford Municipal Building Work session: 1:00 P.M. 1. A request for a joint work session with the Planning and Environmental Commission and the Design Review Board for a conditional use pemtit for an addition to the Municipal Building to house the Vail Police Department, located at 75 South Frontage Road West (at the east end of the existing Municipal Building), and as legally described below: A part of the Soud~east 1 /4 of Section 6, Township 5 South, Range SO West of the Sixth Principal fNeridran, County of Eagle, State of Colorado, more particularly described as foNows: Commencing at the Southeast corner of said Section 6, thence North 00 degrees 28 minutes 16 West and along the East Gne of said Southeast 1/4 of said Section 6 72.75 the East 6ne of said Southeast 1/4 of said Secxion 672.75 feet to a point, said point being 110.00 feet northeasterly from the southerly right-of-way Gne of U.S. Highway No. 6 as measured at right angles thereto; thence North 79 degrees 46 minutes 1 t seconds West and abrp a late parallel to said southerly right-of-way line 145.50 feet to The True Point of Beginning; tl : North 16 degrees 08 minutes 47 seconds East 78.00 feet; thence North 68 degrees 06 minutes 35 seconds West 428.70 feet; thence North 66 degrees 01 minutes 29 seconds West 152.57 feet; thence Soutft 27 degrees 42 minutes 40 seconds West 192.66 feet; thence South 52 degrees 48 minutes 50 s.... , ~ .!s East 36.32 feet m a point, said point being 110.00 feet northeast from said South right-of-way line of U.S. Highway No. 6 as measured at right angles thereto; thence South 79 dea. ~ a~ 46 minutes 11 seconds East and along a lase parallel to said South right of way Gne 585.56 feet to The True Point of Beginning. Except that portion corneyed to the Board of County Commissioners of Eagle County, and the Department of Highways, State of Cdoracb by rule and order recorded January 5, 1971 in Book 219 at Page 441. Applicant: Town of Vail Planner: Mike Mollica Y Public Hearinq 3:00 1. A request for a work session to discuss a proposal to construct a modular telephone cell site in the East Vaii area. Applicant: U.S.West/Cellular OneNnited States Forest Service Planner: Andy Knudtsen 2. A request for a work session for a major amendment to SDD#4, Cascade Village, to amend the development plan for the Waterford and t;omerstone parcels in Area A, described as follows: That part of the SW 1/4 NE 1/4, Section 12, Township 5 South, Range 81 West ~ die Sixth Prindpal Meridian. Town of Vail. Eagle County, Colorado, des. i,;,, :Jas fotlows: Beginning at a point on the southeriy rightof-way 6ne of interstate Highway No. 70 whence an iron pin with a plastic cap marking the center of said Section 12 bears S 33°10'19' W 1447.03 feet; thence abng said southly right-of-way Gne two oourt;es 1) N 52°50'29' E 229.66 feet 2) N 74°38'1T E 160.70 feet; thence departing said southerly right-of-way brae N 88°45'5T E 138.93 feet d~ence S 40°45'14" W 94.32 feet; thence S 18° 18'36' W 54.08 feet; thence S Ot°21'36' W 205.02 feet; thence S 12°OT36" W 110.25 feet; thence 328°28'36' W 164.48 feet thence N 40 °1T04' W 211.16 feet; thence N 49°42'56' E 97.80 feet thence N 37°09'31' W 95.59 feet; thence S 52°50'29' W 55.10 feet thence 69.48 feet along the an: of a non- tangent curare to the left having a radius of 65.00 feet, a central angle of 61°14'42" and a chord that bears N 58° 55'53' W 66.22 feet; thence N 37°09'31" W 118.50 feet To The True Point of Beginning, County of Eagle, State of Cdorado; and the Cornerstone parcel destxibed as foNows: Building C Site That part of the SW 1/4 NE 114, Section 12, Township 5 South, Range 81 West of the Sixtli Principal Meridian, Town of Vail, County of Eagle, State of Cobrado, des J as follows: Beginning at a point on the easterly line of a non-exclusive easement for ingress and egress known as Westhaven Drive recorded in Book 421 at Page 651 in the office of the Eagle County, Colorado, Cle?k and Reorder whence the center of said Section 12 bears S 38°34'43"W 1,168.27 feet; dtenoe along said line of Westhaven Drive N 52°43'41"E 143.92 feet; thence departing said one of Westhaven Drive, 132.24 feet along the arc of anon-tangent curve to the left having a radius of 55.00 feet, a central angle of 137°45'30" and a chord that bears N 42°11'46"E 102.61 feet; thence N 52°50'29"E 65.24 feet; thence S 3T09'31'E 95.59 feet; thence S 49°42'56"W 97.80 feet; thence S 40°17'04'E 24.12 feet; thence S 52°50'29'V1l 213.66 feet; thence N 37°09'31"W 105.76 feet to the print of beginning containing 0.6848 acres more or less. Applicant: MECM Enterprises represented by Eustaquio Cortina and Commercial Federal Savings Planner: Shelly Mello 3. A request for a work session for front and side setback variances .and a variance to allow parking in the front setback and wall height variances for the construction of a triplex located at 44 Willow Road/Lot 9, Block 6, Vaii Village First Filing. Applicant: Towermarc Corporation Planner: Shelly Mello 2 4. A request for a minor exterior alteration to allow for the addition of bay windows at Gotthetf's Jewelry located at 122 East Meadow Drive/Block 5-E, Vail Village First Filing (Village Center Shops). Applicant: Fred Hibberd Planner: Mike Moilica 5. A request for a variance from the parking standards for paving to allow for a gravel parkins lot located at the ABC SchooV149 N. Frontage Road, an unplatted site commonly referred to as the Mountain Bell site, north of I-70 and west of the Main Val! I-70 interchange. Applicant: The ABC School, Inc., represented by Holly Bukacek Planner: Shelly Mello 6. A request for a setback variance to allow an addition to the residence located at 716 Forest Road/Lot 10, Block 1, Vail Village 6th Filing. Applicant: Charles Ackerman Planner: Tim Devlin 7. A request for a site coverage variance to allow an addition to the residence located at Lot 1, Vait Village 13th Flling/3025 Booth Falls Road. Applicant: William T. and Julie C. Esrey Planner: Mike Monica 8. A request to amend the development plan at the Gold Peak ski base to aNow the addition of two ski tows located adjacent to the Vail Associates Children's Center/498 Vail Valley Drive/as well as the Golden Peak tennis courts/Tract B Vail Village, 7th Filing. A~licant: Vail Associates, represented by Joe Macy Planner: Andy Knudtsen 9. A request for a conditional use permit and setback variances to allow the construction of a ski tow at the Lionshead base area located on Tracts D and B, VaiVLionshead First Filing, south of 520 E Lionshead Circle (Lionshead Center Building). Applicant: Vai! Associates, represented by Joe Macy Planner: Andy Knudtsen 10. A request for a setback variance to allow for a new garage and an expansion to an existing residence, located at 4238 Nugget Lane/Lot 5, Bighorn Estates. Applicant: W.C. and Carol R. Small Planner: Shelly Mello 3 t 11. A request for a work session for an exterior alteration and setback variance for the Vail ` Lionshead Center Building located at Lot 5, Biock 1, Vail Lionshead First Filing/520 E. Lionshead Cirde. Applicant: Oscar Tang Planner: Andy Knudtsen TABLED TO SEPTEMBER 28 12. A request for a worksession on the proposed 1992/1993 Environmental Work Program. Staff: Russell Forrest Susan Scanlan TABLED TO SEPTEMBER 2$ The applications and information about the proposals are available for public review in the Community Development Department office. Town of Vail Community Development Department Published in the Vail Trail on September 8, 1992. ~:~pec~eQ®ndes~e~as2 4 MEMORANDUM TO: Town Council Ron Phillips, Town Manager FROM: Kristan Pritz, Director of Community Development Shelly Mello, Planner DATE: September 8, 1992 SUBJECT: Response to Comments by Jack Curtin at September 2, 1992 Speak Up meeting f„r,:::::: ::.F.rr;{{{x:::::... ..y : I...v/.:.n: ...?rye: • :•::::uv•::::::::::.........:........x::.::.•::. ~.r:::.•::::.•:::'::::::::::. ' n.:::.•.v.• r ~ / n. nn.. i......::::~ ..x:::::;v.::::~ ~ ?Si}}ii ::::::::::::::::::::::..{.?i:::.....::::.~::.3:3..3:.3:•::...............:::::::.::::::..... i.•......... rrf.•.•.•x::.: r.::.::i ? ?r.. ir'{v..}......:::•.v:•.... x:.• fi..n... rr..::::::;•..v.v....... • r:::::: +::.r ::..f.:.-::•r::.::::ir3•i:3:•}:..1:r:.: :r.:...:.. ? ••rrrv.•:::n•:.::v...•..::•.::::::.::::::;•.•.• ..:.............n.n...... ::.v: x:,.,.:::..... n....:.. ?.{n•::::.::u i:rr : 3:.:..} ~......,..Arr.:r.:{v +::r•:;;::r:::":.•.y:..:.~.......... n.. n.....•:::::::::::•::.~: rn}i:::::::...•:........'i:':if,.:.i::•}:•}:•in:::::.•: ••::3!{^:•:•}:•}:•}:.•:::: In response to Jack Curtin's comments at the September 2nd Speak Up meeting, the staff has prepared a summary of the sequence of events. Jack stated at the Speak Up meeting September 2, 1992, that the staff is inaccessible and it takes at least 1 week to set up a meeting with a planner. We thought it would be helpful to give you some background on this issue from our perspective. On Wednesday, July 29, 1992, Kristan Pritz spoke with Jack regarding a project which Jack wanted to pursue on the Hill Building. Kristan stated that the project would require an exterior alteration. Kristan spoke with him and then asked Shelly to call him and discuss the item further as she would be the planner working on the project. On Thursday, August 30, 1992, prior to Shelly being able to return Jack's call, Jack called and asked to meet with her on site. She explained that she would be out of the office on Friday and would not be able to meet with him until Tuesday or Wednesday of the following week. This was due to a meeting already scheduled in Aspen and Glenwood Springs on Friday that all of the planners would be attending. On Monday, Shelly was involved in interviews for the Planner II position from 10:00-12:00 and 1:30-6:00 on Monday. She also had Community Development Staff from 8:15 to 9:30 AM. Shelly asked Jack to explain the project in hopes of addressing Jack's questions over the phone, so that he wouldn't have to wait for direction. Jack explained the proposal and Shelly responded that it would require an exterior alteration review by the PEC. She told Jack that she would leave all of the information for him to pick up at the Community Development Department's front desk. She added that it did not sound like a problem and the only issue might be the ongoing question of the parking on property at the Hill Building. Jack did not pursue the issue of meeting at the site after the discussion. In this situation, the staff was unable to meet with him due to prior commitments and did offer to meet with him within 3 working days of his request. Generally, the staff is able to schedule meetings with applicants in a timely fashion. Due to regular meetings and other deadlines which the staff deals with, it is sometimes necessary to schedule meetings with planners a few days in advance of the day a person would like to meet. If it is an emergency which requires immediate attention, then the staff tries to address the issue immediately. X C ~ G>xwu.l~ t,2 f Club 20 1992 Fall Meetin Cs g Grand Junction Hilton Friday, September 18, 1992 10:45 am N House Dlstlet 5s -This vacant seat encompasses most of Northwest Colorado. Republican Jack Taylor 8:00 am Executive Committee (Steamboat Springs) faces Democrat 9:00 am Coffee Hour Jamison Smith (VaiQ 10:00 am Board of Directors Business Meeting Moderator - Sen Sally Hopper. 12:00 pm Break for Lunch, Free Time 11:30 am Cajun Lunch - Keynote ~ Entertainment 1:30 pm Board of Directors Policy Meeting (To Be Announced) 3:30 pm Adjourn 1:30 pm V. House Dlstrlct 57 -This seat, being vacatedby Scott McJnnis, includes Garfield, Eagle, Rio Blanco and Moffat Countles. Democrat Dan Arrow Saturday, September 19, 1992 (Carbondale) will face Republican Russ George (Rifle). Moderator -Sen. Tilman M. Bishop 7:30 am Registration, Coffee & Doughnuts 2;15 pm VI. Senate Dlstrlct 4 -The enlarged new district now includes Gunnison, Hinsdale, ~ 8:20 am Welcome -Senator Tilman Bishop, Pitkin, Delta, Lake, Pa?1, Chaffee, and Chairman Doug Lockhart Fremont Counties. Senate Pres. Pro Temp 8:30 am I. U.S. Congress Forum - 3rcl District Harold McCormick (R-Pueblo) faces Congressional Seat Linda Powers (D-Crested Butte). i A debate between Lt. Governor Mike Moderator -Rep. Dan Prinster ~ Callihan and StateHouse Majority Leader 3:00 pm VII. House Dlstrlct 54 -Mesa and Delta ! Scott McInnis. Counties. Incumbent Republican Tim Moderator -Chairman Doug Lockhart Foster faces a challenge from Democrat former Fruits Mayor Bill Baird. 9:30 am II. House District 53 -Republican Leona Moderator -Jim Dyer j Hemmerich of Idaho Springs, who is 3:45 pm Raceas for Dinner (On Your Own) I challenging incumbent Democrat Sam Williams of Breckenridge for the district 8:00 pm United Stste Senate Debate which includes Summit, Gilpin and Clear Alive televised debate between candidates Creek Counties. for the Colorado U.S. Senate seat, co- sponsored by CLUB 20, the Daily Sentinel, j 10:00 am IIII House District 58 -This spraw/ing disbicf KREX. West Slope Congressman Ben includes Deka, Montrose, Ouray, San Nighthorse Campbell (D-Ignacio) faces Miguel, Dolores and Montezuma Former State Senator Terry Considine Counties. Incumbent Republican Steve (R-Englewood) in one of the classic battles of Aquafrcsca (Cedaredge) faces Demxrat the 1992 election. challenger Dave Williams (Norwood). Moderator -Sam Supllzio A panel of t Moderator -Sen. Sam Cassidy. journalists will ask questions. ' ~ (Debate times subject to change) a ~ REGISTRATION FORM ~ ~ 1992 CLUB 20 FALL MEETING ~ Name: advance registration ~ $30/person Spouse/Guest: students with ID ~ $10/person Company Name: meetings only reservation ~ $20/person Mailing Address: evening debate ~ $5/person I City/State/Zip: TOTAL ENCLOSED I ~ AT -THE -DOOR REGISTRATION WILL BE $40/PERSON ~ I Mail reservations with checks payable to: Club 20, P.O. Box 550, Grand Junction, CO 81502 Phone reservations accepted with VISA/Mastercard only For additional information call 242-3264 t- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - J i I • • ' ~ ~ ~ 3a ~ LS9T8 OD : IAA ~ M P2I abE~uo.z3 S 5L b j reA ;o ur~oy t~5! 'oN;lw~ad OD PUeJD t~9Z£-Zt~Z-£0£ aldd 0550-20518 O~ `uoifoun~ pue~~ aBe}sod sn 055 xo9 'O'd 31da ~l~na oz gnrf~ THE GREAT DEBATES This Fall's Bi-Annual candidateforum atCLUB20 makeup, of several districts. Republican Senator Harold promises to be among the most interesting -and most Mccormick lost Pueblo, but now represents a huge dis- important - in recent years. The lineup is nearly complete, trict ranging from Canyon City to Delta. He is opposed by and as usual, the candidates will be in attendance in full Crested Butte Town Council member Linda Powers. force. This is the_ONLY forum this year where you will Representative Tim Foster (R-Grand Junction), have a chance to see all the candidates who seek to House Finance Committee Chairman, faces a tough represent the Western Slope in Congress and in the challenge from former Fruita Mayor Bill Baird. And Rep- Statehouse. resentative Steve Aquafresca (R-Cedaredge) faces Dave The day begins with a debate between the candi- Williams of Norwood. dates running for the open 3rd District seat in Congress. Two state representatives leaving the House State House Majority LeaderScottMclnnis,(R-Glenwood), have created open seats which are highly visible and will square off against Lt. Governor Mike Callihan, (D- competitive. Scott Mclnnis's seat is sought by Russell Gunnison). Both candidates are Western Slopers with George (R-Rifle) and Dan Arrow (D-Carbondale). Both long records of public service, and both are very well are well-known in their parties and throughout the region, known throughout the area. Both have been viewed as and come_from very diverse points of view. And represen- probable candidates for several years, and are well tative Danny William's retirement creates another high- , prepared for what should be a fascinating exchange. The profile campaign in northwest Colorado. Republican Jack debate will be taped and broadcast on Sunday evening Taylor of Steamboat Springs and Democrat Jamison • throughout Western Colorado on the KREX-Y-Z Net- Smith of Vail both want the seat. work. There has rarely been an election year more In the evening during prime time, the session will important to Colorado West. Congress has delayed ac- featurealiveteleviseddebatebetweencandidatesforthe tion on several vitally important issues: the Clean Water U.S. Senate seat being vacated by Tim Wirth. Republican and Clear Air Acts and the Endangered Species Act. Terry Considine faces Congressman Ben Nighthorse Continued battles lie ahead on grazing and ski areafees. Campbell in what Western Slopers will see as the debate And the national economic picture spells "make-or-break" of the decade. The Senate has become the national for the Colorado tourism industry. In Denver, the legisla- battleground on issues related to natural resources, ture will see more action on workers compensation and public lands, and the environment. So this race is seen as school finance; but also on highway funding, airport a must-win by both sides and will offer a very stimulating controversies, clear water problems, and other important debate. rural issues. And of course, the usual fare of CLUB 20 Throughout the day, the program features de- includes seeing old friends, "working the hallway," net- bates between candidates for,the West Slope legislative working, contacting, and enjoying new aquaintances. seats. Several of those races are hotly contested and A large turnout is expected at this gathering, due some of them have new angles this year. For instance, to the high profile of some of these campaigns. So get redistricting has changed the boundaries, and the poitical your registration in now to guarantee a seat at the table. ~ Town of Avon P.O. Box 975 Avon, Colorado 81620 (303) 949-4280 September 4, 1992 Ms. Michelle Harris City of Miami Beach 1700 Convention Center Drive Miami Beach, Florida 33139 Dear Michelle, On behalf of the Town of Vail, Eagle County, and the Town of Avon please accept our contribution in the amount of $3,150 for the City of Miami Beach Disaster Relief Fund. In addition, the county fire departments have shipped over 1000 pounds of water and food to the general relief effort. Please know that our heartfelt support remains with your community. Best Wishes, Charles A. Moore Fire Chief cc: William D. James Avon Town Manager Rondall V. Phillips Vail Town Manager James R. Fritze Eagle County Manager hL=~~~ RECEIVED SEP (9 ~ ~-e~i~.e~u-~ Colorado Public Radio 2249 South Josephine Street Denver, Colorado 80210 303.871.9191 i MEETING REMINDER COLORADO PUBLIC RADIO IN VAIL M~r.iING Monday, September 14, 1992 4:00 - 6:00 p.m. Vail Valley Foundation Offices (Note: new location for meeting) 953 South Frontage Road, Suite 102 t~ AGENDA ~ ' PHASE I Fundraising Report Patty Prevost Status of all pledges Beth Slifer Roland Rautenstraus Friends of Vail Report John Garnsey 'i Vail Associates Report Rent Myers Translator/Facilities Report Bob Hensler r and Timetable Cliff Gardiner PHASE II Translator Sign-on Event Discussion Patty Prevost Frank Johnson General Fundraising Patty Prevost t '"Report on Status"of NTIA Proposal ~ Marsha Thomas New business?" NEXT MEETING SCHEDULED FOR MONDAY, OCTOBER 5, 1992 AT 4:00 p.m. AT VAIL VALLEY FOUNDATION OFFICES. ADJOURN ~ • KCFR 90.1 FM Denver, KPRN 89.5 FM Grand Junction Rio Blanco, Wilson Creek, Rangely, Meeker, Rifle, Ouray, Parachute, Gunnison, Craig, Silverton, Montrose ~ -~..-~-r ~ ~ w~ - - 1. ~s,~~~C,'U~ ~_-77~~1.,~ - ~ ~ - l~._ _ ; cam.=~C_ __~2 ~ ---~-~~_G~s~_cv~.~ ~ ~ ~ - ~ o C~~ ~ . . ~ ~ pawl Cal4wefl ~ M. ~.r - -~~a,.,...~ _ E Math Gore Dr. ~ag2 ~ ~ _ x 507~A 81657 - Vatl, CO USA ~ 29 ~ 1~ ~ ~u.;r~ (1r~~- z ~ ~t~C~iV~~ Sr~~ 9 1992 RECEIVED SAP ~ Q i~92 ~ ATJTUMN 1992 The f~esourcQ Center Tf~C of Eagle Counr~ Dear Resource Center Supporters: - r , Congratulations to all of us for surviving another season (I'd write Summer, but I'm not sure we ever had Summer!). Many, many thanks to our wonderful volunteers who operate the crisis line, and who help us with our fundraising events, regardless of their overflowing schedules. We sincerely appreciate your dedication. Our new team of trainees will begin their six sessions on September 15th, and we look forward to their joining the veteran Advocates in late October. For anyone who wishes to view a program on how domestic violence is dealt with in Eagle County, please check your T.V. listings. The Resource Center and a few other agenciesrndividuals put together a program to show how system players interact in domestic violence situations. Channel 23 is running this taped forum on a regular basis. The Buddies Program is doing well, and has been expanded to encompass the entire Eagle Valley. Laurie Mooney is the coordinator of the program, and is currently seeking caring adults to match with Junior Buddies. For more information on how you can make a difference in a young person's life, call Laurie at 476-7384. A joint project of The Resource Center, Colorado West Mental Health, and the Eagle County Department of Social Services called the Family Mediation Program (FMP) is ready to begin the first volunteer mediator training on September 15th, 1992. The trained mediators will team up to help adolescents and their families mediate specific issues. A great benefit of this program will be the role modeling of good communication skills, as well as a wonderful opportunity for the volunteer mediators to learn a temfic new skill! Before I close, I'd like to tell you of one more project TRC is developing. It will be a Court based program designed to educate the people involved in the Court process, as well as help TRC keep track of inconsistencies in cases involving domestic abuse and sexual assault. We are also considering an advocacy component. If you have any input or interest in this program, Lllen and I would Love to hear from you. Sincerely yours, Cherie Palley IDII~ ~®bT I~FT®~o That a phone call to the Community Nonprofit Network at 476-7384 will give you information on fun and rewarding volunteer opportunities at dozens of our worthy local nonprofit - organizations??? That the Eagle Valley Child Care Task Force is working with local human service agencies to start a comprehensive resource and referral network to help families find all available help with a single call??? That the Student Assistance Program, sponsored by Drug Free Eagle Valley supports our Middle and High School students with information and resources on substance use and abuse, self-esteem, and peer pressure??? That The Resource Center offers a free information/referral service to help you find locaVregional/national resources in almost any area of concern??? Ca1147b-7384 for help. That our community has excellent programs and resources for adult literacy, hospice patients and their families, recycling, student assistance, adult/youth Buddies, low income housing~utility assistance, pregnant women, incest survivors, substance abusers and their families, victim assistance services, fall winter holiday food baskets and toy drives and many more. We live in a very loving and caring community, rich in services, mainly due to a tremendous level of volunteerism. Thanks for doing your share! Are you looking for the perfect gift for the person who has everything? The Resource Center is pleased to announce our new program to honor/memorialize your friends/associates/loved ones. When you send a tax deductible gift to us, we will promptly acknowledge your generosity, and send your chosen recipient an attractive acknowledgement card. This is a great opportunity to help ,The Resource Center provide services to our community, while honoring/remembering those near and dear to you. Please call Cherie at 476-7384 for more information. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ r ~ ~ ~ ~ ~ ~ ~ ~ Thanks to the following whose support is critical to our success: The Resource Center Advocates The Resource Center Board of Directors The Resource Center Volunteers Pierce, Seegerberg & Spaeh Pam Story Carol Nitz Slevinsky Gilda and Werner Kaplan Eagle Valley Community Fund Town of Vail Eagle County Town of Avon VaiUMountain Communications Richard D. Casey/Margaret McDonald Boss Trust Sidney Schultz 5th Judicial District VWALE Board Casino Night Helen Fritch JFI Tournament CCASA Karin Weber Jean~Nauman Nell Hunt Kristan Pritz Cherie Paller Bev Christiansan Sandy Smith Lilian & Steve Myers Hal Levin James Johnson Dee Hoza Arleen Montag An_n Sinton Vail Valley Foundation Eagle Valley Kiwanis Colorado National Guard/High Altitude Training Site All who volunteered for the Community AuctiorvRummage Sale on our behalf Our volunteer JFI ticket sellers THE RESOURCE CENTER OF EAGLE COUNTY BOARD OF DIRECTORS: MURDER Sandy Smith eve'" ~ mimrtos Dee Hoza one David Gohmert FORCIBLE RAPE every 5 minutes James Johnson Nell Hunt °^e °"e VIOLENT CRIME ROBBERY Bev Christiansan even/ 17 seconds e`rerV 49 see°nds Ann Sinton one AGGRAVATEDASSAl1LT Kristan PritZ every 30 seconds Arleen Montag Karin Weber °^e IPROPEATYCRIME BURGLARY Howard Levin every2seconds ~'10e8O0fNt' STAFF: one Cherie Paller, Director ~o~~ Ellen Cochran, Advocate Coordinator Jill Gordon, Program Coordinator MOTORYEHICLE1HEFf every 19 seconds Laurie Mooney, Buddies Coordinator Post Office Box 3414, Vail, CO 81658 303/476-7384 Source: Uniform Crime Reports 1990 • cl ~'1 X11 w -'rw'e ~ . 'f P~<: ~V~i V 7 , 476-7384 We need caring, conc~rned~ individuals to Advocates ti~.in aS Advoeat~s f©~ our crises hotline. 476-7384 Advocates Advocates are a volunteer team structured 476-7384 to help with: Domestic Violence Advocates Child Protection 476-7384 Sexual Assault Advocates Suicide 476-7384 Referral and Information Advocates 47G-7384 The six week training program begins Tuesday, September 15th, 1992. Advocates 'Tt~e weekly mcctu~g is from G:00 - 9:00 pm. 476-7384 Advocates VAIL IS LIKE ANYWHERE ELSE... You are needed. 476-7384 Advocates Ca11476-7384 for information. 47 6 -7 3 8 4 This valuable community program is available FREE OF CHARGE Advocates through "Che 1Zcsource Center of Eagle County. 476-7384 Advocates - POOR THING They didn't think I would live I was a preemie; Oh, they tried to treat me like the other kids. But I was so Smallandfrail. I was given ~r.,,.:al dispensation by the nuns; I could be as mean as could be. Because I was so Smallandfrail. All through school I got good grades -and many excuses: "Don't cry Mary. George has problems and can't help himself." I - had a Troubledchildhood. Time to go to college and make a scent on the world; I got a full athlete's scholarship; I hoped to bring chess to the masses. They paid my room and board, too. Because Dad left and Poor Mom couldn't cope with a Fatherlessboy. I soon got married to the town dog; Someone had to give her a chance. She stuck in the stinkin' marriage. For the Children's sake; I only slapped her around once or twice aweek Just when she needed it. The rest of the time cussing at her did the trick. And kept her sweet and humble. She still felt sorry for me. Because I had a Troubledchildhood. We had a beautiful funeral for her. We dressed her in white and she wore the smile of a Saint; We did have trouble getting her fists open, though. So, we swept them under the satin that lined the coffin. She would have liked that Our little secret. My son is growing up. Too fast. Poor thing, no Mother there to kiss his boo-boos: "There, there, Mary. Don't cry. George Jr. comes from a TTtOUBLEDCHILDHOOD" by Shelby Buckwalter \r~~~ ~ `c'~ \C • ~ ~~A ` _ '~NICAl,mES ~ Gr,~ti \ ~ ~FF~ ~ ~\a \ 0 ~ ~.t;~ D.SED BY PERMISSION OF THE COLORADO SPRINGS GAZETTE TELEGRAPH. ~il~ 11 l~ ~:lV ll lylc ilJSa~g~714J/~-~ J September 9th First Session of the Women's Financial Information Program Call Holly at 328-8788 for information September 10th TRC Board/Advocate Meeting September 15th First Session of the Annual Advocate Tr3irvng Ca11 Eiien at 476-7384 for information. September 1 Sth FamilyMediation Program's First Training Session Call Kathy R. at 328-8840 for information. October 1992 National Domestic ViolenceAwarenessMonth October 8th TRC Board/Advocate Meeting October 12th Colorado Children's Campaign Conference, Denver Call Gail Weiman at 839-1580 for information November 12th TRC Board/Advocate Meeting November 1 Sth The 17th Annual Holiday Crafts Fair at the Mark Resort, Vail ! Coming Soon: Annual Resource Center Holiday Party Formore information on any ofthese events, please call us at 476-7384. 7 ~f~l~ o ~~~~~p ~~P~~~3In~~~1I~~'o ( ]ACTIVE VOLUNTEER $ 10.00 [ ]FRIEND 25.00 [ ]SPONSOR 100.00 [ ]PATRON 500.00 [ ]SUPPORTER (The Resource Center appreciates supporters who are unable to donate time or money at present) NAME DATE ADDRESS CITY STATE ZIP CODE TELEPHONE (home) (work) SPECIFIC AREAS OF INTEREST? (Thank You! ) ~ ~0 p~H . S~a~ i ~j. ~.:;Y~~f NON-PROFl'i ORG. triC RESOURCE CENTER U. S. POSTAGE OF EAGLE COUNTY PAID P.O.$OX 3414, VAIL, CO, $1658 PERMIT NO. 55 VAIL, CO 81657 Vail Town Council 75 S. Frontage Rd. Vai 1 CO 81657 recyclable ` A~JTUMN 1992 RECEIVES S~~ d Q - ~ The ~esourcQ Center Tf~C of Eagle Counr~ Dear Resource Center Supporters: Congratulations to all of us for surviving another season (I'd write Summer, but I'm not sure we ever had Summer!). Many, many thanks to our wonderful. volunteers who operate the crisis line, and who help us with our fundraising events, regardless of their overflowing schedules. We sincerely appreciate your dedication. Our new team of trainees will begin their six sessions on September 15th, and we look forward to their joining the veteran Advocates in late October. For anyone who wishes to view a program on how domestic violence is dealt with in Eagle County, please check your T.V. listings. The Resource Center and a few other agencie~ndividuals put together a program to show how system players interact in domestic violence situations. Channel 23 is running this taped forum on a regular basis. The Buddies Program is doing well, and has been expanded to encompass the entire Eagle Valley. Laurie Mooney is the coordinator of the program, and is currently seeking caring adults to match with Junior Buddies. For more information on how you can make a difference in a young person's life, call Laurie at 476-7384. A joint project of The Resource Center, Colorado West Mental Health, and the Eagle County Department of Social Se~ices called the Family Mediation Program (FMP) is ready to begin the first volunteer mediator training on September 15th, 1992. The trained mediators will team up to help adolescents and their families mediate specific issues. A great benefit of this program will be the role modeling of good communication skills, as well as a wonderful opportunity for the volunteer mediators to learn a terrific new skill! Before I close, I'd like to tell you of one more project TRC is developing. It will be a Court based program designed to educate the people involved in the Court process, as well as help TRC keep track of inconsistencies in cases involving domestic abuse and sexual assault. We are also considering an advocacy component. If you have any input or interest in this program, Lllen and I would love to hear from you. Sincerely yours, Cherie Palter ~®LtJ I®~Yo That a phone call to the Community Nonprofit Network at 476-7384 will give you information on fun and rewarding volunteer opportunities at dozens of our worthy local nonprofit organizations??? That the Eagle Valley Child Care Task Force is working with local human service agencies to start a comprehensive resource and referral network to help families find all available help with a single call??? That the Student Assistance Program, sponsored by Drug Free Eagle Valley supports our Middle and High School students with information and resources on substance use and abuse, self-esteem, and peer pressure??? That The Resource Center offers a free information referral service to help you find locaVregionaVnational resources in almost any area of concern??? Ca11476-7384 for help. That our cofn.rnunity has excellent programs and resources for adult literacy, hospice ~ patients and their families, recycling, student assistance, adultlyouth Buddies, low income housing/utility assistance, pregnant women, incest survivors, substance abusers and their families, : victim assistance services, falUwinter holiday food baskets and toy drives and many more. We live in a very loving and caring community, rich in services, mainly due to a tremendous level of volunteerism. Thanks for doing your share! Are you looking for the perfect gift for the person who has everything? The Resource Center is pleased to announce our new program to honodmemorialize your friends,/associates/loved ones. When you send a tax deductible gift to us, we will promptly acknowledge your generosity, and send your chosen recipient an attractive acknowledgement card. This is a great opportunity to help The Resource Center provide services to our community, while honoring/remembering those near and dear to you. Please call Cherie at 476-7384 for more information. Thanks to the following whose support is critical to our success: The Resource Center Advocates The Resource Center Board of Directors The Resource Center Volunteers Pierce, Seegerberg & Spaeh Pam Story Carol Nitz Slevinsky Gilda and Werner Kaplan Eagle Valley Community Fund Town of Vail Eagle County Town of Avon Vail/Mountain Communications Richard D. Casey/Margaret McDonald Boss Trust Sidney Schultz 5th Judicial District VWALE Board Casino Night Helen Fritch JFI Tournament CCASA Karin Weber Jean Nauman Nell Hunt Kristan Pritz Cherie Palley Bev Christiansan Sandy Smith Lilian & Steve Myers Hal Levin James Johnson Dee Hoza Arleen Montag Ann Sinton Vail Valley Foundation Eagle Valley Kiwanis Colorado National Guard/High Altitude Training Site All who volunteered for the Community AuctioniRummage Sale on our behalf Our volunteer JFI ticket sellers THE RESOURCE CENTER OF EAGLE COUNTY BOARD OF DIRECTORS: MURDER Sandy Smlth every 22 minutes Dee Hoza one David Gohmert FOR ryIB mE RtePE James Johnson Nell Hunt ~ one ROBBERY VIOLENT CRIME Bev Christiansan every 17 seconds every 49 seconds Ann Sinton one Kristan Pritz AGGRAVATED ASSAULT every 30 seconds Arleen Montag Karin Weber ~ BURGLARY PROPERTY CRIME every 2 seconds every 10 seconds Howard Levin STAFF: one LARCENY-THEFT ~ ~ Cherie Palley, Director every4seconds Ellen Cochran, Advocate Coordinator Jill Gordon, Program Coordinator MOTORVEHCLETMEFT every 19 seconds Laurie Mooney, Buddies Coordinator Post Office Box 3414, Vail, CO 81658 303/476-7384 Source: Uniform Crime Reports 1990 i i ~S 4 L, t E 1~1~~~ ~ ~.n fi ~V ~ ~ V I 1 476-7384 We 11eeC~ Car111g, COI1CerneC~. lI1C~1V1C~Ud.lS t0 Advocates t1~.i11 ~s Advocates fir our crisis hotline. 476-73$4 Advocates Advocates are a volunteer team structured 476-7384 to help with: Domestic Violence Advocates Child Protection 476-7384 Sexual Assault Advocates Suicide 47 6 -7 3 8 4 IZef erral anal Information Advocates 47G-7384 The six wcc;k training program begins Tuesday, September 15th, 1992. Advocates '1'Ite weekly iiteeting is from G:00 - 9:00 pm. 476-7384 Advocates VAIL IS LIKE ANYWHERE ELSE... You are needed. 476-7384 Advocates Cali 47G-7384 for information. 47 6 -7 3 8 4 This valuable community program Ys available FREE OF CHARGE Advocates through 'f he Resource Center of Eagle County. 476-7384 Advocates POOR THING They didn't think I would live I was a preemie; Oh, they tried to treat me like the other kids. But I was so Smallandfrail. I was given special dispensation by the nuns; I could be as mean as could be. Because I was so Smatlandfrail. All through school I got good grades -and many excuses: "Don't cry Mary. George has problems and can't help himself." I had a Troubledchildhood. Time to go to college and make a scent on the world; I got a full athlete's scholarship; I hoped to bring chess to the masses. They paid my room and board, too. Because Dad left and Poor Mom couldn't cope. with a Fatherlessboy. I soon got married to the town dog; Someone had to give her a chance. She stuck in the stinkin' marriage. For the Children's sake; I only slapped her around once or twice aweek Just when she needed it. The rest of the time cussing at her did the trick. And kept her sweet and humble. She still felt sorry for me. Because I had a Troubledchildhood. We had a beautiful funeral for her. We dressed her in white and she wore the smile of a Saint; We did have trouble getting her fists open, though. So, we swept them under the satin that lined the coffin. She would have liked that Our little secret. My son is growing up. Too fast. Poor thing, no Mother there to kiss his boo-boos: "There, there, Mary. Don't cry. George Jr. comes from a TROUBLEDCHILDHOOD" by Shelby Buckwalter r _ ~NIC ALI~~ES e c~~%ti, ~ OFF ~D'~L \a. ~ . ~ r . USED BY PERMISSION OF THE COLORADO SPRINGS GAZETTE TELEGRAPH. ~1U11i t(1~nilt~ ~ G~~L~ t~~'1D~~3 September 9th First Session of the Women's Financial Information Program Call Holly at 328-8788 for information September 10th TRC Board/Advocate Meeting September 1 Sth First Session of the Annual Advocate Training Call Ellen at 476-7384 for information. I September 15th Family Mediation Program's First Training Session Call Kathy R. at 328-8840 for information. October 1992 National Domestic ViolenceAwarenessMonth October 8th TRC Board/Advocate Meeting ~ October 12th Colorado Children's Campaign Conference, Denver Ca1I Gail Weiman at 839-1580 for information November 12th TRC Board/Advocate Meeting November 1 Sth The 17th Annual Holiday Crafts Fair at the Mark Resort, Vail Coming Soon: Annual Resource Center Holiday Party For more information on any of these events, please call us at 476-7384. ~I~i~I ~ ~~~~I~p ~~fl~0o ~3~i~I~~~Oo ~o [ ]ACTIVE VOLUNTEER $ 10.00 [ ]FRIEND 25.00 [ ]SPONSOR 100.00 [ ]PATRON 500.00 [ ]SUPPORTER (The Resource Center appreciates supporters who are unable to donate time or money at present) NAME DATE ADDRESS CITY STATE ZIP CODE TELEPHONE (home) (work) SPECIFIC AREAS OF INTEREST? (Thank You!) 1 a S~ ~ r s ~z. t ` ~t r' tt11C RESOURCE CENTER NON-PROFIT ORG. OE EAGLE COUNTY U. S. POSI)TAGE P.O.BOX 34 j4, VAIL, CO, 8 j 658 PERMIT NO.55 VAIL, CO 81657 / , Vail Town Council 75 S. Frontage Rd. Vai 1 CO 81657 recyclable DISTRIBUTION LIST - PUBLIC WORKS PRIORITY LIST BRIAN ANDERSON ERNST GLATZLE TOWN COUNCIL STEVE BARWICK GARY MURRAIN DEBBIE ROELAND MIKE BRAKE GREG HALL MIKE ROSE DICK DURAN SUSIE HERVERT TODD SCHOLL CAROLINE FISHER JIM HOZA DAN STANEK ANNIE FOX DD DETO LEO VASQUEZ JOHN GALLEGOS JOE KOCHERA PAM BRANDMEYER KRISTIN PRITZ CHARLIE OVEREND LARRY ESKWITH PETE BURNETT TODD OPPENHEIMER KEN HUGHEY JODY DOSTER MANUEL MEDINA FILE MEMORANDUM T0: RON PHILLIPS, TOWN MANAGER FROM: LARRY GRAFEL, DIRECTOR OF PUBLIC WORKS/TRANSPORTATION DATE: SEPTEMBER 7, 1992 RE: PUBLIC WORKS PRIORITY LIST FOR THE WEEK OF SEPTEMBER 7-11, 1992 STREETS AND ROADS A. 1. Conrad to recharge boiler at bus barn 2. Repair shoulders on various bike paths: a. Red Sandstone b. Golden Peak c. Hanson Ranch d. Timber Ridge 3. Paving a. Matterhorn Circle b. East Vail (Spruce Way) c. Bike Path at Ford Park (old snow dump) 4. Install signs: a. East end of VTRC b. Covered Bridge (install sleeve) 5. Clean all the catch basins Intown. 6. Flush culverts at various locations: a. West Haven Drive b. Vail Road (Websters) 7. Extend curb and reconstruct catch basin at West Lionshead. 8. Take out Garden of Gods speed bump. 9. Raise concrete slab and brickwork at Lionshead. 10. Construct bus stop across from Circle K (EV). 11. After irrigation repair, replace bricks at west end LH Mall. 12. Haul 5 tandem loads topsoil to Bighorn Park. 13. Repair gate going down to Amphitheatre. 14. Begin installation of storm drain at Fire Station. 15. Dig holes for bus shelters.. 16. Order and install guardrail for Pulis Bridge. .t r PUBLIC WORKS PRIORITY LIST Page 2 PARKING STRUCTURE/TRANSPORTATION A. 1. Resolve paver problems. 2. Receive bids on repairs of the expansion joints and the top deck of TRC. 3. Remove and replace handrails at LHTRC. 4. Inject concrete column at bus stop at VTRC. 5. Cut opening to roof access at Comm Dev. 6. Paint partition at Terminal Building. 7. Count tickets and passes for winter season. CARPENTERS A. 1. Construct picnic pavilion for Stephens Park. 2. Construct directional signs for Community Development. 3. Construct restroom building at Stephens Park. 4. Install totem for Stephens Park path. 5. Refurbish all bus shelters. 6. Construct bridge at Stephens Park. 7. Repair doors at Lionshead and Slifer fountains. 8. Replace deck boards at Bald Mountain underpass. ELECTRICIANS A. 1. Perform line locates as requested. 2. Install new lights in East Vail. 3. Run conduit for fire detector for storage facility at VTRC. 4. Repair switches at fire panel at fire panel at VTRC. 5. Repair conduit at Town shops. 6. Perform inspections for Community Development. 7. Change timeclocks around Town {including Library). 8. Assist VA with lift for special events. 9. Organize electrical contractor for RBI. 10. Change various ballast at VTRC. 11. Repair photo cells at various street lights. 12. Run power for sprinkler systems at following locations: a. Gore Creek Promenade b. EV Fire Station 13. Install light and switch at new Com Dev Bldg. PARKS DEPARTMENT A. 1. Install landscape material at Pedestrian Overpass. 2. Revegetate Ford Park snow dump. 3. Hydroseed at 2516 Arosa. 4. Check for and correct sign obstructions. 5. Order play surface material for Stephens Park Phase II. 6. Begin Bighorn Project. 7. Chip cuttings at Stephens Park. LG/dr AGENDA Present Absent LOCAL LICENSING AUTHORITY Simonett Thomas REGULAR MEETING Bishop SEPTEMBER 9, 1992 Fried 10:00 A.M. White 1. Consideration of the Authority of the following for D.R.R., Inc., dba, Russell's: a. Corporate structure change Transfer of 100 stock held by Ron Riley as follows: 90$ - Rad Six Limited Liability Company 10$ - Michael D. Staughton MICHAEL STAUGHTON PRESENT. APPROVED: 3-0 (LINDA FRIED NOT PRESENT FOR VOTE.) b. Renewal APPROVED: 3-0 2. Consideration of the Authority of the following for Vail Recreation District, dba, John A. Dobson Ice Arena: a. Registered manager - James M. Heber replacing Michael Ressler JAMES HEBER PRESENT. APPROVED: 4-0 b. Renewal APPROVED: 4-0 3. PUBLIC HEARING - Consideration of the Authority of a Special Events Permit, Malt/Vinous/Spirituous Beverages, for the Worldwide Church of God, on Saturday, October 10, 1992, from 5:00 P.M. to 12:00 A.M., at the location of 292 West Meadow Drive/Vail Public Library, Vail, Colorado. Officers for this event are as follows: President - Douglas Horchak' Event Manager - Gary Flesner GARY FLESNER PRESENT. APPROVED: 4-0 4. PUBLIC HEARING - Consideration of the Authority of a Suspension or Revocation of the Hotel and Restaurant Liquor License held by Jackalope, Inc., dba, Jackalope Cafe & Cantina. Grounds for suspension or revocation are as follows: a. On July 18, 1992, the licensee sold malt, vinous, or spirituous beverages to Daniel Lister, a person under the age of twenty-one years, in violation of C.R.S. 12-47- 128(1)(a), as amended. WITNESSES FOR PROSECUTION: MARTHA RAECKER, TOWN OF VAIL JAMIE HOWREY, VAIL POLICE DEPARTMENT STEVE HUSKY, EAGLE COUNTY SHERIFF'S OFFICE DANIEL LISTER, MINOR SERVED AT JACKALOPE WITNESS FOR DEFENSE: (REPRESENTED BY DEFENDANT, RALPH DOCRERY) PATRICK HOY, BARTENDER AT JACKALOPE AUTHORITY FOUND AS FOLLOWS: A) VIOLATION OF C.R.S. 12-47-128(1)(a), SERVICE TO A MINOR, DID OCCUR. B) LICENSE SUSPENDED FOR 3 DAYS, TO BE HELD IN ABEYANCE FOR SIX MONTHS PENDING NO FURTHER LIQUOR VIOLATIONS. 5. Notification to the Authority of recent renewals: a. Slalom, Inc., dba, Nick's b. Lamb, Inc., Michael's American Bistro, Limited Partnership, dba, Michael's American Bistro c. First Brewery of Vail, dba, Hubcap Brewery and Kitchen d. K J Super Market, Inc., dba, Village Market e. Grand Prix, Inc., dba, Grand Prix Room f. Vail Service Company, dba, The Westin Resort, Vail ITEMS B - F APPROVED: 4-0 RENEWAL FOR SLALOM, INC., DBA, NICK'S TO BE HELD UNTIL OCTOBER MEETING DUE TO SUSPENSION HEARING BEING CALLED. 6. Any other matters the Authority wishes to discuss. A) MOTION UNANIMOUSLY APPROVED TO CALL THE FOLLOWING FOR SUSPENSION HEARINGS ON 10/21/92: NICK'S - SERVICE TO A MINOR ALFIE PACKERS - FAILURE TO MAINTAIN CONTROL OF PREMISE B) APPROVAL GIVEN TO ISSUE TEMPORARY LIQUOR LICENSE TO RADISSON RESORT VAIL. HEARING FOR 100$ TRANSFER SET FOR 10/21/92. TOWN OF VAIL Vail Local Licensing Authority ~,~,,a~.t.G~.~.. R,c~,c.Pcw Martha S. Raecker Secretary to the Authority WORK SESSION FO Se tember 11 1992 LLOW-UP P , Page 1 of 2 TOPIC QUESTIONS FOLLOW-UP SOLUTIONS 1991 11/19 NEWSPAPER VENDING LARRY E./ANDY/MIKE M.. What can be done to make Locations for the newspaper boxes have been MACHINES these uniform and locations less prolific? determined 'and approved by all TOV departments. Staff will talk to Larry E. to determine if voluntary agreements or an ordinance outlining locations are appropriate, Working on wrap-up by November or December, 1992. 1992 01121 EVENING PARKING MIKE ROSE/STEVE B.: Evaluate financial Mike will prepare new analysis of data at Council STRUCTURE FEES ramifications of eliminating parking structure fees budget presentation set for 9129/92,1:00 P.M. (request: Lapin) after 6:00 p.m. each night. 02104 HERITAGE CABLEVISION RON: Prepare new letter of protest for Mayor's Will do. FRANCHISE NEGOTIATIONS signature. XC: Newspapers, Dillon, Minturn, etc. (request: Lapin) 02117 EXTERIOR LIGHTING KRISTAN/ANDY: Draft ordinance. Consultant is doing research on more lighting concerns. An evening meeting Town site visit will be scheduled for September, 1992. 03/10 LIONSHEAD SALES TAX FIGURES STEVE B./STEVE T.: Packy Walker, on behalf of the Will investigate. Staff time now being spent on special (request: Osterfoss, Levine, LH Merchants Assn., is requesting an accounting of eventsldaily sales tax reporting program. Staff will Gibson, Steinberg) ' sales tax taken from a square footage basis, standard attempt to meet these other concerns after completion number {such as Dow Jones) of businesses reporting, to of the special events program. We will ask Council offer a comparative analysis. members to call retailers re: the daily sales tax reporting and their cooperation in this program. 04/07 REVIEW RETT PEGGYILARRY E: Schedule for Council review. Following Council discussion 918/92, Larry E. will prepare two ordinances: one dealing with acquisition of open space and maintenance, and the second offering further restrictions to the current RETT ordinance. Council will not pursue a trust or separate board. WORK SESSION FOLLOW-UP September 11, 1992 Page 2 of 2 ' TOPIC QUESTIONS FOLLOW-UP SOLUTIONS ~ 07114 U.S. WEST ARRY E.: Prepare letter requesting information on if Will do. (request: Gibson) .S. West's installation of fiber optics will be used to ransmit cable television in the Valley. 08/25 FOLLOW-UP PHONE CALL EG/PAM: Mr. Shrader has called to find out whether there Additionally, as requested at the 9/9192 Speak Up WITH BUCK SHRADER (CDOT)/ as been an improvement on the maintenance for the west meeting, Pam will discuss the 55 mph speed limit JAKE BRAKES/SPEED ide of the bike pathNail Pass. Although CDOT has through the Vail Valley, as well as the 35 mph truck LIMITS ON VAIL PASS tepped up efforts to clean and maintain, their efforts speed down Vail Pass. Ron has dictated a letter re: ave not been consistent, and this was communicated by weed cutting. am. Follow-up phone call from Peggy to be placed the eek of 9114/92. 09108 SNOW STORAGE ARRY G.: Because so much of the re-seeding has alread This will be shot with hydromulch this month. RE-SEEDING ashed away into the creek, can we apply jute or re-seed? (request: Steinberg) his needs to be done right away! 09/08 TREES FOR VAIL ODD 0.: What is the status of the "Trees for Vail" Todd will check into this. roject? Since the irrigation is already installed, will nother planting take place this fall, next spring? Will he sickly trees be replaced this fall? 09!08 1041 PLAN LARRY E.: Barbara Green has asked whether the Town of There is a parallel bill that applies to municipalities. (request: Steinberg) ail has a 1041 Plan. Larry E. will .look into this. 09108 INTERNATIONAL RRY G./KRISTAN: Now that the "real" International Call public meeting with Council, PEC, Cecil Dotson! "FOOT" BRIDGE ridge is complete, pull out the footbridge. Village Center, Summers Lodge, adjacent business owners, etc. VAIL TOWN COUNCIL REGULAR EVENING MEETING TUESDAY, SEPTEMBER 15, 1992 7:30 P.M. AGENDA 1. CITIZEN PARTICIPATION. 2. Consent Agenda: A. Ordinance No. 22, Series of 1992, second reading, an ordinance authorizing and directing acquisition of certain property more particularly described in Exhibit A, attached hereto and incorporated herein ("the property") for park and recreation purposes, and authorizing and directing the acquisition of a certain easement more particularly described in Exhibit B attached hereto and incorporated herein ("the easement") to be acquired by negotiation if possible, and, if negotiation is not successful, by eminent domain proceedings. B. Ordinance No. 23, Series of 1992, second reading, an ordinance authorizing and directing acquisition of an easement more particularly described in Exhibit A, attached hereto and incorporated herein, ("the easement") for public drainage purposes by negotiation, and, if negotiation for acquisition is not successful, by eminent domain proceedings. 3. Ordinance No. 24, Series of 1992, first reading, an ordinance authorizing the issuance of the Town of Vail, Colorado, General Obligation Refunding Bonds, Series 1992A in the total aggregate principal amount of $7,000,000 for the purpose of refunding a portion of the Town's outstanding General Obligation Refunding Bonds, Series 1985; prescribing the form of said bonds; providing for the levy of general ad valorem taxes to pay the principal of and the interest on the Bonds; providing other covenants and details in connection therewith; and repealing all ordinance in conflict therewith. 4. Ordinance No. 25, Series of 1992, first reading, an ordinance authorizing the issuance of Town of Vail, Colorado Sales Tax Revenue Refunding and Improvement Bonds, Series 19926; providing the form, terms and conditions of the Bonds, the manner and terms of issuance, the manner of execution, the method of payment and the security therefore; pledging sales tax and parking revenues of the Town for the payment of the bonds; providing certain covenants and other details and making other provisions concerning the Bonds and the sales tax and parking revenues; ratifying action previously taken and appertaining thereto; and repealing all ordinances in conflict herewith. 5. Ordinance No. 26, Series of 1992, first reading, an ordinance repealing Section 11 of Ordinance No. 14, Series of 1987, Subsection 9 concerning the Vail Village Inn Special Development District regarding a use restriction on a dwelling unit, and setting forth details in regard thereto. 6. Review of proposed Town of Vail contract with Alpine International, Inc. to design the master plan for the Town of Vail cemetery and provide the accompanying management report. 7. Appeal of the DRB decision to approve landscape changes for the Byrne Residence, Lot 1, Block 7, Vail Village 1st Filing/1 Forest Rd. Applicant: Ron Byrne. 1 8. Information Update. 9. Council Reports. 10. Other. 11. Adjournment. 4444444444440444444444 THERE WILL BE A SPECIAL WORK SESSION OF THE VAIL TOWN COUNCIL ON THURSDAY, 9i17/92~ BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THIS SPECIAL WORK SESSION AGENDA CONCERNS TOV BUDGET REVIEW ONLY. THE NEXT REGULAR VAIL TOWN COUNCIL WORK SESSION WILL BE ON TUESDAY, 9/22/92, BEGINNING AT 12:00 P.M. IN TOV COUNCIL CHAMBERS. ooa; r:....... yoaooo C:~AGENDA.TC 2 VAIL TOWN COUNCIL REGULAR EVENING MEETING TUESDAY, SEPTEMBER 15, 1992 7:30 P.M. IN TOV COUNCIL CHAMBERS EXPANDED AGENDA 7:30 P.M. 1. CITIZEN PARTICIPATION. 7:35 P.M. 2. Consent Agenda: Larry Eskwith A. Ordinance No. 22, Series of 1992, second reading, an ordinance authorizing and directing acquisition of certain property more particularly described in Exhibit A, attached hereto and incorporated herein ("the property") for park and recreation purposes, and authorizing and directing the acquisition of a certain easement more particularly described in Exhibit B attached hereto and incorporated herein ("the easement") to be acquired by negotiation if possible, and, if negotiation is not successful, by eminent domain proceedings. Larry Eskwith B. Ordinance No. 23, Series of 1992, second reading, an ordinance authorizing and directing acquisition of an easement more particularly described in Exhibit A, attached hereto and incorporated herein, ("the easement") for public drainage purposes by negotiation, and, if negotiation for acquisition is not successful, by eminent domain proceedings. 7:45 P.M. 3. Ordinance No. 24, Series of 1992, first reading, an ordinance Steve Thompson authorizing the issuance of the Town of Vail, Colorado, General Jack Wolfe Obligation Refunding Bonds, Series 1992A in the total aggregate Larry Eskwith principal amount of $7,000,000 for the purpose of refunding a portion of the Town's outstanding General Obligation Refunding Bonds, Series 1985; prescribing the form of said bonds; providing for the levy of general ad valorem taxes to pay the principal of and the interest on the Bonds; providing other covenants and details in connection therewith; and repealing all ordinance in conflict therewith. Action Reauested of Council: Approve/deny/modify Ordinance No. 24, Series of 1992, on first reading. Staff Recommendation: Approve Ordinance No. 24, Series of 1992, on first reading. Second reading is scheduled for a special evening meeting on Tuesday, 9/29/92. 7:55 P.M. 4. Ordinance No. 25, Series of 1992, first reading, an ordinance Steve Thompson authorizing the issuance of Town of Vail, Colorado Sales Tax Jack Wolfe Revenue Refunding and Improvement Bonds, Series 19926; Larry Eskwith providing the form, terms and conditions of the Bonds, the manner and terms of issuance, the manner of execution, the method of payment and the security therefore; pledging sales tax and parking revenues of the Town for the payment of the bonds; provid+ng 1 certain covenants and other details and making other provisions concerning the Bonds and the sales tax and parking revenues; ratifying action previously taken and appertaining therE:to; and repealing all ordinances in conflict herewith. Action Reauested of Council: Approve/deny/modify Ordinance No. 25, Series of 1992, on first reading. Staff Recommendation: Approve Ordinance No. 25, Series of 1992, on first reading. Second reading is scheduled for a special evening meeting on Tuesday, 9/29/92. 8:05 P.M. 5. Ordinance No. 26, Series of 1992, first reading, an ordinance Mike Monica repealing Section 11 of Ordinance No. 14, Series of 1987, Subsection 9 concerning the Vail Village Inn Special Development District regarding a use restriction on a dwelling unit, and setting forth details in regard thereto. Applicant: BSC of Vail, Colorado, L.P./Frank Cicero. Action Reauested of Council: Approve/deny/modify Ordinance No. 26, Series of 1992, on first reading. Backaround Rationale: This ordinance would amend SDD No. 6 Vail Village Inn), which would remove a previous condition of approval on Unit No. 30, Phase I/100 East Meadow Drive/Vail Village Plaza Condominiums. Please see the enclosed staff memorandum dated August 24, 1992. The Planning and Environmental Commission, at their August 24, 1992, public hearing, unanimously voted (7-0) to recommend denial of the request. Staff Recommendation: Staff recommends denial of Ordinance No. 26, Series of 1992, on first reading. 9:05 P.M. 6. Review of proposed Town of Vail contract with Alpine International, Andy Knudtsen Inc. to design the master plan for the Town of Vail cemetery and provide the accompanying management report. Action Reauested of Council: Approve/deny/modify the proposed contract. Backaround Rationale: Any contract the -Town of Vail enters into that involves a fee greater than $50,000.00 must be approved by Council. The proposed fee for the management plan and master plan design is $60,000.00. Staff has negotiated the scope of work and the design and management fee with the consultants to a cost of $60,000.00. Please see the attached cover memo previously distributed to Council which provides background as to the costs for this type of consulting work. Also, attached to that memo are the proposed contract and the detailed scope of work for Council review. Staff Recommendation: Approve contract. 9:15 P.M. 7. Appeal of the DRB decision to approve landscape changes for the Shelly Mello Byrne Residence, Lot 1, Block 7, Vail Village 1st Filing/1 Forest Rd. Applicant: Ron Byrne. Action Reauested of Council: Uphold/modify/overturn the DRB decision. Backaround Rationale: On September 8, 1992, Council called up 2 t a DRB approval of the Byrne Residence landscape plan. Council was concerned with the existing site development encroachments onto U.S. Forest Service land. The DRB voted unanimously to approve the changes. 9:35 P.M. 8. Information Update. 9. Council Reports. 10. Other. 11. Adjournment. 4444444444444444444444 THERE WILL BE A SPECIAL WORK SESSION OF THE VAIL TOWN COUNCIL ON THURSDAY 9/17/92, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THIS SPECIAL WORK SESSION AGENDA CONCERNS TOV BUDGET REVIEW ONLY. THE NEXT REGULAR VAIL TOWN COUNCIL WORK SESSION WILL BE ON TUESDAY, 9/22/92. BEGINNING AT 12:00 P.M., IN TOV COUNCIL CHAMBERS. 4444444444444444444444 C:WGENDA.TCE 3 ORDINANCE NO. 22 SERIES 1992 AN ORD{NANCE AUTHORIZING AND DIRECTING ACQUISITION OF CERTAIN PROPERTY MORE PARTICULARLY DESCRIBED IN EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN ("THE PROPERTY") AAA,~C A QA~T !`~C TIJIQ /'1Of'11AIAA1/"~C QV ~CCG~~,rAI~C ,vrn, ~~-r-rrm-r-~r--rrrrv-vrrvrr Lr~-r rv~, FOR PARK AND RECREATION D1~m PURPOSES, AND AUTHORIZING AND DIRECTING THE ACQUISITION OF A CERTAIN EASEMENT MORE PARTICULARLY DESCRIBED IN EXHIBIT B ATTACHED HERETO AND INCORPORATED HEREIN ("THE EASEMENT'} FOR :RECREATION PATH PURPOSES; BOTH THE PROPERTY AND THE EASEMENT TO BE ACGIUIRED BY NEGOTIATION IF POSSIBLE, AND, IF NEGGTIATION IS NOT SUCCESSFUL, i~w noTAIAIIAI/~_TLJG QO/'16c~TY, BY EMINENT DOMAIN PROCEED{NGS. TLJG~f=G/'1~C BE IT ORDAINED by the Town Council of the Town of Vail, Colorado: 1. The Town Council makes the following findings: A) The Town Council wishes to establish a park and recreation path I a-biks p~t# to provide recreational opportunities for citizens and visitors to the Town of Vail. B) The property set forth in Exhibit A is necessary for the establishment of a public park, and the construction of and recreation paths t`:E biic€ Magi. C) The easement set forth in Exhibit B is necessary for Ingress and egress, and to construct, reconstruct, repair, change, operate, and maintain paths to be used for biking, walking, and other recreational purposes tho ~sst i~:te tie. D) The acquisition of the property and the acquisition of the easement will serve the best interests of the public. 2. The Town staff is y authorized and directed to obtain an appraisal of the property and the easement, and to acquire both the property and the; easement through negotiations. If the property and the easement can not be acquired through negotiation, the Town Attorney or his designee is authorized and directed to initiate and pursue eminent domain proceedings to acquire them +t. 3. 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 orcinance, 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 deGared invalid. 4. The Town Council hereby finds, determines, and declares that this ordinance is 1 i necessary and proper for the health, safety, and welfare of the Town of Vai! and the inhabitants thereof. 5. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail 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. 6. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore pled. PRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON HST READING this 1st day of September, 1992, and a public hearing shall be held on this Ordinance on the 15th day of September, 1992, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Margaret A. Osterfoss, Mayor ATTEST: Martha S. Raecker, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this day of , 1992. Margaret A. Osterfoss, Mayor ATTEST: Martha S. Raecker, Town Clerk C:\ORD9222 2 .T EXHIBIT A r LEGAL DESCRIPTION The subject property is legally described as: All that part of the NW 1/2 NE 1/4 and the NE 1/4 NW 114 of Section 22, Township 5 South, Range 81 West tit' the 6th P.M., County of Eagle, State of Colorado lying Northerly of the Northerly right of way line of Interstate Highway 70 as described in Warranty Deed Recorded July 2, 1968, in Book 213 at Page 26. OT-YNERSHIP HISTORY The subject property is owned by Dale D. Mikkleson, Floris F. Mikkleson, and Gerald I.. Bader, Jr. There have been no known arm's length sales of the subject in the past three years. I i I 1 i 1 1 10 l L C ?<~'p' '~'i~ er1 ~s {Pest Va~L t~lke t~ ~d Q /W/ ~p 1 ~ erg t Su b di i rsl or 2 z ~u ~ ~ t er« + o ~ to tNdAL D13ttl pTl px IAT 1 11 [N II TN NA9 tN tN, A Dm reel or lend local ed to tot I, 11 oea 10, Ytrl Interm0un tlln D!+!IOwept aUwlvlllon, Altla COURT I. COIO rtaO. 11 rata ram In tAt j ~ ,r]' / ortlce of tea coon tr ctm ra anq Ne core er, tape coup q. wlo red ,(/f{ - p_' ~1 IO re Der tlC Ul arll deter t Ded It rO tlOrm: EXHIBIT B ~l oCIL ~ I,a is L/ /t11 nnI RA at tnR nortnaet tmrp!r Dr mesa Lot 1 ana ?ef Al the true motel Of De ll nn l nl: tAente D a0' 19' zz• 1 I9 50• l5' Iz• 6, coral u.F t!n a7Dna the tee urtr Drpwne one Dr reed Lot 1 to a porno Yn me nor to care er aore creee; remote uatarlr upnl 10 eor lX edle or core creel the IOllorl na caereae x J7. 51' S7• ~4~A [ it. y9 fee lee sect b ae• IS' 23" B 15.11 fen 4; the nee R 53. 5a' Eagle County, Col o~-ti Y," B .9.1, ten to t Dpl nt D tAe ndr teem lLn! pr end Let 1 tnence 3 SS• 45' z)" r I9 55' n59' 77" r recdrdl 102.21 t<et to a. i~' 001 nt OI cu rra tore; tAmte 13.00 felt Il wl tn0 etc Of m 1216 00 ' V~ ~ loot rw lul curve t0 the rl let Aarl n[ a tent wl snl t0 0( 00. 59' ap 51" aad eUDt<w let a cA Ord Dea rl m6 9 55' !9' i0' V IB .00 feet t0 00 the true pot nt of Dell RnlAI. 9a 1a wrc<t Of land ean[eln ln6 137 Nd m9. fen..oz otter more or lens. 0°sp° t a t t.~ ds,°~ LtEAL ONSC AI4T ION - LOT 2L IIt1 p/}A NASNNB NT ,vv[~ w A wrt°I Of lied IOte llO 10 LOt 2A, 11°tl 10, Yrll Iq to tmOYM1titp p I Itr't~ p part lowest SUDq Ir llton, NRl la EatlnlY. C°1°r md°, ar rec°rd°d In tAe a ~ rm' Orllce DI lee Ca UOtY Cle rl end Seeardnr, to {le cwntr, CO10r ede, mole Dntlt ul at lY del crlwa act lot tare: ,9~ r°~ e!A1 nnl RA et lee earl ern ml corner mr old eel z1 lw pet nt tea true $ +l' um nt or mop eels A: teen ee I SD• 10. 25. 1 II a0• oe' r7" t re coral u a ~ zo. R4 tea alone tea ramuru peawnr one Ol rod Let 2A to a ~ gd}1 " pmnt de me nOrtA e0te Of Oofe Creel; tAenCe weterlY mlOn1 w10 to eO Ae Of bore Cr m et A S7• a3' S7' I a7.1z feet tot motet on [ne tea nrlY Dra per tY Ilw O1 Iatd LOt 1L; tlmn N 54. 79' al" Y y ~O a • L 1 t it, US Pent to tAe nOr tAealt CO rAer 01 old Lot 2A; txenee 51.95 .A A Id$ J fail t1agl toe are or 3 1753.00 IOOt rid lUl CUrre t0 tle rl lqt ^rA B~ !NI I:r Oa.,r.+. Aa Yl nt a Centrll anele Of Ot• T5' t7' aAd /D?leAOI AI a to ord i' ,O Dearl nl 3 59' O1. 53^ V Si 97 f0el IO tls tfVe Ool n[ °1 Om {IAn tD6. djg a • " sale pa reel of Im6 taste In lee tli ap~ la lt, .01 urem more of Le V f' t. 1( Ittr, 9ta r a%t. JUq. V~dc • GRAP}llC SCALE ~ 5 ~Le i~ • . o ~ ` a '''e'rr t .3aP ~r~ - D aLNtS ucu Ductlleml -Lot ze net plrn IAaeNtNT P ~ ~ LlaAl Ol[E0.11110N - LOT t Iltl IItN [a3tR [AT ( pl Rtr 7 f- Vot 0. t/ A Dmr cmt Of Imw let a:et le Le[ a, Il oci 10. Yrll Igteft0unt alp A Dt reel Of land let Bled In Let 21. IlOtt 10, VIII Il Le weUntt lD ! lee? . b M1 r r. ~ Deralopmaet fuw lrl ml en. almle teoRtY.: RteeaOe. Y+un~r r0 ~ole~ em__ 0e+el Opnpt 1Uwlvllton, 8111e EoAnr, ED lorad0, a/ rltordma In tee war. c. °e ors ce er the toner cart end Aecmtder, cane cower, cmprad0, d /dq,l+ °q 9 ~ .°q ~ a r833L 5ieii~o+Yriteuiirin an<iioea :i ietie.i a - more wru cmuru docrsmed am fOl,lOn: , ~.j' rh r ~'y°S. ,ma ~,~r! i ~JC1R ~<inn..t I n:1--- ' t r.!: 1 :.t .D! eenemel at ten setae+nt corner Er mole Lot 23 wa Demt tea vne _ ]a'~: .~9 - ' p0let Oi DttA 9nlnA: thence 9 aS• 79' al^ 6 11.05 recta done tAe 1gY'R ' / Q a`m40 •r4 :Ot + 1 ;c .D t`a C]r !tl! ten arlY Dr O pOlW IIRe or mold Lpt 2t to a motel On tee nom a/11 ° SLT rose aa:9 xr:a rdat Df ;pr. erae3 dr tort ere°r, tntmce em°nr upnl ula sorts Ia1r of aprt creel eft / •-•~~t~A••.;., ;leCt! ' • •a' •d" 1 Jill fie::0 t X f7' S1' S7" 6 ,0.09 feet tO a poi tt On the ase terlY Dr O pelt/ Ilse I 6'A L°t5 ~ $ ,.Sa n`(y3r ~al~trln~:]~"!el tt r;9.::te!:r !lee +1 mt] '.Y t: t:.e net A t1. 2R• 01 tlld Let il: tnence x 50• f9'~ zz^ v I r Sa• 15' tz" V rme°ral p{ j tJ ia' v Y J9• 20" 'a + ,tc. rdl 19 ay felt ale el told Sal terlt 15.70 (met t0 [ne0 narrow It Or er of mold 4O tU td; twnee 51.9a • •Y 4 k ^ `fR a 0 Dr00!r:Y 1!]e t0 9e':p!t![ :tenet Or 11:d LO[+~; Aen<e d0.00 leer tlonl ape a Of a 1256.OO~root ranee < rte to tw rt[nt 1 1!!t a!O]l t 1i54.^0 'OOa tad:':1 tut to :]e runt Ilr lnl tontlr RI lO Of 01+ 17' S1" IM IUpteld let a EAOrd Opp ° L~ ,nr-m..n 'G•'y 5~8~~ Aa+l"/ t tt 9t~ Slr •IJIfI~ rz+ 55• J7' a]] +u0t!nd 10t I CAOrO Iesr let 9 51. 12' !0" r a1.91 feet to [AI true Dol nt 01 Dl tlnnl0[~ !f' at pi v q1 y3 D!a rt nt 1 D5' 10' 02" 'x •7.32 :tit; :]e pee 1 S2' v nm.97 la la mortal 01 Imo ~enll L el al b)0 mp. fast. ,Ot nnY to m0 rs Or 1maa. ft!t [J t]! :rU! Do: t: :f tell ]]I n1~ laid Da t: el Cf Imd d~/~ ~ y8t tant3'.,.•t 157+ tu. L:: e3 ]p:! Er :!w. 5 ! d~~IN•~ + as LIOAL p11C111T101 LOT 7\ It [t /A}N i1tINNAT Sa a d~ ? ?~q ~/x1 Aq,a n wrmr^~~ y,M1, UEm6 0[9[11 PT 101 LOt 5 Iltt IAip 111tNtlt 1 Oatcei pl Ilnd JOtat ed In Lot 7A. Ilott t0. Yell IAtermptln w lR 'r.'h ar A Dl rt!t Ct !I]i lOCa t!] Ltt 5. el: Et :0. vat: !n teraern t tle Opr elopmmt ]uM l+le l0 n. /llle coact tl, cofOwAO. w recOrdw to tea ° 0„r r. tN De v!tuweAt 9L'OG:•Itf CA. 2lA:t •U'IOLY. EEl>rda0. 1t r!COmtd lA tot Olf ltl Of tw cwnlY Clert Imo Aet 0 r0er, 6!110 EOmn(Y? a010 w00~ or n:! of tact rotes c;!;, a Aec9rd!r. Sal:! COYptY, eolpnap, mere wrucmam dassnnea at rDl lO+e: w.~ r 'al lore: ~ 901! Dal t:tlllb rlY dllt r::!] 1, 111InA101 at the 00r tAVe OI COI I <t Of Iald LOt )A and 1e m1 tAe tree p ~,pD t p. t; ]e a! tl! tot tnvf:::re• 01 1J:C LD: 5 iA0 D!IDI LO! LfU1 wlml Or pct{t nOlnl: lpentm 3 51. 7a' 2a" { 19 71. 20' 15" B rOtOrdl j° DD 10t 0!It ]6: a': :n! ]er :A ed le ci a01e Cr eeY: t?mt1 9.55 reel Jlon/ tAe vest erlY Dr o Da rtl ll ne of tall Lqt SA to m t ,aO,ty 10tu !Sa ter l/ ale D/ f1:] nor:. !CI! :1 Cate Cr te1 N 52. 2J' i9" S 70.11 point On toe nor to ad le or Oo to Er cal; to tote waver lY 11016 wed feet; :0<nce N Ji• . ' 'a- i •'.OS fe!: :EIDEe N 5J' 10' 2fi' t nortA care of Gorr, Er eel t 61• ao' S6^ a 35.aJ le a t: tDenCe M fit• qO ,a7 !T!t; tC!D<e I"E2• ~ ~ :1" t !1.11 fttt LO a Dolgt OA L?m 59' S1" 6 O.Ifi feet t0 1 p01nt on tAe a Iterlr Oe0Dlrlt Itna 01 eat ter:r DrOD!itY Ilse E: re:] :tt y'. tA!tte v )5' '2' ol^ Y 70.29 cold LOl 7A; tnence I a5• II. 52^ r 19.61 rest to the ndrtwwt !!et ll9At ma:1 !al :erlY :r c:!`:YVll dd.El f!et O't"It 4i<c S~<rv,r foot rw rum Id Lee t0~meeA leA a Aar lnl trace A tla In mlla rot 0.650' ai ld L0: 5: ;Sect! 1 Ea ° 21• and mlLend l nl m <wrd moms nl I ht• 7n• Ii' r )9.99 Ommt to :dh .91 tact re ca rat !S! Da tot e: Dl Bt ent ]I; 1a:0 wru L. lee erne DOI nt Or Dea loot n/~ 8n0 pr reel nl Ited mgnttl nt na ila or to pp cantamml ISSE w. I:.. 0.7 +uw ten Dr .nl. w. reel, .01 ecrw .ore 9r lum. Ld 5 ~ :r~~0' LIp AL O/ICAI1}101 - LOt JI IILI pATM NA9NNIMT / .R:.:. r Ia t7 " S i)Si' 1 wtc<I Of Ira Od let m tad In Lot 5/. 11ot1 10, Yall 1l ter wVA t min n, ~ ~ 1 pa+apwent Suwr+u ran. r.Ale ceuntr, cot9nw, a reepraw ]n rem ' r ~ ~z , { ~ ~ f arn<e of tw ceugtY Dl era end 11<ordmr, loom Dpunr, eptond°. 9J` + y / , mare puucenrH dewnemd w rot wvl: rpr ~F 3e11 nn let It and nor Mrtlt EOtRer Or mold Lai JI ml 361 A( tot true motet of neiln pl nl: tnence 3 m5• II. 1z" H 19.6t leer alOAt toe l let ll DlOw rtY line of Ie10 LaL JI t0 i wIAL w tM pct r{0 w{t ' SumyD:J Cardl:epM Er core Con; tnence aanub m]opl old norm tdU or aore Erpw ~,vl' 1 65• a9' Sa• 3 77.25 leer tlanw; 117. 51• af• t 7.a1 tame tD a ~ ~ (~O 4 NElMl7R R, ML'CN Dti•p d RpiJMM lMd SUm71er M MI Dotal On top cal tent IrOpfr t/ Ilse of /old LOl 71; {Amoco N r0• yr , a+ ~ i?iv 11' a1 aY`lpli• SteSm of COkrodDr ~ gp1°DY elRily IAat IAb p ~ ) W1Ptl 10' d4' Y IA l0+ Ofi' 1J• Y tet91a1 l0.i4 teat t° lee Amf leer It _ Si tl D J OM under avpl0+abn //wr1 ° Ju'•Y 7 'na EO tsar of r/ld LOt 71; tgemem !0.,10 feat AIDAN tap UC Or t 1256.00 _ _ , ~ fr•d-f Oly repeflwie0 ord :xr DeM lM fwwl and Oral °n frW pod loot redlVm tut+a t0 tAa rllnt nertnl a ~epLfrl +0111 Of Or• 70' i q'" IE_ • Yryyi/ accwpfm to IM Doi M ml Anad10g1 pod DeFml. il" tend ewten01n1 t wore Dwrlnt 1 3t• w' .SI• r 50.00 lest to ran : s= ~ the era rDlgt or Depnglnl. ana Dwen n Iwl wptatmq rJl ii 1'S f i ~ --jtj~IP 19. teal, .01 wrw mote or Iew. a(4 & •ta i1.^~: ~ i(ENNfiw R. Nd1CA' LSf5710 M7E 5 ~',~~fl17vYY>~37~7 ~ pd3d ' !t ~f& t.aae7, ~ anrsw art Ir 1 •b° M 90277 e~p Dike Pa lh er ~ Path ,_•~-92 °~r~^~~^'-~'"'^' J~eSt Val! BI.~CB ~ Easements r ~,•;;;~,„,p.wr^ SG foot cti;,rdo AAKIRJE, sWT 2-E moor Dr trw ,~y~,, ; w „^"r C~ fRp{gpp ,SyR/YCS. COCOR'4J0 8%60f ~ OF s n+ll~+ ~ w =•t~~~."+••""a" f, SRCN, COlORp00 !Sw) 925-6727 ORDINANCE NO. 23 SERIES 1992 AN ORDINANCE AUTHORIZING AND DIRECTING ACQUISITION OF ;~EI~h4~E AN EASEMENTS U~^C° r`~oT ~I~' °b^,.-~°~~ MORE PARTICULARLY DESCR{BED IN EXHIBIT A, ATTACHED HERETO AND INCORPORATED HEREIN, {"THE EASEMENT') FOR PUBLIC DRAINAGE PURPOSES BY NEGOTIATION, AND,. IF NEGOTIATION FOR ACQUISITION IS NOT k}NSUCCESSFUL, BY EMINENT DOMAIN PROCEED{NGS. rw~n, TU-~ZiT°-«BE IT ORDAINED be-it-e~ai~ed by the Town Council of the Tow1 of Vail, Colorado: 1. The Town Council makes the following findings: A) The Town is !n need of the easement for ingress and egress and to construct, reconstruct, repair, charwge, operate, and maintain underground storm drainage facilities including sewer pipes, conduits, fixtures, and all equipment associated with underground storm sewers. Bj The acquisition of the easement will serve the best interests of the public s~F .ti,. ~ ~ : aF.a--~Y~r+-3u~=i e-~rti-vavr+ri~sGr~-`.~ :E ~:.Z:..i?e. 2. The Town staff is #~ebf authorized and directed to obtain an appralsa~ ~~f the easement preper~y and to acquire the easement by negotiation if possible. If the easement pfepe~ty~ can not be acquired by nectctintion, the Town Attorney or his designee is authorized and directed to initiate a~ >~in proceedings to acquire it. 3. If any part, sec~.~p:~~ 3, . ;:~;~:un, 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. 4. 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. 5. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this ordinance shaft not affect any right which has accr~ duty imposed, any violation that occurred prior to the effective date hereof, any pra~~,~~tion 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 shalt not 1 a revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 6. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretafare repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 1st day of September, 1992, and a public hearing shall be held on this Ordinance on the 15th day of September, 1992, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Margaret A. Osterfass, Mayor Martha S. Raecker, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this day of , 1992. Margaret A. Osterfoss, Mayor ATTEST: Martha S. Raecker, Town Clerk C:~ORD9223 2 EXHIBIT A . , 10T 1 ~ i1Ne NHf NNea•1 ?1al Inl W WI j, IINI C. Tall INya, attmdlN la IN IGI lMterd, renNN ie tN oI1M N IN Glly ONUI• Nlmab. CInY aM ANer/er, dwr1/N a I•Ilma: IMiNIN at IN rRl •NI1ul! emNr el call la 7: t1eNt NS•IS'IA•r J/./t InI, alMy tN NtINNNrII l iM al HII Nt 1: tY•Nr, NNr11N 4N ,wleHHerll IiN, IIl•11'jl•1 la II ~ tlml NHf N,tNAI tl.ll lul to IN NrllrulNll I1N of HN bl 2: lM•N I13Y1'OD•[ IS.N INI, alNy ,MI •mllH,letll ISM: t1N[y, IMarliN NII NrIN•tHNI IIN. fll"11'77'[ 10/.30 Icel. la iNl Ntl W bl 11. IINI C. 1+11 lilu, emm11M le LN IGI INrNI, rnbNN 11 IN • IH NrtNHiarl/ IGt el uld b12: llnee NI.17'N'r I0.{l l<rl. slay Hid N11N•,tetll elllH of IN GIG CM•l7• GlaNde. Clerl M lemrdu. /eurlM a lollma: fIN, G lH piM N MIltl,t. NaUioiN 1711 Naan N•I• ema or Inc. WING/ ,1 IN N,l mlal! Nrnr al ell/ NI II: lueN NI'll'NK 10.{1 reN, ,IMI ' lu NrIY.Nterlr ?r el ui1 bl u; IYe•ee. Iepr11N cal/ wrtuseurry IIN, tmu'21•c ~ ~ • {.O7 Ieal1 IMNa {11.01'53'[ 11.11 (nt, to lM ,NIMNIer Ir IIN of uid lol II: lMCe ' 131•SI'll•1 N.fO lnl. LION NII eNI1rNGt11 IIM• Ie IN pi•t el N9iu111. tNlal,i•1 751 ,OUre INI, Nn sr IN,. ePPRNO7dTC CFMTERLNC di UIDEROROUia STORM 7CwLR LILAC ~O V SOT 2 / P cA 1 ~ ~O . y0 ~nIL>.oxocTaalsErERraxxExT l ~ ~ ~ `uacAKnTRERJtidi ` ; ~~o I a~ / X00/ `I ~F / / 4r~ EesE1KxT ru /Dac sI1 / / • . ' . reef odd \ ~ yrd/•2T'E SCALE : 1' « 2D' ' . ' : , \ ~ e• a' ~ LD3' LOT 11 . ~ ~ Runk 01 RtyF+Fq # ~ ' . \AJO, /R000f[D STOAx7EM[II [eSEN:xi /RDIOEED !TORN dEwER [ASExERT / {~1P ~ 0~ /a17 ~SSJ • / ~ P • / fr,/ 1 IER laal s+ ~~w~q • ~7/ fie' maoseo slorol scrol luncxr 01 . . , ' / - l0T 10 ~ ^ y P~ ~ N • iNH Nr•r uNNet . / /~-EesolElIT IERRUt P~05 • TMs Nrt N Nt 20, n«Y C, NII IIdN, amwrllN le LN /ltl WrNI. nNrIN N to • / , Nlln el IN Wly Mul• WNaN, Gary e•1 bNNar• /NaI1N N tollani / MI+afN N W N,l Nrtbrl/ [orNr of ufl bI 1N IMNI ISI'!1'IML N.fO 1ert, aloN • ~ W NItNUNtli IGI W Ia11 lM 10; tNla, /eNrIIN call NrtMHNI11iM, !11•Il'SSR /1.M INI, M IN yNlMUtarN lfN N HN bt 10: IKON S/7•iPNw 15.01 Int, elny NII INLWelerl7 llN: IIMAe. NNrIIN HII,Ntuutulr liN, 111.O1'SY1101.]1 legl7 4{ tNNt Nra•tl•r s.15 rae, N Lda NrtH.nen7 nN d Hu IRt u; ueeN uru•u•e I,07 7 • IIU..NNt IIi,eNt ~ 1.75 INt. /IN/ ull NrtMeterlf 11N, to IN plel N MINIM, tauGlN I2N Nun 1 ~ ~ INt• Nn a INI. TIN Ntl M tel IIoM C. 1el! IIIN• uat11N le IN 511/ lMreet• tuwNN N IN e1lIN K tN Glu Cool/, ColuNe. CIIrY ,M le[Nkr, har1N1 u fIIINH ' MINSN et IN cut uNIr11 tetut d Hf/lot 71 t1aNy iri•11'I.r7 I.Nl~ete INN to wuNnH,l1 IIN H ull Nt Ji LYeNa, 1•NrlfN ull N•tNNterI1 IEn. Hi•N'11'II 71.11 IM. N IN IuINHHIII IIN sl NII let 77 tYtNe t3f•11'1/'i 11.N tNt. IIeN , dll NfINNGr1111N, N tN IMoI N MINSM• NaGGIN i711.m tIN, NrIN IN.. ~ ~ ~ STORM SEWER EASEMEN T • :LOTS 2,3,t0 & 11, BLOCK 3, VAII RIDGE LL- ~ ^ TOWN OF VATV nnl nn R nn DRAFT -September 9, 1992 ORDINANCE NO. a SERIES OF 1992 AN ORDINANCE AUTHORIZING THE ISSUANCE OF THE TOWN OF VAIL, COLORADO, GENERAL OBLIGATION REFUNDING BONDS, SERIES 1992A IN THE TOTAL AGGREGATE PRINCIPAL AMOUNT, OF $7,000,000 FOR THE PURPOSE OF REFUNDING A PORTION OF THE TOWN'S OUTSTANDING GENERAL OBLIGATION REFUNDING BONDS, SERIES 1985; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF GENERAL AD VALOREM TAXES TO PAY THE PRINCIPAL OF AND THE INTEREST ON THE BONDS; PROVIDING OTHER COVENANTS AND DETAILS IN CONNEL i iON THEREWITH; AND REPEALING ALL ORDINANCES IN CONFLICT THEREWITH. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCII, OF THE TOWN OF VAII,, COLORADO: Section 1. Definitions. As used herein, unless the context requires otherwise, the capitalized terms below shall have the following meanings. All definitions include the singular and plural and include both genders. Certain terms are defined parenthetically elsewhere in this Ordinance. Bonds or 1992 Bonds: the Town's General Obligation Refunding Bonds, Series 1992A dated October 1, 1992 and issued in the aggregate principal amount of $7,000,000, as authorized by this Ordinance. Bond Insurer: Municipal Bond Investors Assurance Corporation. Bond Insurance Policv,: the municipal bond insurance policy issued by the Bond Insurer guaranteeing the payment of principal of and interest on the 1992A Bonds. Bond Purchase Agreement: the Bond Purchase Agreement dated September 1992 between the Town and the Underwriters, concerning the purchase of the Bonds by the Underwriters. Bond Registrar or Registrar: Central Bank National Association in Denver, Colorado, or its successor, which shall perform the registration and transfer functions as set forth in this Ordinance. Business Dav: any day other than a Saturday, Sunday or other day on which banks in Denver, Colorado are required or authorized to be closed. Charter: the home rule charter of the Town, as it may be amended from time to time. Council: the Town Council of the Town. Escrow Account: the account created and designated as the 1985 Escrow Account in the Escrow Agreement. Escrow Agreement: the Escrow Agreement dated as of October 1, 1992 between the Town and the Escrow Bank. Escrow Bank: Central Bank National Association, Denver, Colorado, or its successor, which shall perform the function of escrow bank as set forth in this Ordinance and the Escrow Agreement. Federal Securities: bills, certificates of indebtedness, notes, bonds or other obligations which are direct obligations of, or the principal and interest of which obligations are unconditionally guaranteed by, the United States of America (or an ownership interest in any of the foregoing). Insurance Paving Agent: , or its successors under the Bond Insurance Policy. Letter of Representations: the Letter of Representations between the Town and The Depository Trust Company. 1985 Bonds: The Town's General Obligation Refunding Bonds, Series 1985. 1985 Ordinance: Ordinance No. 23, Series of 1985, as amended by Ordinance No. 29, Series of 1985. Ordinance: this Ordinance, which authorizes the issuance of the Bonds. Outstanding means, as of any date of calculation, all Bonds theretofore executed, issued and delivered by the Town except: (i) Bonds theretofore cancelled by the Town or Bond Registrar or surrendered to the Town or Bond Registrar for cancellation; (ii) Bonds in lieu of, or in substitution for which, other Bonds shall have been executed, issued and delivered by the Town and authenticated by -2- the Bond Registrar unless proof satisfactory to the Bond Registrar is presented that any such Bonds are duly held by the lawful registered owners thereof; or (iii) Bonds deemed to have been paid within the meaning of Section 28 hereof. Owner: when used with respect to a Bond or Bonds, means the registered owner of any Outstanding Bond. Paving Agent: Central Bank National Association in Denver, Colorado or its successor, which shall perform the functions of registrar and paying agent for the Bonds as set forth in this Ordinance. Paving Agent Agreement: the agreement for registrar and paying agent services dated as of September 1, 1992 between the Town and the Paying Agent. Permitted Investments: any investments or deposits shown on the list attached hereto as Exhibit I, to the extent permitted by the Charter and applicable ordinances of the Town. Preliminary Official Statement: the Preliminary Official Statement for the Bonds. Record Date: the fifteenth day of the calendar month next preceding each interest payment date. Refunded Bond Reauirements: (a) the interest due in connection with the Refunded Bonds as the same comes due on and after December 1, 1992 and on and before December 1, 1995 and (b) the principal of the Refunded Bonds due in connection with the redemption of the Refunded Bonds on December 1, 1995. Refunded Bonds: the 1985 Bonds maturing on and after December 1, 1996. Refunding Proiect: the refunding, paying and discharging of the Refunded Bond Requirements. Special Record Date: the date established in Section 3 hereof to determine the registered owner entitled to the payment of delinquent interest. Tax Code: the Internal Revenue Code of 1986, as amended to the date of delivery of the Bonds, and applicable regulations and rulings thereunder or under any predecessor thereto. -3- r Town: the Town of Vail, Colorado Underwriters: Kemper Securities, Inc. and George K. Baum & Company of Denver, Colorado, the original purchasers of the Bonds. Section 2. Recitals. A. Pursuant to the 1985 Ordinance, the Town has heretofore issued the 1985 Bonds. B. The 1985 Bonds were issued in the original aggregate principal amount of $21,715,000, of which $14,960,000 remains outstanding, bearing interest at the rates designated below payable semiannually on June 1 and December 1 each year, and maturing on December 1 in each of the years and amounts as follows: Principal Interest Maturity Amount Rate 1992 $1,445,000 7.700% 1993 1,555,000 7.900 1994 1,675,000 8.100 1995 1,815,000 8.300 1996 1,965,000 8.500 1997 2,130,000 8.625 1998 2,315,000 8.750 1999 2,060,000 8.900 C. The 1985 Bonds maturing on and after December 1, 1996 are redeemable at the option of the Town on December 1, 1995, upon payment of par and accrued interest. D. The Town is not delinquent in the payment of the principal of or interest on any of the 1985 Bonds. -4- E. Chapter X of the Town Charter authorizes the Council to issue refunding bonds. F. The Council has determined and hereby declares that it is in the Town's best interest to refund, pay and discharge the Refunded Bonds maturing on the dates and in the amounts set forth below upon prior redemption of such bonds on December 1, 1995: Principal Maturing Amount December 1 $1,965,000 1996 2,130,000 1997 2,315,000 1998 2,060,000 1999 G. The Council has determined to authorize and issue its general obligation refunding bonds in the principal amount of $7,000,000 for the purpose of defraying the costs of the Refunding Project. H. The Town has received a proposal from the Underwriters for the purchase of the Bonds. I. There have been presented to Council the forms of: (i) Escrow Agreement; (ii) Bond Purchase Agreement; (iii) Paying Agent Agreement; (iv) Preliminary Official Statement; and (v) Letter of Representations. J. It is necessary to provide for the form and details of the Bonds, the payment of the Bonds, the payment and discharge of the Refunded Bonds, and other provisions relating to the authorization and issuance of the Bonds. -5- Section 3. Authorization. In accordance with the Charter, the constitution and laws of the State of Colorado, and the provisions of this Ordinance, the Town hereby authorizes the issuance of its general obligation refunding bonds, each to be designated "Town of Vail, Colorado, General Obligation Refunding Bond, Series 1992A" in the aggregate principal amount of $7,000,000, for the purpose of financing the Refunding Project and paying costs of issuing the Bonds. Section 4. Bond Details. The Bonds shall be issued in fully registered form (i.e., registered as to payment of both principal and interest), initially registered in the name of Cede and Co. as nominee for The Depository Trust Company, New York, New York, as securities depository for the Bonds. The Bonds shall be issued in denominations of $5,000 and any integral multiple thereof (provided that no Bond may be in a denomination which exceeds the principal coming due on any maturity date and no individual Bond will be issued for more than one maturity). The Bonds shall be dated as of October 1, 1992. The Bonds shall be numbered in the manner determined by the Bond Registrar. The Bonds shall bear interest at the rates per annum shown below payable to the registered owner of the Bonds from their date to maturity semiannually on June 1 and December 1 in each year, commencing June 1, 1993, except that Bonds which are reissued upon transfer, exchange or other replacement shall bear interest at the rates shown below from the most recent interest payment date to which interest has been paid or duly provided for, or if no interest has been paid from the date of the Bonds. The Bonds shall mature on June 1 and December 1 in each of the years and bear interest all as follows: Amounts Interest Rate Maturity Maturing (Per Annuml Dates The principal of and premium, if any, on any Bond shall be payable to the registered owner thereof as shown on the registration books kept by the Bond Registrar upon maturity or prior redemption of the Bonds and upon presentation and surrender at the -6- principal corporate trust office of the Bond Registrar. If any Bond shall not be paid upon such presentation and surrender at or after maturity, it shall continue to draw interest at the interest rate borne by said Bond until the principal thereof is paid in full. Payment of interest on any Bond shall be made to the registered owner thereof by check or draft mailed by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), to the registered owner thereof at his or her address as it last appears on the registration books kept by the Bond Registrar on the Record Date; but any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner thereof at the close of business on the Record Date and shall be payable to the person who is the registered owner thereof at the close of business on a Special Record Date for the payment of any such defaulted interest. Such Special Record Date and the date fixed for the payment of such interest shall be fixed by the Paying Agent whenever moneys become available for payment of the defaulted interest. Notice of the Special Record Date shall be given to the registered owners of the Bonds not less than ten days prior thereto by first class mail to each such registered owner as shown on the Bond Registrar's registration books on a date selected by the Paying Agent, stating the date of the Special Record Date and the date faced for payment of such defaulted interest. The Paying Agent may make payments of interest on any Bond by such alternative means as may be mutually agreed to between the owner of such Bond and the Paying Agent. All such payments shall be made in lawful money of the United States of America, without deduction for services of the Bond Registrar or Paying Agent. Section 5. Prior Redemption. A. Bonds maturing on or before December 1, are not subject to prior redemption. Bonds maturing on and after December 1, are subject to redemption prior to their respective maturities, at the option of the Town, in whole, or in part in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the Bonds of a maturity are to be redeemed by lot within a maturity in such manner as the Bond Registrar may determine, on December 1, or on any date thereafter at the -7- redemption prices set forth below (expressed as a percentage of the principal amount so redeemed) plus interest thereon to the redemption date: Redemption Redemption Dates Prices December 1, through November 30, % December 1, through November 30, December 1, and thereafter B. The Bonds maturing on December 1, are subject to mandatory sinking fund redemption at a price equal to the principal amount thereof plus accrued interest to the redemption date. Bonds subject to mandatory sinking fund redemption shall be selected by the Bond Registrar by lot (giving proportionate weight to Bonds in denominations larger than $5,000) in such manner as the Bond Registrar may determine. The Town shall redeem (after credit as provided below) on the following dates the following principal amounts of the Bonds maturing on December 1, Principal Date Amount The remaining $ of the Bonds maturing on December 1, shall be paid upon presentation and surrender at maturity unless redeemed pursuant to optional redemption prior to maturity. Not more than 60 nor less than 30 days prior to each such sinking fund payment date, the Bond Registrar shall proceed to call the principal amount of Bonds indicated above (or any Bond or Bonds issued replace such Bonds) for redemption on the next June 1 or December 1, and give notice of such call without further instruction or notice from the Town. -8- At its option, to be exercised on or before the sixtieth day next preceding any such sinking fund redemption date, the Town may (i) deliver to the Bond Registrar for cancellation Bonds subject to mandatory sinking fund redemption in an aggregate principal amount desired or (ii) receive a credit in respect of its sinking fund redemption obligation for any Bonds subject to mandatory sinking fund redemption which prior to said date have been redeemed (otherwise than through the operation of the sinking fund) and cancelled by the Bond Registrar and not theretofore applied as a credit against any sinking fund redemption obligation. Each Bond so delivered or previously redeemed will be credited by the Bond Registrar at the principal amount thereof on the obligation of the Town on such sinking fund redemption date and the principal amount of Bonds to be redeemed accordingly reduced. The Town will on or before the sixtieth day next preceding each sinking fund redemption date furnish the Bond Registrar a certificate indicating whether or not and to what extent the provisions of (i) and (ii) of the preceding sentence are to be availed with respect to such sinking fund payment. Failure of the Town to deliver such certificate shall not affect the Bond Registrar's duty to give notice of sinking fund redemption as herein provided. C. In the case of Bonds of a denomination larger than $5,000 a portion of such Bonds ($5,000 or any integral multiple thereof) may be redeemed, in which case the Bond Registrar shall, without charge to the owner of such Bonds, authenticate and issue a replacement Bond or Bonds for the unredeemed portion thereof. D. Unless waived by the Registrar, the Town shall give written instructions concerning any prior redemption pursuant to paragraph A to the Bond Registrar at least 60 days prior to such redemption date. Notice of any redemption shall be given by the Bond Registrar in the name of the Town by sending a copy of such notice by first-class mail, postage prepaid, not more than 60 days and not less than 30 days prior to the redemption date to the Underwriters and to each registered owner of any Band all or a portion of which is called for prior redemption at his address as it last appears on the registration books kept by the Bond Registrar, unless such notice is waived by the Underwriters and such registered owner. Failure to give such notice by mail to the registered owner of any Bond or to the -9- Underwriters, or any defect therein, shall not affect the validity of the proceedings for the redemption of any other Bonds. Such notice shall identify the Bonds or portions thereof to be redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that on such redemption date the principal amount thereof and the designated premium thereon will become due and payable at the Bond Registrar, and that from and after such date interest will cease to accrue. Accrued interest to the redemption date will be paid by check or draft mailed to the registered owner (or by alternative means if so agreed to by the Bond Registrar and the registered owner). Notice having been given in the manner hereinbefore provided, the Bond or Bonds so called for redemption shall become due and payable on the redemption date so designated; and upon presentation thereof at the Bond Registrar the Town will pay the Bond or Bonds so called for redemption. If any Bond called for redemption shall not be so paid upon surrender thereof for redemption, the redemption price and, to the extent lawful, interest thereon shall, until paid, bear interest from the redemption date at the rate borne by the Bond. Section 6. Form and Execution of Bonds. The Bonds shall be signed with the facsimile or manual signature of the Mayor of the Town, sealed with a facsimile or manual impression of the seal of the Town, and attested by the facsimile or manual signature of the Town Clerk. Should any officer whose facsimile or manual signature appears on the Bonds cease to be such officer before delivery of the Bands to the purchaser, such facsimile or manual signature shall nevertheless be valid and sufficient for all purposes. The Bonds shall be in substantially the following form (provided that any of the text of the Bonds may, with appropriate reference, be printed on the back of the Bonds) and may include provisions for bond insurance, if any: -10- [Form of Bond] * Insert only if bonds are delivered pursuant to Section 8 of this ordinance. * * Insert only if bonds are initially delivered to The Depository Trust Company pursuant to Section 9 of this ordinance. No. R- UNritrD STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL GENERAL OBLIGATION REFUNDING BOND SERIES 1992A INTEREST RATE MATURITY DATE DATED DATE CUSIP October 1, 1992 REGISTERED OWNER: PRINCIPAL AMOUNT: On the faith, credit and behalf of the Town of Vail, in the County of Eagle and State of Colorado, a municipal corporation duly organized and operating under the Town Charter and the constitution and laws of the State of Colorado, for value received, hereby acknowledges said Town indebted and promises to pay to the registered owner named above, or registered assigns, on the maturity date specified above, the principal amount specified above, or the Maturity Date specified above (unless called for earlier redemption) interest thereon payable on June 1 and December 1 in each year commencing on June 1, 1993 at the Interest Rate per annum specified above, until the Principal Amount is paid or payment has been provided therefor. This bond will bear interest payable to the Registered Owner at the -11- Interest Rate specified above from the most recent interest payment date to which interest has been paid or provided for, or, if no interest has been paid, from the date of this bond. The principal of and premium, if any, on this bond are payable upon presentation and surrender hereof at the principal corporate trust office of the Town's Paying Agent (the "Paying Agent"), originally Central Bank National Association in Denver, Colorado. Interest payable to the Registered Owner of this bond will be paid on each interest payment date (or, if such interest payment date is not a business day, on the next succeeding business day), by check or draft mailed to the person in whose name this bond is registered (the "Registered Owner") in the registration records of the Town maintained by the Town's Bond Registrar (the "Bond Registrar"), originally Central Bank National Association in Denver, Colorado, and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such interest payment date (the "Record Date"). Any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the Registered Owner hereof at the close of business on the Record Date and shall be payable to the person who is the registered owner hereof at the close of business on a Special Record Date (defined in the Ordinance of the Town Council adopted on September 29, 1992 authorizing this bond [the "Bond Ordinance"J), for the payment of any defaulted interest. Such Special Record Date and the date for the payment of such interest shall be fixed by the Paying Agent whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date and the date for the payment of such interest shall be given to the registered owners of the bonds of the series of which this is one (the "Bonds") not less than ten days prior thereto. All such payments shall be made in lawful money of the United States of America without deduction for the services of the Bond Registrar or Paying Agent. Bonds of the series of which this bond is a part maturing on and after December 1, are sub}ect to prior redemption at the option of the Town, in whole, or in part in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the bonds of a maturity are to be redeemed by lot within a maturity in such manner as the Bond Registrar may determine, on December 1, or on any date -12- thereafter at the redemption prices set forth below (expressed as a percentage of the principal amount as redeemed) plus interest thereon to the redemption date: Redemption Redemption Dates Prices December 1, through November 30, % December 1, through November 30, December 1, and thereafter The Bonds maturing on December 1, are also subject to mandatory sinking fund redemption at a price equal to par plus accrued interest as provided in the Bond Ordinance. In the case of Bonds of a denomination larger than $5,000, a portion of such Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Bond Registrar shall, without charge to the owner of such Bond, authenticate and issue a replacement Bond or Bonds for the unredeemed portion thereof. Redemption shall be made upon not more than 60 days' and not less than 30 days' prior mailed notice to a representative of the original purchaser and each Registered Owner as shown on the registration books kept by the Bond Registrar in the manner and upon the conditions provided in the Bond Ordinance. The Bonds of the series of which this is one are fully registered (i.e., registered as to payment of both principal and interest) in denominations of $5,000 and any integral multiple thereof (provided that no Bond may be in a denomination which exceeds the principal coming due on any maturity date and no individual Bond may be issued for more than one maturity). *Upon surrender of any of such Bonds at the Bond Registrar with a written instrument satisfactory to the Bond Registrar duly executed by the Registered Owner or his duly authorized attorney, such Bond may, at the option of the registered owner or his duly authorized attorney, be exchanged for an equal aggregate principal amount of such Bonds of the same maturity of other authorized denominations, subject to such terms, conditions and charges as set forth in the Bond Ordinance.* -13- * *The Bonds are not transferable or exchangeable, except as set forth in the Bond Ordinance.** **Upon any partial prior redemption of this Bond, Cede & Co. in its discretion may request the Bond Registrar to authenticate a new Bond or make an appropriate notation on this Bond indicating the date and amount of prepayment, except in the case of final maturity, in which case this Bond must be presented to the Bond Registrar prior to final payment.* *This bond is fully transferable by the Registered Owner hereof in person or by his duly authorized attorney on the registration books kept by the Bond Registrar upon surrender of this bond together with a duly executed written instrument of transfer satisfactory to the Bond Registrar. Upon such transfer a new fully registered bond of authorized denomination or denominations of the same aggregate principal amount and maturity will be issued to the transferee in exchange for this bond, subject to such terms, conditions and charges as set forth in the Bond Ordinance.* The Town and the Bond Registrar may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of making payment and for all other purposes. *The Bond Registrar will not be required to transfer or exchange (i) any Bond subject to redemption during a period beginning at the opening of business 15 days before the day of the mailing by the Bond Registrar of a notice of prior redemption of Bonds and ending at the close of business on the day of such mailing, or (ii) any Bond after the mailing of notice calling such Bond or any portion thereof for prior redemption, except for the unredeemed portion of Bonds being redeemed in part.* -14- The Bonds of which this Bond is one are all of like date, tenor and effect except as to number, principal amount, interest rate, and date of maturity, and are issued by the Town of Vail, in the County of Eagle and State of Colorado, for the purpose of refunding, paying and discharging a portion of the Town's outstanding General Obligation Refunding Bonds, Series 1985 under the authority of and in full conformity with the Town's home rule charter, the constitution and laws of the State of Colorado, and pursuant to the Bond Ordinance. The Town, the Paying Agent and the Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof for all purposes (whether or not such Bond shall be overdue) and any notice to the contrary shall not be binding upon the Town, the Paying Agent or the Registrar. It is hereby certified, recited and warranted that all the requirements of law have been complied with by the proper officers of the Town in the issuance of this bond; that the total indebtedness of the Town, including that of this bond, does not exceed any limit of indebtedness prescribed by the Constitution or laws of the State of Colorado; and that provision has been made for the levy and collection of annual taxes sufficient to pay the interest on and the principal of this bond when the same become due. The full faith and credit of the Town are hereby irrevocably pledged for the punctual payment of the principal of and the interest on this bond. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance until the certificate of authentication hereon shall have been manually signed by the k~;gistrar. -15- i IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has caused this Bond to be signed by the manual or facsimile signature of the Mayor of the Town, sealed with a manual or facsimile impression of the seal of the Town, and attested by the manual or facsimile signature of the Town Clerk, all as of the Dated Date above. TOWN OF VAIL, COLORADO (SEAL OR FACSIMILE) (Manual or Facsimile Si~naturel Mayor A i-i t:STED: (Manual or Facsimile Signature) Town Clerk -16- [Form of Bond Registrar's Certificate of Authentication] CER i it KATE OF AUTHENTICATION Date of Registration and Authentication: This Bond is one of the Bonds of the issue described in the within- mentioned Bond Ordinance, and this Bond has been duly registered in the registration records kept by the undersigned as Bond Registrar. CENTRAL BANK NATIONAL ASSOCIATION as Bond Registrar By: Authorized Officer -17- * * (Form of Prepayment Panel) The following installments of principal (or portion thereof) of this bond have been prepaid in accordance with the terms of the Ordinance authorizing the issuance of this bond. Signature of Date of Principal Authorized Prepavment Prepaid Representative of the Depository (End of Form of Prepayment Panel) MAY BE PRINTED ON THE BACK OF THE BOND AND THE FOLLOWING STATEMENT INSERTED REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND 4FT FORTH nN THF, R EVERSF, HERF,OF. SUCH PROVISIONS SHA,I,L FOR ALL PIIRPC~SF,S HAVE THE ~,AME Err~.CT AS IF SET FORTH HERE. -18- [Form of Transfer] ASSIGNMENT *FFFS AND TAXES MAY BE CHARGED FOR TRANSFER OR EXCHANGE OF THIS BOND* FOR VALUE RECEIVED, the undersigned sells, assigns, and transfers unto the within Bond and does hereby irrevocably constitute and appoint attorney, to transfer said Bond on the records kept for registration thereof with full power of substitution in the premises. Signature of Registered Owner: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. Dated: Signature guaranteed: (Bank, Trust Company, or Firm) Address or transferee: Social Security or other tax identification number of transferee: -19- Section 7. Authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this Ordinance unless and until a certificate of authentication on such Bond substantially in the form hereinabove set forth shall have been duly manually executed by the Bond Registrar, and such executed certificate of the Bond Registrar upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Ordinance. The Bond Registrar's certificate of authentication on any Bond shall be deemed to have been executed by it if signed by an authorized officer or signatory of the Bond Registrar, but it shall not be necessary that the same officer or signatory sign the certificate of authentication on all of the Bonds issued hereunder. By authenticating any of the Bonds initially delivered pursuant to this Ordinance, the Bond Registrar and Paying Agent shall be deemed to have assented to the provisions of, and to have agreed to abide by and to perform the duties provided for them in, this Ordinance. After the adoption of this Ordinance, the Town shall execute the Bonds and deliver them to the Bond Registrar, and the Bond Registrar shall authenticate the Bonds and deliver them to the purchasers thereof, as directed by the Town. Section S. Registration. Transfer and Exchanee. A. Except as provided in Section 9 hereof, records for the registration and transfer of the Bonds shall be kept by the Bond Registrar, which is hereby appointed by the Town as registrar (i.e., transfer agent) for the Bonds. Upon the surrender for transfer of any Bond at the principal office of the Bond Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing, the Bond Registrar shall enter such transfer on the registration records and shall authenticate and deliver in the name of the transferee or transferees a new Bond or Bonds of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. Bonds may be exchanged at the principal office of the Bond Registrar for an equal aggregate principal amount of Bonds of the same maturity of other authorized denominations. T'he Bond Registrar shall authenticate and deliver a Bond or Bonds which the registered owner making the exchange is entitled to receive, bearing a number or numbers not previously assigned. The Bond Registrar may impose reasonable charges in connection with such exchanges and -20- transfers of Bonds, which charges (as well as any tax or other governmental charge required to be paid with respect to such exchange or transfer) shall be paid by the registered owner requesting such exchange or transfer. B. The Bond Registrar shall not be required (1) to transfer or exchange all or a portion of any Bond subject to prior redemption during the period beginning at the opening of business 15 days next preceding the mailing of notice calling any Bonds for prior redemption as herein provided or (2) to transfer or exchange all or a portion of a Bond after the mailing of notice calling such Bond or portion thereof for prior redemption, except for the unredeemed portion of Bonds being redeemed in part. C. Except as herein provided with respect to Record Dates and Special Record Dates, the person in whose name any Bond shall be registered on the registration records kept by the Bond Registrar shall be deemed and regarded as the absolute owner thereof for the purpose of making payment thereof and for all other purposes and payment of or on account of principal of and interest on any Bond shall be made only to or upon the written order of the registered owner thereof or his or her legal representative, but such registration may be changed upon transfer of such Bond in the manner and subject to the conditions and limitations provided herein. All such payments shall be valid and effectual to discharge the liability upon such Bond to the extent of the sum or sums so paid. D. The officers of the Town are authorized to deliver to the Bond Registrar fully executed but unauthenticated Bonds in such quantities as may be convenient to be held in custody by the Bond Registrar pending use as herein provided. Section 9. Book Entrv. A. Notwithstanding any contrary provision of this Ordinance, the Bonds shall initially be evidenced by one Bond for each maturity in which the Bonds mature in denominations equal to the aggregate principal amount of the Bonds maturing for that maturity. Such initially delivered Bonds shall be registered in the name of -21- "Cede & Co." as nominee for The Depository Trust Company, the securities depository for the Bonds. The Bonds may not thereafter be transferred or exchanged except: (1) to any successor of The Depository Trust Company or its nominee, which successor must be both a "clearing corporation" as defined in Section 4-8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended; or (2) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or this clause (2) of this paragraph (a), or a determination by the Council that The Depository Trust Company or such successor or new depository is no longer able to carry out its functions, and the designation by the Council of another depository institution acceptable to the Council and to the depository then holding the Bonds, which new depository institution must be both a "clearing corporation" as defined in Section 4- 8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended, to carry out the functions of The Depository Trust Company or such successor new depository; or (3) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or clause (2) of this paragraph (a), or a determination of the Council that The Depository Trust Company or such successor or new depository is no longer able to carry out its functions, and the failure by the Council, after reasonable investigation, to locate another qualified depository institution under clause (2) to carry out such depository functions. B. In the case of a transfer to a successor of The Depository Trust Company or its nominee as referred to in clause (1) of paragraph (a) hereof or designation of a new depository pursuant to clause (2) of paragraph (a) hereof, upon receipt of the Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, a new Bond for each maturity of the Bonds then -2z- Outstanding shall be issued to such successor or new depository, as the case may be, or its nominee, as is specified in such written transfer instructions. In the case of a resignation or determination under clause (3) of paragraph (a) hereof and the failure after reasonable investigation to locate another qualified depository institution for the bonds as provided in clause (3) of paragraph (a} hereof, and upon receipt of the Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, new Bonds shall be issued in the denominations of $5,000 or any integral multiple thereof, as provided in and subject to the limitations of Section 7 hereof, registered in the names of such persons, and in such authorized denominations as are requested in such written transfer instructions; however, the Bond Registrar shall not be required to deliver such new Bonds within a period of less than 60 days from the date of receipt of such written transfer instructions. C. The Council, the Bond Registrar and the Paying Agent shall be entitled to treat the registered owner of any Bond as the absolute owner thereof for alt purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them and the Council, the Bond Registrar and the Paying Agent shall have no responsibility for transmitting payments to the beneficial owners of the Bonds held by The Depository Trust Company or any successor or new depository named pursuant to paragraph (a) hereof. D. The Council, the Bond Registrar and the Paying Agent shall endeavor to cooperate with The Depository Trust Company or any successor or new depository named pursuant to clause (1) or (2) of paragraph (a} hereof in effectuating payment of the principal amount of the Bonds upon maturity or prior redemption by arranging for payment in such a manner that funds representing such payments are available to the depository on the date they are due. Section 10. Cancellation and Destruction of Bonds: Lost Bonds,. A. Whenever any outstanding Bond shall be delivered to the Bond Registrar for payment -23- I pursuant to this Ordinance and upon payment of the principal amount, such Bond shall be cancelled and destroyed by the Bond Registrar and recorded as such in the records of the Bond Registrar. Whenever any outstanding Bond shall be delivered to the Bond Registrar for transfer pursuant to the provisions hereof, such Bond .shall be cancelled by the Bond Registrar and counterparts of a certificate of cancellation shall be furnished by the Bond Registrar to the Town. B. If any Bond shall be lost, stolen, destroyed, or mutilated, the Bond Registrar may, upon receipt of such evidence, information or indemnity relating. thereto as it or the Town may reasonably require, authenticate and deliver a replacement Bond or Bonds of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. If such lost, stolen, destroyed, or mutilated Bond shall have matured, the Bond Registrar may direct that such Bond be paid by the Paying Agent in lieu of replacement. The Bond Registrar and the Town may require that the registered owner of any such Bond pay their reasonable fees, charges and expenses relating to their activities pursuant to this Section. Section 11. DISDOSItIOn of Bond Proceeds and Additional Deposits. The Bonds, when executed and registered as provided by law, shall be delivered to the Underwriters as directed by the Town, and proceeds derived therefrom shall be deposited into a special and separate trust fund held by the Escrow Bank designated the "Town of Vail, Colorado General Obligation Refunding Bonds, Series 1985 Escrow Account" (the "Escrow Account"), which amount, together with other available funds of the Town, will be sufficient to establish any initial cash balance remaining uninvested and to buy Federal Securities to effect the Refunding Project. Any remaining balance of the Bond proceeds shall be applied to the payment of costs of issuing the Bonds and the principal of and interest on the Bonds as the same become due. Neither the Underwriters nor any subsequent owners of the Bonds shall be responsible for the application or disposal by the Town or any of its officers of the funds derived from the sale thereof. -24- Section 12. Tax Covenant. A. The Town covenants for the benefit of the owners of the Bonds that it will not take any action or omit to take any action with respect to the Bonds, the proceeds thereof, any other funds of the Town, or any facilities financed with the proceeds of the Refunded Bonds if such action or omission (i) would cause the interest on the Refunded Bonds or the Bonds to lose its exclusion from gross income for federal income tax purposes under Section 103 of the Tax Code, (ii) would cause interest on the Refunded Bonds or the Bonds to lose its exclusion from alternative minimum taxable income as defined in Section 55(b)(2) of the Tax Code except to the extent such interest is required to be included in the adjusted current earnings adjustment applicable to corporations under Section 56 of the Tax Code in calculating corporate alternative minimum taxable income, or (iii) would cause interest on the Bonds to lose its exclusion from Colorado taxable income or Colorado alternative minimum taxable income under present Colorado law. The foregoing covenant shall remain in full force and effect notwithstanding the payment in full or defeasance of the Bonds until the date on which all obligations of the Town in fulfilling the above covenant under the Tax Code have been met. B. The Town also covenants for the benefit of the registered owners of the Bonds from time to time that it will annually prepare or cause to be prepared a budget and an audit report, will annually file or cause to be filed with the appropriate State agency a copy of the adopted budget, the appropriation ordinance and audit report all in accordance with State law. Section 13. Investment of Funds. Any moneys in any fund or account established by this ordinance may be deposited, invested or reinvested in any manner permitted by law. Such deposits or investments shall either be subject to redemption at any time at face value by the holder thereof at the option of such holder, or shall mature at such time or times as shall most nearly coincide with the expected need for moneys from the fund in question. Such deposits or investments of moneys in any such fund shall be deemed at all times to be a part of the applicable fund. Except to the extent required by paragraph (a) -25- of Section 11 hereof, the income or losses accruing on such deposits or investments in any such fund shall be deemed to be part of the applicable fund. Section 14. Payment of Principal and Interest. There shall be levied on all taxable property in the Town at the time and in the manner provided by law, in addition to all other taxes, direct annual taxes sufficient to pay the principal of and interest on the Bonds promptly as the same shall become due. Said taxes when collected shall be used solely for the purpose of paying the principal of and interest on the Bonds as the same respectively mature. Nothing herein contained shall be so construed as to prevent the application of any other funds belonging to the Town and available for that purpose, and upon such payments being made, the levy or levies herein provided may thereupon to that extent be diminished. Said direct annual taxes levied to pay principal of and interest on the Bonds shall be in addition to any, and all other, taxes levied to effect the purposes of the Town. The sums herein provided to pay the principal of and interest on the Bonds for each year shall be included in the annual budget to be adopted and passed by the Council in each year. No statutory or constitutional provisions enacted after the issuance of the Bonds herein authorized shall in any manner be construed as limiting or impairing the obligation of the Town to levy ad valorem taxes without limitation of rate or amount for the payment of the principal of and interest on the Bonds. The foregoing provisions of this Ordinance are hereby declared to be the certificate of the Council to the Board of County Commissioners showing the aggregate amount of taxes to be levied for the purposes aforesaid by the Board of County Commissioners from time to time, as required by law, for the purpose of paying the principal of and interest on the Bonds as the same shall hereafter become due. Section 15. Tax Lew. It shall be the duty of the Council annually at the time and in the manner provided by law for levying other taxes, if such action shall be necessary to effectuate the provisions of this Ordinance, to ratify and carry out the provisions hereof with reference to the levy and collection of taxes. The Council shall require the officers of the Town to levy, extend and collect such taxes in the manner provided by law for the purpose of payment of the principal of and interest on the Bonds thereon. Such taxes, -26- when collected, shall be kept for and applied only to the payment of the principal of and interest on the Bonds as herein specified. Section 16. Maintenance of Escrow Account. The Escrow Account shall be maintained at all times subsequent to the initial deposit of moneys therein in an amount at Least sufficient, together with the known minimum yield to be derived from the initial investment and any temporary reinvestment of the deposits therein or any part thereof in Federal Securities, to pay the Refunded Bond Requirements as the same become due. Section 1?. Use of Escrow Account. Moneys shall be withdrawn by the Escrow Bank from the Escrow Account in sufficient amounts and at such times to permit the payment without default of the Refunded Bond Requirements. Any moneys remaining in the Escrow Account after provision shall have been made for the redemption in full of the Refunded Bonds shaft be applied to any lawful purpose of the Town as the Council may hereafter determine. Section 18. Insufficiency of Escrow Account. If for any reason the amount in the Escrow Account shalt at any time be insufficient for the purpose of Sections 16 and 17 hereof, the Town shall forthwith deposit in such account such additional moneys as shall be necessary to permit the timely payment in full of the Refunded Bond Requirements as herein provided. Section 19. Exercise of Option. The Council has elected and does hereby declare its intent to exercise on the behalf and in the name of the Town its option to redeem the Refunded Bonds on December 1, 1995. The Council is hereby obligated so to exercise such option, which option shall be deemed to have been exercised when notice is duly given and completed forthwith after the issuance of the Bonds as herein provided in Sections 20, 21 and 22 hereof. -27- Section 20. Notice of Prior Redemption and Defeasance. The Town hereby authorizes and directs the registrar for the 1985 Bonds to give the notice of prior redemption and defeasance of the Refunded Bonds, in the name of and on behalf of the Town and the bond registrar forthwith upon issuance of the 1992 Bonds and again not less than 30 days prior to December 1, 1995. Section 21. Manner of Giving Notice. The notice of prior redemption and defeasance shall be given in accordance with the Refunded Bond Ordinance by mailing a copy of the notice by first class mail (postage prepaid) to the registered owners of the Refunded Bonds to be redeemed at the addresses shown on the registration records of the registrar for the Refunded Bonds. Section 22. Form of Notice. The notice of prior redemption and defeasance so to be given forthwith shall be in substantially the following form: -28- (Form of Notice) NOTICE OF REFUNDING, DEFEASANCE AND PRIOR REDE1Vir t iON OF A PORTION OF TOWN OF VAIL, COLORADO GENERAL OBLIGATION REFUNDING BONDS SERIES 1985 NOTICE IS HEREBY GIVEN that the Town of Vail, Colorado (the "Town") has caused to be deposited in escrow with Central Bank National Association in Denver, Colorado refunding bond proceeds and other funds which have been invested (except for an initial cash balance remaining uninvested) in bills, notes, bonds and similar securities which are non-callable direct obligations of the United States. of America, to refund, pay and discharge the Refunded Bond Requirements for a portion of its General Obligation Refunding Bonds, Series 1985 (the "1985 Bonds"). The 1985 Bonds maturing on and after December 1, 1996 in the following principal amounts (the "Refunded Bonds") will be called for prior redemption on December 1, 1995: Principal Maturing Amount December 1 CUSIP Nos. $1,965,000 1996 2,130,000 1997 2,315,000 1998 2,060,000 1999 Refunded Bond Requirements means: (a) the interest due in connection with the Refunded Bonds as the same comes due on and after December 1, 1992 and on and before December 1, 1995 and (b) the principal of the Refunded Bonds due in connection with the redemption of the Refunded Bonds on December 1, 1995. On the applicable redemption date the principal will become due and payable at the office of the paying agent for the 1985 Bonds, Central Bank National Association, in Denver, Colorado and will cease to accrue interest from and after such date. According to a report pertaining to such escrow of ,Colorado, certified public accountants, the escrow, including the known minimum yield from such investments and the initial cash balance -29- remaining uninvested, is fully sufficient at the time of the deposit and at all times subsequently, to pay the Refunded Bond Requirements of the Refunded Bonds on the date designated above. DATED TOWN OF VAIL, COLORADO By /s/ Director of Administrative Services CENTRAL BANK NATIONAL ASSOCIATION By /s/ Title: Authorized Officer (End of Form of Notice) -30- Section 23. Costs and Expenses. All costs and expenses incurred in connection with the issuance and payment of the Bonds shall be paid from the proceeds of the Bonds or from legally available moneys of the Town. Section 24. Acceptance of Bond Purchase Agreement. The Council hereby accepts the Bond Purchase Agreement as submitted by the Underwriters, and hereby authorizes the sale of the Bonds to the Underwriters at a price of $ {consisting of par less underwriters' discount of $ ~ plus accrued interest, and otherwise upon the terms, conditions, and provisions as set forth in the Bond Purchase Agreement. The Council hereby determines that the sale of the Bonds as provided herein and in the Bond Purchase Agreement is to the best advantage of the Town. Section 25. Authorization to Execute Collateral Documents. The officers of the Town and members of the Council are authorized and directed to take any and all other actions necessary or appropriate to effectuate the provisions of this Ordinance, including but not limited to the execution of the Letter of Representations, the Escrow Agreement, the Paying Agent Agreement, and such certificates and affidavits as may reasonably be required by the Underwriters. Section 26. Approval of Preliminary Official Statement and Authorization of Final Official Statement. The distribution and use of the Preliminary Official Statement is hereby ratified, approved and confirmed. The Underwriters are authorized to prepare or cause to be prepared, and the Director of Administrative Services is authorized and directed to approve on behalf of the Town, a final Official Statement for use in connection with the offering and sale of the Bonds. The execution of a final Official Statement by the Director of Administrative Services shall be conclusively deemed to evidence the approval of the form and contents thereof by the Town. Section 27. Successor Bond Registrar or Paving Agent. The Bond Registrar or Paying Agent may resign on 30 days' prior written notice to the Town provided that no -31- such resignation shall be effective until a successor Bond Registrar and Paying Agent is appointed. The Town at any time may reasonably determine that the Bond Registrar or Paying Agent is incapable of fulfilling its duties hereunder and may remove it upon 30 days' prior written notice. If the Bond Registrar or Paying Agent initially appointed hereunder shall resign, or shall be removed by the Town, the Town may, upon notice mailed to each Owner at his or her address last shown on the registration books, appoint a successor to such Bond Registrar or Paying Agent. Every such successor Bond Registrar or Paying Agent shall be a bank or trust company located in and in good standing in the United States and having shareholders' equity (e.g., capital stock, surplus and profits), however denominated, not less than $10,000,000. It shall not be required that the same institution serve as both Bond Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as both Bond Registrar and Paying Agent hereunder. Section 28. Defeasance. When the principal and interest due in connection with any Bond have been duly paid, all obligations hereunder with respect to such Bond shall be discharged, and such Bond shall no longer be deemed to be outstanding for any purpose of this Ordinance. Payment of such Bond or any portion thereof shall be deemed made when the Town has placed in escrow with a commercial bank exercising trust powers an amount sufficient (including the known minimum yield from Federal Securities in which such amount may be wholly or in part initially invested) to meet all requirements of principal of and interest on such Bond as the same becomes due to maturity or to any redemption date as of which the Town shall have exercised or obligated itself to exercise its prior redemption option and have given irrevocable instructions to the Bond Registrar to give notice of redemption to the holder of any such Bond. The Federal Securities shall become due or be callable at the option of the holder at or prior to the respective times on which the proceeds thereof shall be needed, in accordance with a schedule agreed upon between the Town and such bank at the time of creation of the escrow. In the event that there is a defeasance of only part of the Bonds, the Bond Registrar shall, if requested by the Town, institute a system to preserve the identity of the -32- individual Bonds or portions thereof so defeased, regardless of changes in Bond numbers attributable to transfers and exchanges of Bonds; and the Bond Registrar shall be entitled to reasonable compensation and reimbursement of expenses from the Town in connection with such system. Section 29. Contract with Bondholders: Sunnlemental Ordinances. After any of the Bonds have been issued, this Ordinance shall constitute a contract between the Town and the holder or holders of the Bonds and shall be and remain irrepealable until the Bonds and the interest thereon shall have been fully paid, satisfied and discharged. A. The Town may, without the consent of or notice to the registered owners of the Bonds, adopt one or more ordinances supplemental hereto, which supplemental ordinances shall thereafter form a part hereof, for any one or more of the following purposes: 1. to cure any ambiguity, or to cure, correct or supplement any formal defect or omission or inconsistent provision contained in this Ordinance, to make any provision necessary or desirable due to a change in taw, to make any provisions with respect to matters arising under this Ordinance, or to make any provisions for any other purpose if, in each case, such provisions are necessary or desirable and do not adversely affect the interests of the owners of the Bonds; 2. to pledge additional revenues, properties, or collateral as security for the Bonds; 3. to grant or confer upon the Bond Registrar for the benefit of the registered owners of the Bonds any additional rights, remedies, powers, or authorities that may lawfully be granted to or conferred upon the registered owners of the Bonds; or 4. to qualify this Ordinance under the Trust Indenture Act of 1939. B. Exclusive of the amendatory ordinances permitted by Paragraph A of this Section, this Ordinance may be amended or supplemented by ordinance adopted by the Town Council in accordance with the law, without receipt by the Town of any additional consideration but with the written consent of the Bond Insurer, unless the Bond Insurer is in default under the Bond Insurance Policy, in which case this Ordinance may be amended with the written consent of the owners of 66% in aggregate principal amount of the -33- 1992A Bonds Outstanding at the time of the adoption of such amendatory or supplemental ordinance; provided, however, that, without the written consent of the owners of all of the 1992A Bonds adversely affected thereby, no such Ordinance shall have the effect of permitting: 1. An extension of the maturity of any 1992A Bond authorized by this Ordinance; 2. A reduction in the principal amount of any 1992A Bond, the rate of interest thereon, or the prior redemption premium thereon; 3. A reduction of the principal amount of 1992A Bonds required for consent to such amendatory or supplemental ordinance; or 4. The modification of or otherwise affecting the rights of the owners of less than all of the 1992A Bonds then Outstanding. Copies of any waiver, modification or amendment to this Ordinance shall be delivered to the Bond Insurer and any entity then maintaining a rating on the 1992A Bonds. Section 30. Ratification and AoDroval of Prior Action. All actions heretofore taken by the officers of the Town and the members of the Council consistent with the provisions of this Ordinance relating to the authorization, issuance and delivery of the Bonds, including but not limited to the execution of the Bond Purchase Agreement, hereby are ratified, approved and confirmed. Section 31. Notice to Bond Insurer: Payments Under the Policy. Any notice required by this Ordinance to be given to the Bond Insurer shall be in writing and sent by registered or certified mail to the Bond Insurer, , or to such other address of which the Bond Insurer shall notify the Town in writing. A. In the event that, on the second Business Day, and again on the Business Day, prior to any payment date on the 1992A Bonds, the Paying Agent has not received sufficient moneys to pay all principal of and interest on the 1992A Bonds then due, the Paying Agent shall immediately notify the Bond Insurer or its designee on the same -34- Business Day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. B. If the deficiency is made up in whole or in part prior to or on the payment date, the Paying Agent shall so notify the Bond Insurer or its designee. C. In addition, if the Paying Agent has notice that any registered owner has been required to disgorge payments of principal or interest on the 1992A Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such registered owner within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify the Bond Insurer or its designee of such fact by telephone or telegraph, confirmed in writing by registered or certified mail. D. The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for registered owners of the 1992A Bonds as follows: 1. If and to the extent there is a deficiency in amounts required to pay interest on the 1992A Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent, in form satisfactory to the Insurance Paying Agent, an instrument appointing the Bond Insurer as agent for such registered owners in any legal proceeding related to the payment of such interest and an assignment to the Bond Insurer of the claims for interest to which such deficiency relates and which are paid by the Bond Insurer, (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment from the Insurance Paying Agent with respect to the claims for interest so assigned, and (c) disburse the same to such respective registered owners; and 2. If and to the extent of a deficiency in amounts required to pay principal of the 1992A Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent in form satisfactory to the Insurance Paying Agent an instrument appointing the Bond Insurer as agent for such registered owner in any legal proceeding relating to the payment of such principal and an assignment to the Bond Insurer of any of the 1992A Bonds surrendered to the Insurance Paying Agent of so much of the principal amount thereof as has not previously been paid or for which moneys are not held by the Paying Agent and -35- available for such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment therefor from the Insurance Paying Agent, and (c) disburse the same to such registered owners. E. Payments with respect to claims for interest on and principal of 1992A Bonds disbursed by the Paying Agent from proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the Town with respect to such 1992A Bonds, and the Bond Insurer shall become the owner of such unpaid 1992A Bonds and claims for the interest in accordance with the tenor of the assignment made to it under the provisions of this subsection or otherwise. F. Irrespective of whether any such assignment is executed and delivered, the Town and the Paying Agent hereby agree for the benefit of Bond Insurer that, 1. to the extent the Bond Insurer makes payments, directly or indirectly (as by paying through the Paying Agent), on account of principal of or interest on the 1992A Bonds, the Bond Insurer will be subrogated to the rights of such registered owners to receive the amount of such principal and interest from the Town, with interest thereon as provided and solely from the sources stated in this Ordinance and the 1992A Bonds; and 2. they will accordingly pay to the Bond Insurer the amount of such principal and interest (including principal and interest recovered under subparagraph (ii) of the first paragraph of the Bond Insurance Policy, which principal and interest shall be deemed past due and not to have been paid), with interest thereon as provided in this Ordinance and the 1992A Bonds, but only from the sources and in the manner provided herein for the payment of principal of and interest on the 1992A Bonds to registered owners, and will otherwise treat the Bond Insurer as the owner of such rights to the amount of such principal and interest. Section 32. Severability. If any section, paragraph, clause, or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or -3b- unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Ordinance, the intent being that the same are severable. Section 33. Repealer. All orders, resolutions, bylaws, ordinances, or regulations of the Town, or parts thereof, inconsistent with this Ordinance are hereby repealed to the extent only of such inconsistency. Section 34. Ordinance Irrepealable. After the Bonds are issued, this Ordinance shall constitute an irrevocable contract between the Town and the registered owners of the Bonds, and shall be and remain irrepealable until the Bonds and the interest thereon shall have been fully paid, satisfied and discharged. No provisions of any constitution, statute, charter, ordinance, resolution, or other measure enacted after the issuance of the Bonds shall in any manner be construed as impairing the obligations of the Town to keep and perform the covenants contained in this Ordinance. Section 35. Recording and Authentication. Immediately on its passage this Ordinance shall be recorded in the Town Book of Ordinances kept for that purpose, authenticated by the signatures of the Mayor and Town Clerk, and shall be posted and published in accordance with the Charter. Section 36. Statutes Superseded. Pursuant to Article XX of the Colorado Constitution and the Charter, all statutes of the State of Colorado which might otherwise apply in connection with the Bonds are hereby superseded. Section 37. This Ordinance shall be effective five days after publication following final adoption. INTRODUCED, READ, PASSED, and ordered published by title at a regular meeting of the Town Council of the Town of Vail, Colorado on September 15, 1992. -37- INTRODUCED AT SECOND READING AND finally adopted at a special meeting of the Town Council on September 29, 1992. TOWN OF VAIL, COLORADO Mayor A i i SST: Town Clerk -38- e DRAFT' -September 9, 1992 ORDINANCE NO. a S SERIES OF 1992 - AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF VAIL, COLORADO SAT F4 TAX REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1992B; PROVIDING THE FORM, TERMS AND CONDTI'IONS OF THE BONDS, THE MANNER AND TERMS OF ISSUANCE, THE 1~LANNER OF EXECUTION, THE METHOD OF PAYMENT AND THE SECURITY THEREFOR; PLEDGING SALES TAX AND PARKING REVENUES OF THE TOWN FOR THE PAYMENT OF THE BONDS; PROVIDING CERTAIN COVENANTS AND OTHER DETAILS AND MAKING OTHER PROVISIONS CONCERNING THE BONDS AND THE SALES TAX AND PARKING REVENUES; RAi1rPING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1. Definitions. Terms used in this Ordinance shall have the meanings specified in this section for all purposes of this Ordinance and of any ordinance amendatory hereof, supplemental hereto or relating hereto, and of any instrument or document appertaining hereto, except where the context by clear implication otherwise requires. All definitions include the singular and plural and include all genders. Certain terms are parenthetically defined elsewhere herein. Additional Bonds: the one or more series of bonds or other securities or obligations authorized to be issued by the Town pursuant to Section 18 hereof and having a lien on the Pledged Revenues on a parity with the lien of the 1992B Bonds. Bond Fund: the fund by that name created by the 1989 Ordinance and continued in this Ordinance. Bond Insurer: Municipal Bond Investors Assurance Corporation. Bond Insurance Policy: the municipal bond insurance policy issued by the Bond Insurer guaranteeing the payment of principal of and interest on the 1992B Bonds. Bond Reserve Insurance Policv: any insurance policy, surety bond, irrevocable letter of credit or similar instrument deposited in or credited to the Reserve Fund in lieu of or in partial substitution for moneys on deposit therein. The issuer providing any such Bond Reserve Insurance Policy shall be an issuer which then is assigned an "AAA" rating or a comparable rating by Moody's Investors Service, Inc., Standard & Poor's Corporation or their successors. Bonds: the 1991 Bonds, the 1992B Bonds and any Outstanding Additional Bonds. Business Dav: a day on which banks located in the cities in which the principal offices of each of the Paying Agent and the Bond Insurer are not required or authorized to be closed and on which the New York Stock Exchange is not closed. Charter: the home rule Charter of the Town, including all amendments thereto prior to the date hereof. Commercial Bank: any depository for public funds permitted by the laws of the State for political subdivisions of the State which has a capital and surplus of $10,000,000 or more, and which is located within the United States. Construction Fund: the fund created by Section 14 hereof. Escrow Account: the Escrow Account for the Refunding established with the Escrow Bank. Escrow Agreement: the Escrow Agreement dated as of September 1, 1992 between the Town and the Escrow Bank relating to the Refunding. Escrow Bank: Central Bank National Association. Fiscal Year: the twelve months commencing on the first day of 3anuary of any calendar year and ending on the thirty-first day of December of such calendar year or such other twelve month period as may from time to time be designated by the Town Council as the Fiscal Year of the Town. General Operating Expenses: all reasonable current expenses, paid or accrued, of operating, maintaining and repairing the Parking Facilities. The term includes, without limitation, legal and incidental expenses of the various administrative departments of the -2- s Town directly or indirectly related and reasonably allocable to the administration of the Parking Facilities, insurance premiums, the reasonable charges of any paying. agent, trustee or depository bank, contractual services, professional services required by this Ordinance, salaries and administrative expenses, labor, and the costs incurred by the Town in the collection of Gross Revenues. The term does not include any allowance for depreciation, any costs of reconstruction, improvement, extension or betterment, any accumulation of reserves for capital replacements, any reserves for operation, maintenance or repair of the Parking Facilities, any allowance for the redemption of any bond or other security evidencing a loan or the payment of any interest thereon, and any legal liability not based on contract. Governmental Obligations: any of the following which are noncallable and which at the time of investment are legal investments under the Laws of the State for the moneys proposed to be invested therein: (a) direct general obligations of, or obligations the payment of principal of and interest on which are unconditionally guaranteed by, the United States of America; (b) bonds, debentures, notes, or other evidences of indebtedness issued or guaranteed by the Export-Import Bank of the United States or the Federal Financing Bank; or (c) evidences of ownership interests in obligations described in paragraph {a) or (b) above. Gross Revenues: all income and revenues derived directly or indirectly from the operation of or otherwise relating to the Parking Facilities, including, without limitation, any fee, rate or other charge assessed against any persons for the privilege of using or otherwise relating to the Parking Facilities. Housing Bonds: the Town's Single Family Revenue Refunding Bonds, 1992 Series A. Income Fund: the special fund by that name created by the 1989 Ordinance and continued by this Ordinance. -3- r Insurance Pavine Agent: , or its successors under the Bond Insurance Policy. Letter of Representations: the Letter of Representations between the Town and The Depository Trust Company. Maximum Annual Debt Service Reauirement: the maximum amount of all required payments of principal and interest on the Bonds which will become due in any Fiscal Year. For the purpose of Section 18 hereof only, Maximum Annual Debt Service Requirement shall also include the principal and interest on the 1985 Bonds until paid or defeased. Net Revenues: the Gross Revenues less General Operating Expenses. 1985 Bonds: the Town's General Obligation Refunding Bonds, Series 1985 dated as of November 15, 1985. 1985 Ordinance: Ordinance No. 23, Series of 1985, as amended by Ordinance No. 29, Series of 1985. 1989 Bonds: the Town's Sales Tax Revenue Bonds, Series 1989. 1989 Bond Ordinance: Ordinance No. 29, Series of 1989. 1991 Bonds: the Town's Sales Tax Revenue Bonds, Series 1991. 1991 Ordinance: Ordinance No. 42, Series of 1991. 1992E Bonds: the Town's Sales Tax Revenue Refunding and Improvement Bonds, Series 19928. Ordinance: this Ordinance of the Town, which provides for the issuance and delivery of the 19928 Bonds. Outstanding: as of any date of calculation, all Bonds theretofore executed, issued and delivered by the Town except: (1) Bonds theretofore cancelled by the Town, Registrar or Paying Agent, or surrendered to the Town, Registrar or Paying Agent for cancellation; (2) Bonds in lieu of or in substitution for which other Bonds shall have been executed, issued and delivered by the Town and authenticated by -4- the Registrar unless proof satisfactory to the Registrar is presented that any such Bonds are duly held by the lawful registered owners thereof; or (3) Bonds deemed to have been paid as provided in Section 20 hereof. Owner or registered owner: the registered owner of any 1992B Bond as shown on the registration books kept by the Registrar. Parkins Facilities: means all existing parking facilities, including, but not limited to, all parking facilities constructed, otherwise acquired and equipped with the proceeds of the 1989 Bonds, and all future parking facilities operated by the Town, which facilities: include all improvements, extensions, enlargements, additions or betterments to, or replacements of such facilities. Paving Agent: ,Denver, Colorado, being the agent for the Town for the payment of the 1992B Bonds and interest thereon, or its successors and assigns. Permitted Investment: any investment or deposit shown on the list attached hereto as Exhibit I, to the extent permitted by the Charter and Ordinances of the Town. Person: any individual, firm, partnership, corporation, company, association, joint-stock association or body politic; and the term includes any trustee, receiver, assignee or other similar representative thereof. Pledged Revenues: (i) the revenues derived from the Pledged Sales Tax; (ii) any additional taxes (other than a general ad valorem tax), funds or revenues which the Town hereafter pledges to the payment of Bonds; (iii) the Net Revenues; (iv) proceeds of .the Bonds or other legally available moneys deposited into and held in the Bond Fund and the Reserve Fund; and (v) interest or investment income on the Income Fund, the Bond Fund and the Reserve Fund; -5- all to the extent that such moneys are at any time required by Section 15 hereof to be deposited into and held in the Income Fund, the Bond Fund and the Reserve Fund. Pledged Sales Tax: the proceeds of the Town's current 4% Sales Tax, including that one-half of the proceeds of the Sales Tax which is also pledged to the payment of the 1985 Bonds, the 1991 Bonds and the Housing Bonds and the one-half of the proceeds of the Sales Tax which has not previously been pledged to the payment of any bonds or other obligations of the Town. The additional one-half of the proceeds of the Sales Tax also shall be pledged to the 1991 Bonds, and to the extent necessary to effect the same the 1991 Ordinance shall be deemed amended hereby. "Pledged Sales Tax" does not include incremental sales taxes which are or may be pledged to the payment of the Bonds pursuant to an urban renewal plan as defined in §31-25-103(a), C.R.S or a plan of development as defined in §31-25-802 (6.4) C.R.S. "Pledged Sales Tax" does not include amounts withheld by retailers and vendors to cover their expenses in collecting and remitting the Pledged Sales Tax, and Pledged Sales Tax does not include amounts collected by the Town and subsequently determined, pursuant to the applicable Sales Tax Ordinances, to be subject to valid claims for refunds. "Pledged Sales Tax" does not include the proceeds of any increase in the Sales Tax which may be approved in the future, unless such increase is expressly pledged by the Town. "Pledged Sales Tax" does include the proceeds derived by the Town from any legally available tax or taxes or fees (other than a general ad valorem tax) which replace or supersede the Pledged Sales Tax, regardless of whether such tax or taxes or fees are imposed by the Town or the State or other political subdivision thereof. Preliminary Official Statement: the Preliminary Official Statement dated September 1992. Proiect: the addition to the Municipal Building to be constructed and equipped with a portion of the proceeds of the 1992B Bonds and any other public improvement or equipment which the Town is legally authorized to acquire, construct or finance. Purchase Contract: the Purchase Contract between the Town and the Purchasers dated September 1992. Purchasers: Kemper Securities, Inc. and George K. Baum & Company. -6- Rebate Fund: the fund by that name ~:ceated by the 1989 Ordinance and continued by this Ordinance. Refunding: the refunding and defeasance of the 1989 Bonds with a portion of the proceeds of the 1992B Bonds. Registrar: Central Bank National Association, Denver, Colorado, being the agent for the Town for the registration, transfer and exchange of the 1992B Bonds, or its successors. Registrar Agreement: the Registrar Agreement between the Town and the Registrar dated as of October 1, 1992. Regular Record Date: the fifteenth day of the calendar month next preceding each interest payment date for the 1992B Bonds (other than a special interest payment date hereafter fixed for the payment of defaulted interest). Reserve Fund: the fund by that name created by the 1989 Ordinance and continued by this Ordinance. Reserve Fund Reauirement: an amount equal to 10% of the principal amount of the Outstanding Bonds plus an amount equal to all investment earnings on the Reserve Fund; provided that the Reserve Fund Requirement shall not exceed the Maximum Annual Debt Service Requirement. Sales Tax: the tax upon the sale and use of goods and services which is currently being levied by the Town pursuant to the Sales Tax Ordinances and any future or amended tax levied by the Town as a sales and use tax. Sales Tax Ordinances: the ordinances adopted by the Town Council of the Town for the purpose of adopting and enforcing the Sales Tax and which are in effect on the date of this Ordinance and as later amended or supplemented. Special Record Date: a special date fixed to determine the names and addresses of registered owners for purposes of paying interest ~on a special interest payment date for the payment of defaulted interest, all as further provided in Section 6 hereof. State: the State of Colorado. -7- Tax Code: the Internal Revenue Code of 1986, as amended to the date of delivery of the Bonds, and any regulations promulgated thereunder. Town: the Town of Vail, Colorado. Town Council: the Town Council of the Town or any successor in functions thereto. Trust Bank: a Commercial Bank which is authorized to exercise and is exercising trust powers. Section 2. Recitals. A. The Town is a municipal corporation duly organized and existing under the Town's Charter adopted pursuant to Article XX of the Constitution of the State of Colorado. B. Section 10.6 of the Charter permits the Town to issue securities made payable solely out of the proceeds of any sales taxes or from net revenues derived from the operation of an income-producing project, or from any combination of such revenues without an election. C. The Town imposes a Sales Tax pursuant to Section 11.1 of the Charter and the Sales Tax Ordinances. D. Pursuant to the 1985 Ordinance, the Town issued the 1985 Bonds and agreed to pledge and set aside one-half of the revenues generated by the Sales Tax to pay the principal of and interest on the 1985 Bonds, provided that the Pledged Sales Tax could also be pledged and used for the payment of the principal of and interest on other additional general obligation bonds of the Town issued thereafter on a parity with or subordinate to the 1985 Bonds with respect to the Pledged Sales Tax. The 1985 Ordinance also provided that, to the extent that the principal of and interest on the 1985 Bonds and any additional parity general obligation bonds are fully provided for in any Fiscal Year by tax revenues and other moneys legally available therefore, the Town is authorized to use such excess Pledged Sales Tax for other purposes, including, but not limited to, payment of special non-general obligation bonds of the Town which may not be issued on a parity with the 1985 Bonds, but -8- only may be issued in a subordinate and inferior position to the claim of the 1985 Bonds to the Pledged Sales Tax. E. The Town has issued the 1989 Bonds, all of which remain Outstanding, which mature on December 1 of the years and in the amounts as follows: Original Principal Aggregate Appreciated Maturity Amount Per $5,000 Interest Principal Amount at Date Value at Maturity Rate Maturity 1995 $ 554,380.20 6.50% $ 810,000 1996 2,200,134.00 6.60 3,450,000 1997 2,046,057.00 6.70 3,450,000 1998 1,899,087.00 6.80 3,450,000 1999 1,575,599.25 6.85 3,075,000 2000 924,390.60 6.90 1,940,000 F. The 1989 Bonds are not subject to redemption prior to maturity. G. The Town is not delinquent in the payment of the principal of or interest on any of the 1989 Bonds. H. Chapter X of the Town Charter authorizes the Town Council (the "Council") to issue refunding bonds without an election. I. The Council has determined and hereby declares that it is in the Town's best interest to defease the 1989 Bonds and to provide funds to pay the 1989 Bonds as they become due at maturity. J. The Town has pledged one-half of the revenues from the Sales Tax on a first priority basis to the payment of the 1985 Bonds, on a second priority basis to the 1989 Bonds and the 1991 Bonds, and on a third priority basis to the Housing Bonds. K. Except for the 1985 Bonds, the 1989 Bonds, the 1991 Bonds, the Housing Bonds, and bonds or obligations which have been paid or defeased as of the date of issuance of the 1992B Bonds, the Town has never pledged the Sales Tax to the payment of any bonds or for any purpose. Simultaneously with the issuance of the 1992B Bonds the 1989 Bonds will be refunded and defeased. The Pledged Sales Tax may now be pledged (with a lien which is in part subordinate to the lien of the 1985 Bonds but on a parity with -9- the 1991 Bonds and in part a first priority lien on a parity with the 1991 Bonds) lawfully and irrevocably for the payment of the 1992B Bonds. L. Except for the 1989 Bonds and the 1991 Bonds, the Town has never pledged the Net Revenues from the Parking Facilities. Such Net Revenues may now be pledged (with a lien that is on a parity with the lien of the 1991 Bonds) lawfully and irrevocably for the payment of the 1992B Bonds. M. The Town has received a proposal from the Purchasers for the purchase of the 1992B Bonds for the purpose of defraying in whole or in part the costs of the Project and the Refunding. N. There have been presented to the Council the proposed forms of the following documents: the Purchase Contract; the Escrow Agreement; the Letter of Representations; the Registrar Agreement; and the Preliminary Official Statement. O. The Town Council desires to cause the 1992B Bonds to be issued, to authorize and direct the application of the proceeds thereof as set forth herein, and to provide security far the payment thereof, all in the manner hereinafter set forth. Section 3. Ratification. All actions heretofore taken (not inconsistent with the provisions of this Ordinance} by the Town Council and other officers of the Town in the imposition and collection of the Sales Tax and the Gross Revenues, the Project, the Refunding, and selling and issuing the 1992B Bonds for those purposes are ratified, approved and confirmed. Section 4. Authorization of Refundine and Project. The Refunding hereby is authorized and the Project hereby is authorized at a cost of not exceeding $ (excluding costs to be paid from sources other than the proceeds of the 1992B Bonds). Section 5. Authorization of the 1992B Bonds. There hereby are authorized to be issued fully registered sales tax revenue securities of the Town, to be designated "Town of Vail, Colorado, Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B" in the aggregate principal amount of $15,095,000, to be payable and collectible, both as to principal and interest, from the Pledged Revenues. -10- Section 6. 1992B Bond Details. The 1992B Bonds shall be issued in fully registered form (i•e.• registered as to both principal and interest) initially registered in the name of Cede & Co. as nominee for The Depository Trust Company, shall be dated as of October 1, 1992, shall be issued in the denomination of $5,000 or any integral multiple thereof (provided that no 1992E Bond may be in a denomination which exceeds the principal coming due on any maturity date, and no individual 1992B Bond will be issued for more than one maturity) and shall be numbered in such manner as the Registrar may determine. The 1992B Bonds shall bear interest from their dated date until maturity at the rates per annum shown below, payable semiannually on June 1 and December 1 in each year, commencing on June 1, 1993, except that any 1992B Bond which is reissued upon transfer, exchange or other replacement shall bear interest from the most recent interest payment date to which interest has been paid or duly provided for, or if no interest has been paid, from the date of the 1992B Bonds. The 1992B Bonds shall mature on June 1 and December 1 in each of the years and amounts hereinafter designated, as follows: Interest Maturity Principal Rate Date Amount (Per Annuml The principal of and premium, if any, on any 1992B Bond shall be payable to the registered owner thereof as shown on the registration records kept by the Registrar, upon maturity thereof and upon presentation and surrender at the Paying Agent. If any 1992B Bond shall not be paid upon such presentation and surrender at or after maturity, it shall continue to draw interest at the same interest rate borne by said 1992B Bond until the principal thereof is paid in full. Payment of interest on any 1992B Band shall be made by -11- check or draft mailed by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), to the registered owner thereof at the address shown on the registration records kept by the Registrar at the close of business on the Regular Record Date for such interest payment date; but any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner thereof at the close of business on the Regular Record Date and shall be payable to the person who is the registered owner thereof at the close of business on a Special Record Date for the payment of any such defaulted interest. Such Special Record Date shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date shall be given to the registered owners of the 1992B Bonds not less than ten days prior to the Special Record Date by first-class mail to each such registered owner as shown on the Registrar's registration records on a date selected by the Registrar, stating the date of the Special Record Date and the date fixed for the payment of such defaulted interest. The Paying Agent may make payments of interest on any 1992B Bond by such alternative means as may be mutually agreed to between the owner of such 1992B Bond and the Paying Agent (provided, however, that the Town shall not be required to make funds available to the Paying Agent prior to the interest payment dates stated in this Section). All such payments shall be made in lawful money of the United States of America without deduction for the services of the Paying Agent or Registrar. Section 7. Prior Redemption. A. 1992B Bonds maturing on or before December 1, ,are not subject to prior redemption. 1992B Bonds maturing on and after December 1, shall be subject to prior redemption, at the option of the Town, in whole, or in part, in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the Bonds of a maturity are to be redeemed, by lot within a maturity in such manner as the Registrar may determine, on December 1, , or on any date thereafter, at the redemption prices set forth below (expressed as a percentage of the principal amount so redeemed) plus accrued interest to the redemption date: -12- Redemption Redemption Dates Prices ' December 1, through November 30, °~o December 1, through November 30, December 1, and thereafter B. 1992B Bonds maturing December 1, are subject to mandatory sinking fund redemption at a price equal to the principal amount thereof plus accrued is=serest to the redemption date. Such 1992B Bonds subject to mandatory sinking fund redemption shall be selected by lot in such manner a<< the Registrar shall determine (giving proportionate weight to the 1992B Bonds in denominations larger than $5,000). As and for a sinking fund for the redemption of the 1992B Bonds maturing', on December 1, ,the Town will deposit in the Bond Fund a sum together with other moneys available in the Bond Fund is sufficient to redeem (after credit as provided below) the following principal amounts of the 1992B Bonds maturing on December 1, Principal Year Amount The remaining $ of the 1992B Bonds maturing on December 1, shall be paid upon presentation and surrender at maturity unless redeemed pursuant to optional redemption prior to maturity. On or before the thirtieth day prior to each such sinking fund payment date, the Registrar shall proceed to call the 1992B Bonds indicated above (or any 1992B Bond or Bonds issued to replace such 1992B Bonds) for redemption from such. sinking fund on the next June 1 or December 1, and give notice of such call without further i~~~struction or notice from the Town. At its option, to be exercised on or before the sixtieth day next 11jv=°ceding any sinking fund redemption date, the Town may (a) deliver to the Registrar for ~v4~ncellaton 1992B Bonds subject to mandatory sinking fund redemption on such date in an aggregate principal amount desired or (b) receive a credit in respect of its sinking fund redemption obligation for any 1992B Bonds subject to mandatory sinking fund redemption on such date, -13- which prior to said date have been redeemed (other wise than through the operation of the sinking fund) and cancelled by the Registrar and not theretofore applied as a credit against any sinking fund redemption obligation. Each 1992B Bond so .delivered or previously redeemed will be credited by the Registrar at the principal amount thereof on the obligation of the Town on such sinking fund redemption date and the principal amount of 1992B Bonds to be redeemed by operation of such sinking fund on such date will be accordingly reduced. The Town will on or before the sixtieth day next preceding each sinking fund redemption date furnish the Registrar with its certificate indicating whether or not and to what extent the provisions of (a) and (b) of the preceding sentence are to be availed with respect to such sinking fund payment. Failure of the Town to deliver such certificate shall not affect the Registrar's duty to give notice of sinking fund redemption as provided in this paragraph B. C. In the case of 1992B Bonds of a denomination larger than $5,000, a portion of such 1992B Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Registrar shall, without charge to the owner of such 1992B Bond, authenticate and issue a replacement 1992B Bond or Bonds for the unredeemed portion thereof. D. Except as provided in paragraph B of this Section, the Director of Administrative Services of the Town shall (unless waived by the Registrar) give written instructions concerning any prior redemption to the Registrar at least 60 days prior to such redemption date. Notice of redemption shall be given by the Registrar in the name of the Town, by sending a copy of such notice by certified, first-class postage prepaid mail, not more than 60 nor less than 30 days prior to the redemption date, to the Purchaser, and to each registered owner of any 1992B Bond, all or a portion of which is called for prior redemption, at his address as it last appears on the registration records kept by the Registrar. Failure to give .such notice by mailing to the registered owner of any 1992B Bond or to the Purchaser of any defect therein, shall not affect the validity of the proceedings for the redemption of any other 1992B Bonds. Such notice shall identify the 1992B Bonds or portions thereof to be redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further -14- state that on such redemption date the principal amount thereof and the designated premium thereon, if any, will become due and payable at the Paying Agent, and that from and after such date interest will cease to accrue. Accrued interest to the redemption date will be paid by check or draft mailed to the registered owner (or by alternative means if so agreed to by the Paying Agent and the registered owner). Notice having been given in the manner hereinabove provided, the 1992B Bond or Bonds so called for redemption shall become due and payable on the redemption date so designated; and upon presentation and surrender thereof at the Paying Agent, the Town will pay the principal of and premium, if any, on 1992B Bond or Bonds so called for redemption. Section 8. Special Obligations. All of the 1992B Bonds, together with the interest accruing thereon, shall be payable and collectible solely out of the Pledged Revenues, which are hereby irrevocably so pledged; the owner or owners thereof may not look to any general or other fund for the payment of principal and interest on the 1992B Bonds, except the designated special funds pledged therefor; and the 1992B Bonds shall not constitute an indebtedness nor a debt within the meaning of any applicable charter, constitutional or statutory provision or limitation; nor shall they be considered or held to be general obligations of the Tovm. Section 9. Form of 1992B Bonds and Reeistration Panel. The 1992B Bonds and the registration panel shall be substantially as follows (provided that any portion of the 1992B Bond text may, with appropriate references, be printed on the back of the 1992B Bonds), with such omissions, insertions, endorsements, and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this Ordinance, or be consistent with this Ordinance and necessary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto: -15- (Form of Bond) * Insert only if bonds are delivered pursuant to Section 12 of this Ordinance. **Insert only if bonds are delivered to The Depository Trust Company pursuant to Section 13 of this Ordinance. UN ri trD STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VA1L, COLORADO SALES TAX REVENUE REFUNDING AND IMPROVEMENT BOND SERIES 1992B NO. R- $ INTEREST RATE MATURITY DATE DATED DATE CUSIP October 1, 1992 REGISTERED OWNER: PRINCIPAL AMOUNT: The Town of Vail, in the County of Eagle and State of Colorado (the "Town"), for value received, promises to pay to the registered owner specified above, or registered assigns, solely from the special funds provided therefor, the principal amount specified above, on the maturity date specified above (unless called for earlier redemption), and to pay from said sources interest thereon on June 1 and December 1 of each year, commencing on June 1, 1993, at the interest rate per annum specified above, until the principal sum is paid or payment has been provided therefor. This bond will bear interest from the most recent -16- interest payment date to which interest has been paid or provided for, or, if no interest has been paid, from the date of this bond. The principal of this bond is payable upon presentation and surrender hereof to the Town's registrar and paying agent (the "Registrar" or the "Paying Agent"), initially Central Bank National Association, in Denver, Colorado. Interest on this bond will be paid on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), by check or draft mailed to the person in whose name this bond is registered (the "registered owner") in the registration records of the Town maintained by the Registrar and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such interest payment date (the "Regular Record Date"). Any such interest not so timely paid or duly provided for shall cease to be payable to the person who is the registered owner hereof at the close of business on the Regular Record Date and shall be payable to the person who is the registered owner hereof at the close of business on a Special Record Date for the payment of any defaulted interest. Such Special Record Date shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date shall be given to the registered owners of the bonds of the series of which this is one (the "Bonds") not less than ten days prior to the Special Record Date. Alternative means of payment of interest may be used if mutually agreed to between the owner of any Bond and the Paying Agent, as provided in the ordinance of the Town authorizing the issuance of the Bonds (the "Bond Ordinance"). All such payments shall be made in lawful money of the United States of America without deduction for the services of the Paying Agent or Registrar. Bonds of the series of which this bond is a part (the "1992B Bonds") maturing on and after December 1, are subject to prior redemption, at the option of the Town, in whole, or in part, in integral multiples of $5,000, from such maturities as are selected by the Town, and if less than all of the Bonds of a maturity are to be redeemed, by lot within a maturity in such manner as the Registrar may determine, on December 1, or on any date thereafter, at the redemption prices set forth below (expressed as a percentage of the principal so redeemed) plus accrued interest to the redemption date: -17- Redemption Redemption Dates Prices December 1, through November 30, % December 1, through November 30, December 1, and thereafter Bonds of the series of which this bond is a part maturing on December 1, are subject to mandatory sinking fund redemption in the manner provided in the Bond Ordinance at a price equal to the principal amount thereof plus accrued interest to the redemption date. Bonds subject to mandatory sinking fund redemption shall be selected for mandatory sinking fund redemption by lot in such manner as the Registrar shall determine (giving proportionate weight to Bonds in denominations larger than $5,000). On or before the thirtieth day prior to each such sinking fund payment date, the Registrar will proceed to call the Bonds subject to mandatory sinking fund redemption (or any Bond or Bonds issued to replace such Bonds) for redemption on the next June 1 or December 1, and give notice of such call. The Town is entitled to certain credits against its sinking fund redemption obligation in the manner and upon the conditions provided in the Bond Ordinance. In the case of redemption of Bonds of a denomination larger than $5,000, a portion of such Bond ($5,000 or any integral multiple thereof) may be redeemed, in which case the Registrar shall, without charge to the owner of such Bond, authenticate and issue a replacement Bond or Bonds for the unredeemed portion thereof. Redemption shall be made upon not more than 60 days' and not less than 30 days' mailed notice to the original purchasers and to each registered owner of Bonds to be redeemed as shown on the registration records kept by the Registrar, in the manner and upon the conditions provided in the Bond Ordinance. The Bonds are issuable only as fully registered Bonds in denominations of $5,000 or any integral multiples thereof and are exchangeable for fully registered Bonds of the same maturity and series in equal aggregate principal amounts and in authorized denominations at the aforesaid office of the Registrar, but only in the manner, subject to the limitations and conditions, and upon payment of the charges provided in the Bond Ordinance. -18- **The Bonds are not transferable or exchangeable, except as set forth in the Bond Ordinance. Upon any partial prior redemption of this Bond, Cede & Co. in its discretion may request the Bond Registrar to authenticate a new Bond or make an appropriate notation on this Bond indicating the date and amount of prepayment, except in the case of final maturity, in which case this Bond must be presented to the Bond Registrar prior to final payment.** *This Bond is fully transferable by the registered owner hereof in person or by his duly authorized attorney on the registration records kept by the Registrar upon surrender of this Bond together with a duly executed written instrument of transfer satisfactory to the Registrar. Upon such transfer a new fully registered bond of authorized denomination or denominations of the same series, aggregate principal amount and maturity will be issued to the transferee in exchange for this bond, sub~~w to such terms and conditions and on payment of the charges as set forth in the Bond Ordnance.* The Town and the Registrar and Paying Agent may deem and treat the person in whose name this Bond is registered as the absolute owner hereof for the purpose of making payment and for all other purposes, except to the extent otherwise provided hereinabove and in the Bond Ordinance with respect to Regular and Special Record Dates for the payment of interest. *The Registrar will not be required to transfer or exchange (i) any Bond or portion thereof during a period beginning at the opening of business 15 days before the day of the mailing by the Registrar of notice of prior redemption and ending at the close of business on the day of such mailing, or (ii) any Bond or portion thereof after the mailing of notice calling such Bond or any portion thereof for prior redemption, except the unredeemed portion of Bonds being redeemed in part.* The 1992B Bonds are authorized for the purpose of defraying wholly or in part the costs of the Project and the Refunding (each as defined in the Bond Ordinance), for the payment of costs and expenses incidental thereto and to the issuance of the Bonds, and for funding a reserve for the Bonds, all under the authority of and in full conformity with the Constitution of the State of Colorado and the Town Charter and pursuant to the Bond -19- Ordinance duly adopted, published and made a law of the Town, all prior to the issuance of this bond. The Bonds do not constitute a debt or an indebtedness of the Town within the meaning of any applicable charter, constitutional or statutory provision or limitation, shall not be considered or held to be a general obligation of the Town, and are payable from, and constitute a pledge of, an irrevocable lien (but not an exclusive lien) on, all of the proceeds to be derived by the Town from the Pledged Sales Tax (as defined in the Bond Ordinance) and from certain taxes which hereafter may be imposed by the Town in addition thereto or in substitution therefor, Net Revenues of the Parking Facilities (each as defined in the Bond Ordinance), any taxes, funds or revenues which the Town hereafter pledges to the payment of the Bonds, certain other moneys held in the Bond Fund and the Reserve Fund (as both such funds are defined in the Bond Ordinance), and investment income on certain funds, all to the extent that such moneys are at any time required to be deposited into and held in the Income Fund, the Bond Fund, and the Reserve Fund as provided in the Bond Ordinance, subject to certain exceptions and exclusions as provided in the Bond Ordinance (the "Pledged Revenues"). The Bonds constitute a pledge of, and an irrevocable lien (but not an exclusive lien) on all of the Pledged Revenues. The Bonds are equitably and ratably secured by a lien on the Pledged Sales Tax. As to one-half of the Sales Tax (as defined in the Bond Ordinance) revenues the Bonds constitute a second and subordinate lien (but not necessarily an exclusive second lien) upon the Pledged Sales Tax, such lien being second and subordinate to the lien of the Town's outstanding General Obligation Bonds, Series 1985 (the "1985 Bonds"). As to the other one-half of the Sales Tax revenues, the Bonds constitute a first and prior lien on a parity with the Town's Sales Tax Revenue Bonds, Series 1991 (the "1991 Bonds"). In connection with the Pledged Sales Tax and as required by the ordinance which authorized the 1985 Bonds, the Town shall fully provide for the debt service, reserve account, and other requirements of the 1985 Bonds in any fiscal year and, only after such provision, -20- may use excess Pledged Sales Taxes for the payment of the principal of and interest on the Series Bonds, by transfemng such excess Pledged Sales Taxes to the Income Fund (as defined in the Bond Ordinance). Payment of the principal of and interest on this bond shall be made from, and as security for such payment there are irrevocably (and exclusively) pledged, pursuant to the Bond Ordinance, moneys deposited and to be deposited in a special fund of the Town (the "Bond Fund") into which fund the Town has covenanted under the Bond Ordinance to pay from the Pledged Revenues a sum sufficient, together with other moneys available in the Bond Fund therefor, to pay when due the principal of and interest on the 1991 Bonds, the 1992B Bonds and any Additional Bonds (as defined in the Bond Ordinance). In addition, there is irrevocably and exclusively pledged to the payment of the 1991 Bonds, the 1992B Bonds and any Additional Bonds a reserve fund (the "Reserve Fund") which will be maintained as provided in the Bond Ordinance. Except as otherwise specified in the Bond Ordinance, this Bond is entitled to the benefits of the Bond Ordinance equally and ratably both as to principal (and redemption price) and interest with aII other Bonds issued and to be issued under the Bond Ordinance, to which reference is made for a description of the rights of the owners of the 1992B Bonds and the rights and obligations of the Town. This bond is payable from the Pledged Revenues, and the owner hereof may not look to any general or other fund of the Town for the payment of the principal of and interest on this bond except the Pledged Revenues. Reference is made to the Bond Ordinance for the provisions, among others, with respect to the custody and application of the proceeds of the 1992B Bonds, the receipt and disposition of the Pledged Revenues, the nature and extent of the security, the terms and conditions under which additional bonds payable from the Pledged Revenues may be issued, the rights, duties and obligations of the Town, and the rights of the owners of the Bonds; and by the acceptance of this bond the owner hereof assents to all provisions of the Bond Ordinance. The principal of and the interest on this bond shall be -21- paid, and this bond is transferable, free from and without regard to any equities between the Town and the original or any intermediate owner hereof or any setoffs or cross-claims. This bond must be registered in the name of the owner as to both principal and interest on the registration records kept by the Registrar in conformity with the provisions stated herein and endorsed herein and subject to the terms and conditions set forth in the Bond Ordinance. No transfer of this bond shall be valid unless made on the registration records maintained at the principal office of the Registrar by the registered owner or his attorney duly authorized in writing. It is further certified and recited that all the requirements of law have been fully complied with by the proper Town officers in the issuance of this bond. This bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the certificate of authentication herein. IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has caused this bond to be signed and executed in its name with a manual or facsimile signature of the Mayor of the Town, and to be signed, executed and attested with a manual or facsimile signature of the Town Clerk, with a manual or facsimile impression of the seal of the Town affixed hereto, all as of the date specified above. (Manual or Facsimile Signature) Mayor (MANUAL OR FACSIMILE SEAL) Attest: (Manual or Facsimile Signature) Town Clerk (End of Form of Bond) -22- (Form of Registrar's Certificate of Authentication) This is one of the Bonds described in the within-mentioned Bond Ordinance, and this Bond has been duly registered on the registration records kept by the undersigned as Registrar for such Bonds. as Registrar Date of Authentication By: and Registration: Authorized Officer or Employee (End of. Form of Registrar's Certificate of Authentication) -23- * * (Form of Prepayment Panel) The following installments of principal (or portion thereof) of this bond have been prepaid in accordance with the terms of the Bond Ordinance authorizing the issuance of this bond. Signature of Date of Principal Authorized Prepayment Prepaid Representative of the Depository (End of Form of Prepayment Panel) MAY BE PRINTED ON THE BACK OF THE BOND AND THE FOLLOWING STATEMENT INSERTED REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF; SUCH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME Errr,CT AS IF SET FORTH HERE.** -24- - * (Form of Assignment) For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and hereby irrevocably constitutes and appoints attorney, to transfer the same on the records of the Registrar, with full power of substitution in the premises. Dated: Signature Guaranteed: Address of transferee: Social Security or other tax identification number of transferee: NOTE: The signature to this Assignment must correspond with the name as written on the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever. EXCHANGE OR TRANSFER FEES MAY BE CHARGED (End of Form of Assignment) -25- Section 10. Negotiability. Subject to the registration provisions hereof, the 19928 Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, and the owner or owners thereof shall possess alI rights enjoyed by the holders or owners of negotiable instruments under the provisions of the Uniform Commercial Code-Investment Securities. The principal of and interest on the 19928 Bonds shall be paid, and the 19928 Bonds shall be transferable, free from and without regard to any equities between the Town and the original or any intermediate owner of any 19928 Bonds or any setoffs or cross- claims. Section 11. Execution. The 19928 Bonds shall be executed in the name and on behalf of the Town by the signature of the Mayor, shall be sealed with a manual or facsimile impression of the seal of the Town and attested by the signature of the Town Clerk. Each 19928 Bond shall be authenticated by the manual signature of an authorized officer or employee of the Registrar as hereinafter provided. The signatures of the Mayor and the Town Clerk may be by manual or facsimile signature. The 19928 Bonds bearing the manual or facsimile signatures of the officers in office at the time of the authorization thereof shall be the valid and binding obligations of the Town (subject to the requirement of authentication by the Registrar as hereinafter provided), notwithstanding that before the delivery thereof and payment therefor or before the issuance of the 19928 Bonds upon transfer or exchange, any or all of the persons whose manual or facsimile signatures appear thereon shall have ceased to fill their respective offices. The Mayor and the Town Clerk shall, by the execution of a signature certificate pertaining to the 19928 Bonds, adopt as and for their respective signatures any facsimiles thereof appearing on the 19928 Bonds. At the time of the execution of the signature certificate, the Mayor and the Town Clerk may each adopt as and for his or her facsimile signature the facsimile signature of his or her predecessor in office in the event that such facsimile signature appears upon any of the 19928 Bonds. No 19928 Bond shall be valid or obligatory for any purpose unless the certificate of authentication, substantially in the form hereinafter provided, has been duly manually executed by the Registrar. The Registrar's certificate of authentication shall be -26- deemed to have been duly executed by the Registrar if manually signed by an authorized officer or employee of the Registrar, but it shall not be necessary that the same officer or employee sign the certificate of authentication on all of the 19928 Bonds issued hereunder. By authenticating any of the 19928 Bonds initially delivered pursuant to this Ordinance, the Registrar shall be deemed to have assented to the provisions of this Ordinance. Section 12. Registration. Transfer and Exchange. A. Except as provided in Section 13, records for the registration and transfer of the 19928 Bonds shall be kept by the Registrar, which is hereby appointed by the Town as registrar (i•e•, transfer agent) for the 19928 Bonds. Upon the surrender for transfer of any 19928 Bond at the Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing, the Registrar shall enter such transfer on the registration records and shall authenticate and deliver in the name of the transferee or transferees a new 19928 Bond or Bonds of the same series, of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. 19928 Bonds may be exchanged at the Registrar for an equal aggregate principal amount of 19928 Bonds of the series and the same maturity of other authorized denominations. The Registrar shall authenticate and deliver a 19928 Bond or Bonds which the registered owner making the exchange is entitled to receive, bearing a number or numbers not previously assigned. The Registrar may impose reasonable charges in connection with such exchanges and transfers of 19928 Bonds, which charges (as well as any tax or other governmental charge required to be paid with respect to such exchange or transfer) shall be paid by the registered owner requesting such exchange or transfer. B. Except as provided in Section 13, the Registrar shall not be required to transfer or exchange (1) any 19928 Bond or portion thereof during a period beginning at the opening of business 15 days before the day of the mailing of notice of prior redemption as herein provided and ending at the close of business on the day of such mailing, or (2) any 19928 Bond or portion thereof after the mailing of notice calling such 19928 Bond or any portion thereof for prior redemption, except for the unredeemed portion of the 19928 Bonds being redeemed in part. -27- C. The person in whose name any 19928 Bond shall be registered on the registration records kept by the Registrar shall be deemed and regarded as the absolute owner thereof for the purpose of making payment thereof and for all other purposes; except as may be otherwise provided in Section 6 hereof with respect to payment of interest; and, subject to such exception, payment of or on account of either principal or interest on any 19928 Bond shall be made only to or upon the written order of the registered owner thereof or his legal representative, but such registration may be changed upon transfer of such 19928 Bond in the manner and subject to the conditions and limitations provided herein. All such payments shall be valid and effectual to discharge the liability upon such 19928 Bond to the extent of the sum or sums so paid. D. If any 19928 Bond shall be lost, stolen, destroyed or mutilated, the Registrar shall, upon receipt of such evidence, information or indemnity relating thereto as it and the Town may reasonably require, authenticate and deliver a replacement 19928 Bond or Bonds of a like aggregate principal amount and of the same maturity, bearing a number or numbers not previously assigned. If such lost, stolen, destroyed, or mutilated 1992E Bond shall have matured or is about to become due and payable, the Registrar may direct the Paying Agent to pay such 19928 Bond in lieu of replacement. E. The officers of the Town are authorized to deliver to the Registrar fully executed but unauthenticated 19928 Bonds in such quantities as may be convenient to be held in custody by the Registrar pending use as herein provided. F. Whenever any 19928 Bond shall be surrendered to the Paying Agent upon payment thereof, or to the Registrar for transfer, exchange or replacement as provided herein, such 19928 Bond shall be promptly cancelled by the Paying Agent or Registrar, and counterparts of a certificate of such cancellation shall be furnished by the Paying Agent or Registrar to the Town. Section 13. Book Entrv. A. Notwithstanding any contrary provision of this Ordinance, the Bonds shall initially be evidenced by one Bond for each maturity in which the Bonds mature in denominations equal to the aggregate principal amount of the Bonds maturing for that -28- maturity. Such initially delivered Bonds shall be registered in the name of "Cede & Co." as nominee for The Depository Trust Company, the securities depository for the Bonds. The Bonds may not thereafter be transferred or exchanged except: (1) to any successor of The Depository Trust Company or its nominee, which successor must be both a "clearing corporation" as defined in Section 4-8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended; or (2) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or this clause (2) of this paragraph (a), or a determination by the Council that The Depository Trust Company or such successor or new depository is no longer able to carry out its functions, and the designation by the Council of another depository institution acceptable to the Council and to the depository then holding the Bonds, which new depository institution must be both a "clearing corporation" as defined in Section 4-8-102(3), Colorado Revised Statutes and a qualified and registered "clearing agency" under Section 17A of the Securities Exchange Act of 1934, as amended, to carry out the functions of The Depository Trust Company or such successor new depository; or (3) upon the resignation of The Depository Trust Company or a successor or new depository under clause (1) or clause (2) of this paragraph (a), or a determination of the Council that The Depositary Trust Company or such successor or new depository is no longer able to carry out its functions, and the failure by the Council, after reasonable investigation, to locate another qualified depository institution under clause (2) to carry out such depository functions. B. In the case of a transfer to a successor of The Depository Trust Company or its nominee as referred to in clause (1) of paragraph (a) hereof or designation of a new depository pursuant to clause (2) of paragraph (a) hereof, upon receipt of the -29- Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, a new Bond for each maturity of the Bonds then Outstanding shall be issued to such successor or new depository, as the case may be, or its nominee, as is specified in such written transfer instructions. In the case of a resignation or determination under clause (3) of paragraph (a) hereof and the failure after reasonable investigation to locate another qualified depository institution for the Bonds as provided in clause (3) of paragraph (a) hereof, and upon receipt of the Outstanding Bonds by the Bond Registrar, together with written instructions for transfer satisfactory to the Bond Registrar, new Bonds shall be issued in the denominations of $5,000 or any integral multiple thereof, as provided in and subject to the limitations of Section 12 hereof, registered in the names of such persons, and in such authorized denominations as are requested in such written transfer instructions; however, the Bond Registrar shall not be required to deliver such new Bonds within a period of less than 60 days from the date of receipt of such written transfer instructions. C. The Council, the Bond Registrar and the Paying Agent shall be entitled to treat the registered owner of any Bond as the absolute owner thereof for all purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them and the Council, the Bond Registrar and the Paying Agent shall have no responsibility for transmitting payments to the beneficial owners of the Bonds held by The Depository Trust Company or any successor or new depository named pursuant to paragraph (a) hereof. D. The Council, the Bond Registrar and the Paying Agent shall endeavor to cooperate with The Depository Trust Company or any successor or new depository named pursuant to clause (1) or (2) of paragraph (a) hereof in effectuating payment of the principal amount of the Bonds upon maturity or prior redemption by arranging for payment in such a manner that funds representing such payments are available to the depository on the date they are due. Section 14. Delivery of 1992B Bonds and Disposition of Proceeds. When the 1992B Bonds have been duly executed by appropriate Town officers and authenticated by the -30- Registrar, the Town shall cause the 1992B Bonds to be delivered to the Purchasers on receipt of the agreed purchase price. The 1992B Bonds shall be delivered in such denominations as the Purchaser shall direct (but subject to the provisions of Section 12 hereof); and the Registrar shall initially register the 1992B Bonds in such name or names as the Purchaser shall direct. The proceeds of the 1992B Bonds, including without limitation the accrued interest thereon, shall be deposited promptly by the Town and shall be accounted for in the following manner and are hereby pledged therefor, but the Purchasers of the 1992B Bonds or any subsequent Owner in no manner shall be responsible for the application or disposal by the Town or any of its officers of any of the funds derived from the sale: (i) All accrued interest, if any, received in respect of the 1992B Bonds shall be credited to the Bond Fund to be applied to the payment of the 1992B Bonds. (ii) An amount, together with other available funds of the Town, sufficient to establish any initial cash balance remaining uninvested and to buy Governmental Obligations to effect the Refunding shall be deposited to the Escrow Account. (iii) All remaining proceeds of the 1992B Bonds shall be credited to the following special and separate account, hereby created and established, to be known as the "Town of Vail, Colorado Sales Tax Revenue Refunding and Improvement Bonds, Series 1992B Construction Fund," to be used, together with any other available moneys therefor, to pay the costs of the Project, including costs incidental to the issuance of the 1992B Bonds. After payment of all costs of the Project, or after adequate provisions therefor is made, any unexpended balance in the Construction Fund shall be deposited in the Bond Fund and applied to the payment of the principal of and interest on the 1992B Bonds. Section 15. Use of Moneys in Income Fund. Subject to Section 17, so long as any Bonds shall be Outstanding, either as to principal or interest, the Pledged Revenues -31- shall, upon receipt by the Town, be deposited in a special and separate account, heretofore created and established by the 1989 Ordinance and continued by this Ordinance, known as the "Town of Vail Income Fund." The following payments shall be made from the Income Fund: A. Bond Fund. First, there shall be credited from the Income Fund to a fund created by the 1989 Ordinance and known as the "Town of Vail, Sales Tax Bond Fund" the following amounts: 1. Interest Payments. Monthly to the Bond Fund an amount in equal monthly installments necessary, together with any moneys therein and available therefor, to pay the interest due and payable on the Outstanding Bonds on the next succeeding interest payment date. 2. Principal Payments. Monthly to the Bond Fund an amount in equal monthly installments necessary, together with any moneys therein and available therefor, to pay the principal and redemption premium, if any, due and payable on the Outstanding Bonds on the next succeeding principal payment date. If prior to any interest payment date or principal payment date there has been accumulated in the Bond Fund the entire amount necessary to pay the next maturing installment of interest or principal, or both, the payment required in subparagraph (1) or (2) (whichever is applicable) of this paragraph, may be appropriately reduced; but the required monthly amounts again shall be so credited to such account commencing on such interest payment date or principal payment date. The moneys in the Bond Fund shall be used only to pay the principal of, prior redemption premium if any, and interest on the Bonds as the same becomes due. B. Reserve Fund. Second, except as hereinafter provided, from any moneys remaining in the Income Fund there shall be credited monthly to a separate account created by the 1989 Ordinance and continued by this Ordinance known as the '"Town of Vail Sales Tax Revenue Bonds Reserve Fund" an amount, if any, which is necessary to maintain the Reserve Fund as a continuing reserve in an amount not less than the Reserve Fund Requirement or to pay the issuer of any Bond Reserve Insurance Policy any amounts owing -32- ' to such issuer under the terms of the Bond Reserve Insurance Policy. In determining the amounts required to be deposited as provided above, the Town shall receive credit for any investment earnings on the deposit in the Reserve Fund. Investment earnings on deposits in the Reserve Fund shall remain in the Reserve Fund until the amount on deposit equals the Maximum Annual Debt Service Requirement. No credit need be made to the Reserve Fund so long as the moneys and/or a Bond Reserve Insurance Policy therein equal the Reserve Fund Requirement (regardless of the source of such accumulations). The Reserve Fund Requirement shall be accumulated and maintained as a continuing reserve to be used, except as provided in subsections C and E of this Section and Section 21 hereof, only to prevent deficiencies in the payment of the principal of and the interest on the Bonds resulting from the failure to credit to the Bond Fund sufficient funds to pay said principal and interest as the same accrue or to pay the issuer of any Bond Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy. The Reserve Fund Requirement shall be calculated upon (i) any principal payment, whether at stated maturity or upon redemption, (ii) the issuance of Additional Bonds, or (iiij the defeasance of all or a portion of the Bonds. In lieu of all or a portion of the moneys required to be deposited in the Reserve Fund by this Ordinance, the Town may at any time or from time to time deposit a Bond Reserve Insurance Policy in the Reserve Fund in full or partial satisfaction of the Reserve Fund Requirement. Any such Bond Reserve Insurance Policy shall be payable on any date on which moneys will be required to be withdrawn from the Reserve Fund as provided herein. Upon deposit ef~ any Bond Reserve Insurance Policy in the Reserve Fund, the Town may transfer moneys equal to the amount payable under the Bond Reserve Insurance Policy from the Reserve Fund and apply such moneys to any lawful purpose. If the covenant contained in Section 20.K. of this Ordinance does not permit the use of proceeds of any series of Bonds for a full funding of the Reserve Fund in the amount of the Reserve Fund Requirement, the maximum amount of proceeds of such series of Bonds which may be deposited to the Reserve Fund pursuant to Section 20.K. shall be deposited to the Reserve Fund upon the issuance of such series of Bonds and Pledged -33- Revenues shall be deposited to the Reserve Fund monthly so that not later than twelve calendar months after the date of issuance of such series of Bonds the amount on deposit in the Reserve Fund shall equal the Reserve Fund Requirement. C. Termination Upon Deposits to Maturity or Redemption Date. No payment need be made into the Bond Fund, the Reserve Fund, or both, if the amount in the Bond Fund and the amount in the Reserve Fund total a sum at least equal to the entire amount of the Outstanding Bonds, both as to principal and interest to their respective maturities, or to any redemption date on which the Town shall have exercised its option to redeem the Bonds then Outstanding and thereafter maturing, including any prior redemption premiums then due, and both accrued and not accrued, in which case moneys in the Bond Fund and Reserve Fund in an amount at least equal to such principal and interest requirements shall be used solely to pay such as the same accrue, and any moneys in excess thereof in the two Funds may be withdrawn and used for any lawful purpose. D. Defravin~ Delinquencies in Bond and Reserve Funds. If on any required monthly payment date the Town shall for any reason fail to pay into the Bond Fund the full amount above stipulated, then an amount shall be paid into the Bond Fund on such date from the Reserve Fund equal to the difference between the amount paid and the full amount so stipulated. The money so used shall be replaced in the Reserve Fund from the first Pledged Revenues received that are not required to be otherwise applied by this section, but excluding any payments required for any subordinate obligations; provided, however, that an amount equal to the amount withdrawn from the Reserve Fund shall be deposited by the Town in the Reserve Fund no later than twelve months from the date of such withdrawal. If at any time the Town shall for any reason fail to pay into the Reserve Fund the full amount above stipulated from the Pledged Revenues, the difference between the amount paid and the amount so stipulated shall in a like manner be paid therein from the first Pledged Revenues thereafter received not required to be applied otherwise by this section, but excluding any payments required for any subordinate obligations. The moneys in the Bond Fund and in the Reserve Fund shall be used solely for the purpose of paying the principal and any redemption premium of and the interest on the Bonds and moneys in the Reserve -34- - Fund shall be used to pay the issuer of any Bond Reserve Insurance Policy any amounts owing to such issuer under the terms of the Bond Reserve Insurance Policy; provided, however, that any moneys at any time in excess of the Reserve Fund Requirement calculated with respect to the Bonds in the Reserve Fund may be withdrawn therefrom and used for any lawful purpose; and provided, further, that any moneys in the Bond Fund and in the Reserve Fund in excess of accrued and unaccrued principal and interest requirements to the respective maturities of the Outstanding Bonds may be used as provided in Paragraph D of this section. E. Rebate Fund. Third, there shall be deposited in a special account created by the 1989 Ordinance and continued by this Ordinance known as the "Town of Vail Sales Tax Revenue Bonds Rebate Fund" amounts required by Section 148(f} of the Tax Code to be held until such time as any required rebate payment is made. Amounts in the Rebate Fund shall be used for the purpose of making the payments to the United States required by Section 148(f) of the Tax Code. Any amounts in excess of those required to be on deposit therein by Section 148(f) of the Tax Code shall be withdrawn therefrom and deposited into the Income Fund. Funds in the Rebate Fund shall not be subject to the lien created by this Ordinance to the extent such amounts are required to be paid to the United States Treasury. The Town may create separate accounts in the Rebate Fund in connection with the issuance of Additional Bonds. F. Pavment for Subordinate Obligations. After the payments required by Paragraphs A, B and E of this Section, the Pledged Revenues shall be used by the Town for the payment of interest on and principal of any subordinate lien obligations hereafter authorized to be issued and payable from thc~ fledged Revenues, including reasonable reserves therefor. G. Use of Remaining Revenues. After making the payments required to be made by this Section, any remaining Pledged Revenues may be used for any lawful purpose. -35- I Nothing in this Ordinance shall prevent the Town from withdrawing from the _ Income Fund amounts collected by the Town and subsequently determined, pursuant to the applicable Sales Tax Ordinances, to be subject to valid claims for refunds. Section 16. General Administration of Funds. The funds designated in Sections 14 and 15 hereof shall be administered as follows subject to the limitations stated in Section 20.K. hereof: A. Budeet and Appropriation of Funds. The sums provided to make the payments specified in Section 15 hereof are hereby appropriated for said purposes, and said amounts for each year shall be included in the annual budget and the appropriation ordinance or measures to be adopted or passed by the Town Council in each year respectively while any of the 1992B Bonds, either as to principal or interest, are Outstanding and unpaid. No provision of any constitution, statute, charter, ordinance, resolution, or other order or measure enacted after the issuance of the 1992B Bonds. shall in any manner be construed as limiting or impairing the obligation of the Town to keep and perform the covenants contained in this Ordinance so long as any of the 1992B Bonds remain Outstanding and unpaid. Nothing herein shall prohibit the Town Council, at its sole option, from appropriating and applying other funds of the Town legally available for such purpose to the Bond Fund or Reserve Fund for the purpose of providing for the payment of the principal of, interest on or any premiums due with respect to the 1992B Bonds. B. Places and Times of Deposits. Each of the special funds created in Section 15 hereof and the Construction Fund created in Section 14 hereof shall be maintained in a Commercial Bank as a book account kept separate and apart from all other accounts or funds of the Town as trust accounts solely for the purposes herein designated therefor. For purposes of investment of moneys, nothing herein prevents the commingling of moneys accounted for in any two or more such book accounts pertaining to the Pledged Revenues or to such funds and any other funds of the Town to be established under this Ordinance. Such book account shall be continuously secured to the fullest extent required by the laws of the State for the securing of public funds and shall be irrevocable and not withdrawable by anyone for any purpose other than the respective designated purposes of -3b- such funds or accounts. Each periodic payment shall be credited to the proper book account not later than the date therefor herein designated, except that when any such date shall be a Saturday, a Sunday or a legal holiday, then such payment shall be made on or before the next preceding business day. C. Investment of Funds. Any moneys in the Construction Fund created pursuant to Section 14 hereof, and any moneys in any fund established by Section 15 of this Ordinance may be invested or reinvested in any Permitted Investment. Securities or obligations purchased as such an investment shall either be subject to redemption at any time at face value by the holder thereof at the option of such holder, or shall mature at such time or times as shall most nearly coincide with the expected need for moneys from the fund in question. Securities or obligations so purchased as an investment of moneys in any such fund shall be deemed at all times to be a part of the applicable fund. The Town shall present for redemption or sale on the prevailing market any securities or obligations so purchased as an investment of moneys in a given fund whenever it shall be necessary to do so in order to provide moneys to meet any required payment or transfer from such fund. The Town shall have no obligation to make any investment or reinvestment hereunder, unless any moneys on hand and accounted for in any one account exceed $5,000 and at least $5,000 therein will not be needed for a period of not less than 60 days. In such event the Town shah invest or reinvest not less than substantially alt of the amount which will not be needed during such 60 day period, except for any moneys on deposit in an interest bearing account in a Commercial Bank, without regard to whether such moneys are evidenced by a certificate of deposit or otherwise, pursuant to this Section 16.C. and Section 16.E. hereof; but the Town is not required to invest, or so to invest in such a manner, any moneys accounted for hereunder if any such investment would contravene the covenant concerning arbitrage in Section 20.K. hereof. D. No Liability for Losses Incurred in Performing Terms of Ordinance. Neither the Town nor any officer of the Town shall be liable or responsible for any loss resulting from any investment or reinvestment made in accordance with this Ordinance. -37- E. Character of Funds. The moneys in any fund or account herein authorized shall consist of lawful money of the United States or investments permitted by Section 16.C. hereof or both such money and such investments. Moneys deposited in a demand or time deposit account in or evidenced by a certipicate of deposit of a Commercial Bank pursuant to Sections 16.B. and 16.C. hereof, appropriately secured according to the laws of the State, shall be deemed lawful money of the United States. Section 17. Lien on Pledged Revenues. The 1992B Bonds constitute a pledge of, and an irrevocable lien (but not an exclusive lien) on all of the Pledged Revenues on a parity with the lien of the 1991 Bonds. The 1992B Bonds are equitably and ratably secured by a lien on the Pledged Revenues. The 1992B Bonds, in accordance with the 1985 Ordinance, only constitute a second and subordinate lien (but not an exclusive second lien) upon one-half of the Pledged Sales Tax, such lien being second and subordinate to the lien of the Town's 1985 Bonds. In connection with the Pledged Sales Tax and as required by the 1985 Ordinance, the Town shall fully provide for the debt service, reserve account, and other requirements of the 1985 Bonds from one-half of the Pledged Sales Tax in any Fiscal Year and, only after such provision, may use excess of such Pledged Sales Taxes for the payment of the principal of and interest on the 1992B Bonds, 1991 Bonds and any Additional Bonds, by transferring such excess Pledged Sales Taxes to the Income Fund. The 1992B Bonds constitute an irrevocable and first lien (but not an exclusive first lien) upon the other Pledged Revenues, including the other one-half of the Pledged Sales Tax, on a parity with the 1991 Bonds. Section 18. Additional Bonds. A. Limitations Uoon Issuance of Additional Bonds. Nothing in this Ordinance shall be construed in such a manner as to prevent the issuance by the Town of additional bonds or other obligations, payable from and constituting a lien upon the Pledged Revenues on a parity with the lien of the 1992B Bonds (the "Additional Bonds"). Such Additional Bonds may be payable solely from Pledged Revenues or they may be payable from Pledged Revenues and another revenue or fund of the Town ("Additional Pledged Revenues"). Regardless of whether payable solely from Pledged Revenues or from Pledged -38- Revenues and Additional Pledged Revenues, before any such bonds or other obligations are authorized or actually issued the following condition shall be satisfied: for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the amount of Pledged Sales Tax Revenues in such Fiscal Year must equal or exceed 125% of the Maximum Annual Debt Service Requirement on the Bonds (including the Additional Bonds proposed to be issued) and the amount of Pledged Revenues in such Fiscal Year must equal or exceed 140% of the Maximum Annual Debt Service Requirement on the Bonds (including the Additional Bonds proposed to be issued). For the purpose of satisfying the aforementioned 125% test and 140% test, any tax, now existing or hereafter imposed, which legally becomes a part of the Pledged Revenues during the Fiscal Year preceding the issuance of Additional Bonds, or any tax which is to legally become a part of the Pledged Revenues immediately prior to the issuance of Additional Bonds, or any increase in the rate of any tax which is a part of the Pledged Revenues which increase is imposed during the Fiscal Year preceding the issuance of Additional Bonds or any such increase which is to be imposed immediately prior to the issuance of Additional Bonds can be considered for its estimated effect on the amount of the Pledged Revenues as if such tax or increase had been in effect for the Fiscal Year immediately preceding the issuance of such Additional Bonds. Any tax which is no longer in effect at the time of issuance of the Additional Bonds shall not be considered for purposes of satisfying such tests. Any Pledged Revenue which is not a tax shall be considered similarly for purposes of satisfying such tests. If the ordinance authorizing a series of Additional Bonds will pledge Additional Pledged Revenues to the Bonds, the estimated effect of the amount of such Additional Pledged Revenues may be considered as if such revenues had been received for the last Fiscal Year immediately preceding the issuance of such Additional Bonds. B. Certificate of Revenues. A written certification by a certified public accountant who is not an employee of the Town that the requirements of paragraph A of this section have been met shall be conclusively presumed to be accurate in determining the right of the Town to authorize, issue, sell and deliver said Additional Bonds on a parity with the 1992B Bonds herein authorized. -39- C. Subordinate Obligations Permitted. Nothing in this Ordinance shall be construed in such a manner as to prevent the issuance by the Town of additional obligations payable from and constituting a lien upon the Pledged Revenues subordinate or junior to the lien of the 1992B Bonds. D. Superior Obligations Prohibited. Nothing in this Ordinance shall be construed so as to permit the Town to hereafter issue obligations payable from the Pledged Revenues having a lien thereon prior or superior to the 1992B Bonds. Section 19. Refunding Obliations. A. Generallv,. If at any time after the 1992B Bonds, or any part thereof, shall have been issued and remain Outstanding, the Town shall find it desirable to refund any Outstanding obligations payable from the Pledged Revenues, said obligations, or any part thereof, may be refunded, subject to the provisions of Paragraph B of this Section, if (1) the obligations to be refunded, at the time of their required surrender for payment, shall then mature or shall then be callable for prior redemption at the Town's option upon proper call, or (2) the owners of the obligations to be refunded and the Bond Insurer, if the Bond Insurer insured such obligations, consent to such surrender and payment. B. Protection of Obligations Not Refunded. Any refunding obligations payable from the Pledged Revenues shall be issued with such details as the Town Council may provide, so long as there is no impairment of any contractual obligation imposed upon the Town by any proceedings authorizing the issuance of any unrefunded portion of obligations payable from the Pledged Revenues; but so long as any 1992B Bonds are Outstanding, refunding obligations payable from the Pledged Revenues may be issued on a parity with the unrefunded Bonds only if: 1. Prior Consent. The Town first receives the consent of the owner or owners of the unrefunded Bonds and the Bond Insurer, if the Bond Insurer insured such obligations; or 2. Requirements Not Increased. The refunding obligations do not increase by more than $25,000, for any Fiscal Year prior to and including the last maturity date of any unrefunded Bonds, the aggregate principal and interest requirements evidenced -40- by such refunding obligations and by any Outstanding Bonds not refunded, and the lien of any refunding parity obligations on the Pledged Revenues is not raised to a higher priority than the lien thereon of any obligations thereby refunded; or 3. Earnines Test. The refunding obligations are issued in compliance with paragraphs A and B of Section 19 hereof. Section 20. Protective Covenants. The Town hereby additionally covenants and agrees with each and every owner of the 1992B Bonds that: A. Use of 1992B Bond Proceeds. The Town will proceed with the construction of the Project and the Refunding without delay and with due diligence. B. Payment of 1992B Bonds. The Town will promptly pay the principal of and interest on every 1992B Bond issued hereunder and secured hereby on the dates and in the manner specified herein and in said 1992B Bonds according to the true intent and meaning hereof. Such principal and interest is payable solely from the Pledged .Revenues. C. Amendment of Certain Ordinances: Duty to Impose Sales Tax; Impairment of Contract. The Sales Tax Ordinances are in full force and effect and have not been repealed or amended. The Town will not repeal or amend said Sales Tax Ordinances in any manner which would diminish the proceeds of the Sales Tax by an amount which would materially adversely affect the rights of the owners of the Bonds. The Town agrees that any law, ordinance or resolution of the Town in any manner affecting the Pledged Revenues or the Bonds, or otherwise appertaining thereto, shall not be repealed or otherwise directly or indirectly modihed in such manner as to materially adversely affect any Bonds Outstanding, unless the required consent is obtained, all as provided in Section 35 of this Ordinance. Notwithstanding any other provision of this Section or this Ordinance, the Town shall retain the right to make changes, without any consent of Bond owners or the Bond Insurer, in the Sales Tax Ordinances, or any ordinance supplemental thereto or in substitution therefor, concerning the use of proceeds of the Pledged Sales Tax remaining after the current requirements of all ordinances authorizing bonds or other securities payable from the Pledged Sales Tax, or any portion thereof, have been met; or concerning changes -41- in applicability, exemptions, administration, collection, or enforcement of the Sales Tax, if such changes do not materially adversely affect the security for the Bonds; but the Town shall not reduce the current rate of the Pledged Sales Tax without the consent of the owners of 66 percent in aggregate principal amount of the then Outstanding 1992B Bonds or the Bond Insurer (whichever is appropriate), as provided in Section 35 of this Ordinance. The foregoing covenants are subject to compliance by the Town with orders of courts of competent jurisdiction concerning the validity, constitutionality or collection of such tax revenues, any legislation of the United States or the State or any regulation or other action taken by the federal government, any State agency or any political subdivision of the State pursuant to such legislation, in the exercise of the police power thereof for the public welfare, which legislation, regulation or action applies to the Town as a Colorado home rule city and limits or otherwise inhibits the amount of such tax revenues due to the Town. All of the Pledged Revenues resulting from the imposition and collection of the Sales Tax shall be subject to the payment of the principal of, interest on, and redemption premium, if any, of all securities payable from the Pledged Revenues, including reserves therefor, as provided herein or in any instrument supplemental or amendatory hereof. D. Defense of Leeality of Pledged Revenues. There is not pending or threatened any suit, action or proceeding against or affecting the Town before or by any court, arbitrator, administrative agency or other governmental authority which affects the validity or legality of this Ordinance, or the Sales Tax Ordinances or the imposition and collection of the Sales Tax, any of the Town's obligations under this Ordinance or any of the transactions contemplated by this Ordinance or the Sales Tax Ordinances. The Town shall, to the extent permitted by law, defend the validity and legality of this Ordinance, the Sales Tax and the Sales Tax Ordinances against all claims, suits and proceedings which would diminish or impair the Pledged Revenues. Furthermore, the Town shall amend from time to time the provisions of any ordinance or resolution of the Town, as necessary to prevent impairment of the Pledged Revenues as required to meet the principal of, interest on, and prior redemption premium, if any, of the 1992B Bonds when due. -42- E. Further Assurances. At any and all times the Town shall, so far as it may be authorized by law, pass, make, do, execute, acknowledge, deliver and file or record all and every such further instruments, acts, deeds, conveyances, assignments, transfers, other documents and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming all and singular the rights, the Pledged Re~r~;~iues and other funds and accounts hereby pledged or assigned, or intended so to be, or which the Town may hereafter become bound to pledge or to assign, or as may be reasonable and required to carry out the purposes of this Ordinance. The Town, acting by and through its officers, or otherwise, shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of said Pledged Revenues and other funds and accounts pledged hereunder and all the rights of every owner of any of the 1992B Bonds against all claims and demands of all Persons whomsoever. F. Conditions Precedent. Upon the issuance of any of the 1992B Bonds, all conditions, acts and things required by the Constitution or laws of the United States, the Constitution or laws of the State, the Charter or this Ordinance, to exist, to have happened, and to have been performed precedent to or in the issuance of the 1992B Bonds shall exist, have happened and have been performed, and the 1992B Bonds, together with all other obligations of the Town, shall not contravene any debt or other limitation prescribed by the Constitution or laws of the United States, the Constitution or laws of the State or the Charter. G. Records. So long as any of the 1992B Bonds remain Outstanding, proper books of record and account will be kept by the Town, separate and apart from all other records and accounts, showing complete and correct entries of all transactions relating to the Pledged Revenues and the funds created or corxtinued by this Ordinance. H. Audits. The Town further agrees that it will, within 140 days following the close of each fiscal year, cause an audit of such books and accounts to be made by a certified public accountant, who is not an employee of the Town, showing the revenues and expenditures of the Pledged Revenues. The Town agrees to arrow the owner of any of the 1992B Bonds to review and copy such audits and reports, at the Town's offices, at his -43- I request. Copies of such audits and reports will be furnished to Bond Insurer and the Purchaser. I. PerforminE Duties. The Town will faithfully and punctually perform all duties with respect to the Pledged Revenues required by the Charter and the Constitution and laws of the State and the ordinances and resolutions of the Town, including but not limited to the proper collection and enforcement of the Sales Taxes and the segregation of the Pledged Revenues and their application to the respective funds herein designated. J. Other Liens. As of the date of issuance of the 1992B Bonds and after the Refunding, other than the 1985 Bonds, the 1991 Bonds and the Housing Bonds, there are no liens or encumbrances of any nature whatsoever on or against any of the Pledged Revenues. K. Tax Covenant. The Town covenants for the benefit of the Registered Owners of the 1992B Bonds that it will not take any action or omit to take any action with respect to the 1992B Bonds, the proceeds thereof, any other funds of the Town or any facilities financed with the proceeds of the 1992B Bonds if such action or omission (i) would cause the interest on the 1992B Bonds to lose its exclusion from gross income for federal income tax purposes under Section 103 of the Tax Code, (ii) would cause interest on the 1992B Bonds to lose its exclusion from alternative minimum taxable income as defined in Section 55(b)(2) of the Tax Code except to the extent such interest is required to be included in adjusted current earnings adjustment applicable to corporations under Section 56 of the Tax Code in calculating corporate alternative minimum taxable income, or (iii) would cause interest on the 1992B Bonds to lose its exclusion from Colorado taxable income or Colorado alternative minimum taxable income under present Colorado law. The foregoing covenant shall remain in full force and effect notwithstanding the payment in full or defeasance of the 1992B Bonds until the date on which all obligations of the Town in fulfilling the above covenant under the Tax Code and Colorado law have been met. L. Town's Existence. The Town will maintain its corporate identity and existence so long as any of the 1992B Bonds remain Outstanding, unless another political subdivision by operation of law succeeds to the duties, privileges, powers, liabilities, disabilities, -44- immunities and rights of the Town and is obligated by law to receive .and distribute the Pledged Revenues in place of the Town, without materially adversely affecting the privileges and rights of any owner of any Outstanding 1992B Bonds. M. Performance of Duties. The Town will faithfully and punctually perform or cause to be performed all duties with respect to the Pledged Revenues, the Gross Revenues and the Parking Facilities required by the laws of the State and the resolutions of the Town, including without limitation fixing and collecting reasonable and sufficient charges for the Parking Facilities, the proper segregation of the Pledged Revenues as set forth in Section 14 hereof and their application to the respective funds as herein provided. N. Fees, Rates and Charees. So long as the 1992B Bonds authorized herein remain Outstanding, the Town will cause to be established, imposed and maintained such reasonable fees, rates and other .charges for the use or otherwise in respect of the Parking Facilities as will provide in each Fiscal Year Gross Revenues which together with other Pledged Revenues shall be sufficient: (i) to pay the General Operating Expenses; and (ii) to pay the annual requirements of principal of, premium, if any, and interest on the Outstanding Bonds and any required credit to the Reserve Fund and the Rebate Fund. Such fees, rates and charges shall be reasonable and just, taking into account the cost and value of the Parking Facilities and the costs of operating and maintaining them, and the amounts necessary for the retirement of all Bonds and any other obligations payable from the Gross Revenues, accrued interest thereon and any reserves therefor. O. Maintenance of Parking Facilities. The Town will at all times maintain the Parking Facilities in good repair, working order and condition, will continually administer and operate the Parking Facilities, and from time to time will make aIi needful and proper repairs, renewals and replacements of the Parking Facilities. P. Disposal of Property Prohibited. Except for any lease or other right of use for proper rentals or other consideration, the Town will not sell, mortgage, pledge or otherwise encumber, or in any manner dispose of or otherwise alienate, the Parking Facilities -45- a or any part thereof, until all 1992B Bonds shall have been paid in full, both principal and interest, or unless provision has been made therefor, except as provided in Section 20.Q. hereof. Q. Disvosal of Unnecessarv Property. The Town may sell, destroy, abandon, otherwise dispose of, or alter at any time any property comprising a part of the Parking Facilities which shall have been replaced by other property of at least equal value, or which shall cease to be necessary for the efficient operation of the Parking Facilities, or which will not materially adversely affect the owners of the 1992B Bonds. A written determination by the Town that the Gross Revenues will be sufficient to meet the requirements of this Section 20.Q shall be conclusively presumed accurate; provided, however, that in the event of any sale or other compensated disposition as aforesaid, the proceeds received on such disposition shall be credited to the Bond Fund. R. Fire and Extended Coverage Insurance. The Town shall acquire and maintain, or cause to be acquired and maintained, fire and extended coverage insurance on the Parking Facilities in amounts at least sufficient to provide for not less than full recovery whenever the loss from perils insured against does not exceed 90% of the full insurable value of the Parking Facilities. The Town, at its election, may provide for such fire and extended coverage insurance on the Parking Facilities partially or wholly by means of a self- insurance fund as provided by applicable law, in compliance with the requirements hereof. Any such self-insurance shall be deemed to be insurance coverage hereunder. S. Other Insurance. The Town shall purchase and maintain in connection with the Parking Facilities public liability insurance and workmen's compensation insurance in such amounts and to such extent as may be required under the laws of the State or, in the absence of any State requirement, in any amount not less than the limitations provided in the Colorado Governmental Immunity Act (Article 10, Title 24 of the Colorado Revised Statutes, as amended). The Town, at its election, may provide for the insurance specified in this Section 20.5 partially or wholly by means of aself-insurance fund as provided by applicable law. Any such self-insurance shall be deemed to be insurance coverage hereunder. The proceeds of fire and extended coverage insurance covering the Parking Facilities, at the -46- option of the Town, shall (i) be used forthwith for the purpose of repairing any property destroyed, provided that any insurance proceeds remaining upon the completion of such repair or replacement shall be deposited in the Bond Fund or (ii) be deposited forthwith to the Bond Fund. T. Prompt Collections. The Town will cause the Pledged Revenues to be collected promptly and accounted for in the funds as herein provided. U. Suretv Bonds. Each official of the Town having custody of the Pledged Revenues, or responsible for their handling, shall be fully bonded at all times, which bond shall be conditioned upon the proper application of such money. V. Preiudicial Contracts and Action Prohibited. No contract will be entered into, nor will any action be taken, by the Town by which the rights and privileges of any Owner are impaired or diminished. Section 21. Defeasance. When the 1992B Bonds have been fully paid both as to principal and interest, all obligations hereunder shall be discharged, and the 1992B Bonds shall no longer be deemed to be Outstanding for any purpose of this Ordinance, except as set forth in Section 20.K. hereof. Payment of any 1992B Bonds shall be deemed made when the Town has placed in escrow with a Trust Bank an amount sufficient (including the known minimum yield from Governmental Obligations) to meet all requirements of principal, interest, and any prior redemption premiums on such 1992B Bonds as the same become due to maturity or a designated prior redemption date; and, if 1992B Bonds are to be redeemed prior to maturity pursuant to Section 7.A. hereof, when the Town has given to the Registrar irrevocable written instructions to give notice of prior redemption in accordance with Section 7.D. hereof. The Governmental Obligations shall become due at or prior to the respective times on which the proceeds thereof shall be needed, in accordance with a schedule agreed upon between the Town and such Trust Bank at the time of creation of the escrow and shall not be callable prior to their scheduled maturities by the issuer thereof. In the event that there is a defeasance of only part of the 1992B Bonds of any maturity, the Registrar shall, if requested by the Town, institute a system to preserve the identity of the individual 1992B Bonds or portions thereof so defeased, regardless of changes -47- in bond numbers attributable to transfers and exchanges of 1992B Bonds; and the Registrar shall be entitled to reasonable compensation and reimbursement of expenses from the Town in connection with such system. Section 22. Deleeated Powers. The officers of the Town be, and they hereby are, authorized and directed to take all action necessary or appropriate to effectuate the provisions of this Ordinance, including, without limiting the generality of the foregoing, the printing of the 1992B Bonds with the opinion of bond counsel thereon, the procuring of bond insurance entering into and executing appropriate agreements with the Registrar and Paying Agent as to its services hereunder, and the execution of such certificates as may be required by the Purchaser, including, but not necessarily limited to, the absence and existence of factors affecting the exclusion of interest on the 1992B Bonds from gross income for federal income tax purposes. The form, terms and provisions of the Purchase Contract and Registrar Agreement hereby are approved, and the Town shall enter into and perform its obligations under the Purchase Contract and Registrar Agreement in substantially the forms of such documents presented to the Town Council at this meeting, with only such changes therein as are required by the circumstances and are not inconsistent herewith; and the Mayor and Town Clerk are hereby authorized and directed to execute and deliver the Purchase Contract and Registrar Agreement as required hereby. Section 23. Events of Default. Each of the following events is hereby declared an "event of default:" A. Nonpayment of Principal. If payment of the principal of any of the 1992B Bonds in connection therewith, shall not be made when the same shall become due and payable at maturity or by proceedings for prior redemption; or B. Nonpayment of Interest. If payment of any installment of interest on the 1992B Bonds shall not be made when the same becomes due and payable; or C. Incapable to Perform. If the Town shall for any reason be rendered incapable of fulfilling its obligations hereunder; or -48- D. Default of anv Provision. If the Town shall default in the due and punctual performance of its covenants or conditions, agreements and provisions contained in the 1992E Bonds or in this Ordinance on its part to be performed, other than those delineated in Paragraphs A and B of this section, and if such default shall continue for 60 days after written notice specifying such default and requiring the same to be remedied shall have been given to the Town by the Bond Insurer so long as it is not in default of its payment obligations under the Bond Insurance Policy or, during such default by the Bond Insurer, by the owners of not less than 2S% in aggregate principal amount of the 1992B Bonds then Outstanding. Section 24. Remedies. Upon the happening and continuance of any event of default as provided in Section 23 hereof, the Bond Insurer or owner or owners of not less than 2S% in principal amount of the Outstanding Bonds, or a trustee therefor, may protect and enforce their rights hereunder by proper legal or equitable remedy deemed most effectual including mandamus, specific performance of any covenants, the appointment of a receiver (the consent of such appointment being hereby granted), injunctive relief, or requiring the Town Council to act as if it were the trustee of an express trust, or any combination of such remedies. Notwithstanding the foregoing, so long as the Bond Insurer is not in default in its payment obligations under the Bond Insurance Policy or the Bond Reserve Insurance Policy, the Bond Insurer shall direct the enforcement of any remedy hereunder without the consent of the owners of the Bonds. All proceedings shall be maintained for the benefit of the Bond Insurer so long as it is not in default in its payment obligations under the Bond Insurance Policy or the Bond Reserve Insurance Policy, and, during such default by the Bond Insurer, thereafter for the equal benefit of all owners. The failure of the Bond Insurer or any owner to proceed does not relieve the Town or any person of any liability for failure to perform any duty hereunder. The foregoing rights are in addition to any other right available to the Bond Insurer or owners of Bands and the exercise of any right by any owner shall not be deemed a waiver of any other right. Section 2S. Duties UDOn Default. Upon the happening of any of the events of default as provided in Section 23 of this Ordinance, the Town, in addition, will do and -49- perform all proper acts on behalf of and for the owners of the 1992B Bonds to protect and preserve the security created for the payment of the 1992B Bonds and to insure the payment of the principal of and interest on said 1992B Bonds promptly as the same become due. Proceeds derived from the Pledged Revenues, so long as any of the 1992B Bonds herein authorized, either as to principal or interest, are Outstanding and unpaid, shall be paid into the Bond Fund and the Reserve Fund, pursuant to the terms hereof and to the extent provided herein, and used for the purposes herein provided. In the event the Town fails or refuses to proceed as in this section provided, the Bond Insurer so long as it is not in default of its payment obligations under the Bond Insurance Policy or, during such a default by the Bond Insurer, the owner or owners of not less than 25% in aggregate principal amount of the 1992B Bonds then Outstanding, after demand in writing, may proceed to protect and enforce the rights of such owners as hereinabove provided. Section 26. Replacement of Registrar or Paging Agent. If the Registrar or Paying Agent initially appointed hereunder shall resign, or if the Town shall reasonably determine that said Registrar or Paying Agent has become incapable of performing its duties hereunder, the Town may, upon notice mailed to Bond Insurer and each owner of any 1992B Bond at his address last shown on the registration records, appoint a successor Registrar or Paying Agent, or both. No resignation or dismissal of the Registrar or Paying Agent may take effect until a successor is appointed. Every such successor Registrar or Paying Agent shall be a bank or trust company having a shareowner's equity (e.,g_, capital, surplus, and undivided profits), however denominated, of not less than $10,000,000. It shall not be required that the same institution serve as both Registrar and Paying Agent hereunder, but the Town shall have the right to have the same institution serve as both Registrar and Paying Agent hereunder. Section 27. Maintenance of Escrow Account. The Escrow Account shall be maintained at all times subsequent to the initial deposit of moneys therein in an amount at least sufficient, together with the known minimum yield to be derived from the initial investment and any temporary reinvestment of the deposits therein or any part thereof in Federal Securities, to pay the Refunded Bond Requirements as the same became due. -50- Section 28. Use of Escrow Account. Moneys shall be withdrawn by the Escrow Bank from the Escrow Account in sufficient amounts and at such times to permit the payment without default of the Refunded Bond Requirements. Any moneys remaining in the Escrow Account after provision shall have been made for the redemption in full of the Refunded Bonds shall be applied to any lawful purpose of the Town as the Council may hereafter determine. Section 29. Insufficiency of Escrow Account. If for any reason the amount in the Escrow Account shall at any time be insufficient for the purpose of Sections 27 and 28 hereof, the Town shall forthwith deposit in such account such additional moneys as shall be necessary to permit the timely payment in full of the Refunded Bond Requirements. Section 30. Notice of Defeasance. The Town hereby authorizes and directs the registrar for the 1989 Bonds to give the notice of defeasance of the Refunded Bonds, in the name of and on behalf of the Town and the bond registrar forthwith upon issuance of the 1992B Bonds. Section 31. Manner of Givine Notice. The notice of defeasance shall be given by mailing a copy of the notice by first class mail (postage prepaid) to the registered owners of the Refunded Bonds at the addresses shown on the registration records of the registrar for the Refunded Bonds. Section 32. Form of Notice. The notice of defeasance so to be given forthwith shall be in substantially the following form: -51- ~ (Form of Notice) NOTICE OF DEFEASANCE OF TOWN OF .NAIL,, COLORADO SALES TAX REVENUE BONDS SERIES 1989 NOTICE IS HEREBY GIVEN that the Town of Vail, Colorado (the "Town") has caused to be deposited in escrow with Central Bank National Association in Denver, Colorado refunding bond proceeds and other funds which have been invested (except for an initial cash balance remaining uninvested) in bills, notes, bonds and similar securities which are non-callable direct obligations of the United States of America, to discharge the Refunded Bond Requirements for its Sales Tax Revenue Bonds, Series 1989 (the "1989 Bonds"). Refunded Bond Requirements means: the Appreciated Principal Amount and interest due in connection with the Refunded Bonds as the same comes due on and after December 1, 1992. According to a report pertaining to such escrow of ,Colorado, certified public accountants, the escrow, including the known minimum yield from such investments and the initial cash balance remaining uninvested, is fully sufficient at the time of the deposit and at all times subsequently, to pay the Refunded Bond Requirements of the Refunded Bonds on the respective maturity dates. DATED TOWN OF NAIL, COLORADO By: Director of Administrative Services By: /s/ Title: Authorized Officer (End of Form of Notice) -52- 9 Section 33. Severability. If any one or more sections, sentences, clauses or parts of this Ordinance shall for any reason be held invalid, such judgment shall not affect, impair, or invalidate the remaining provisions of this Ordinance, but shall be confined in its operation to the specific sections, sentences, clauses or parts of this Ordinance so held unconstitutional or invalid, and the inapplicability and invalidity of any section, sentence, clause or part of this Ordinance in any one or more instances shall not affect or prejudice in any way the applicability and validity of this Ordinance in any other instances. Section 34. Repealer. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, heretofore repealed. Section 35. Amendment. After any of the 1992B Bonds have been issued, this Ordinance shall constitute a contract between the Town and the holders of the Bonds and shall be and remain irrepealable until the Bonds and the interest thereon have been fully paid, satisfied and discharged. A. The Town may, without the consent of, or notice to the owners of the 1992B Bonds or Bond Insurer, adopt such ordinances supplemental hereto (which supplemental amendments shall thereafter form a part hereof) for any one or more or all of the following purposes: (1) to cure any ambiguity, or to cure, correct or supplement any defect or omission or inconsistent provision contained in this Ordinance, or to make any provisions with respect to matters arising under this Ordinance or for any other purpose if such provisions are necessary or desirable and do not adversely affect the interests of the owners of the 1992B Bonds or the Bond Insurer; (2) to subject to the lien of this Ordinance additional revenues, properties or collateral; (3) to grant or confer upon the Registrar for the benefit of the registered owners of the Bonds any additional rights, remedies, powers, or authority that may lawfully be granted to or conferred upon the registered owners of the Bonds; or -53- (4) to qualify this Ordinance under the Trust Indenture Act of 1939. B. Exclusive of the amendatory ordinances permitted by Paragraph A of this Section, this Ordinance may be amended or supplemented by ordinance adopted by the Town Council in accordance with the law, without receipt by the Town of any additional consideration but with the written consent of the Bond Insurer, unless the Bond Insurer is in default under the terms of the Bond Insurance Policy, in which case this Ordinance may be amended or supplemented with the written consent of the owners of 66% in aggregate principal amount of the 1992B Bonds Outstanding at the time of the adoption of such amendatory or supplemental ordinance; provided, however, that, without the written consent of the Bond Insurer and the owners of all of the 1992B Bonds adversely affected thereby, no such Ordinance shall have the effect of permitting: 1. An extension of the maturity of any 1992B Bond authorized by this Ordinance; or 2. A reduction in the principal amount of any 1992B Bond, the rate of interest thereon, or the prior redemption premium thereon; or 3. The creation of a lien upon or pledge of Pledged Revenues ranking prior to the lien or pledge created by this Ordinance; or 4. A reduction of the principal amount of 1992B Bonds required for consent to such amendatory or supplemental ordinance; or 5. The establishment of priorities as between 1992B Bonds issued and Outstanding under the provisions of this Ordinance; or 6. The modification of or otherwise affecting the rights of the owners of less than all of the 1992B Bonds then Outstanding. Copies of any waiver, modification or amendment to this Ordinance shall be delivered to Moody's Investors Service and Standard & Poor's Corporation, or any other entity then maintaining a rating on the 1992B Bonds. Section 36. Notice to Bond Insurer. Any notice herein required to be given to the Bond Insurer shall be in writing and sent by registered or certified mail to the Bond -54- Insurer, New York or to such other address of which the Bond Insurer shall notify the Town in writing. Section 37. Payments under the Policy. A. In the event that, on the second Business Day, and again on the Business Day, prior to any payment date on the 1992B Bonds, the Paying Agent has not received sufficient moneys to pay all principal of and interest on the 1992B Bonds then due, the Paying Agent shall immediately notify the Bond Insurer or its designee on the same Business Day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. B. If the deficiency is made up in whole or in part prior to or on the payment date, the Paying Agent shall so notify the Bond Insurer or its designee. C. In addition, if the Paying Agent has notice that any registered owner has been required to disgorge payments of principal or interest on the 1992B Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such registered owner within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify the Bond Insurer or its designee of such fact by telephone or telegraph, confirmed in writing by registered or certified mail. D. The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for registered owners of the 1992B Bonds as follows: 1. If and to the extent there is a deficiency in amounts required to pay interest on the 1992B Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent, in form satisfactory to the Insurance Paying Agent, an instrument appointing the Bond Insurer as agent for such registered owners in any legal proceeding related to the payment of such interest and an assignment to the Bond Insurer of the claims for interest to which such deficiency relates and which are paid by the Bond Insurer, (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment from the Insurance Paying Agent with -55- respect to the claims for interest so assigned, and (c) disburse the same to such respective registered owners; and 2. If and to the extent of a deficiency in amounts required to pay principal of the 19928 Bonds, the Paying Agent shall (a) execute and deliver to the Insurance Paying Agent in form satisfactory to the Insurance Paying Agent an instrument appointing the Bond Insurer as agent for such registered owner in any legal proceeding relating to the payment of such principal and an assignment to the Bond Insurer of any of the 19928 Bonds surrendered to the Insurance Paying Agent of so much of the principal amount thereof as has not previously been paid or for which moneys are not held by the Paying Agent and available for such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), (b) receive as designee of the respective registered owners (and not as Paying Agent) in accordance with the tenor of the Policy payment therefor from the Insurance Paying Agent, and (c) disburse the same to such registered owners. E. Payments with respect to claims for interest on and principal of 19928 Bonds disbursed by the Paying Agent from proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the Town with respect to such 1992E Bonds, and - the Bond Insurer shall become the owner of such unpaid 19928 Bonds and claims for the interest in accordance with the tenor of the assignment made to it under the provisions of this subsection or otherwise. F. Irrespective of whether any such assignment is executed and delivered, the Town and the Paying Agent hereby agree for the benefit of Bond Insurer that, 1. to the extent the Bond Insurer makes payments, directly or indirectly (as by paying through the Paying Agent), on account of principal of or interest on the 19928 Bonds, the Bond Insurer will be subrogated to the rights of such registered owners to receive the amount of such principal and interest from the Town, with interest thereon as provided and solely from the sources stated in this Qrdinance and the 19928 Bonds; and 2. they will accordingly pay to the Bond Insurer the amount of such principal and interest (including principal and interest recovered under subparagraph (ii) of -56- F- the first paragraph of the Bond Insurance Policy, which principal and interest shall be deemed past due and not to have been paid), with interest thereon as provided in this Ordinance and the 1992B Bonds, but only from the sources and in the manner provided herein for the payment of principal of and interest on the 1992B Bonds to registered owners, and will otherwise treat the Bond Insurer as the owner of such rights to the amount of such principal and interest. Section 38. Ordinance Irrepealable. After any of the 1992B Bonds herein authorized are issued, this Ordinance shall constitute a contract between the Town and the owners of the 1992B Bonds, and shall be and remain irrepealable until the 1992B Bonds and interest thereon shall be fully paid, cancelled and discharged as herein provided. Section 39. Disposition of Ordinance. This Ordinance, as adopted by the Council, shall be numbered and recorded by the Town Clerk in the official records of the Town. The adoption and publication shall be authenticated by the signatures of the Mayor, or Mayor Pro Tem, and Town Clerk, and by the certificate of publication. Section 40. Effective Date. This ordinance shall be in full force and effect five days after its publication upon final passage. INTRODUCED, READ, PASSED, and ordered published by title at a regular meeting of the Town Council on September 15, 1992. INTRODUCED AT SECOND READING and finally adopted at a special meeting of the Town Council on September 29, 1992. Mayor Town of Vail, Colorado (SEAL) Attest: Town Clerk Town of Vail, Colorado -57- ORDINANCE N0.26 SERIES 1992 AN ORDINANCE REPEALING SECTION 11 OF ORDINANCE NO. 14, SERIES OF 1987, SUBSECTION 9, AND St ~ ~ iING FORTH DETAILS IN REGARD THERETO. BE IT ORDAINED by the Town Council of the Town of Vail, Colorado as follows: Section 1 -Legislative Intent A. On November 21, i 989, the Town Council passed Ordinance No. 24, Series of 1989, amending Section 8 of Ordinance No. 14, Series of 1987, by the addition of Subsection 9 placing certain restrictions on the use of condominium unit No. 30 of the Vail Village Plaza Condominiums. B. An application has been made to the Town of Vail to repeal Subsection 9 of . Section 11 of Ordinance No. 14, Series of 1987. C. The Planning and Environmental Commission of the Town has held a hearing on the proposed amendment and made a recommendation to the Town Council. D. The Town Council finds that the design criteria of the Town of Vail Special Development District Ordinance is met by the proposed amendment. Section 2 Subsection 9 of Section 11 of Ordinance No. 14, Series of 1987 is hereby repealed. 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. 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. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail 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. 1 All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 15th day of September, 1992, and a public hearing shall be held on this Ordinance on the 1st day of October, 1992, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Margaret A. Osterfoss, Mayor ATTEST: Martha S. Raecker, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this day of , 1992. Margaret A. Osterfoss, Mayor ATTEST: Martha S. Raecker, Town Clerk C:\ORD9226 2 ~a :K; as ,~s;,, ' ?~S' ? ' ~ ~ I . P.O. Box 7 Vail, Colorado 81658 3031479-2000 -FAX 303/479-2019 303/479-2020- FAX 303/479-2029 303/479-2060 -FAX 303/479-2069 September 15, ,1992 Bob: Thank you for taking the time to visit Vail Village Inn Condominium #30. I am sure you will agree that this property enhances Vail's image as a first-class resort. Tonight, I would like to focus not on the validity or enforceability of the "rental restriction" ordinance, but whether or not this property should have ever been placed under the ordinance, and whether or not the ordinance has been consistently applied. Obviously, I believe the answer is "no" to both these questions. After listening to brief presentations by myself and the owner of the property, I encourage you to vote for this property being removed from the "rental restriction" ordinance. I appreciate your time and thoughts on this matter. Sincerely, VAIL ASSOCIATES REAL ESTATE, INC. enneth D. Wilson Branch Broker Vail Offices Encls. KDW/jkc Vail Associates, Inc. -Creators and Operators of Vail and Beaver Creek© Resorts j~:Ft t~ ~ ~t VAIL VILLAGE PLAZA CONDO UNIT 30 Adjacent Unequal Treatment I. GA-t-SWAY: 12 condo residences Conversion from Heavy Service District ~~~Y-~Nr~~ 13,000 sq. ft. GRFA added No rental restriction Ordinance No. 9; Series of 1988 (4-5-88) II. VAIL VILLAGE INN Luxury 3,700 sq. ft. condo residence SDD No. 6 amended No rental restriction Ordinance No. 2; Series of 1992 (2-18-92) r~' ORDINANCE N0.26 SERIES 1992 AN ORDINANCE REPEALING SECTION 11 OF ORDINANCE NO. 14, SERIES OF 1987, SUBSECTION 9, AND SETTING FORTH DETAILS IN REGARD THERETO. BE IT ORDAINED by the Town Council of the Town of Vail, Colorado as follows: Section 1 - Legislative Intent A. On November 21, 1989, the Town Council passed Ordinance No. 24, Series of 1989, amending Section 8 of Ordinance No. 14, Series of 1987, by the addition of Subsection 9 placing certain restrictions on the use of condominium unit No. 30 of the Vail Village Plaza Condominiums. B. An application has been made to the Town of Vail to repeal Subsection 9 of Section 11 of Ordinance No. 14, Series of 1987. C. The Planning and Environmental Commission of the Town has held a hearing on the proposed amendment and made a recommendation to the Town Council. D. The Town Council finds that the design criteria of the Town of Vail Special Development District Ordinance is met by the proposed amendment. Section 2 SLbsAc+so^ g of Section 11 of Ordinance No. 14, Series of 1987 iru hereby repealed. 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. 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 ar°~' the inhabitants thereof. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail 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. 1 All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 15th day of September, 1992, and a public hearing shall be held on this Ordinance on the 1st day of October, 1992, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Margaret A. Osterfoss, Mayor ATTEST: Martha S. Raecker, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this day of , 1992. Margaret A. Osterfoss, Mayor ATTEST: Martha S. Raecker, Town Clerk C:W RD9226 2 ~I r Memorandum TO: Vail Town Council and Ron Phillips FROM: Kristan Pritz and Andy Knudtsen Community Development Department DATE: May 12, 1992 RE: FYI: PROGRESS ON THE CEMETERY PROJECT On April 27, the Town staff received nine responses to the Request for Qualifications for the cemetery project. We were pleased with the response, as the teams were highly qualified, Most teams were made up of 3-5 firms and included a local (Vail or Denver) lead landscape . architect, a cemetery designer, a cemetery management specialist, and in some cases, engineering firms, environmental consultants, architects, and municipal financial specialists. We selected 4 out of the 9 teams which will receive a Request for Proposal. As part of the Statement of Qualifications, we asked for each team to submit an estimated budget. In the RFQ, we listed the work program and had the respondents base their budget on each component of the project. The numbers were approximate and most teams gave a high and a low estimation. On the average, budgets ranged from $30,000 to $55,000. The lower budgets did not include soils work. At this time, we have a budget of $27,500. When staff did the research to try to determine what the budget should be for a project like this, we spoke mainly to landscape architects in the Denver and Vail areas. As the ' landscape architects got more involved in the project, started developing their teams, and ' began discussing the project with management consultants, it became apparent that this component was more complicated and would cost more than they originally thought. We have encouraged the four finalists to try to reduce their budgets without decreasing the quality of h r t e p o~ect. Final proposals are due on June 29, 1992. At that time, we will be able to evaluate the adequacy of the budget. In order to get high quality design and sound management direction, the bud et ma need to be increased. 9 y It has been an enjoyable project to work on, as there is quite a bit of enthusiasm in the design community about this project. People see it as an opportunity to work on a very unique project and are excited about pulling together amulti-disciplinary team. i ,t CONTRACT INDFaC PROJECT: TOWN OF VAIL CEMETERY MASTER PLAN AND MANAGEMENT STUDY CONSULTANT: ALPINE INTERNATIONAL CONTENTS PAGE I. Project Description 2 11. General Scope of Services 2 A. Landscape Architectural Services 2 B. Project Manager 3 C. Work Scope 3 Itl. Detailed Scope of Services 3 IV. Additional Services of the Consultant 3 V. Town's Responsibility 4 VI. Time of Completion 4 VII. Compensation for Services 5 VIII. General Terms 5 Detailed Scope of Service Exhibit A Design Fees Exhibit B 1 TOWN OF VAtUCONTRACTOR ~ AGREEMENT THIS AGREEMENT, made and entered into this day of , 1992, by and between the TOWN OF VAIL, a Colorado municipal corporation, 75 S. Frontage Road, Vail, Colorado, 81657, hereinafter referred to as the "Town`, and Alpine International with its offices at 500 East Lionshead Circle, Suite 301, Vail, Colorado, 81657, hereinafter referred to as the "Consultant " WITNESSETH: WHEREAS, the Town has undertaken a project to have a management study done and a master plan designed for a Town of Vail cemetery to be located on the upper bench of Donovan Park (hereinafter referred to as the "Project"); and WHEREAS, the Town desires to obtain professional services to complete the Project; and WHEREAS, the firm of Alpine Intemational represents that they posses the necessary qualifications to perform these services; and WHEREAS, the Town has reviewed a proposal from Alpine Intemational for the provision of said services as part of the Town's consultant selection process, and the Town finds said proposal acceptable; and WHEREAS, the Town desires to engage the Consultant to renderdesign and management assistance in connection with such undertaking of the Town. NOW, THEREFORE, it is hereby agreed by and between the parties hereto that the Town does retain the Consultant to act for and represent it in ail matters involved in the terms of this Agreement. Such contract for services to be subject to the following terms, conditions, and stipulations, to wit: I. PROJECT DESCRIPTION The Consultant shall perform all necessary services provided under this Agreement in connection with the design of the cemetery master plan and completion of the management study. The total project budget is estimated by the Town to be approximately sixty thousand dollars ($60,000.00.) II. GENERAL SCOPE OF SERVICES A. LANDSCAPE ARCHITECTURAL SERVICES AND MANAGEMENT . ANALYSIS The Consultant shall provide the full range of landscape architectural design services and management consulting services as designated herein in Exhibit A including schematic designs, a final master plan, a management study, and other items inadental to and 2 necessary to provide the Town with adequate documents required to complete this phase of the project. B. PROJECT MANAGER The Consultant's project manager is Sherry Dorward. The project manager shall accept full responsibility for the management of this Agreement under the general direction of the Director of Community Development, and shall report directly to the Director of Community Development, or her representative. The Consultant's project manager shall be responsible for monitoring project schedules and budgets in addition to the day-to-day supervision and design of the project. Any proposal by the Consultant to change the project manager or engineer must receive written concurrence from the Town prior to instituting the change. Work done under the supervision of an unauthorized project manager shall be considered outside of this contract and not compensable. C. WORK SCOPE The work shall include, but is not limited to, review of existing data, coordination of public meetings, preparation of schematic designs and management options, and the production of a final master plan and final management study. III. DETAILED SCOPE OF SERVICES The detailed scope of services in included as Exhibit A. The services pertormed by the Consultant will be in a manner consistent with that level of care and skill ordinarily exercised by members of the profession currently practicing in the same locality under similar conditions. IV. ADDITIONAL SERVICES OF THE CONSULTANT If authorized in writing by the Town, the Consultant will furnish or obtain from others the additional services of the following types which are not considered normal or customary basic services nor included in the detailed scope of work in Exhibit A. These will be paid for with an amendment or separate agreement. A. Assist the Town as expert witr~ess in litigation arising from the development or construction of the project. B. Involvement with the public that exceeds the program outlined in the detailed scope of work. This item may include one-to-one meetings, mini-workshops, meetings with businesses, or other contacts outside of the scope defined in Exhibit A. 3 C. Construction related services. D. Other items identified during the project and mutually agreed to by the Town and Consultant. V. TOWN'S RESPONSIBILITY The Town shall: A. Provide full information as to the requirements for the project. B. Designate a Town representative with respect to the work to be performed under this Agreement, and said representative shall have complete authority to transmit instructions, receive information, interpret and define the Town's policies and decisions with respect to materials, equipment, elements, and systems pertinent to the work covered by this Agreement. Said representative shall not have sole authority to increase compensation to the Consultant beyond that specified in this Agreement. C. Assist the Consultant by placing at her disposal all available information pertinent to the site of the project including previous reports and any other data relative to design and construction of the project. D. Make all provisions for the Gonsultant to enter upon public and private land as required for the Consultant to perform his work under this Agreement. E. Examine all studies, reports, sketches, estimates, specifications, drawings, proposals, and other documents presented by the Consultant, and render in writing, decisions pertaining to the documents within a timely manner after receipt so as not to delay the work of the Consultant. F. Provide standard contract documents to be used in the project specifications. VI. TIME OF COMPLETION The various phases of this Agreement will be completed in the times listed below. The specified time limits for alt work includes reasonable time for reviews andlor approvals by the Town and excludes unforeseen delays beyond the control of the Consultant. A. Preliminary Work and Charette This phase will be completed in one hundred (100) calendar days commencing with the date designated in the "Notice to Proceed." B. Final Report This phase wilt be completed in two hundred (200) calendar days 4 commencing with the date designated in the "Notice to Proceed." C. Contractor Selection and Construction Phase Not applicable. D. Timeliness of Pertormance The Consultant shalt perform all preliminary design and final design phases as expeditiously as is consistent with professional skill and care and orderly progress of the project, according to the time established in Article IVA and IVB. E. Additional Services of the Consultant There will be no specific time limits on the additional services. VII. COMPENSATION FOR SERVICES Consultant shall be compensated on the following basis: A. The total contract shall not exceed an amount of sixty thousand dollars ($60,000.00) without further negotiations and a supplemental agreement. See Summary of Design Fee (I_xhib(t B) for break down of contract amount. This amount includes direct expenses. Payment is to be provided based on monthly billing. B. Monthly, partial, progress payments shall be made by tha Town to the Consultant for the percentage of work completed. The Town alone shall determine when work has been completed and progress payments shall not constitute a waiver of the right of the Town to require the fulfillment of all terms of the Contract and the delivery of all improvements embraced in this Contract complete and satisfactory to the Town in all details. C. Should work beyond that described in the scope of services be required, it will be paid for as extra work at a cost to be agreed upon in writing by the Town and the Consultant prior to commencement of the additional work. Such additional Agreement shall be executed and approved by all persons required by the Town. D. The acceptance by Consultant of final payment under this Agreement, or any final payment due on earlier termination of this Agreement, shall constitute a full and complete release of Owner from any and all daims, demands, and causes of action whatsoever which Consultant, its successors and duly approved assignees, its engineers and consultants, have or may have against Owner. VIII. GENERAL TERMS A. Ail original plans, specifications, estimates, and any other document or products developed by the Consultant under this contract shall become the property of the Town. 5 , The Consultant will not be liable for the reuse of these documents in a manner or application different from that proposed herein. B. The Consultant is an independent contractor, and nothing herein contained shall constitute or designate the Consultant or any of the Consultant's employees. or agents as employees or agents of the Town. C. The Consultant shall obtain and maintain in force for the term of this Agreement the following insurance coverages: 1. Professional Liability/Errors and Omission in an amount not less than two hundred fifty thousand dollars ($250,000.00) per occurrence and in the aggregate. 2. Automobile Liability (including owned, non-owned, and hired) in an amount not less than five hundred thousand dollars ($500,000.00) per each accident. 3. Worker's compensation in accordance with the Worker's Compensation Act of the State of Colorado. 4. Comprehensive General Liability (including personal injury) in an amount not less than five hundred thousand dollars ($500,000.00) per occurrence and in the aggregate. Certificates of insurance evidencing such coverages shall be furnished to the Town at the time of signing this Agreement. Prior to cancellation of, or material changes in, any requisite policy, thirty (30) days written notice shall be given to the Town through its risk manager. All automobile liability and general liability policies shall include the Town as an additional name insured by policy endorsement. D. No waiver of any of the provisions of this Agreement shall be deemed to constitute a waiver or any other provision herein, nor shall such waiver constitute a continuing waiver unless otherwise expressly provided, nor shall the waiver of any default hereunder be deemed a waiver of any subsequent default hereunder. E. The Consultant agrees to indemnify and save the Town, its agents, and employees harmless from and against all claims, demands, liability, damages, suits, actions and costs, including reasonable attorneys fees, which may be brought or asserted against the Town, its agents, or employees arising out of the negligent acts, errors or omissions of the Consultant in the performance of this Agreement. F. The performance of the work may be terminated at any time in whole, or from time to time in part, by the Town for its convenience. Any such termination shalt be effected 6 by delivery to the Consultant of a written notice ("Notice of Termination") speafying the date upon which termination becomes effective. This Agreement may also be terminated by the Consultant in the event of a material default by the Town, provided the Consultant has first provided the Town with written notice of the default and the Town shall have failed to cure the specified default within seven (7) days of receipt of the notice. If the Agreement is terminated, the Consultant shall be paid on the basis of work status satisfactorily completed under the detailed scope of services. The portion of work completed but not yet accepted by the Town shall be determined by the Town. G. Venue of any suit or cause of action under this Agreement shall lie in Eagle County, Colorado. ' H. Records of the Consultant's standard time charges pertaining to the project shall be kept on a generally recognized accounting basis and shall be available to the Town or its authorized representative at mutually convenient times. It is agreed that any duly authorized representative shall have access to any books, documents, papers, and records of the Consultant which are directly pertinent to this specific Agreement for the purpose of making audit examinations, excerpts, and transcripts. It is agreed that any such examination by such representative shall be made at the Colorado office of the Consultant, upon reasonable notice given by the Town. 1. This Agreement is for the expert services of the Consultant and may not be assigned without the prior written consent of all parties hereto. J. It is understood and agreed that the employment of the Consultant by the Town for the purposes of said project shall be exclusive, but the Consultant shall have the right to employ such assistance as may be required for the performance of the Agreement. Said Consultant shall be responsible for the compensation, insurance, and all clerical detail involved in the employment of such assistance. K. It is further agreed that no party to this Agreement will perform contrary to any state, federal, or county law, or any of the ordinances of the Town of Vail, Colorado that are in effect or publicly announced at the time services are rendered. L. The Consultant shall attend such meetings of the Town Council, Planning and Environmental Commission, and Design Review Board, relative to the work set #ortl'+ in this Agreement as may be requested by the Town. Any requirement for such attendance made by the designated representative of the Town shall be given with reasonable notice to the Consultant. ' M. The Town agrees to tender to the Consultant all fees and money in accordance with this Agreement, except that failure by the Consultant to satisfactorily perform in accordance with this Agreement shall constitute grounds for the Town to withhold payment of the amount sufficient to properly complete the project in accordance with this Agreement. N. Should any section of this Agreement be found to be invalid, it is agreed that all other sections shall remain in full force and effect as though severable from the part invalidated. O. The Consultant shall not discriminate against any employee or applicant for employment because of race, age, sex, religion, or national origin. The Consultant shall take affirmative action to ensure that applicants are employed, and that employees are treated during employment without regard to their race, color, religion, age, sex, or national origin. Such action. shall include, but not be limited to, the following: employment, upgrading, demotion or transfer, recruitment or recruitment advertising, Payoff or termination, rates of pay or other forms of compensation, and selection for training, including apprenticeship. The undersigned do hereby state that this contract agreement is executed in duplicate as though each were an original, and that there are no oral agreements that have not been reduced in writing to this instrument. EXECUTED this day of , 1992. TOWN OF VAIL, COLORADO, ALPINE INTERNATIONAL a Colorado municipal corporation By; sy: Rondait V. Phillips, Town Manager Title:, ATTEST: ATTEST: Martha S. Raecker, Town Clerk Title: C.1CEAIETERVAGR 8 09~10i92 16 01 $ 303 476 7660 ALPINE INTL P. 02 a ° t~' ~BE~ ~~tery RFP alpine taternationa1/1tlEPYlSloane _ PI2UCEl;S AND 1`ASK~. H1117R~ AND F~7'[I+I~AT~-p t At,PINE HEPY SLOANE PRELIMINARY Wt,?RK t?,tt S(t SP 4taCC Contract, jab strurture 2 4 2 - 2 1 initial meeting with Town staff Base sheets - 2 - 16 - - Site Inventory and analysis diagrams - 12 4 iG - - Neigliborhoad acalelconturi Sits-spraflc factors; ~nc~vs, vegctalion, • sun-sbadc, stops, soils, harards Sails tebdng and Reologicat assessment (sec direct capcnscs) Demographic analysis 1 2 _ _ ~ g Projected demand far plots Usc/progrAm possibilities Updutc mCCI'uigc with 7'ow~n staff - 3 - - - - and ccmelc:ry Iasi: force PUBLIC M Et?T I N G~ (For conln~unity input) 3 3 - - ~ 1 Re~3etiv public needs and altitudes, siie ennarluots and program allernati?~es (lravcl lime included in work session below) {:UNCEPT I'HASC: Mar?agement options cvaluatlan 1 2 - - 2 4 l;valuatlon: site constraints/vppartunltirs ] 2 2 - 2 1 TI:AhI/STAFF WORK Z;G~SSION IN YAIt.* Ili - iG 16 Finali7.c program and functional requirements Cvaluatc site impacts and input ham public meeting t~aretic layout and landscape character caoucepis Evaluate conceptual alternati~rs 2-ciay session, travel lime (see assumptions) S 12 ]G Re!'iae and dra« 2 concept alternatives 4 8 R 3U 8 - and supplemental detail sketches Preliminary cosfing - - 2 R 2 2 • Rrviea• wilb Town staff ~ - 2 - - - ] • Prcbentativn to Tawn Gaunril work session ~ - 1 - - - Conceptual review wttli Pi~C and DRB j - 2 - - - - PUBLiC MEETING (conceptual review) ~ 2 2 - ].G 2 - . T._:+_..tation graphics, slides i Trarcl time ~ S - - - ]2 • Evaluation/t°evisian 2 4 4 12 2 2 Mectiag with To~4m stall, celnetet3~ task force ~ 09r10f92 16:03 $ 303 476 7660 REPINE INTL P.03 r V~ ~ ' . , ii A~,r~Ni~ ti~rr gx,aarrE ~~~{..$.~'•APl (I 1~:1; ~ sTY ~1' ;4t0.rt' Urattt master plan sad supplemt:ntal lato Z iG 4 32 3G - T~vo perspet.~ti~~c skclrhes 1 1 - - 30 - l~ctails cd' key dements 1 4 2 ib 4 - Draft nfttster plan report A ~2 $ 7.6 ib 2 Flsasitif; plan t`.onslruction outs by phase ~ Rcoom~ncndcd neat atcps Draft ntauageatent report 1 2 - - 4 2~i Opcratipnai tnelhoclolagy, costs Rccammrnded ntanagenttnt approach t:atil estinu+les: total, up-front Town staff review ~ - 4 - - 2 2 TOWN C;UUNLiL MAtsT[;R ['[.AN 1'RF.fiENTATIt)N 2 - - - - (Upen to public, ascumcs no added presentation graphics) Final a~aetcr plan prodartian 3 2A 4 32 4 - ' (,reply and report . Final manageta~at repot•t - a. - - 2 24 TOTAL, li 0 UR S 4b 151 40 194 ifi3 104 I1C2URLY BILLIT~IG RATES $lW $i;{l $fi(f 550 SSW 51.00 l~,STIMATED i~GI;S (min•max range) 527,000-530,000 515-18,UW 58-IU+t10G UT1i1:R C:ONSEtLT1NG EELS AND DiREGT ExPIsNSES: 1. Optional services far V1~illiant Marsh !o review environmental conditions on the site and reaxnmend mitigatipns cx' further ht~.srd analysis: 4 hours, $400, 2. Chen Northern, soils testing $2,500; gcolagiuil rccnnnaissancc; $600. 3. Direct c~q~cnscs, billed to the Town at cost, for blueprinting, mylar, other photo and graphic. rcprVductian services, spcclal ha+tdling and delivery czpcnscs: 5500.1,000. 4.'1'ravcl oxf?onacs far out-of-tavti~ a?nsultant.g on the icttm (sc;e next page Icx travel assumptions); $3,000. SUMMARI' Op` EfiTtMATI;,D C'.OSTS: Design (;unsulting Team* 542,000 to 548,000 Mttttagcrasnt t:onsultant $ 8,000 to 510,000 Eloii TCSting ttHd ~:ItY'1 ReCODnH1S9aiiLe 5 3,000 to 53,x00 Estimated Otitcr Direct lxpensest 5 3,500 to 54,000 • '['his rattgc is bibher than that given in our SUt3 ($3t1.45,tKXl) because of a more extensitro scope of c{esiga war[c requested in the 7iwvu's RFP, an anticipatccl higher levet of }uesentation graphicx for public mectin~, and a better understanding of what aiay be rexiuircd in the put~lic process component of the work. We arc sensitive to tilt: Town's budgetary limitations an this pru,~ect ttnd are evrnpletriy walling to sit down with staff to consider ways to reduce the scope of wc+rk and itxs. alpine iulrrnalianul/1lEPY/Sloane